Provident Financial Services, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Off for the Fourth Quarter
January 29, 2016 at 01:00 pm
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Provident Financial Services, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $74,349,000 compared with $73,800,000 for the same period a year ago. Net interest income was $63,731,000 compared with $63,318,000 for the same period a year ago. Income before income tax expense was $30,929,000 compared with $31,187,000 for the same period a year ago. Net income was $21,515,000 or $0.34 per diluted share compared with $21,219,000 or $0.34 per diluted share for the same period a year ago. Annualized return on average assets was 0.96% compared with 1.00% for the same period a year ago. Annualized return on average equity was 7.14% compared with 7.36% for the same period a year ago. Annualized return on average tangible equity was 11.14% compared with 11.38% for the same period a year ago. Core earnings was $21,515,000 or $0.34 per diluted share compared with $21,603,000 or $0.34 per diluted share for the same period a year ago. Book value per share was $18.26 compared with $17.63 for the same period a year ago. Tangible book value per share was $11.75 compared with $11.40 for the same period a year ago.
For the full year, the company reported total interest income of $291,781,000 compared with $279,361,000 for the same period a year ago. Net interest income was $249,880,000 compared with $238,889,000 for the same period a year ago. Income before income tax expense was $120,163,000 compared with $105,416,000 for the same period a year ago. Net income was $83,722,000 or $1.33 per diluted share compared with $73,631,000 or $1.22 per diluted share for the same period a year ago. Annualized return on average assets was 0.96% compared with 0.92% for the same period a year ago. Annualized return on average equity was 7.12% compared with 6.75% for the same period a year ago. Annualized return on average tangible equity was 11.13% compared with 10.43% for the same period a year ago. Core earnings was $83,969,000 or $1.33 per diluted share compared with $78,337,000 or $1.29 per diluted share for the same period a year ago. Earnings for the quarter and year ended December 31, 2015 were favorably impacted by year-over-year growth in both average loans outstanding and average non-interest bearing deposits, growth in non-interest income and improved asset quality. These factors helped offset the unfavorable impact of compression in the net interest margin.
The company reported net charge-off for the fourth quarter of $290,000 against $2.8 million for the same period in the last year.
Provident Financial Services, Inc. is a holding company for The Provident Bank (the Bank). The Bank is a community-oriented financial institution that provides an array of financial products and business and retail services through its network of branches throughout northern and central New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. Its business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans, and lines and cash management services. Its consumer services include online and mobile banking, home equity loans and lines, and mortgage options. It also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance brokerage services through its subsidiary, Provident Protection Plus, Inc. It operates over 140 branches.
Provident Financial Services, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Off for the Fourth Quarter