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Provident Financial Services, Inc. Announces Delay in First Quarter Earnings Release Due to Anticipated Non-Cash Goodwill Impairment Charge.

Publication: PR Newswire
Publication Date: 22-APR-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
JERSEY CITY, N.J., April 21 /PRNewswire-FirstCall/ -- Provident Financial Services, Inc. (the "Company") announced today that it is delaying the first quarter earnings release originally scheduled for April 22, 2009. The delay results from the Company's pending completion of a goodwill impairment analysis as of March 31, 2009. The Company anticipates that it will recognize a non-cash goodwill impairment accounting charge within an approximate range of $125 million ($2.23 per share) to $160 million ($2.85 per share) for the first quarter of 2009. The Company expects to announce financial results for the first quarter of 2009 by May 1, 2009.

The anticipated goodwill impairment charge represents a non-cash accounting adjustment to the Company's financial statements, which will not affect cash flows, liquidity, or tangible capital. As goodwill is excluded...

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