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You are at:»»Provident Financial Services, Inc. (NYSE:PFS) Shares Slip After Q2 Results

Provident Financial Services, Inc. (NYSE:PFS) Shares Slip After Q2 Results

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By on Financial

Provident Financial Services, Inc. (NYSE:PFS) shares were down 1% just after the opening bell Friday after its Q2 earnings lined with the analyst consensus.

The bank reported net income of $16.4 million, or $0.28 per basic and diluted share for the three months ended June 30, compared to net income of $19.2 million, or $0.34 per basic and diluted share for the three months ended June 30, 2013.

In May, Provident Financial Services completed its acquisition of Team Capital Bank, which added $964.0 million to total assets, $631.4 million to loans, and $769.9 million to deposits. The results of operations Q2 included net non-recurring items related to the acquisition that reduced earnings by $1.2 million, net of tax.

Excluding the all non-recurring items, Q2 core earnings were $18.3 million, or $0.31 per diluted share. The Street indeed expected $0.31 per share in earnings, according to Capital IQ estimates.

Total interest income was $67.4 million; net interest income after provision for loan losses was $55.9 million; and total non-interest income was $10.3 million. The Street expected total revenue of $57.60 million.

The company declared a quarterly cash dividend of $0.15 per common share payable on August 29, 2014. That’s in line with its previous dividend. PFS trades in a 52-week range of $15.78 to $19.93.

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