JERSEY CITY, N.J. (AP) _ Provident Financial Services Inc. (PFS) on Friday reported fourth-quarter net income of $40.6 million.

On a per-share basis, the Jersey City, New Jersey-based company said it had net income of 53 cents.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The holding company for The Provident Bank posted revenue of $120.6 million in the period. Its adjusted revenue was $109.2 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $105.7 million.

For the year, the company reported profit of $97 million, or $1.39 per share. Revenue was reported as $385 million.

Provident Financial shares have risen 4% since the beginning of the year. The stock has decreased 21% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFS at https://www.zacks.com/ap/PFS

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News