Core Viewpoint - Provident Financial Services, Inc. reported solid financial performance for the year ended December 31, 2024, despite a decrease in net income compared to the previous year, largely influenced by the merger with Lakeland Bancorp, Inc. and associated costs [1][2][3] Financial Performance - For Q4 2024, net income was $48.5 million, or $0.37 per share, up from $46.4 million, or $0.36 per share in Q3 2024, and significantly higher than $27.3 million, or $0.36 per share in Q4 2023 [1][8][16] - For the year ended December 31, 2024, net income totaled $115.5 million, or $1.05 per share, compared to $128.4 million, or $1.71 per share in 2023 [25][30] Merger Impact - The merger with Lakeland added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, significantly impacting the financial results [2][3] - Transaction costs related to the merger were $20.2 million for Q4 2024 and $56.9 million for the year, compared to $2.5 million and $7.8 million for the respective periods in 2023 [2][16] Net Interest Income and Margin - Net interest income for Q4 2024 decreased by $2.0 million to $181.7 million, primarily due to reduced net accretion from purchase accounting adjustments related to the Lakeland merger [9][10] - The net interest margin decreased three basis points to 3.28% in Q4 2024, while the core net interest margin increased four basis points to 2.85% [10][18] Provision for Credit Losses - The provision for credit losses on loans was $7.8 million for Q4 2024, down from $9.6 million in Q3 2024, attributed to the reclassification of $151.3 million to the held for sale portfolio [11][19] - For the year, the provision for credit losses increased to $83.6 million from $28.2 million in 2023, largely due to the initial CECL provision from the Lakeland merger [28] Non-Interest Income and Expenses - Non-interest income for Q4 2024 totaled $24.2 million, a decrease of $2.7 million from the previous quarter, with notable declines in BOLI income and insurance agency income [12][20] - Non-interest expenses increased to $134.3 million in Q4 2024, up from $75.9 million in Q4 2023, primarily due to increased compensation and benefits expenses from the Lakeland acquisition [13][21] Asset Quality - Non-performing loans decreased to $72.1 million, or 0.39% of total loans, as of December 31, 2024, down from 0.47% in the previous quarter [33][37] - The allowance for credit losses increased to 1.04% of total loans, with total non-performing assets rising to $81.5 million, or 0.34% of total assets [34][37] Balance Sheet Summary - Total assets increased to $24.05 billion as of December 31, 2024, a $13.78 billion increase from the previous year, primarily due to the Lakeland merger [38] - Total deposits rose to $18.62 billion, with significant increases in savings and demand deposit accounts [42] Stockholder Information - The Board of Directors declared a quarterly cash dividend of $0.24 per common share, payable on February 28, 2025 [5] - The Annual Meeting of Stockholders is scheduled for April 24, 2025 [6]

Yet Inflation, Rising Debt and Trade Tensions Remain Top Concerns for 2025ISELIN, N.J., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, released the results of its 2025 Economic Outlook survey showcasing widespread optimism and confidence from 1,000 business owners and leaders on both the U.S. economic landscape and within their own companies. Specifically, businesses are increasing capital spending, investing in technology (specifically AI), and pointing ...

Core Insights - The 2025 Economic Outlook survey by Provident Bank indicates widespread optimism among 1,000 business owners and leaders regarding the U.S. economy and their own companies [1][4] - Businesses are planning to increase capital spending, invest in technology (particularly AI), and anticipate modest hiring increases [1][6] Economic Optimism - 60% of respondents believe the U.S. economy will be in much better or somewhat better shape in one year [6] - 63% of respondents expect their own business to be in much better or somewhat better shape [6] - 68% anticipate a slight or significant increase in capital spending in 2025 [6] Hiring Trends - Over 50% of respondents expect a slight or significant increase in hiring for 2025, while 36% predict no changes in their hiring plans [6] - 69% of respondents plan to adopt AI tools in their business within the next year, with 29% ready to implement them and 40% interested but seeking more information [6] Challenges Facing Businesses - The top challenges identified by respondents include inflationary pressures (60%), trade tensions and tariffs (51%), and rising consumer and national debt (44%) [6] - For business owners, the primary challenges are employee benefits and costs (46%), inflation including rising costs of energy, fuel, goods, and services (46%), and rising wages (39%) [6] - Despite concerns about inflation, executives report minimal impact from the Federal Reserve's interest rate cuts, with 38% unsure and 30% stating no positive impact [6]

