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Provident Financial Services board ups quarterly dividend

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Provident Financial Services board ups quarterly dividend

Provident Financial Services Inc.'s board has declared a quarterly dividend of 21 cents per share, up 5.0% from the previous payout of 20 cents per share.

The dividend is payable Aug. 31 to stockholders of record as of the close of business Aug. 15.

The company reported second-quarter net income of $19.2 million, or 30 cents per share, down from net income of $24.4 million, or 38 cents per share, for the three months ended June 30, 2017.

The company's results were negatively impacted by a provision for loan losses arising from a credit loss associated with a $15.4 million credit to a commercial borrower that filed a Chapter 7 petition in bankruptcy for a liquidation of assets.

The S&P Capital IQ GAAP EPS estimate for the quarter was 36 cents.