Provident reports drop in 2nd-quarter earnings
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[July 25, 2008]

Provident reports drop in 2nd-quarter earnings

(Record, The (Hackensack, NJ) (KRT) Via Acquire Media NewsEdge) Jul. 25--JERSEY CITY -- Provident Financial Services Inc. said Thursday second-quarter earnings fell to $10.4 million, or 18 cents a share, from $13.6 million, or 22 cents, in the year-ago period.



The 2007 results included a $6 million gain from an insurance settlement; otherwise, a wider profit margin from lower short-term funding costs was partially offset by a decline in the size of the loan portfolio and higher charge-offs of bad loans.

Paul M. Pantozzi, chief executive officer, suggested that loan demand is holding firm. "Credit demand from quality borrowers remained steady during the quarter, and we continued our conservative underwriting standards, as we grew our loan portfolio on a linked quarter basis," he said in a statement.



Loans in the pipeline but not yet funded totaled $763.4 million as of June 30, up from $671.9 million at the end of the first quarter, the company said. The loans included about $450 million in business loan commitments. Provident Financial is the holding company for The Provident Bank, a thrift with $6.38 billion in assets and 83 branches in northern and central New Jersey.

The company will pay a quarterly dividend of 11 cents a share.

Provident shares slid 35 cents, or 2.2 percent, to $15.28 at 4:02 p.m. on the New York Stock Exchange.

To see more of The Record, or to subscribe to the newspaper, go to http://www.NorthJersey.com.

Copyright (c) 2008, The Record, Hackensack, N.J.
Distributed by McClatchy-Tribune Information Services.
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