Core Points - Provident Bank awarded a total of $50,000 in grants to 11 small businesses and 4 non-profit organizations through the FHLBNY Small Business Recovery Grant Program [1] - The SBRG program provides grants of up to $10,000 to qualifying small businesses facing economic challenges due to various factors [1][2] - The initiative aims to support the financial well-being of local establishments and enhance their ability to serve customers [2] Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey and a wholly owned subsidiary of Provident Financial Services, Inc. [4] - As of September 30, 2024, Provident Bank has assets totaling $24.04 billion and operates 140 branches across New Jersey and parts of New York and Pennsylvania [4] - The bank offers a range of financial solutions, including fiduciary and wealth management services through its subsidiary, Beacon Trust Company [4]

Vabysmo PFS is the first and only prefilled syringe containing a bispecific antibody, offering a convenient alternative to currently available Vabysmo vialsVabysmo has demonstrated rapid and robust vision and anatomical improvements in neovascular age-related macular degeneration (nAMD), diabetic macular edema (DME) and retinal vein occlusion (RVO)The ready-to-use Vabysmo PFS is co-packaged with the only CE-marked needle specifically designed for intravitreal injection Basel, 13 December 2024– Roche (SIX: R ...

Laurentian Research is a resource industry veteran with a Ph.D. in geoscience and decades of investment experience. He leads the investing group The Natural Resources Hub, with an aim of helping membes uncover undervalued opportunities in the energy and mining sectors with multi-bagger potential. He is also passionate about helping members find dividend growth opportunities from long-term growth industries. Members get weekly newsletters, proprietary in-depth analyses, trade alerts, model portfolios, privat ...

- Inupadenant + carboplatin/pemetrexed in Phase 2 A2A-005 trial demonstrated a 63.9% overall response rate (ORR) and a median PFS of 7.7 months for all evaluable patients across the cohorts- Recommended Phase 2 dose (RP2D) of inupadenant 80mg + carboplatin/pemetrexed demonstrated 73.3% ORR, with 64.6% of patients achieving landmark 6-month PFS- Inupadenant + carboplatin/pemetrexed safety profile was manageable and tolerable, with no dose-dependent toxicity observed- Inupadenant deprioritized to focus resour ...

ENDEAVOUR ANNOUNCES POSITIVE PFS RESULTS FOR ASSAFOU PROJECT IN CÔTE D’IVOIRE $1,526m NPV(5%) and IRR of 28% at $2,000/oz • 329kozpa at AISC of $892/oz over first 10 years HIGHLIGHTS: PFS confirms Assafou's potential to become a tier 1 asset for EndeavourPFS highlights 329kozpa production at AISC of $892/oz over first 10 years: 15-year mine life based on maiden reserve of 4.1Moz Robust project economics with after-tax NPV(5%) of $1,526m and IRR of 28%, at a $2,000/oz gold priceInitial capital of $734m bas ...

ISELIN, N.J., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, is pleased to announce that Kim Strignile has joined the Human Resources team as Senior Vice President, HR Business Partner Director. Ms. Strignile will lead the bank’s HR Business Partner and Talent Acquisition teams, playing a pivotal role in driving its people strategy. In addition, Ms. Strignile will serve as a trusted advisor and change agent, collaborating closely with Provident’s leaders ...

-- 27% relative risk reduction of progression or death with GRANITE vs. control in all treated population (HR=0.73 [90% CI, 0.44, 1.21]) -- -- 50% relative risk reduction of progression or death with GRANITE vs. control in low ctDNA subgroup (HR=0.50 [90% CI, 0.20-1.28]) -- -- Progressing through court-administered financial restructuring process with continued interest from multiple parties  EMERYVILLE, Calif., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (OTC: GRTSQ), a clinical-stage biotechnolo ...