Provident Finl Stock Price, News & Analysis

Provident Bank's Mid-Year Business Outlook Survey reveals a complex economic landscape where business owners maintain optimism while grappling with tariff concerns. The survey of 1,000 business leaders shows 60% expect economic growth in late 2025, despite 55% viewing tariffs negatively. Over 70% express concern about tariff impacts, though 80% report minimal current effects. Business owners are responding strategically: 41.68% plan to delay capital expenditures, 37% expect to pass tariff costs to customers, and about 30% plan to halt hiring. The survey also found that 32.55% have adjusted inventory levels, while 31.69% are still evaluating. Notably, 45% of respondents favor eliminating tariffs completely, while 35% support keeping them in some capacity.

Provident Financial Services (NYSE:PFS) reported strong Q1 2025 financial results with net income of $64.0 million, or $0.49 per share, compared to $48.5 million in Q4 2024 and $32.1 million in Q1 2024.

Key highlights include:

• Net interest margin increased to 3.34%, up 6 basis points from previous quarter
• Commercial and industrial loan portfolio grew by $74.3 million to $4.68 billion
• Total commercial portfolio increased by $150.0 million to $16.19 billion
• Insurance Agency income rose 17.9% year-over-year
• Loan pipeline stands at $2.77 billion with 6.31% weighted average interest rate

The quarter saw a $2.7 million write-down on a foreclosed property, partially offset by $624,000 profit from branch consolidation sales. The Board declared a quarterly cash dividend of $0.24 per share, payable May 30, 2025.

Provident Bank has promoted Tara Brady to Senior Vice President, Chief Experience Officer (CXO). In her new role, Brady will lead the bank's marketing and customer experience strategies, focusing on delivering seamless customer-centric engagement across the organization.

As CXO, Brady will be responsible for:

• Centralizing and enhancing customer experience
• Fostering collaboration between customer and employee experience
• Delivering consistent communications and unified brand identity
• Supporting business growth and brand awareness

Brady, who previously served as Director of Customer Experience at Provident Bank, brings over a decade of experience from institutions including Affinity Federal Credit Union, WSFS Bank, and Wells Fargo.

Provident Financial Services (NYSE: PFS) has scheduled its first quarter 2025 earnings release for Thursday, April 24, 2025, after market close. The company will host an investor conference call on April 25, 2025, at 10:00 a.m. ET to discuss Q1 financial results.

The earnings release will be available on the company's website. As of December 31, 2024, Provident reported assets of $24.05 billion. The bank operates a network of full-service branches across New Jersey, eastern Pennsylvania, and select New York counties (Orange, Queens, and Nassau). Additional services include fiduciary and wealth management through Beacon Trust Company and insurance services via Provident Protection Plus.

Provident Bank has announced $950,000 in Neighborhood Revitalization Tax Credit (NRTC) Program funding awards to ten New Jersey non-profit organizations for fiscal year 2025. The funding will support neighborhood revitalization plans across various communities.

The awards include:

• $150,000 each to Isles Inc. (Trenton), Jewish Renaissance Foundation (Perth Amboy), and Paterson Habitat for Humanity
• $100,000 each to Clinton Hill Community Action (Newark), NJ Community Development (Paterson), and Perth Amboy Redevelopment Team
• $50,000 each to Greater Bergen Community Action, HANDS Inc., and two NORWESCAP projects

The NRTC Program, administered by the NJ Department of Community Affairs, aims to revitalize at-risk neighborhoods through community-developed strategies. Participating corporations receive 100% tax credits against NJ state taxes for their contributions.

Peninsula Family Service (PFS) announces a year-long celebration of its 75th anniversary, marking its legacy of community service since 1950. The nonprofit organization, serving San Mateo and Santa Clara counties, reaches over 10,000 neighbors annually through more than 45 programs focused on early learning, financial empowerment, older adult support, and employment services.

The celebration includes several major events throughout 2025:

• March 8: Disco & Diamonds Gala at Rosewood Sand Hill
• May 1: 75th Birthday Party at San Mateo County Historical Museum
• July 19: Community Picnic
• September 25: Annual Thought Leader Series on AI's societal impact
• October 20: Celebrity Golf Tournament at Palo Alto Hills Country Club

CEO Heather Cleary emphasizes the organization's continued commitment to evolving and innovating while ensuring community support for the next 75 years and beyond.

Provident Bank has appointed Bill Fink as Executive Vice President and Chief Lending Officer to lead its commercial banking and lending strategy. Fink, with over 30 years of experience in commercial banking and credit administration, will oversee a $16B loan portfolio and lead a team of 250 employees across New Jersey, New York, and Pennsylvania.

In his new role, Fink will direct commercial lending strategies, including business development, portfolio management, and policy management for C&I, commercial real estate, treasury management, and specialty lines. He joins from TD Bank, where he most recently served as EVP and Head of U.S. Middle Market Banking, managing a $24 billion portfolio.

The appointment aims to strengthen Provident's commercial lending capabilities and drive sustainable growth while maintaining alignment with the bank's risk appetite.

Provident Financial Services (NYSE:PFS) reported Q4 2024 net income of $48.5 million ($0.37 per share), up from $46.4 million ($0.36 per share) in Q3 2024. Full-year 2024 net income was $115.5 million ($1.05 per share), compared to $128.4 million ($1.72 per share) in 2023.

The company's performance was significantly impacted by its May 2024 merger with Lakeland Bancorp, which added $10.91 billion in total assets, $7.91 billion in loans, and $8.62 billion in deposits. Merger-related transaction costs totaled $20.2 million in Q4 and $56.9 million for the full year 2024.

Key Q4 metrics include a net interest margin decrease to 3.28%, total deposits increase of $247.6 million to $18.62 billion, and improved asset quality with non-performing loans decreasing to 0.39%. The Board declared a quarterly cash dividend of $0.24 per share, payable February 28, 2025.

Provident Bank's 2025 Economic Outlook survey of 1,000 business owners and leaders reveals strong optimism despite economic challenges. 60% of respondents expect the U.S. economy to improve, while 63% anticipate better business conditions for their companies in 2025.

Key findings show 68% of businesses plan to increase capital spending, and over 50% expect to boost hiring. Notably, 69% of respondents plan to adopt AI tools within the next year, with 29% ready for immediate implementation.

However, significant challenges persist. The top concerns include inflationary pressures (60%), trade tensions and tariffs (51%), and rising consumer and national debt (44%). Business owners specifically worry about employee benefits and costs (46%), inflation impacts (46%), and rising wages (39%). Regarding Federal Reserve rate cuts, 38% of executives are unsure of their impact, while 30% report no positive effects on their business.