Provident Finl Stock Price, News & Analysis

Provident Protection Plus, a full-service insurance agency serving New Jersey, New York, and Pennsylvania, has retained its Best Practices status for 2024. This prestigious designation, awarded by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting, recognizes the agency as one of the highest-performing insurance agencies in the U.S.

Out of over 2,600 nominated agencies, less than 10% qualified for this status. The selection process involves a rigorous evaluation of financial and operational data. Provident Protection Plus has achieved this recognition for the second consecutive cycle, highlighting its commitment to exceptional service and innovative insurance solutions.

George Lista, President & CEO, emphasized the agency's expertise in addressing client challenges amid economic uncertainty and rising insurance costs. The Best Practices Study, conducted every three years, analyzes leading agencies in six revenue categories.

Provident Bank, a leading New Jersey-based financial institution, has announced the appointment of Vivin Varghese as Senior Vice President, Chief Information Security Officer (CISO). In this role, Varghese will oversee the bank's information and cybersecurity policies, procedures, and practices, while advising the Executive Leadership Team on information security standards and risk management.

With 16 years of experience in information security, Varghese previously served as CISO at Customers Bank and as Information Technology Manager at the University of Pennsylvania. He holds a Bachelor of Science in Business Administration/Management Information Systems from Drexel University and has been recognized as a 2023 ONCON Top 100 Information Security Professional.

Provident Bank, a leading New Jersey-based financial institution, has awarded $88,000 in grants to nine local non-profit organizations through its Community Partnership Program. The program, launched in July 2023, focuses on supporting organizations dedicated to community development, economic empowerment, financial literacy, and housing support in low and moderate-income communities.

The grant recipients include notable organizations such as the Housing Community Development Network of NJ, New Jersey Citizen Action Education Fund, and the Urban League of Essex County. These grants aim to empower communities within Provident Bank's footprint and promote long-term economic prosperity. Since the program's inception, Provident Bank has partnered with 13 local New Jersey-based non-profits, demonstrating its commitment to fostering economic and community development.

Provident Bank has appointed Leonardo Ramos as Vice President and Community Reinvestment Act (CRA) Officer. In this role, Ramos will oversee the bank's CRA program, focusing on enhancing lending, service, and investment strategies to support affordable housing and economic development initiatives. With over 24 years of experience in financial services, Ramos brings valuable expertise to Provident Bank's compliance team.

Mary Brown, Senior Vice President and Chief Compliance Officer, expressed confidence in Ramos's ability to maintain high regulatory compliance standards as the bank grows. Ramos's previous roles include Senior Vice President, Sales Manager at Columbia Bank and Vice President, Community Development Sales Manager at Santander Bank. He holds a Bachelor of Science in Business Administration from Lee University and an MBA from Rutgers Business School.

Provident Financial Services, Inc. (NYSE:PFS) reported a net loss of $11.5 million for Q2 2024, influenced by significant merger-related costs from its merger with Lakeland Bancorp, Inc. completed on May 16, 2024. The merger added $10.91 billion in total assets, $7.91 billion in loans, and $8.62 billion in deposits.

Key impacts on earnings include an initial CECL provision for credit losses of $65.2 million and other merger transaction costs totaling $18.9 million. Despite these expenses, net interest income rose to $141.5 million, driven by the acquired assets.

The company saw improvements in its net interest margin to 3.21% and a significant increase in loans and deposits. Non-performing loans decreased, while wealth management and insurance agency income rose by 12.3% and 16.7%, respectively. However, total non-interest expenses grew substantially due to merger costs and increased compensation expenses.

The Board declared a quarterly cash dividend of $0.24 per share, payable on August 30, 2024.

Provident Bank has appointed Vik Venkataraman as Senior Relationship Manager to lead its expansion in the middle-market healthcare services sector. Venkataraman brings over 20 years of experience in healthcare entrepreneurship, sales leadership, and business strategy. He previously worked for PNC Financial Services Group in senior healthcare banking roles, focusing on building new businesses and healthcare product strategies. His expertise is expected to drive Provident Bank's growth in the healthcare market by leveraging his extensive network and knowledge. Venkataraman is a Certified Medical Practice Executive (CMPE) and holds a BA in computer science and economics from Rutgers University, along with certificates from Wharton School at the University of Pennsylvania.

Provident Financial Services (NYSE: PFS) has scheduled the release of its second-quarter financial results for the period ending June 30, 2024, on July 25, 2024, after market close. The results will be available on the company's website. An investor conference call will be held on July 26, 2024, at 10:00 a.m. (ET) to discuss the financial results. The call can be accessed via North America Toll-Free or International Toll lines, with a replay available until August 9, 2024. Provident Financial Services, the holding company for Provident Bank, reported assets of $14.1 billion as of March 31, 2024. The bank operates branches in New Jersey, Pennsylvania, and New York, and provides wealth management and insurance services through its subsidiaries.

Provident Financial Services (NYSE: PFS) has successfully merged with Lakeland Bancorp, completing the union of their banking operations. Lakeland shareholders are entitled to 0.8319 shares of Provident for each share held, with cash for fractional shares. Post-merger, Provident shareholders hold 58% and Lakeland shareholders 42% of the combined entity.

The merged company boasts assets of $24.5 billion, $18.8 billion in loans, $18.6 billion in deposits, and $2.3 billion in equity. It operates 140 branches across NJ, NY, and PA. The new organization aims to leverage its expanded network and diversified services, including commercial real estate, residential mortgages, asset-based lending, and equipment leasing, along with wealth management and insurance subsidiaries.

The combined leadership team includes executives from both banks, emphasizing the shared vision and commitment to customers and communities. The operational systems will remain separate until a scheduled conversion in September 2024.

Provident Financial Services, Inc. completed a $225 million subordinated notes offering to meet regulatory conditions related to the Lakeland Bancorp, Inc. merger, with the merger expected to close on May 15, 2024. The net proceeds will be invested in the Bank, serving as Tier 1 and Tier 2 capital.