Provident Finl Stock Price, News & Analysis

Provident Bank (PFS) has appointed Michael A. Perito as Senior Vice President and Head of Corporate Strategy, a newly created position. Reporting to EVP and Chief Accounting Officer Adriano Duarte, Perito will oversee the bank's strategic planning, growth initiatives, and market alignment.

Perito brings nearly 15 years of experience in financial services and fintech. He joins from The Travillian Group, where he founded their bank consulting practice. Previously, he served as Managing Director at Keefe, Bruyette & Woods, covering fintech-enabled and regional banks. His expertise includes strategic planning, investor relations, corporate development, and digital strategy.

Provident Financial Services (NYSE:PFS) announced that its Board of Directors has declared a quarterly cash dividend of $0.24 per common share. The dividend will be paid on August 29, 2025, to stockholders of record at the close of business on August 15, 2025.

Provident Financial Services (NYSE:PFS) reported strong Q2 2025 financial results with net income of $72.0 million, or $0.55 per share, compared to $64.0 million in Q1 2025 and a net loss of $11.5 million in Q2 2024.

The company achieved record revenue of $214.2 million, including record net interest income of $187.1 million. The net interest margin increased to 3.36%, while the C&I loan portfolio grew by 16.26% annualized to $4.69 billion. Asset quality remained strong with non-performing assets at 0.44% and minimal net charge-offs of 0.03%.

Notable improvements include a $2.7 million benefit to credit loss provisions, increased efficiency with a 53.52% ratio, and tangible book value growth of 3.2% to $14.60 per share.

Provident Bank (NYSE:PFS) has appointed Maheshkumar Kandasamy as SVP, Enterprise Architecture Director. In this role, Kandasamy will lead the bank's enterprise and business solutions architecture function, reporting to Satish Harikrishnan, SVP, Technology Services Director.

With over 24 years of experience in technology environments, Kandasamy will focus on aligning technology strategy with business objectives, emphasizing scalability, security, and regulatory compliance. His responsibilities include establishing enterprise architecture practices, driving modernization initiatives, and implementing AI/ML solutions for growth.

Prior to this appointment, Kandasamy served as Director of Core Banking at Teachers Federal Credit Union and previously as Global Delivery Head at Mphasis Corporation.

Provident Financial Services (NYSE:PFS) has scheduled its second quarter 2025 earnings conference call for July 24, 2025, at 2:00 p.m. ET. The company will release its financial results for the quarter ended June 30, 2025, earlier that day at 8:00 a.m. ET.

The earnings release will be available on the company's website at www.Provident.Bank under the Investor Relations section. Investors can access the conference call through North American toll-free and international dial-in numbers, with a replay available until August 7, 2025.

As of March 31, 2025, Provident Financial Services reported assets of $24.22 billion. The company operates through Provident Bank, with branches across New Jersey, eastern Pennsylvania, and select New York counties. Additional services are provided through subsidiaries Beacon Trust Company (fiduciary and wealth management) and Provident Protection Plus, Inc. (insurance services).

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Provident Bank (PFS) has expanded its presence in Newark, New Jersey with the opening of its fourth branch location at the Ironside Newark Building. The new branch, situated between the Prudential Center and train station at 110 Edison Place, will be led by Vice President Israel Morales and features an ATM. This expansion adds to Provident's network of over 140 branches and reinforces its commitment to serving Newark's 300,000+ residents. As part of the opening celebration, Provident demonstrated its community engagement by donating $2,500 each to three local non-profit organizations: Habitat for Humanity of Greater Newark, St. John's Soup Kitchen, and Greater Life.

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.