The Zacks Savings and Loan industry is benefiting from the improving lending scenario following the Federal Reserve’s interest rate cuts last year. Also, relatively lower rates have resulted in stable funding costs, supporting net interest income (NII) and net interest margin (NIM) expansion.The digitization of operations will aid industry players. Despite deteriorating asset quality, companies like WSFS Financial (WSFS) , Provident Financial Services (PFS) and Riverview Bancorp (RVSB) are poised to gain fr ...

New location marks Provident's fourth branch in Newark and continued commitment to the city ISELIN, N.J., June 10, 2025 (GLOBE Ribbon Cutting Photo St. Johns Soup Kitchen Photo Greater Life Check Presentation Left to Right: Michael J. Silva, Councilman, East Ward, City of Newark; Jacqueline Quiles, Deputy Mayor, City of Newark; Jim Kirkos, President & CEO, Meadowlands Chamber of Commerce; Susan Scimone- Bellini, SVP, Regional Sales Manager, Provident Bank; Chris Martin, Executive Chairman, Provident Bank; I ...

Core Insights - Business owners exhibit a positive outlook for economic growth in the latter half of 2025, despite mixed feelings regarding the impact of tariffs on the economy [2][6] - The survey indicates that businesses are strategically responding to economic uncertainty by managing inventory carefully and delaying capital expenditures [3][4] Economic Sentiment - Over 60% of business owners believe the economy will grow in the next six months, yet over 55% express dissatisfaction with current tariff policies, viewing them as detrimental to the U.S. economy [6] - More than 70% of respondents are concerned about the impact of tariffs on their businesses, although the immediate effects have been minimal, with over 80% reporting "somewhat of an impact" or "none" [6] Tariff Impact and Business Strategies - A significant portion of business owners anticipates that tariffs will decrease their revenue, with over half believing tariffs will negatively affect their businesses [6] - Approximately 32.55% of businesses have adjusted their inventory levels in response to tariffs, while 31.69% are still evaluating their inventory strategies [6] - Just under 30% of businesses plan to halt hiring, while nearly 50% report no changes to their hiring plans [6] Capital Expenditures and Pricing Strategies - A slight majority (41.68%) of respondents plan to delay major capital expenditures due to economic uncertainty [6] - Over 37% of businesses expect to pass the cost of tariffs onto customers, while just under 30% anticipate absorbing these costs [6]

Group 1 - Provident Financial Services, Inc. (PFS) is expected to navigate current tariff-related uncertainties effectively [1] - The company has a strong loan pipeline, which is anticipated to result in good loan growth [1]

Core Viewpoint - Provident Financial (PFS) shows potential for significant upside, with a mean price target of $21.50 indicating a 28.1% increase from the current price of $16.78 [1] Price Targets and Analyst Consensus - The average price targets from analysts range from a low of $18 to a high of $24, with a standard deviation of $2.17, suggesting a moderate agreement among analysts [2] - The lowest estimate indicates a 7.3% increase, while the highest suggests a 43% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about PFS's earnings prospects, with a strong consensus on higher EPS estimates, which correlates with potential stock price increases [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 0.3%, with two estimates moving higher and no negative revisions [12] - PFS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13]

