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, 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.
Provident Financial Services, Inc. (NYSE: PFS) will release its financial results for the quarter ending June 30, 2021, on July 30, 2021, at 8:00 a.m. ET. An investor conference call will follow at 10:00 a.m. ET on the same day to discuss the results. As of March 31, 2021, the company reported assets worth $13.1 billion. The company's network includes full-service branches in New Jersey, Pennsylvania, and New York. Investors can access the earnings release and call information via the company's website.
Provident Financial Services, Inc. (NYSE:PFS) announced the appointment of Nadine Leslie to its board of directors and the board of Provident Bank. Leslie, currently the CEO of SUEZ North America, brings over 25 years of experience in operations, management, and corporate compliance. Both Provident's chairman and Leslie expressed confidence in her ability to enhance the company's customer experience and operational capabilities. Leslie holds a Bachelor's in civil engineering and serves on multiple boards, bolstering her profile as a leader in corporate responsibility.
Provident Bank recently shared insights from a survey of 600 U.S. consumers regarding their banking preferences post-pandemic. The results revealed that 91% of participants utilize digital channels for banking, with 53% adopting these services due to the pandemic. Satisfaction with digital/mobile banking stands at 87%, while 63% use mobile apps frequently. The data also shows a significant percentage of users continue to visit branches, with 58% doing so often or sometimes. Overall, Provident Bank is committed to enhancing customer banking experiences through both digital and in-person services.
Provident Bank has allocated $475,000 in funding to five non-profit organizations as part of the New Jersey Department of Community Affairs' Neighborhood Revitalization Tax Credit (NRTC) Program for 2021. These funds will be directed towards housing, economic development, and job training initiatives aimed at revitalizing distressed neighborhoods. Notable recipients include Garden State Episcopal Community Development Corporation ($100,000) and Paterson Habitat for Humanity ($100,000). This program is designed to support community-driven revitalization efforts through approved multi-year plans.
Provident Bank has bolstered its human resources team with two key appointments to enhance employee engagement and diversity initiatives. Monica Sarantidis joins as SVP, HR Business Partner, bringing over 20 years of HR management experience. Xavia Mitchell is appointed as Senior HR and Diversity Business Partner, focusing on implementing diversity strategies. Provident Bank, which reported assets of $13.13 billion as of March 31, 2021, aims to attract and retain a diverse workforce while ensuring compliance with employment regulations.
Provident Financial Services (NYSE:PFS) achieved a net income of $48.6 million or $0.63 per share for Q1 2021, up from $14.9 million or $0.23 per share in Q1 2020. The increase was supported by a negative provision for credit losses of $15.0 million, and stronger asset quality. Total assets rose to $13.13 billion, and total deposits increased by $459.7 million to $10.30 billion. The Board declared a $0.23 dividend per share payable on May 28, 2021. The company continues to focus on growth opportunities resulting from economic recovery.
Broomall, PA, April 6, 2021 - The Golf Association of Philadelphia (GAP) has announced a corporate partnership with Provident Bank, making it the Official Bank of GAP and the presenting sponsor of the 119-year-old Joseph H. Patterson Memorial Cup. Scheduled for August 4-5 at Manufacturers' Golf & Country Club, this partnership enhances GAP's services for its members while providing Provident Bank extensive marketing opportunities. Provident Bank's commitment to GAP aligns with its long-standing dedication to community service.
Provident Financial Services, Inc. (NYSE: PFS) will announce its financial results for Q1 2021 on April 30, 2021, at 8:00 a.m. ET. Investors can access the earnings release on their website. A conference call is scheduled for the same day at 10:00 a.m. ET to discuss the results. As of December 31, 2020, the company reported assets totaling $12.9 billion and operates branches in New Jersey, Pennsylvania, and New York. For additional information, visit www.Provident.Bank.
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