Provident Financial Services ( (PFS) ) has released its Q4 earnings. Here is a breakdown of the information Provident Financial Services presented to its investors.
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Provident Financial Services, Inc. is a community-oriented bank and financial services provider operating primarily in New Jersey and parts of New York and Pennsylvania. The company offers a comprehensive range of financial products and services through its subsidiary Provident Bank, as well as fiduciary and wealth management services through Beacon Trust Company and insurance services via Provident Protection Plus, Inc.
Provident Financial Services recently announced its fourth quarter and full-year earnings for 2024. The company’s performance was highlighted by the completion of a significant merger with Lakeland Bancorp, Inc., which had a noticeable impact on its financial results, including earnings and provisions for credit losses. The merger has contributed to Provident’s asset growth and expanded its service offerings.
Key financial metrics from the report show that Provident’s net income for the fourth quarter of 2024 was $48.5 million, an increase from previous quarters. The merger with Lakeland added considerable assets, loans, and deposits to Provident’s balance sheet. Despite a decrease in net income for the full year compared to 2023, the company experienced growth in non-interest income, particularly in wealth management and insurance, supported by higher market rates and new business activities. Asset quality showed improvement, with a decrease in non-performing loans and provisions for credit losses.
Looking forward, Provident Financial Services remains optimistic about further performance improvements in 2025, following the successful integration of Lakeland’s systems and operations. The company declared a quarterly cash dividend and scheduled its annual meeting for stockholders, indicating a steady focus on shareholder returns and engagement.