Financial Performance - Net income for the three months ended March 31, 2025, was $64,028 thousand, a 99.6% increase compared to $32,082 thousand for the same period in 2024[10]. - Basic earnings per share increased to $0.49 for Q1 2025, up from $0.43 in Q1 2024, marking a growth of 13.95%[10]. - The company reported a total comprehensive income of $89,137 thousand for Q1 2025, significantly higher than $21,612 thousand in Q1 2024[13]. - Net income for the three months ended March 31, 2025, was $64,028,000, a 100% increase compared to $32,082,000 for the same period in 2024[21]. - Non-interest income totaled $27,030 thousand for Q1 2025, an increase of 29.5% from $20,807 thousand in Q1 2024[10]. - Total non-interest expense rose to $116,267 thousand in Q1 2025, compared to $71,827 thousand in Q1 2024, reflecting an increase of 62%[10]. - For the three months ended March 31, 2025, total interest income increased to $305.346 million, up 86.1% from $163.859 million in the same period of 2024[156]. - The total in-scope non-interest income for the three months ended March 31, 2025, was $18.870 million, compared to $16.285 million for the same period in 2024, reflecting a growth of 15.9%[146]. Asset and Deposit Changes - Total assets increased to $24,224,759 thousand as of March 31, 2025, up from $24,051,825 thousand as of December 31, 2024, representing a growth of 0.72%[9]. - Total deposits decreased to $18,448,863 thousand as of March 31, 2025, down from $18,623,813 thousand as of December 31, 2024, a decline of 0.94%[9]. - The company reported a net decrease in deposits of $174,950,000 in Q1 2025, compared to a decrease of $193,622,000 in Q1 2024[22]. - Total deposits as of March 31, 2025, were $18,448,863 million, down from $18,623,813 million as of December 31, 2024, reflecting a decrease of approximately 0.94%[79]. - Stockholders' equity increased by $57.6 million to $2.66 billion due to net income and a decrease in unrealized losses on debt securities[197]. Loan and Credit Quality - Loans held for investment increased to $7.91 billion as of March 31, 2025, compared to $7.23 billion as of December 31, 2024[52]. - The total gross loans amounted to $18,800,956, an increase from $18,667,570 as of December 31, 2024, representing a growth of approximately 0.71%[54]. - The company recorded a provision for credit losses of $325,000 for the three months ended March 31, 2025, compared to $200,000 for the same period in 2024, reflecting an increase in specific reserves on impaired credits[57]. - Non-performing loans rose to $99.3 million, or 0.54% of total loans, as of March 31, 2025, compared to $72.1 million, or 0.39% as of December 31, 2024[192]. - The allowance for credit losses related to the loan portfolio was 1.02% of total loans as of March 31, 2025, down from 1.04% as of December 31, 2024[191]. - The total criticized and classified loans reached $236.891 million as of March 31, 2025[70]. - The total amount of substandard loans was $3,044 million, compared to $2,397 million in 2024, indicating a rise in riskier loans[74]. Mergers and Acquisitions - The merger with Lakeland Bancorp, completed on May 16, 2024, involved a total consideration of $876.8 million, with 54,356,954 shares converted[34]. - Goodwill recorded from the Lakeland acquisition totaled $180.4 million, reflecting the excess of the purchase price over the estimated fair value of net assets acquired[35]. - The company completed its merger with Lakeland Bancorp on May 16, 2024, adding $10.59 billion in total assets and $7.91 billion in total loans[161]. - The total consideration paid for the acquisition of Lakeland was $876.8 million, with goodwill recorded at $180.4 million after adjustments[162][163]. Borrowings and Interest Expenses - The company experienced a net increase in short-term borrowings of $570,356,000 in Q1 2025, compared to $88,065,000 in Q1 2024[22]. - Total borrowed funds increased to $2,336,191 million as of March 31, 2025, compared to $2,020,435 million as of December 31, 2024, representing a growth of about 15.9%[80]. - Interest expense on borrowings for the three months ended March 31, 2025, was $18.3 million, compared to $17.4 million for the same period in 2024, indicating an increase of approximately 5.2%[83]. - The company’s total long-term borrowings were $510.6 million as of March 31, 2025, compared to $513.9 million as of December 31, 2024, showing a slight decrease of about 0.6%[80]. Securities and Investments - Total available for sale debt securities amounted to $2,878.8 million as of March 31, 2025, an increase from $2,768.9 million as of December 31, 2024[110]. - The fair value of mortgage-backed securities increased to $2,255.8 million as of March 31, 2025, from $2,062.2 million as of December 31, 2024[110]. - The company holds equity securities valued at $19.2 million as of March 31, 2025, slightly up from $19.1 million as of December 31, 2024[110]. - The total held to maturity debt securities, net of allowance for credit losses, was $314,005 thousand with a fair value of $301,190 thousand as of March 31, 2025[125]. Risk Management and Forward-Looking Statements - The company cautions that forward-looking statements are subject to numerous risks, including economic conditions and regulatory changes, which could materially affect financial performance[159][160]. - Fair value estimates are subjective and involve uncertainties, which may significantly affect the estimates[120].

Core Viewpoint - Glenbrook Capital Management, a long-time shareholder of Tejon Ranch Co., intends to support Bulldog Capital's nominees for the Board of Directors and a proposal allowing shareholders owning 10% of shares to call special meetings, citing mismanagement and lack of transparency from the current Board [1][2][5]. Group 1: Shareholder Concerns - Glenbrook highlights significant unrecognized value in Tejon Ranch despite years of mismanagement and a lack of transparency from the Board, which has not held quarterly earnings calls, unlike 97% of NYSE companies [2][5]. - The current Board's actions, including the inclusion of former CEO Gregory Bielli, are criticized for contributing to the company's poor stock performance, with Bielli's tenure marked by stagnation [3][4]. Group 2: Proposed Changes - Glenbrook supports Bulldog Capital's recognition of Tejon's untapped potential and the need for a change in direction, advocating for the election of Bulldog's nominees and the approval of Item 4 to enhance shareholder rights [4][5]. - Leading proxy advisory firms ISS and Glass Lewis have recommended voting in favor of the proposal that would allow shareholders to call special meetings, emphasizing the importance of this right for corporate governance and performance [5].

