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Provident Financial Services Inc - PFS STOCK NEWS

Welcome to our dedicated news page for Provident Financial Services (Ticker: PFS), a resource for investors and traders seeking the latest updates and insights on Provident Financial Services.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Provident Financial Services's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Provident Financial Services's position in the market.

News
Provident Financial Services, Inc. Announces First Quarter Earnings and Declares Quarterly Cash Dividend
Rhea-AI Summary
Provident Financial Services, Inc. reported net income of $32.1 million for the first quarter of 2024, with a $0.43 per basic and diluted share. The company declared a quarterly cash dividend of $0.24 per common share. Total C&I loan portfolio increased to $2.51 billion. Net interest income decreased to $93.7 million due to higher funding costs. Asset quality improved, with non-performing loans decreasing to $47.6 million. Wealth Management and Insurance Agency income increased 8.3% and 16.9% respectively. The Company's annualized adjusted pre-tax, pre-provision return on average assets was 1.28%.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
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Tags
dividends earnings
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News
Provident Financial Services, Inc. Receives Federal Reserve Board Approval for its Merger with Lakeland Bancorp, Inc.
Rhea-AI Summary
Provident Financial Services, Inc. (NYSE:PFS) and Lakeland Bancorp, Inc. (Nasdaq: LBAI) have received regulatory approval from the Federal Reserve for their merger, with no further approvals needed. Provident will issue $200 million of Tier 2 subordinated debt as part of the merger, and submit a capital plan to maintain satisfactory capital after the merger.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.61%
Tags
acquisition
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News
Provident Financial Services, Inc. Schedules First Quarter Earnings Conference Call
Rhea-AI Summary
Provident Financial Services, Inc. (PFS) will release its Q1 2024 financial results on April 18, 2024, followed by an investor conference call on April 19, 2024. The earnings release will be accessible on the company's website.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.59%
Tags
earnings
News
KBRA Assigns Ratings to Provident Financial Services, Inc.
Rhea-AI Summary
KBRA assigns favorable ratings to Provident Financial Services, Inc. and its subsidiary, Provident Bank, supported by a strong banking model and pending merger with Lakeland Bancorp, Inc. The company has shown solid earnings performance and credit quality, with manageable risks and conservative capital management.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.82%
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none
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News
Provident Financial Services, Inc. Receives FDIC and New Jersey Department of Banking and Insurance Approvals for its Merger with Lakeland Bancorp, Inc.
Rhea-AI Summary
Provident Financial Services, Inc. and Lakeland Bancorp, Inc. have received regulatory approvals for their merger, pending approval from the Federal Reserve System. The combined company will operate under the Provident name, focusing on growth and profitability. Provident Bank will raise $200 million in capital before the merger, with specific conditions and commitments outlined in the approvals.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.61%
Tags
acquisition
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News
Provident Welcomes Tom Mathew, First Vice President, Deputy Compliance Officer
Rhea-AI Summary
Provident Bank appoints Tom Mathew as First Vice President and Deputy Compliance Officer, overseeing compliance for various subsidiaries.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.99%
Tags
none
News
Provident Financial Services, Inc. Announces Fourth Quarter and Full Year Earnings, Declaration of Quarterly Cash Dividend and Annual Meeting Date
Rhea-AI Summary
Provident Financial Services, Inc. reported net income of $27.3 million for the three months ended December 31, 2023, compared to $28.5 million for the three months ended September 30, 2023, and $49.0 million for the three months ended December 31, 2022. The company's total loan portfolio increased $206.1 million, or 7.7% annualized, to $10.87 billion at December 31, 2023. Net interest income before provision for credit losses remained relatively flat at $95.8 million for the three months ended December 31, 2023. The net interest margin decreased four basis points to 2.92% for the quarter ended December 31, 2023, from 2.96% for the trailing quarter. The average yield on total loans increased 13 basis points to 5.50% for the quarter ended December 31, 2023. The Company's Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on February 23, 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.51%
Tags
dividends earnings
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News
Provident Financial Services, Inc. Schedules Fourth Quarter and Year-End Earnings Conference Call
Rhea-AI Summary
Provident Financial Services, Inc. (NYSE: PFS) will release its financial results for the quarter and year ended December 31, 2023 on January 25, 2024 after market close. The earnings release will be available on the company's website. A conference call for investors is scheduled for January 26, 2024 to discuss the financial results.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.55%
Tags
earnings
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News
Provident Financial Services, Inc. and Lakeland Bancorp, Inc. Extend Merger Agreement
Rhea-AI Summary
Provident Financial Services, Inc. (NYSE:PFS) and Lakeland Bancorp, Inc. (Nasdaq: LBAI) have agreed to extend their merger agreement to March 31, 2024, to obtain the required regulatory approvals. The combined company will operate under the Provident name, providing enhanced scale, growth opportunities, and profitability, benefiting from complementary strengths of both companies.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.15%
Tags
acquisition
News
National Survey by Provident Bank Finds Businesses Expect Economy to Improve in 2024 Despite Inflation
Rhea-AI Summary
Provident Bank (PBNK) Survey: 61% of Businesses Expect to Increase Hiring in 2024
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.46%
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none
Stock PFS logo
Provident Financial Services Inc

NYSE:PFS

PFS Rankings

#2366 Ranked by Market Cap
#4197 Ranked by Stock Gains
#403 Ranked by Dividends

PFS Stock Data

1.06B
72.06M
3.56%
75.24%
6.33%
Savings Institutions
Finance and Insurance
Link
US
Jersey City

About PFS

established in 1839, provident bank has a strong history of service and stability. as we expanded, our capabilities grew to rival larger regional and national banks. however, our advantage over those larger banks is that we have also maintained our commitment to providing personal service. we serve individual and commercial customers with a wide scope of products and services. from personal checking to commercial loans, each account comes with individual attention from a provident banker. provident bank is the wholly owned subsidiary of provident financial services, inc. (nyse:pfs) and serves its customers through an extensive network of more than 80 branches throughout new jersey and pennsylvania and telephone and online banking systems. member fdic