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 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.
Provident Financial Services (NYSE: PFS) will release its quarterly financial results for the period ending September 30, 2022, on October 28, 2022, at 8:00 a.m. (ET). Following the release, a conference call will be held at 10:00 a.m. (ET) to discuss the results, accessible via multiple phone lines and an internet webcast. As of June 30, 2022, the company reported assets totaling $13.7 billion, operating branches in New Jersey, Pennsylvania, and New York, along with wealth management and insurance services.
Provident Financial Services and Lakeland Bancorp have announced a merger valued at approximately $1.3 billion, forming a super-community bank in New Jersey. The merged entity will have more than $25 billion in assets and $20 billion in deposits. The merger aims to enhance scale, profitability, and customer service, combining two banks with similar cultures. Notably, 2024 projected GAAP earnings per share accretion is expected to be around 24%. The transaction is set to close in Q2 2023, pending shareholder and regulatory approvals.
Provident Financial Services, Inc. (NYSE:PFS) reported Q2 2022 net income of $39.2 million, or $0.53 per share, down from $44.0 million in Q1 2022. For the first half of 2022, net income totaled $83.2 million, compared to $93.3 million in 2021. The commercial loan portfolio grew 17.3% annualized, reaching $8.48 billion, while net interest margin expanded to 3.21%. However, a $3 million provision for credit losses was recorded. The company declared a quarterly dividend of $0.24 per share payable on August 26, 2022.
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