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.
Provident Bank has announced the promotion of two key team members: Vanessa Easse to Senior Vice President and Robert Tharp to Senior Vice President. Easse, with over 20 years in retail banking, will lead retail operations, enhancing customer experience. Tharp brings over 35 years of experience, responsible for the bank's retail sales strategy. Both promotions are aimed at supporting the bank's strategy for growth and exemplary customer service, according to Executive Vice President Vito Giannola. Provident Financial Services, Inc. (NYSE:PFS) reported $13.80 billion in assets as of December 31, 2022.
Provident Financial Services and Lakeland Bancorp have announced that both companies received shareholder approvals for their merger. This merger aims to enhance their market positions and operational efficiencies. However, the completion of the merger is still subject to regulatory approvals and customary closing conditions. The strategic significance of this merger is underscored by expected synergies and the anticipated benefits in terms of increased asset quality and capital levels. This collaboration may provide expanded services to customers across New Jersey and beyond.
Provident Financial Services, Inc. (NYSE:PFS) reported a net income of $49.0 million or $0.66 per share for Q4 2022, a rise from $43.4 million or $0.58 in Q3 2022 and $37.3 million or $0.49 a year ago. For the full year 2022, net income reached $175.6 million, up from $167.9 million in 2021. The board declared a $0.24 quarterly dividend payable on February 24, 2023. Key growth metrics included a 9.7% annualized increase in commercial loans and record net interest income of $114.1 million, driven by a net interest margin expansion to 3.62%. The company continues to pursue its merger with Lakeland Bancorp, with expected stockholder and regulatory approvals.
Provident Bank announces the appointment of Scott Hurlbert as the new Senior Vice President, Digital Channels Director. Based in Iselin, N.J., Hurlbert will oversee all digital banking operations, including ATMs and mobile platforms, aiming to enhance customer experience. With over 20 years in banking technology, he previously worked at People’s United Bank, where he developed leading digital solutions. Provident Bank, a subsidiary of Provident Financial Services (NYSE:PFS), reported assets of $13.60 billion and $10.69 billion in deposits as of September 30, 2022, providing various financial services across New Jersey and parts of Pennsylvania and New York.
Provident Financial Services (NYSE: PFS) will announce its financial results for Q4 and the fiscal year ended December 31, 2022, on January 27, 2023, at 8:00 a.m. (ET). The earnings release will be accessible on the company's website. A conference call to discuss results will occur at 10:00 a.m. (ET) the same day, with various access numbers provided for U.S. and international participants. As of September 30, 2022, Provident Financial reported assets of $13.6 billion, operating in New Jersey, Pennsylvania, and New York.
Provident Bank has been awarded the DEI Trailblazer Award as an Emerging DEI Influencer by the African American Chamber of Commerce of New Jersey and the New Jersey Chamber of Commerce. This recognition highlights the bank's commitment to Diversity, Equity, and Inclusion in its workplace practices. Awarded during the inaugural DEI Trailblazer Awards reception, the honor acknowledges companies demonstrating substantial progress in DEI initiatives. Provident Bank reported assets totaling $13.60 billion as of September 30, 2022, with deposits amounting to $10.69 billion.
Provident Protection Plus, serving New Jersey, New York, and Pennsylvania, has been named an elite independent insurance agency by the Independent Insurance Agents & Brokers of America (IIABA) in their "Best Practices" study.
Out of over 2,600 nominees, only 282 agencies qualified, and Provident Protection Plus excelled in operational excellence. This recognition highlights the agency's customer-first philosophy, as noted by President & CEO George Lista. Since 1993, the Big “I” has recognized high-performing agencies to encourage best practices across the industry.
Provident Financial Services, Inc. (NYSE:PFS) reported a net income of $43.4 million or $0.58 per share for Q3 2022, a rise from $39.2 million or $0.53 per share in Q2 2022. Year-to-date income totaled $126.6 million, down from $130.6 million the previous year. Notable earnings were affected by $2.9 million in merger-related costs. The net interest margin increased by 30 basis points to 3.51%, backed by strong loan growth. Despite an $8.4 million provision for credit losses due to economic forecasts, the company’s loan pipeline remains robust at $1.46 billion.
FAQ
What is the current stock price of Provident Finl (PFS)?
What is the market cap of Provident Finl (PFS)?
What does Provident Financial Services, Inc. do?
Where does Provident Bank operate?
What recent achievements has Provident Financial Services, Inc. made?
What products and services does Provident Bank offer?
How can customers access Provident Bank's services?
What are the financial assets of Provident Financial Services, Inc.?
Who are Provident Bank's primary customers?
What is the significance of the merger with Lakeland Bancorp?
When is Provident Financial Services, Inc.'s next investor conference call?
What subsidiaries does Provident Financial Services, Inc. have?
