PFS News & Events

Provident Financial announced the appointment of Adriano Duarte to executive VP and CFO of Provident Bank and Provident Financial, effective July 1. Duarte will report directly to Anthony Labozzetta, president and CEO of Provident Bank, and will serve as a member of the bank's executive leadership team. Duarte joined Provident in 2020 through the acquisition of SB One Bank and most recently served as executive VP and chief accounting officer. Duarte succeeds Thomas Lyons, who retired after a distinguished career spanning more than two decades with Provident.

Reports Q1 revenue $225.2M, consensus $225.2M. Reports Q1 tangible book value per share $16.03. Reports Q1 net charge-offs .06%. Anthony J. Labozzetta, President and Chief Executive Officer commented, "Provident delivered another strong quarter of financial performance, demonstrating the continued momentum in our business and the effectiveness of our strategic initiatives. Pre-provision, net revenue grew 13.5% year-over-year, driven by strong loan growth, modest margin expansion, and notable growth in insurance agency income. The bank's loan pipeline of $3.1 billion sits at record levels, and we remain optimistic about continued earnings per share growth and compounding of tangible book value moving forward."