Provident Financial Services Inc

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Provident Financial Services Prices $175 Million Subordinated Notes Offering

Provident Financial Services, Inc. announced the pricing of its offering of $175 million of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036 in a registered public offering. The notes will initially bear interest at 6.50% per annum from August 24, 2026 until September 1, 2031, with interest payable semiannually, and thereafter reset quarterly to a floating rate equal to Three-Month Term SOFR plus 239 basis points. The company may redeem the notes on September 1, 2031 or any interest payment date thereafter at 100% of principal plus accrued interest, and the notes mature on September 1, 2036 if not earlier redeemed. Net proceeds will be used to repay $150 million of its outstanding 2.875% Fixed-to-Floating Rate Subordinated Notes due 2031 and $20 million of its variable rate Junior Subordinated Notes due 2033, with the remainder for general corporate purposes. The notes are intended to qualify as Tier 2 capital for regulatory purposes, and Piper Sandler and Keefe, Bruyette & Woods are acting as joint book-running managers.

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Provident Financial Services and Provident Bank Appoint Michael E. Regan to Their Boards

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.

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Regional Banks Q1 Earnings: Provident Financial Services Revenue Rises 7.9%

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%.

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Provident Bank Appoints Adriano Duarte as Chief Financial Officer

Provident Bank has appointed Adriano Duarte as Executive Vice President and Chief Financial Officer, effective July 1, 2026. Duarte will lead all aspects of the Finance organization, including accounting, financial planning and analysis, treasury, investor relations, corporate strategy, financial reporting, tax, facilities, and financial risk management. He will report directly to President and CEO Anthony Labozzetta and serve on the Executive Leadership Team. Duarte joined Provident in 2020 through the acquisition of SB One Bank and most recently served as Executive Vice President and Chief Accounting Officer. He succeeds Thomas Lyons, who retired after more than two decades with the bank.

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Provident Bank Awards $1 Million in Grants to Ten New Jersey Non-Profits

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.

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