Provident Financial Services Inc

Provident Financial Services reported second-quarter revenues of $235 million, up 9.7% year on year and 2.6% above analysts' expectations, as the regional bank posted a narrow beat of net interest income estimates and a beat of EPS estimates. President and Chief Executive Officer Anthony J. Labozzetta said Provident grew earnings per share 17% year-over-year through the first half of 2026, achieved record pre-provision net revenue in the quarter, and saw non-interest income reach nearly 14% of total revenues. The stock is down 7.7% since reporting and currently trades at $22.23. Among the 94 regional bank stocks tracked, revenues as a group beat consensus estimates by 0.6%, while share prices on average are down 6.7% since the latest earnings results. OFG Bancorp reported revenues of $190.3 million, up 4.4% year on year and 3.9% above expectations, with its stock up 1% since reporting at $50.50, while Banc of California reported revenues of $285.7 million, up 4.7% but 3.1% short of expectations, and its stock is down 18.3% at $17.31.

Provident Financial Services and its subsidiary Provident Bank have appointed Michael E. Regan to their boards of directors, effective July 30, 2026. Regan is a former Senior Bank Examiner with the FDIC, bringing over 35 years of regulatory experience overseeing institutions ranging from $100 million to more than $100 billion in assets. Executive Chairman Christopher Martin said Regan's expertise in governance, risk management, and regulatory compliance will support the company's strategic priorities and long-term shareholder value. Regan holds a Bachelor of Science in Finance from Rider University and has advised boards on enterprise risk management and governance effectiveness throughout his career.

Provident Financial Services reported first-quarter revenues of $225.2 million, a 7.9% increase year on year, matching analyst expectations. The quarter was mixed, with earnings per share beating estimates but net interest income falling short. President and CEO Anthony J. Labozzetta highlighted a 13.5% rise in pre-provision net revenue, record loan pipeline of $3.1 billion, and optimism for continued earnings growth. The stock has gained 6.6% since the report, trading at $23.90. Among the 91 regional banks tracked, UMB Financial posted the strongest quarter with a 29.3% revenue jump to $744.8 million, while BankUnited was the weakest, missing revenue estimates by 5.1%.

Provident Bank has awarded $1 million in funding to ten non-profit organizations through the New Jersey Department of Community Affairs' Neighborhood Revitalization Tax Credit Program for fiscal year 2026. The grants will support revitalization plans addressing housing, economic development, entrepreneurship, job training, and community improvements in distressed neighborhoods across the state. Recipients include Clinton Hill Community Action, HANDS, Inc., Isles, Inc., Jewish Renaissance Foundation, New Brunswick Tomorrow, New Jersey Community Development Corporation, NORWESCAP, Paterson Habitat for Humanity, Trenton Health Team, Inc., and Urban League of Essex County. The program provides corporations with a 100 percent tax credit against New Jersey state taxes in exchange for contributions, with the Department of Community Affairs serving as intermediary. Provident Bank, founded in 1839 and holding $24.20 billion in assets as of March 31, 2026, is the oldest community-focused financial institution based in New Jersey.