Welcome to our dedicated page for Provident Financial Services news (Ticker: PFS), a resource for investors and traders seeking the latest updates and insights on Provident Financial Services stock.
Provident Financial Services, Inc. (NYSE: PFS) is the holding company for Provident Bank, an established community-oriented bank that has been serving customers since 1839. With a strong history of service and stability, Provident Bank has grown its capabilities to rival larger regional and national banks while maintaining a commitment to personal service.
Provident Bank offers a wide range of financial products and services tailored to both individual and commercial customers. This includes personal checking and savings accounts, commercial loans, wealth management, and insurance services. Each account comes with the promise of individual attention from a Provident banker.
The company's operations are primarily concentrated in the financial services industry, offering traditional banking services along with wealth management, insurance agency income, and banking service charges. Provident Bank operates more than 80 branches throughout New Jersey and Pennsylvania, and it also provides services in Queens and Nassau Counties in New York. Customers can access services through telephone and online banking systems.
Provident Bank's recent achievements include a merger agreement with Lakeland Bancorp, Inc., which is expected to enhance the bank's scale, growth opportunities, and profitability. The merger has received regulatory approvals from the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance, and the Board of Governors of the Federal Reserve System. Upon completion, the combined company will operate under the Provident name. This merger is expected to offer exceptional service to customers by leveraging the complementary strengths of both institutions.
Provident Financial Services reported assets of $14.1 billion as of September 30, 2023, and continues to focus on expanding its product offerings and improving customer service. The company provides fiduciary and wealth management services through its subsidiary, Beacon Trust Company, and insurance services through Provident Protection Plus, Inc.
For investors, Provident Financial Services conducts regular conference calls to discuss financial results and strategic developments. The next conference call is scheduled for January 26, 2024, to discuss the fourth quarter and full year financial results of 2023.
Provident Bank has awarded $50,000 in grants to 11 small businesses and 4 non-profit organizations through the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. The grants, up to $10,000 each, are designed to support businesses facing economic challenges due to the rate environment, inflation, supply-chain constraints, and rising energy costs.
The recipients include restaurants, educational institutions, construction companies, and community development organizations across New York and New Jersey. This initiative demonstrates Provident Bank's commitment to fostering economic prosperity in local communities through its partnership with FHLBNY.
Provident Bank has appointed Kim Strignile as Senior Vice President, HR Business Partner Director. In her new role, Strignile will lead the HR Business Partner and Talent Acquisition teams, focusing on driving the bank's people strategy and enhancing employee experience. With over 20 years of HR experience at TD Bank, she will work closely with Provident's leadership team to foster a high-performing culture and implement talent development initiatives. The appointment aligns with Provident's commitment to strengthening its workforce development and succession planning strategies.
Provident Bank announces the addition of six experienced commercial lenders to strengthen its presence in eastern Pennsylvania. The new team members - Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker - bring over 100 years of combined experience in financial services. The strategic hires include two Senior Vice Presidents as Commercial Banking Team Leaders and four Vice Presidents specializing in C&I and CRE relationship management. This expansion aims to drive commercial loan and deposit growth while enhancing the bank's non-bank products and customer experience in the region.
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.
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