Provident Financial Services, Inc. - PFS STOCK NEWS

Provident Financial Services (NYSE:PFS) reported a net income of $37.3 million ($0.49 per share) for Q3 2021, up from $27.1 million ($0.37) in Q3 2020. For the nine months ending September 30, 2021, net income was $130.6 million ($1.71 per share), significantly up from $56.4 million ($0.84) in the prior year. The company benefited from reduced credit loss provisions and increased interest-earning assets post its merger with SB One Bancorp. A quarterly dividend of $0.24 per share has been declared, marking a 4.3% increase from the previous quarter.

Provident Financial Services (NYSE: PFS) will release its financial results for the third quarter ending September 30, 2021, on October 29, 2021, at 8:00 a.m. (ET). The results will be accessible on the company's website under Investor Relations. An investor conference call is scheduled for the same day at 10:00 a.m. (ET), with additional details provided for dial-in and internet access. As of June 30, 2021, the company reported assets of $13.2 billion.

Provident Financial Services, Inc. (NYSE:PFS) announces the appointment of Bennett MacDougall as Senior VP and General Counsel for Provident Bank and Beacon Trust Company. MacDougall, who has extensive experience in legal matters related to financial institutions, previously held significant legal roles at BNY Mellon and Deutsche Bank. He will oversee all legal affairs and advise on policy matters. Provident Bank, a community-focused financial institution, reported assets of $13.22 billion and deposits of $10.59 billion as of June 30, 2021.

Provident Financial Services, with the ticker PFS, reported a substantial net income of $44.8 million for Q2 2021, translating to $0.58 per share, a significant increase from $14.3 million or $0.22 per share in Q2 2020. For the first half of 2021, net income reached $93.3 million compared to $29.2 million in 2020, driven by lower credit loss allowances and the addition of earning assets from the SB One merger. Total assets grew to $13.22 billion, while total deposits surged by $752.2 million in the same period.

Provident Financial Services, Inc. (NYSE: PFS) will release its financial results for the quarter ending June 30, 2021, on July 30, 2021, at 8:00 a.m. ET. An investor conference call will follow at 10:00 a.m. ET on the same day to discuss the results. As of March 31, 2021, the company reported assets worth $13.1 billion. The company's network includes full-service branches in New Jersey, Pennsylvania, and New York. Investors can access the earnings release and call information via the company's website.

Provident Financial Services, Inc. (NYSE:PFS) announced the appointment of Nadine Leslie to its board of directors and the board of Provident Bank. Leslie, currently the CEO of SUEZ North America, brings over 25 years of experience in operations, management, and corporate compliance. Both Provident's chairman and Leslie expressed confidence in her ability to enhance the company's customer experience and operational capabilities. Leslie holds a Bachelor's in civil engineering and serves on multiple boards, bolstering her profile as a leader in corporate responsibility.

Provident Bank recently shared insights from a survey of 600 U.S. consumers regarding their banking preferences post-pandemic. The results revealed that 91% of participants utilize digital channels for banking, with 53% adopting these services due to the pandemic. Satisfaction with digital/mobile banking stands at 87%, while 63% use mobile apps frequently. The data also shows a significant percentage of users continue to visit branches, with 58% doing so often or sometimes. Overall, Provident Bank is committed to enhancing customer banking experiences through both digital and in-person services.

Provident Bank has allocated $475,000 in funding to five non-profit organizations as part of the New Jersey Department of Community Affairs' Neighborhood Revitalization Tax Credit (NRTC) Program for 2021. These funds will be directed towards housing, economic development, and job training initiatives aimed at revitalizing distressed neighborhoods. Notable recipients include Garden State Episcopal Community Development Corporation ($100,000) and Paterson Habitat for Humanity ($100,000). This program is designed to support community-driven revitalization efforts through approved multi-year plans.

Provident Bank has bolstered its human resources team with two key appointments to enhance employee engagement and diversity initiatives. Monica Sarantidis joins as SVP, HR Business Partner, bringing over 20 years of HR management experience. Xavia Mitchell is appointed as Senior HR and Diversity Business Partner, focusing on implementing diversity strategies. Provident Bank, which reported assets of $13.13 billion as of March 31, 2021, aims to attract and retain a diverse workforce while ensuring compliance with employment regulations.