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 partnered with Elan Financial Services to enhance its credit card offerings for customers. This collaboration aims to deliver innovative credit card products under the Provident brand, featuring lucrative rewards, enhanced reporting, and advanced payment technologies. The partnership is expected to bolster Provident Bank's commitment to both businesses and consumers, providing them with 24/7 account access and support. With assets of $13.78 billion as of December 31, 2021, Provident Bank continues to grow its financial services across New Jersey, Pennsylvania, and New York.
Provident Financial Services, Inc. (NYSE:PFS) reported a net income of $37.3 million ($0.49 per share) for Q4 2021, down from $40.6 million ($0.53 per share) in Q4 2020. For the full year, net income surged to $167.9 million ($2.20 per basic share) from $97.0 million in 2020, driven by higher interest-earning assets and a $24.3 million negative provision for credit losses. Despite strong loan growth, total loans decreased by $241.3 million primarily due to PPP loan forgiveness. The company declared a quarterly dividend of $0.24 per share, with total assets rising to $13.78 billion.
Provident Bank announced the appointment of Brian Rafanello as Senior Vice President and Head of Treasury Management on January 4, 2022. Based in Iselin, NJ, Rafanello will lead the Treasury Management department, focusing on sales, service, and operations. His role includes developing strategies for treasury management products aimed at middle market, commercial real estate, public sector, and small businesses. Rafanello brings over 25 years of experience, previously serving at Santander Bank and Citibank, enhancing Provident's capabilities in growing their treasury management portfolio.
Provident Financial Services (NYSE: PFS) announced it will release its financial results for Q4 and FY 2021 on January 28, 2022, at 8:00 a.m. ET. A conference call for discussion of these results will take place the same day at 10:00 a.m. ET. Investors can access the call through a dedicated dial-in or via webcast on the company’s website. As of September 30, 2021, Provident had total assets of $13.4 billion and operates branches in New Jersey, Pennsylvania, and New York.
Provident Bank has appointed Robert Tharp as First Vice President, Retail Sales & Services Director, effective immediately. Based at the Iselin, NJ headquarters, Tharp will oversee the execution of retail sales strategies and business development initiatives. With over 35 years in retail banking, including senior roles at TD Bank and Hudson United Bank, he aims to enhance Provident's growth strategy. As of September 30, 2021, Provident Financial Services, Inc. (NYSE:PFS) reported assets of $13.39 billion and deposits of $10.84 billion.
Provident Financial Services (NYSE:PFS) reported a net income of $37.3 million ($0.49 per share) for Q3 2021, up from $27.1 million ($0.37) in Q3 2020. For the nine months ending September 30, 2021, net income was $130.6 million ($1.71 per share), significantly up from $56.4 million ($0.84) in the prior year. The company benefited from reduced credit loss provisions and increased interest-earning assets post its merger with SB One Bancorp. A quarterly dividend of $0.24 per share has been declared, marking a 4.3% increase from the previous quarter.
Provident Financial Services (NYSE: PFS) will release its financial results for the third quarter ending September 30, 2021, on October 29, 2021, at 8:00 a.m. (ET). The results will be accessible on the company's website under Investor Relations. An investor conference call is scheduled for the same day at 10:00 a.m. (ET), with additional details provided for dial-in and internet access. As of June 30, 2021, the company reported assets of $13.2 billion.
Provident Financial Services, Inc. (NYSE:PFS) announces the appointment of Bennett MacDougall as Senior VP and General Counsel for Provident Bank and Beacon Trust Company. MacDougall, who has extensive experience in legal matters related to financial institutions, previously held significant legal roles at BNY Mellon and Deutsche Bank. He will oversee all legal affairs and advise on policy matters. Provident Bank, a community-focused financial institution, reported assets of $13.22 billion and deposits of $10.59 billion as of June 30, 2021.
Provident Financial Services, with the ticker PFS, reported a substantial net income of $44.8 million for Q2 2021, translating to $0.58 per share, a significant increase from $14.3 million or $0.22 per share in Q2 2020. For the first half of 2021, net income reached $93.3 million compared to $29.2 million in 2020, driven by lower credit loss allowances and the addition of earning assets from the SB One merger. Total assets grew to $13.22 billion, while total deposits surged by $752.2 million in the same period.
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