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, 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.
Provident Bank has announced a funding commitment of $475,000 to five non-profit organizations through the New Jersey Department of Community Affairs' Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2022. The funding aims to support revitalization efforts in distressed neighborhoods, focusing on housing, economic development, entrepreneurship, job training, and social services. Notable recipients include Garden State Community Development Corporation and Jewish Renaissance Foundation. This investment aligns with Provident Bank's commitment to community development.
Provident Protection Plus, formerly known as SB One Insurance Agency, has rebranded to align with its parent company, Provident Bank. This name change emphasizes their commitment to providing a comprehensive suite of financial products and services. CEO George Lista assured clients that service quality remains unchanged, promising to deliver innovative insurance solutions. The agency, with over 65 years of experience, serves New Jersey, New York, and Pennsylvania, collaborating with over 20 top insurance carriers.
Provident Financial Services, Inc. (NYSE: PFS) will release its financial results for Q2 2022 on July 29, 2022, at 8:00 a.m. ET. Following this, a conference call for investors is scheduled at 10:00 a.m. ET, where representatives will discuss the financial performance. The company's assets totaled $13.6 billion as of March 31, 2022, and it operates across northern and central New Jersey, eastern Pennsylvania, and Queens County, New York. The call can be accessed via multiple phone lines, and a replay will be available until August 12, 2022.
Provident Bank has opened its 97th branch at 1045 Northern Boulevard in Roslyn, New York, focusing on Retail Banking and Commercial Lending. The new office, spanning approximately 3,000 square feet, includes an ATM and convenient parking. Provident Bank has served the New York metropolitan area for over 180 years. The team is led by Banking Center Manager, Cyd Cervantes, and aims to provide quality service to local residents and businesses. The branch enhances the bank's footprint in Long Island, which also includes an existing location in Astoria.
Provident Bank has appointed Tara Brady as the new First Vice President, Customer Experience Director, marking a significant commitment to enhancing customer interactions. Ms. Brady brings over 10 years of experience in transforming customer experience in financial institutions. She will lead initiatives to improve customer touchpoints and establish a Voice of the Customer program. This strategic move aims to create a customer-centric culture that fosters engagement and loyalty, aligning with the bank's goal of delivering superior interactions.
Provident Financial Services (NYSE:PFS) reported a net income of $44 million for Q1 2022, translating to earnings of $0.58 per share, an increase from $37.3 million ($0.49/share) in Q4 2021 but down from $48.6 million ($0.63/share) in Q1 2021. Key highlights include an 8.3% annualized growth in commercial loans and an expanded net interest margin of 3.02%. A negative credit loss provision of $6.4 million reflects improved asset quality. The Board declared a quarterly dividend of $0.24 per share, with a strong loan pipeline of $1.48 billion as of March 31, 2022.
Provident Bank has secured a multiyear partnership with Audacy and the Yankees Radio Network, becoming the exclusive sponsor of the Yankees Broadcast Booth. The collaboration will provide Provident Bank with various broadcast and digital marketing opportunities, alongside access to exclusive hospitality experiences. CEO Anthony Labozzetta expressed enthusiasm for aligning the bank's brand with the Yankees, highlighting shared values of community and excellence. As of December 31, 2021, Provident Financial Services, Inc. (NYSE:PFS) reported assets of $13.78 billion.
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