Provident Financial Services, Inc. - PFS STOCK NEWS

Provident Bank has appointed Mohamed Najam as Vice President, Senior Relationship Manager for its mortgage warehouse lending team. In his new role, Najam will focus on developing warehouse lending relationships across the Northeast, Mid-Atlantic, and Southeast regions. He brings over 20 years of experience in mortgage warehouse lending and corporate banking, previously serving as First Vice President at Flagstar Bank's warehouse lending division. This strategic hire aims to support Provident's specialty lending business growth while maintaining high-quality customer service standards.

Provident Financial Services (NYSE:PFS) reported net income of $46.4 million ($0.36 per share) for Q3 2024, compared to a net loss of $11.5 million in Q2 2024 and net income of $28.5 million in Q3 2023. The results reflect the impact of the May 2024 merger with Lakeland Bancorp, which added $10.91 billion to total assets. Net interest income increased to $183.7 million, with net interest margin rising to 3.31%. The company recorded a $9.6 million provision for credit losses. Non-performing loans increased to 0.47% of total loans. The Board declared a quarterly cash dividend of $0.24 per share.

Provident Bank's First-Time Home Buyer Survey reveals insights into generational differences in navigating the housing market. Despite challenges like high mortgage rates and affordable options, many Americans are finding homes in less than a year. Key findings include:

1. Over 40% of Gen Xers have been involved in 5+ bidding wars.
2. Over 50% of Gen X respondents have significantly adjusted their search criteria to stay within budget.
3. Nearly 50% of Millennials and Gen X have settled for older homes needing renovations.
4. Savings accounts remain the main source of down payment capital.
5. Gen X is more likely to consider fintech companies for financing (15%) compared to Gen Z (6%).
6. Traditional banks are still a popular financing source across generations.

The survey, conducted by Survey Monkey for Provident Bank, is based on 1,000 responses and highlights the importance of understanding financing resources in a competitive market.

Provident Financial Services, Inc. (NYSE: PFS) has announced its schedule for the release of third quarter 2024 financial results. The company plans to disclose these results on Tuesday, October 29, 2024 after market close. A conference call for investors is scheduled for October 30, 2024 at 10:00 a.m. (ET) to discuss the quarterly financial performance.

The earnings release will be available on the company's website, www.Provident.Bank, under Investor Relations and Press Releases. Investors can access the conference call via phone or through a webcast on the company's website. A replay of the call will be available from October 30, 2024 at 12:00 noon (ET) until November 13, 2024 at 11:59 p.m. (ET).

As of June 30, 2024, Provident Financial Services, Inc. reported assets of $24.1 billion. The company operates through Provident Bank, offering full-service branches in New Jersey, eastern Pennsylvania, and parts of New York.

Provident Protection Plus, a full-service insurance agency serving New Jersey, New York, and Pennsylvania, has retained its Best Practices status for 2024. This prestigious designation, awarded by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting, recognizes the agency as one of the highest-performing insurance agencies in the U.S.

Out of over 2,600 nominated agencies, less than 10% qualified for this status. The selection process involves a rigorous evaluation of financial and operational data. Provident Protection Plus has achieved this recognition for the second consecutive cycle, highlighting its commitment to exceptional service and innovative insurance solutions.

George Lista, President & CEO, emphasized the agency's expertise in addressing client challenges amid economic uncertainty and rising insurance costs. The Best Practices Study, conducted every three years, analyzes leading agencies in six revenue categories.

Provident Bank, a leading New Jersey-based financial institution, has announced the appointment of Vivin Varghese as Senior Vice President, Chief Information Security Officer (CISO). In this role, Varghese will oversee the bank's information and cybersecurity policies, procedures, and practices, while advising the Executive Leadership Team on information security standards and risk management.

With 16 years of experience in information security, Varghese previously served as CISO at Customers Bank and as Information Technology Manager at the University of Pennsylvania. He holds a Bachelor of Science in Business Administration/Management Information Systems from Drexel University and has been recognized as a 2023 ONCON Top 100 Information Security Professional.

Provident Bank, a leading New Jersey-based financial institution, has awarded $88,000 in grants to nine local non-profit organizations through its Community Partnership Program. The program, launched in July 2023, focuses on supporting organizations dedicated to community development, economic empowerment, financial literacy, and housing support in low and moderate-income communities.

The grant recipients include notable organizations such as the Housing Community Development Network of NJ, New Jersey Citizen Action Education Fund, and the Urban League of Essex County. These grants aim to empower communities within Provident Bank's footprint and promote long-term economic prosperity. Since the program's inception, Provident Bank has partnered with 13 local New Jersey-based non-profits, demonstrating its commitment to fostering economic and community development.

Provident Bank has appointed Leonardo Ramos as Vice President and Community Reinvestment Act (CRA) Officer. In this role, Ramos will oversee the bank's CRA program, focusing on enhancing lending, service, and investment strategies to support affordable housing and economic development initiatives. With over 24 years of experience in financial services, Ramos brings valuable expertise to Provident Bank's compliance team.

Mary Brown, Senior Vice President and Chief Compliance Officer, expressed confidence in Ramos's ability to maintain high regulatory compliance standards as the bank grows. Ramos's previous roles include Senior Vice President, Sales Manager at Columbia Bank and Vice President, Community Development Sales Manager at Santander Bank. He holds a Bachelor of Science in Business Administration from Lee University and an MBA from Rutgers Business School.

Provident Financial Services, Inc. (NYSE:PFS) reported a net loss of $11.5 million for Q2 2024, influenced by significant merger-related costs from its merger with Lakeland Bancorp, Inc. completed on May 16, 2024. The merger added $10.91 billion in total assets, $7.91 billion in loans, and $8.62 billion in deposits.

Key impacts on earnings include an initial CECL provision for credit losses of $65.2 million and other merger transaction costs totaling $18.9 million. Despite these expenses, net interest income rose to $141.5 million, driven by the acquired assets.

The company saw improvements in its net interest margin to 3.21% and a significant increase in loans and deposits. Non-performing loans decreased, while wealth management and insurance agency income rose by 12.3% and 16.7%, respectively. However, total non-interest expenses grew substantially due to merger costs and increased compensation expenses.

The Board declared a quarterly cash dividend of $0.24 per share, payable on August 30, 2024.