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.