Provident Financial Services

Provident Financial Services, Inc. is a holding company, which engages in the provision of banking services to individual and corporate customers in Northern and Central New Jersey and Eastern Pennsylvania. The company was founded on January 15, 2003 and is headquartered in Jersey City, NJ.

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Earnings data Q3 2023

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Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Provident Financial Services reports record earnings and eyes stable growth

PFS delivered strong financial performance in Q4 2022, driven by record income and solid metrics.
While facing challenges like increased deposit costs and declining fee income, the company is well-positioned for growth.
Opportunities lie in stabilizing margins, managing expenses efficiently, and maintaining asset quality.
Investors can be optimistic about PFS's strategic moves and financial stability.

Provident Financial Services reports solid Q1 earnings amidst industry disruptions

Provident Financial Services navigated industry disruptions well, reporting strong financial performance and growth.
While facing challenges like deposit outflows, the company's focus on prudent practices and growth opportunities remain key.
The merger with Lakeland Bancorp and strong fee-based business growth present avenues for future expansion.
Analyst inquiries into key financial metrics indicate a cautious optimism and strategic planning for the future.

Provident Financial Services reports solid Q2 earnings amidst funding challenges

Provident Financial Services delivered solid financial performance in Q2 2023, supported by strong core ROA and capital levels.
While facing funding challenges and margin pressure, the company remains focused on growth opportunities and merger progress.
Strategic expense management and a commitment to shareholder returns are key priorities for sustainable performance.

Provident Financial Services reports solid Q3 earnings amidst growth opportunities

Provident Financial Services delivered solid financial performance with strong earnings and operational metrics, supported by a robust capital position and revenue diversification.
While facing challenges such as margin compression and regulatory approval delays, the company remains focused on responsible growth and enhancing shareholder value.
Opportunities lie in leveraging the merger, expanding fee-based businesses, and optimizing operations to drive sustainable growth and navigate evolving market conditions.

Provident Financial Services reports solid Q4 earnings amidst industry challenges

PFS navigated Q4 with resilience, reporting solid earnings and growth in key business segments.
While facing challenges like rising deposit costs and industry-wide funding issues, the company remains focused on efficiency and risk management.
Opportunities for growth through deposit expansion, pricing strategies, and the pending merger with Lakeland Bancorp are on the horizon.
Overall, PFS's performance and strategic focus position it well for sustainable growth and value creation in 2024.

Provident Financial Services reports strong Q1 earnings post-merger

Provident Financial Services (PFS) delivered a solid performance in Q1 2024, driven by strong commercial lending and fee-based business growth.
The completion of the merger with Lakeland Bancorp and focus on operational synergies position the company for future success.
Challenges in net interest margin and tax rates need attention, while opportunities lie in optimizing business lines and capital post-merger.
Overall, Provident Financial Services (PFS) shows promise for growth and improved financial performance in the coming quarters.

Provident Financial Services reports Q2 loss, eyes merger benefits

Provident Financial Services navigated Q2 2024 with resilience, despite reporting a net loss driven by merger-related costs.
The company showcased strong capital ratios, robust commercial lending activity, and maintained solid credit quality.
While challenges exist in integration and margin targets, opportunities from the merger and fee-based business growth are promising.
Strategic focus on stakeholder value and operational efficiency will be key for sustained performance in the second half of 2024.

Provident Financial Services reports strong Q3 earnings and growth opportunities

Provident Financial Services (PFS) delivered strong financial performance in Q3 2024, supported by robust metrics and revenue growth.
While facing challenges in loan growth and expense management, the company remains focused on stability and efficiency.
Opportunities for margin expansion, loan growth, and revenue enhancement present avenues for future growth and profitability.
Overall, management's emphasis on stability, growth opportunities, and positive financial outlook sets a promising trajectory for Provident Financial Services.

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Provident Financial Services, Inc. is a holding company, which engages in the provision of banking services to individual and corporate customers in Northern and Central New Jersey and Eastern Pennsylvania. The company was founded in 1839 and is headquartered in Jersey City, NJ.

