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 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.
Provident Financial Services, Inc. (NYSE: PFS) will release its financial results for Q1 2022 on April 29, 2022, at 8:00 a.m. ET. The earnings report will be accessible via the company's website. A conference call for investors is scheduled for the same day at 10:00 a.m. ET to discuss the results, with multiple dial-in options available for participants. As of December 31, 2021, the company had assets totaling $13.8 billion and operates a network of branches across New Jersey, Pennsylvania, and New York, along with wealth management and insurance services.
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.
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