|Over a week ago|
Provident Financial files automatic mixed securities shelf 09:4311/0611/06/20
Provident Financial price target raised to 395 GBp from 390 GBp at Barclays » 13:4111/0511/05/20
Barclays analyst Michael…
Barclays analyst Michael Sanderson raised the firm's price target on Provident Financial to 395 GBp from 390 GBp and keeps an Overweight rating on the shares.
|Over a month ago|
Provident Financial reports Q3 EPS 37c, consensus 18c » 08:1610/3010/30/20
Christopher Martin, Chairman and CEO commented: "We look forward to the opportunities that our merger with SB One Bancorp provides our combined company, and we welcome our new colleagues who joined us in the transaction. Our team did a great job getting the acquisition completed on a timely basis in a challenging operating environment." Martin added, "We continue to work with our borrowers who have been impacted by this stressed economic environment and we are heartened by the number of customers who have rebounded and resumed making their full loan payments. In addition, our investments in enhancing digital delivery channels have provided our customers with a widely accepted and convenient platform for remote access to their accounts and other services." Book value per share and tangible book value per share at September 30, 2020 were $20.41 and $14.45, respectively, compared with $21.49 and $14.85, respectively, at December 31, 2019
Provident Financial initiated with a Neutral at Janney Montgomery Scott » 07:2410/0810/08/20
Janney Montgomery Scott…
Janney Montgomery Scott analyst Jake Civiello initiated coverage of Provident Financial with a Neutral rating.
|Over a quarter ago|
Provident Financial names Anthony Labozzetta as president, COO » 08:0908/2008/20/20
Provident Bank, a leading…
Provident Bank, a leading New Jersey-based financial institution, announced a number of key leadership appointments following the completion of its merger with SB One Bank. The appointments leverage the talents and experience of several executives, while creating synergies within the newly combined company. Anthony Labozzetta has been appointed to the position of President and COO. Mr. Labozzetta will report to Chris Martin, Chairman and CEO, and will be responsible for overseeing the management of Commercial Banking, Retail Banking, Human Resources, Marketing and Operations. In addition, he will play a key role in the development and execution of the Bank's operational and strategic initiatives. Mr. Labozzetta previously served as President and CEO of SB One Bank. In addition, the Bank announced that Vito Giannola has been appointed to the position of Executive Vice President and Chief Retail Banking Officer. He will lead the Branch Network, Retail Operations, and Administration. In addition, he will develop and manage the execution of the Retail Banking Division's overall sales and customer experience strategy. Mr. Giannola previously served as Senior Executive Vice President and Chief Banking Officer of SB One Bank. The Bank also announced that George Lista will continue in his role as President of SB One Insurance Agency, Inc., a wholly-owned subsidiary of Provident Financial Services. Mr. Lista will oversee the operation of the full-service insurance agency and brokerage services. In addition, the Bank announced that Josephine Moran has been appointed Executive Vice President, Chief Corporate Services & Consumer Lending Officer. Ms. Moran will assume leadership of Residential & Consumer Lending Sales and Production, Corporate Cash Management, Non-Insured Investments, Government Banking, Merchant Processing, Payroll Services, and Small Business Lending. In addition she will oversee the development and implementation of strategies to drive production and revenue in these key business areas. Ms. Moran joined Provident in 2018 and most recently served as Executive Vice President and Director of Retail Banking.
Provident Financial completes merger with SB One Bancorp » 08:1108/0308/03/20
Provident Financial Services (PFS) announced that the acquisition of SB One Bancorp (SBBX) and its subsidiary, SB One Bank, closed effective July 31, 2020. Under the terms of the merger agreement, each outstanding share of SB One common stock will be exchanged for 1.357 shares of Provident common stock together with cash in lieu of any fractional shares. The combined organization will have approximately $12 billion in assets and will rank as the 3rd largest bank headquartered in New Jersey. The merger brings together two high-performing companies with complementary geographies and business lines.
Provident Financial reports Q2 EPS 22c, consensus 15c » 08:0907/3007/30/20
Book value per share and…
Book value per share and tangible book value per share at June 30, 2020 were $21.45 and $14.83, respectively, compared with $21.49 and $14.85, respectively, at December 31, 2019. Christopher Martin, Chairman, President and Chief Executive Officer commented: "While our markets continue to be impacted by the COVID-19 pandemic, our dedicated employees have worked diligently to deliver a high level of service to our customers in a caring and safe manner. Our second quarter results were adversely affected by an elevated provision for credit losses driven by a negative economic outlook and net interest margin pressure. Despite all this, we were able to deliver strong pre-provision net revenues, and asset quality improved during the quarter. Many of our borrowers granted principal and/or interest deferrals in the first quarter have resumed making full payments. Our strong capital base and favorable funding costs continue to be a source of strength." Martin further noted: "The closing of our acquisition of SB One Bancorp is scheduled for tomorrow, and we look forward to capitalizing on the growth opportunities, scale and strong management that this strategic transaction affords us."
Provident Financial Services, SB One Bancorp get FDIC approval for merger » 16:4705/2905/29/20
Provident Financial Services (PFS) and SB One Bancorp (SBBX) announced the receipt of the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance approvals in connection with the proposed merger of SB One with and into Provident. The closing of the Merger remains subject to the approval of or waiver by the Board of Governors of the Federal Reserve System, the approval of SB One's shareholders at the annual meeting of shareholders to be held on June 24, 2020, and certain other customary closing conditions.
Provident Financial reports Q1 EPS 23c, consensus 34c » 08:1304/3004/30/20
Book value per share and…
Book value per share and tangible book value per share at March 31, 2020 were $21.48 and $14.84, respectively, compared with $21.49 and $14.85, respectively, at December 31, 2019. Christopher Martin, Chairman, President and Chief Executive Officer commented: "The COVID-19 pandemic and related mitigation efforts have brought extraordinary recessionary conditions and a new level of economic uncertainty that did not exist at the start of the year. We have taken aggressive action to protect the health and safety of our employees and customers, while striving to maintain our customary high level of service. We are working closely with our loan customers to guide them through their options for financial assistance including the Paycheck Protection Programand payment relief through deferrals and waived fees. Subsequent to quarter-end and through April 28, 2020, the Company has secured 820 PPP loans for a total of $377.5 million, while providing deferred payment relief to 638 customers with a total of $889.0 million in outstanding loan balances. We will continue to nimbly address changing circumstances and are confident that our dedicated employees, as well as our capital strength, will enable us to successfully navigate through these trying times." Martin further noted: "Our announced acquisition of SB One Bancorp is proceeding on schedule and we remain committed to this strategically compelling combination. We look forward to welcoming new customers and colleagues as we add meaningful scale through this complementary transaction."
Provident Bank promotes Walter Sierotko to EVP, chief lending officer » 08:2304/1604/16/20
Provident Bank announced…
Provident Bank announced that Walter Sierotko has been promoted to EVP, chief lending officer. Mr. Sierotko is based in the Bank's Iselin, N.J. administrative headquarters. Sierotko will now be responsible for the strategic direction of the commercial lending function of the Bank, and overseeing the management and development of the Bank's commercial lending lines of business. In addition, as a member of the Bank's Executive Management Team, he will work closely with senior leaders to focus on the strategic growth of lending and deposit relationships. He previously served as Executive Vice President, Director of Real Estate Lending for Provident.