Core Insights - TriStar Gold Inc. has updated the prefeasibility study for its Castelo de Sonhos gold project, showing an after-tax internal rate of return (IRR) of 40% and a net present value (NPV) of US$603 million at a base-case gold price of US$2,200 per ounce [1][7][14]. Economic Metrics - The initial capital cost estimate for the project is US$296 million, which includes a 20% contingency [21]. - The base-case gold price used in the study is US$2,200 per ounce, compared to US$1,550 in the previous study [5][14]. - The all-in sustaining cost (AISC) is estimated at US$1,111 per ounce, up from US$900 in the previous study [5][14]. - The after-tax NPV at a gold price of US$3,200 is projected to be US$1,353 million, with a compelling after-tax IRR of 72% [7][14]. Project Overview - The Castelo de Sonhos operation will feature an open-pit gold mine with a nominal milling rate of 10,000 tons per day [9]. - The project will utilize conventional open-pit mining methods and a whole-ore agitation leaching process for gold recovery, anticipated to achieve a metallurgical recovery of 98% [10][11]. Legal and Regulatory Status - The company has received a positive legal opinion regarding the status of the Castelo de Sonhos permit, confirming it remains valid and in good standing [7][34]. - The independent legal advice indicates that the project does not interfere with Indigenous lands, and the environmental impact assessment (EIA) is deemed complete and adequate [35][36]. Mineral Resource and Reserve Estimates - The mineral resource estimate remains unchanged, with a total of 1.8 million ounces of gold in indicated resources and 0.7 million ounces in inferred resources [25][26]. - The mineral reserve estimate is 1.4 million ounces of gold, classified as probable reserves [30][31].

Core Viewpoint - Provident Financial (PFS) shows potential for significant upside, with a mean price target of $21.50 indicating a 28.8% increase from its current price of $16.69 [1] Price Targets and Analyst Consensus - The average price target for PFS ranges from a low of $18 to a high of $24, with a standard deviation of $2.17, suggesting a moderate agreement among analysts [2] - The lowest estimate indicates a 7.9% increase, while the highest suggests a 43.8% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement direction [9] Earnings Estimates and Analyst Optimism - Analysts have shown increasing optimism about PFS's earnings prospects, as evidenced by a strong consensus in revising EPS estimates higher [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 0.3%, with two estimates moving higher and no negative revisions [12] - PFS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13]

Financial Data and Key Metrics Changes - The company reported net earnings of $64 million or $0.49 per share, with an annualized adjusted return on average assets of 1.11% and an adjusted return on average tangible equity of 16.15% [6][15] - The tangible book value per share grew by $0.69 to $14.15, and the tangible common equity ratio expanded to 7.9% [7] - The average cost of total deposits decreased by 14 basis points to 2.11%, while the total cost of funds decreased by 9 basis points to 2.39% [8] - The reported net interest margin increased by 6 basis points to 3.34%, with core net interest margin growing by 9 basis points [8][16] Business Line Data and Key Metrics Changes - The commercial lending team closed approximately $600 million in new loans, with the commercial loan portfolio increasing by 3.8% [9] - Provident Protection Plus saw a 19% organic growth in new business compared to the same period last year, with income up 23% [12] - Beacon Trust assets under management and fee income decreased by approximately 4% due to market conditions [13] Market Data and Key Metrics Changes - The total loan pipeline increased to approximately $2.8 billion, with a weighted average interest rate of 6.31% [10] - Nonperforming loans increased to 0.54%, primarily due to two well-secured loans [11][20] - Net charge-offs decreased to $2 million from $5.5 million in the trailing quarter [11] Company Strategy and Development Direction - The company aims to maintain momentum throughout 2025, focusing on core businesses and creating value for stockholders and customers [13] - There is a focus on diversifying the commercial portfolio post-merger, with a target of approximately 5% growth in the commercial real estate (CRE) space [50] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty in the macroeconomic environment, the current loan pipeline is strong, and no significant negative impacts have been observed in the portfolio [34][40] - The effective tax rate for the quarter increased to 30.3%, with expectations of approximately 29.5% for the remainder of 2025 [23] Other Important Information - The Board of Directors approved a quarterly cash dividend of $0.24 per share payable on May 30 [7] - The company is currently projecting a net interest margin in the range of 3.35% to 3.45% for the remainder of 2025 [17] Q&A Session Summary Question: Update on integration and hiring in wealth management - Management confirmed that integration is complete and there have been new hires in Pennsylvania and Westchester markets, contributing to pipeline growth [27][29] Question: Customer conversations regarding macro outlook and tariffs - Management indicated that there is uncertainty but no significant pullback from clients; the pipeline remains strong [34][36] Question: Details on nonaccrual loans - Management is working with borrowers on two nonaccrual loans, with favorable loan-to-value ratios providing some comfort [45][47] Question: Target for CRE concentration - Management is not targeting a specific number but aims for a range around 420%, with a focus on growing other sectors [50][54] Question: Thoughts on M&A activity in the banking space - Management expressed that buying back stock is a priority over acquisitions, emphasizing the importance of culture in any future mergers [57][59] Question: Expense guidance for 2025 - Management expects expenses to be in the range of $112 million to $115 million, forecasting on the lower end of that range [62]