Provident Financial Services Inc. (PFS, Financial) filed Quarterly Report for the period ended 2011-03-31.
Provident Financial Services Inc. has a market cap of $845.3 million; its shares were traded at around $13.98 with a P/E ratio of 14.9 and P/S ratio of 2.7. The dividend yield of Provident Financial Services Inc. stocks is 3.2%.
Total loans at March 31, 2011, increased $47.3 million, or 1.1%, to $4.46 billion, from $4.41 billion at December 31, 2010. Loan originations totaled $295.3 million and loan purchases totaled $48.8 million for the three months ended March 31, 2011. The loan portfolio had net increases of $49.5 million in commercial and multi-family mortgage loans, $23.5 million in residential mortgage loans and $4.1 million in commercial loans, which were partially offset by decreases of $19.6 million in construction loans, and $9.7 million in consumer loans. Commercial real estate, commercial and construction loans represented 55.8% of the loan portfolio at March 31, 2011, compared to 55.6% at December 31, 2010. The Company intends to continue to focus on the origination of commercial loans.
Total stockholders equity increased $4.4 million, or 0.5%, to $926.1 million at March 31, 2011. This increase was due to net income of $12.9 million, and a net increase due to the allocation of shares to stock-based compensation plans of $1.6 million, partially offset by $6.6 million in cash dividends, a net decrease of $3.2 million in other comprehensive income and common stock purchases of $297,000. At March 31, 2011, book value per share and tangible book value per share were $15.43 and $9.54, respectively, compared with $15.38 and $9.47, respectively, at December 31, 2010. Common stock repurchases during the quarter ended March 31, 2011, totaled 20,399 shares at an average cost of $14.71 per share, which were made in connection with withholding to cover income taxes payable on stock-based compensation. At March 31, 2011, 2.1 million shares remained eligible for repurchase under the current stock repurchase program authorized by the Companys Board of Directors.
General. The Company reported net income of $12.9 million for the three months ended March 31, 2011, compared to net income of $11.2 million for the same period in 2010. Basic and diluted earnings per share were $0.23 for the quarter ended March 31, 2011, compared with basic and diluted earnings per share of $0.20 for the same quarter in 2010. The improvement in net income for the first quarter of 2011 compared to the prior year period was driven by a $2.7 million increase in net interest income primarily attributable to a lower cost of funds, and a $1.1 million decline in the provision for loan losses. This was partially offset by a $803,000 decline in net gains on sales of securities and a $609,000 increase in income tax expense.
Net Interest Income. Total net interest income increased $2.7 million, or 5.3%, to $53.4 million for the quarter ended March 31, 2011, compared to $50.8 million for the quarter ended March 31, 2010. Interest income for the first quarter of 2011 decreased $2.9 million, or 4.0%, to $69.5 million, compared to $72.4 million for the same period in 2010. Interest expense decreased $5.6 million, or 25.9%, to $16.0 million for the quarter ended March 31, 2011, compared to $21.6 million for the quarter ended March 31, 2010.
The average balance of net loans increased $67.4 million, or 1.6%, to $4.35 billion for the quarter ended March 31, 2011, compared to $4.29 billion for the same period in 2010. Income on all loans secured by real estate increased $576,000, or 1.5%, to $40.3 million for the three months ended March 31, 2011, compared to $39.7 million for the three months ended March 31, 2010. Interest income on commercial loans decreased $255,000, or 2.5%, to $10.1 million for the quarter ended March 31, 2011, compared to $10.3 million for the quarter ended March 31, 2010. Consumer loan interest income decreased $757,000, or 10.4%, to $6.5 million for the quarter ended March 31, 2011, compared to $7.3 million for the quarter ended March 31, 2010. The average loan yield for the three months ended March 31, 2011, was 5.24%, compared with 5.40% for the same period in 2010, reflecting decreases in market interest rates and the increase in non-performing loans.
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Provident Financial Services Inc. has a market cap of $845.3 million; its shares were traded at around $13.98 with a P/E ratio of 14.9 and P/S ratio of 2.7. The dividend yield of Provident Financial Services Inc. stocks is 3.2%.
