From GlobeNewswire: 2025-04-24 17:00:00

Provident Financial Services, Inc. reported a net income of $64.0 million for the first quarter of 2025, showing an increase compared to the previous quarters. The company’s core businesses, credit quality, and risk management remain strong despite ongoing market uncertainty. Adjusted returns on assets and equity also improved.

The company’s total commercial and industrial loan portfolio increased by $74.3 million, reflecting a positive trend in lending activities. The net interest margin increased to 3.34% for the quarter, driven by favorable deposit repricing. Additionally, the provision for credit losses decreased to $325,000, showing improved credit quality.

Insurance agency income saw a significant increase of $858,000, while pre-tax income from insurance agency operations also improved by $544,000. The Company’s loan pipeline, consisting of work-in-process and approved loans pending closing, totaled $2.77 billion, indicating a strong demand for lending products.

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share, payable on May 30, 2025, reflecting the company’s commitment to creating value for shareholders. The total assets of the company increased to $24.22 billion, with a significant portion allocated to loans and investments.

Overall, Provident Financial Services, Inc. has shown positive financial performance in the first quarter of 2025, with improved net income, strong lending activities, and a focus on enhancing shareholder value. The company’s solid performance in key areas like credit quality and risk management positions it well for future growth and success in the market.



Read more at GlobeNewswire:: Provident Financial Services, Inc. Announces First Quarter