The headline numbers for Provident Financial (PFS) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Provident Financial (PFS) Reports Q3 Earnings: What Key Metrics Have to Say

Provident Financial (PFS) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.58 per share a year ago.

Provident Financial (PFS) Q3 Earnings Surpass Estimates

ISELIN, N.J., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $28.5 million, or $0.38 per basic and diluted share for the three months ended September 30, 2023, compared to $32.0 million, or $0.43 per basic and diluted share, for the three months ended June 30, 2023 and $43.4 million, or $0.58 per basic and diluted share, for the three months ended September 30, 2022. For the nine months ended September 30, 2023, net income totaled $101.1 million, or $1.35 per basic and diluted share, compared to $126.6 million, or $1.69 per basic and diluted share, for the nine months ended September 30, 2022. Compared with the prior year period, net income for the three months ended September 30, 2023 was negatively impacted by a decrease in net interest income attributable to a decrease in lower-costing deposits, as well as increased funding costs and resulting net interest spread compression. Net income for the three and nine months ended September 30, 2023 was further impacted by increased provisions for credit losses due to a worsened economic forecast. Transaction costs related to our pending merger with Lakeland Bancorp, Inc. (“Lakeland”) totaled $2.3 million and $5.3 million for the three and nine months ended September 30, 2023, respectively, compared with transaction costs totaling $2.9 million for the respective 2022 periods. In addition, prior year earnings for the three and nine months ended September 30, 2022, included an $8.6 million gain on the sale of a foreclosed property.

Provident Financial Services, Inc. Announces Third Quarter Earnings and Declares Quarterly Cash Dividend

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“Value ranking, looks at the price of a stock relative to intrinsic firm value. Graham Value Stocks match the criteria Benjamin Graham followed. “—YCharts Value Screener. 68 November Value large caps and Graham formula-derived results reflect established value-stock detection-criteria. Of those, 58 met the dogcatcher-Notorious-ideal of dividends from $1K invested exceeding their single-share-stock-prices. Representing eight-of-eleven Morningstar Sectors, all 58 ideal value-picks pay regular-dividends. Broker-target-top-ten net-gains ranged 38.29%-81.03%, topped by SBSW & SQM, as-of 10/23/23.

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Provident Financial Services presents an irresistible investment story, now trading at historic lows. With commendable financial health and a favourable risk-return profile, Provident stands out. Its merger with Lakeland is set to forge a New Jersey banking titan.

Provident Financial: Impressive Dividend Yield With Promising Lakeland Merger

ISELIN, N.J., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE: PFS) announced that it expects to release financial results for the quarter ended September 30, 2023 on Thursday, October 26, 2023 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases.

Provident Financial Services, Inc. Schedules Third Quarter Earnings Conference Call

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We invest in dividend stocks to grow passive income and eventually cover monthly expenses for early retirement. We use a stock screener to find undervalued stocks with a strong payout ratio and a history of increasing dividends. In August, we received $1,097 in dividend income, with notable contributions from National Grid and Texas Instruments.

Bert's August 2023 Dividend Income Summary

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2023 has been one heck of a year. The S&P 500 is close to all-time highs. The Fed raised interest rates in July, as the economy is still on fire. The retirement accounts brought in a total dividend income amount of $379.48 or 22% of the dividend income total, similar to last month. Dividend increases created $42.95 in additional passive dividend income.

Dividend Income Summary: Lanny's August 2023 Summary

Provident Financial Services, Inc. (PFS) Q2 2023 Earnings Call Transcript

ISELIN, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $32.0 million, or $0.43 per basic and diluted share for the three months ended June 30, 2023, compared to $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023 and $39.2 million, or $0.53 per basic and diluted share, for the three months ended June 30, 2022. For the six months ended June 30, 2023, net income totaled $72.5 million, or $0.97 per basic and diluted share, compared to $83.2 million, or $1.11 per basic and diluted share, for the six months ended June 30, 2022. Net income for the three and six months ended June 30, 2023 was negatively impacted by an increase in funding costs and an increase in the provision for credit losses due to a worsened economic forecast. In addition, transaction costs related to our pending merger with Lakeland Bancorp, Inc. (“Lakeland”) totaled $2.0 million and $3.1 million for the three and six months ended June 30, 2023, respectively.