Highlight of Business Operations:
Total assets at March 31, 2011 decreased $30.5 million, or 0.4%, to $6.79 billion, compared to $6.82 billion at December 31, 2010. The decrease was primarily due to declines in securities available for sale, investment securities held to maturity and other assets, partially offset by increases in cash and cash equivalents and net loans. Cash and cash equivalents increased $52.7 million to $105.0 million at March 31, 2011, from $52.2 million at December 31, 2010. These cash balances will be deployed to fund loan originations and investment purchases.Total loans at March 31, 2011, increased $47.3 million, or 1.1%, to $4.46 billion, from $4.41 billion at December 31, 2010. Loan originations totaled $295.3 million and loan purchases totaled $48.8 million for the three months ended March 31, 2011. The loan portfolio had net increases of $49.5 million in commercial and multi-family mortgage loans, $23.5 million in residential mortgage loans and $4.1 million in commercial loans, which were partially offset by decreases of $19.6 million in construction loans, and $9.7 million in consumer loans. Commercial real estate, commercial and construction loans represented 55.8% of the loan portfolio at March 31, 2011, compared to 55.6% at December 31, 2010. The Company intends to continue to focus on the origination of commercial loans.
Total stockholders equity increased $4.4 million, or 0.5%, to $926.1 million at March 31, 2011. This increase was due to net income of $12.9 million, and a net increase due to the allocation of shares to stock-based compensation plans of $1.6 million, partially offset by $6.6 million in cash dividends, a net decrease of $3.2 million in other comprehensive income and common stock purchases of $297,000. At March 31, 2011, book value per share and tangible book value per share were $15.43 and $9.54, respectively, compared with $15.38 and $9.47, respectively, at December 31, 2010. Common stock repurchases during the quarter ended March 31, 2011, totaled 20,399 shares at an average cost of $14.71 per share, which were made in connection with withholding to cover income taxes payable on stock-based compensation. At March 31, 2011, 2.1 million shares remained eligible for repurchase under the current stock repurchase program authorized by the Companys Board of Directors.
General. The Company reported net income of $12.9 million for the three months ended March 31, 2011, compared to net income of $11.2 million for the same period in 2010. Basic and diluted earnings per share were $0.23 for the quarter ended March 31, 2011, compared with basic and diluted earnings per share of $0.20 for the same quarter in 2010. The improvement in net income for the first quarter of 2011 compared to the prior year period was driven by a $2.7 million increase in net interest income primarily attributable to a lower cost of funds, and a $1.1 million decline in the provision for loan losses. This was partially offset by a $803,000 decline in net gains on sales of securities and a $609,000 increase in income tax expense.
Net Interest Income. Total net interest income increased $2.7 million, or 5.3%, to $53.4 million for the quarter ended March 31, 2011, compared to $50.8 million for the quarter ended March 31, 2010. Interest income for the first quarter of 2011 decreased $2.9 million, or 4.0%, to $69.5 million, compared to $72.4 million for the same period in 2010. Interest expense decreased $5.6 million, or 25.9%, to $16.0 million for the quarter ended March 31, 2011, compared to $21.6 million for the quarter ended March 31, 2010.
The average balance of net loans increased $67.4 million, or 1.6%, to $4.35 billion for the quarter ended March 31, 2011, compared to $4.29 billion for the same period in 2010. Income on all loans secured by real estate increased $576,000, or 1.5%, to $40.3 million for the three months ended March 31, 2011, compared to $39.7 million for the three months ended March 31, 2010. Interest income on commercial loans decreased $255,000, or 2.5%, to $10.1 million for the quarter ended March 31, 2011, compared to $10.3 million for the quarter ended March 31, 2010. Consumer loan interest income decreased $757,000, or 10.4%, to $6.5 million for the quarter ended March 31, 2011, compared to $7.3 million for the quarter ended March 31, 2010. The average loan yield for the three months ended March 31, 2011, was 5.24%, compared with 5.40% for the same period in 2010, reflecting decreases in market interest rates and the increase in non-performing loans.
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