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Provident Financial Services' Profit Falls 2%

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Provident Financial Services, Inc. (NYSE: PFS) announced a 2 percent drop in profit for the second quarter. However, its EPS came in line with the Street estimates.

The company earned a profit of $21.4 million compared to $21.8 million in the same quarter last year. Its EPS also slackened to $0.34 from $0.35, but was in line with the expectations.

While total interest income rose to $74.81 million from $72.19 million, total non-interest income dipped to $13.82 million from $16.9 million in the comparable period. However, its revenue was better than the analysts' predictions of $70.14 million.

Its chairman, president and CEO, Christopher Martin, stated: "Commercial loan growth exceeded our expectations, which contributed nicely to record quarterly net interest income for the Company. We continue to grow the loan portfolio while preserving our conservative credit standards." Martin added: "In pursuing further expansion of our eastern Pennsylvania franchise, we recently opened a loan production office in Montgomery County and the early reports are encouraging."

 

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Posted-In: Earnings News