Provident Financial Services, Inc. Announces Second Quarter Earnings and Declares Quarterly Cash Dividend

ISELIN, N.J., July 25, 2023 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, is pleased to announce the addition of two talented and experienced leaders to the organization.

Provident Bank Welcomes Diane Gigliotti as SVP, Controller and Mary Brown as SVP, Chief Compliance Officer

Provident Financial (PFS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Analysts Estimate Provident Financial (PFS) to Report a Decline in Earnings: What to Look Out for

Funds will be used to support revitalization plans for distressed neighborhoods Funds will be used to support revitalization plans for distressed neighborhoods

Provident Bank Announces $950,000 in NRTC Funding Awards to Ten New Jersey Non-Profit Organizations

ISELIN, N.J., July 03, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE: PFS) announced that it expects to release financial results for the quarter ended June 30, 2023 on Thursday, July 27, 2023 after market close. A copy of the earnings release will be immediately available on the Company's website, www.Provident.Bank, by going to Investor Relations and clicking on Press Releases.

Provident Financial Services, Inc. Schedules Second Quarter Earnings Conference Call

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The author's May dividend income reached $883, a 20.25% increase compared to May 2022. Banks contributed 22.4% of the May dividend income, with a total of $198.05. The AT&T dividend cut in 2021 still impacts the author's dividend income, preventing them from crossing the $1,000 mark.

Bert's May 2023 Dividend Income Summary

Award recognizes La Macchia Groups design of Provident Bank's Roslyn, NY branch Award recognizes La Macchia Groups design of Provident Bank's Roslyn, NY branch

Provident Branch Wins Silver ASID Award in Design Excellence

Provident Financial Services, Inc. (NYSE:PFS ) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET Company Participants Adriano Duarte - Head of Investor Relations Tony Labozzetta - President & Chief Executive Officer Tom Lyons - Senior Executive Vice President & Chief Financial Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Billy Young - RBC Capital Markets Manuel Navas - D. A. Davidson Operator Good morning.

Provident Financial Services, Inc. (PFS) Q1 2023 Earnings Call Transcript

Provident Financial (PFS) came out with quarterly earnings of $0.54 per share, missing the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.58 per share a year ago.

Provident Financial (PFS) Lags Q1 Earnings and Revenue Estimates

ISELIN, N.J., April 27, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023, as compared to $49.0 million, or $0.66 per basic and diluted share, for the three months ended December 31, 2022 and $44.0 million, or $0.58 per basic and diluted share, for the three months ended March 31, 2022. Net income for the three months ended March 31, 2023 was negatively impacted by an increase in funding costs, an increase in the provision for credit losses from a worsened economic forecast and an increase in non-interest expense attributable to increases in compensation and benefits expense and the increased cost of FDIC insurance, partially offset by an increase in non-interest income. Non-tax deductible transaction costs related to our pending merger with Lakeland Bancorp, Inc. (“Lakeland”) totaled $1.1 million in the current quarter, compared to $1.2 million for the trailing quarter.

Provident Financial Services, Inc. Announces First Quarter Earnings and Declares Quarterly Cash Dividend

Provident Financial (PFS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Provident Financial (PFS) Reports Next Week: Wall Street Expects Earnings Growth

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Provident Bank Donates Former Jersey City Branch to New City Kids

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We received $826.12 in February dividend income. Unfortunately, my dividend income decreased 5.45% this month compared to last year. The main reason our dividend is down this year compared to last year is due predominantly to the AT&T dividend cut.

Bert's February 2023 Dividend Income Summary

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Investing in dividend stocks allows you to earn dividend income, the best passive income stream. As I stated in my December 2022 post, 2022 finished off down, ending up below 3,900! The market was down 20% for 2022.

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