Provident Financial Services, Inc. Announces Authorization of New Stock Repurchase Program

Core Viewpoint - Provident Financial Services, Inc. has authorized a new stock repurchase program, reflecting confidence in its financial strength and commitment to returning capital to shareholders [1][4]. Group 1: Stock Repurchase Program - The new stock repurchase program will commence after the current program, which has 814,247 shares remaining for repurchase [1]. - Under the new authorization, the company may repurchase up to 2.15% of its outstanding shares, approximately 2.81 million shares [2]. - The program has no expiration date, and repurchases will be based on market conditions and other relevant factors [3]. Group 2: Management Statements - The President and CEO emphasized the company's strong earnings projections and balance sheet, indicating that the repurchase program reflects sound risk management [4]. - The Senior Executive Vice President and CFO noted that the new authorization provides additional capital return flexibility and aligns with the company's long-term financial objectives [4]. Group 3: Company Overview - Provident Financial Services, Inc. is the holding company for Provident Bank, which has been operational since 1839 and offers a wide range of financial products and services [5]. - The bank operates branches in New Jersey and parts of Pennsylvania and New York, and provides fiduciary, wealth management, and insurance services through its subsidiaries [5].