Welcome to our dedicated page for Provident Finl news (Ticker: PFS), a resource for investors and traders seeking the latest updates and insights on Provident Finl 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.
Peninsula Family Service (PFS) announces a year-long celebration of its 75th anniversary, marking its legacy of community service since 1950. The nonprofit organization, serving San Mateo and Santa Clara counties, reaches over 10,000 neighbors annually through more than 45 programs focused on early learning, financial empowerment, older adult support, and employment services.
The celebration includes several major events throughout 2025:
- March 8: Disco & Diamonds Gala at Rosewood Sand Hill
- May 1: 75th Birthday Party at San Mateo County Historical Museum
- July 19: Community Picnic
- September 25: Annual Thought Leader Series on AI's societal impact
- October 20: Celebrity Golf Tournament at Palo Alto Hills Country Club
CEO Heather Cleary emphasizes the organization's continued commitment to evolving and innovating while ensuring community support for the next 75 years and beyond.
Provident Bank has appointed Bill Fink as Executive Vice President and Chief Lending Officer to lead its commercial banking and lending strategy. Fink, with over 30 years of experience in commercial banking and credit administration, will oversee a $16B loan portfolio and lead a team of 250 employees across New Jersey, New York, and Pennsylvania.
In his new role, Fink will direct commercial lending strategies, including business development, portfolio management, and policy management for C&I, commercial real estate, treasury management, and specialty lines. He joins from TD Bank, where he most recently served as EVP and Head of U.S. Middle Market Banking, managing a $24 billion portfolio.
The appointment aims to strengthen Provident's commercial lending capabilities and drive sustainable growth while maintaining alignment with the bank's risk appetite.
Provident Financial Services (NYSE:PFS) reported Q4 2024 net income of $48.5 million ($0.37 per share), up from $46.4 million ($0.36 per share) in Q3 2024. Full-year 2024 net income was $115.5 million ($1.05 per share), compared to $128.4 million ($1.72 per share) in 2023.
The company's performance was significantly impacted by its May 2024 merger with Lakeland Bancorp, which added $10.91 billion in total assets, $7.91 billion in loans, and $8.62 billion in deposits. Merger-related transaction costs totaled $20.2 million in Q4 and $56.9 million for the full year 2024.
Key Q4 metrics include a net interest margin decrease to 3.28%, total deposits increase of $247.6 million to $18.62 billion, and improved asset quality with non-performing loans decreasing to 0.39%. The Board declared a quarterly cash dividend of $0.24 per share, payable February 28, 2025.
Provident Bank's 2025 Economic Outlook survey of 1,000 business owners and leaders reveals strong optimism despite economic challenges. 60% of respondents expect the U.S. economy to improve, while 63% anticipate better business conditions for their companies in 2025.
Key findings show 68% of businesses plan to increase capital spending, and over 50% expect to boost hiring. Notably, 69% of respondents plan to adopt AI tools within the next year, with 29% ready for immediate implementation.
However, significant challenges persist. The top concerns include inflationary pressures (60%), trade tensions and tariffs (51%), and rising consumer and national debt (44%). Business owners specifically worry about employee benefits and costs (46%), inflation impacts (46%), and rising wages (39%). Regarding Federal Reserve rate cuts, 38% of executives are unsure of their impact, while 30% report no positive effects on their business.
Provident Financial Services (NYSE: PFS) has scheduled its fourth quarter and year-end 2024 earnings release for Tuesday, January 28, 2025, after market close. The company will host a conference call for investors on January 29, 2025, at 10:00 a.m. ET to discuss the financial results.
The earnings release will be available on the company's website under Investor Relations. As of September 30, 2024, Provident Financial Services reported assets of $24.0 billion. The bank operates a network of full-service branches throughout New Jersey, eastern Pennsylvania, and Orange, Queens, and Nassau Counties, New York, offering fiduciary and wealth management services through Beacon Trust Company and insurance services through Provident Protection Plus.
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.
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