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Business Summary: Provident Financial Services, Inc. is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank operating full-service branch offices throughout northern and central New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Queens and Nassau Counties in New York. The Bank provides a range of financial products and services through its network of branches. The Bank originates commercial real estate loans, commercial business loans, fixed-rate and adjustable-rate mortgage loans collateralized by one-to four-family residential real estate and other consumer loans, for borrowers generally located within its primary market area. The Bank invests in mortgage-backed securities and other permissible investments. It provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance brokerage services through its subsidiary, Provident Protection Plus, Inc.
Financial Summary: BRIEF: For the fiscal year ended 31 December 2023, Provident Financial Services, Inc. interest income increased 32% to $615.8M. Net interest income after loan loss provision decreased 9% to $371.6M. Net income decreased 27% to $128.4M. Net interest income after loan loss provision reflects Net Interest Margin, Total -% decrease of 6% to 3.16%, Net Interest Spread, Total -% decrease of 18% to 2.63%.