Provident Finl Stock Price, News & Analysis

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.

Provident Financial Services (NYSE: PFS) has scheduled its fourth quarter and year-end 2024 earnings release for Tuesday, January 28, 2025, after market close. The company will host a conference call for investors on January 29, 2025, at 10:00 a.m. ET to discuss the financial results.

The earnings release will be available on the company's website under Investor Relations. As of September 30, 2024, Provident Financial Services reported assets of $24.0 billion. The bank operates a network of full-service branches throughout New Jersey, eastern Pennsylvania, and Orange, Queens, and Nassau Counties, New York, offering fiduciary and wealth management services through Beacon Trust Company and insurance services through Provident Protection Plus.

Provident Bank has awarded $50,000 in grants to 11 small businesses and 4 non-profit organizations through the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. The grants, up to $10,000 each, are designed to support businesses facing economic challenges due to the rate environment, inflation, supply-chain constraints, and rising energy costs.

The recipients include restaurants, educational institutions, construction companies, and community development organizations across New York and New Jersey. This initiative demonstrates Provident Bank's commitment to fostering economic prosperity in local communities through its partnership with FHLBNY.

Provident Bank has appointed Kim Strignile as Senior Vice President, HR Business Partner Director. In her new role, Strignile will lead the HR Business Partner and Talent Acquisition teams, focusing on driving the bank's people strategy and enhancing employee experience. With over 20 years of HR experience at TD Bank, she will work closely with Provident's leadership team to foster a high-performing culture and implement talent development initiatives. The appointment aligns with Provident's commitment to strengthening its workforce development and succession planning strategies.

Provident Bank announces the addition of six experienced commercial lenders to strengthen its presence in eastern Pennsylvania. The new team members - Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker - bring over 100 years of combined experience in financial services. The strategic hires include two Senior Vice Presidents as Commercial Banking Team Leaders and four Vice Presidents specializing in C&I and CRE relationship management. This expansion aims to drive commercial loan and deposit growth while enhancing the bank's non-bank products and customer experience in the region.

Provident Bank has appointed Mohamed Najam as Vice President, Senior Relationship Manager for its mortgage warehouse lending team. In his new role, Najam will focus on developing warehouse lending relationships across the Northeast, Mid-Atlantic, and Southeast regions. He brings over 20 years of experience in mortgage warehouse lending and corporate banking, previously serving as First Vice President at Flagstar Bank's warehouse lending division. This strategic hire aims to support Provident's specialty lending business growth while maintaining high-quality customer service standards.

Provident Financial Services (NYSE:PFS) reported net income of $46.4 million ($0.36 per share) for Q3 2024, compared to a net loss of $11.5 million in Q2 2024 and net income of $28.5 million in Q3 2023. The results reflect the impact of the May 2024 merger with Lakeland Bancorp, which added $10.91 billion to total assets. Net interest income increased to $183.7 million, with net interest margin rising to 3.31%. The company recorded a $9.6 million provision for credit losses. Non-performing loans increased to 0.47% of total loans. The Board declared a quarterly cash dividend of $0.24 per share.

Provident Bank's First-Time Home Buyer Survey reveals insights into generational differences in navigating the housing market. Despite challenges like high mortgage rates and affordable options, many Americans are finding homes in less than a year. Key findings include:

1. Over 40% of Gen Xers have been involved in 5+ bidding wars.
2. Over 50% of Gen X respondents have significantly adjusted their search criteria to stay within budget.
3. Nearly 50% of Millennials and Gen X have settled for older homes needing renovations.
4. Savings accounts remain the main source of down payment capital.
5. Gen X is more likely to consider fintech companies for financing (15%) compared to Gen Z (6%).
6. Traditional banks are still a popular financing source across generations.

The survey, conducted by Survey Monkey for Provident Bank, is based on 1,000 responses and highlights the importance of understanding financing resources in a competitive market.