The company has posted basic and diluted earnings per share of $0.08 for the quarter, a decrease when compared to basic and diluted earnings per share of $0.23 and $0.22, respectively, for the same quarter in 2006. Provident Financial has realized a fall in the net income of $37.4 million for the year ended December 31, 2007, compared to $53.7 million for the same period in 2006.
Paul Pantozzi, chairman and CEO of Provident Financial, commented: While we have no direct exposure to subprime loans or collateralized debt obligations, the resulting downturn in the general economy that continued during the past quarter impacted certain of our commercial credits, and we reassessed our risk ratings and increased reserves accordingly.
