Provident Financial Services

What Provident Financial Services does

Provident Financial Services, Inc. is the publicly traded (NYSE: PFS) holding company for Provident Bank, a regional commercial and retail bank founded in 1839 in Jersey City, New Jersey, making it the oldest state-chartered bank in the state. Following the May 2024 merger with Lakeland Bancorp, the combined franchise operates 140 branches across New Jersey, New York, and Pennsylvania with $25.2 billion in total assets as of Q1 2026. The bank serves three primary customer segments: individual consumers (checking, savings, money market, CDs, IRAs, mortgages, home equity, credit cards, student loans), businesses (commercial loans, commercial real estate, middle market banking, small business loans, trade finance, specialty lending, treasury management including ACH origination, remote deposit capture, lockbox, positive pay, sweep accounts, merchant and payroll services), and high-net-worth individuals and families through Beacon Trust, a wholly owned wealth management subsidiary with over $4 billion in assets under administration headquartered in Morristown, NJ. Insurance products are distributed through Provident Protection Plus, a wholly owned subsidiary offering commercial and personal lines coverage.

The company's technology stack centers on ProvidentConnect Online Banking and a mobile banking application available on iOS and Android, with integrated Zelle person-to-person payments, Apple Pay, Google Pay, and Samsung Pay digital wallet support, Google Maps-powered branch locator, and remote deposit capture. The bank operates a dual distribution model combining high-touch community banking through its branch network with self-service digital channels. Revenue is generated primarily through net interest income from the spread between interest earned on loans (commercial, residential mortgages, consumer) and interest paid on deposits, supplemented by non-interest income from insurance agency fees (Provident Protection Plus), wealth management fees (Beacon Trust), deposit and loan-related fees, and merchant services. Q1 2026 produced $225.2 million in revenue and $79.4 million in net income (24% year-over-year growth), with EPS of $0.61 beating analyst forecasts. Record noninterest income of $31.5 million and a record $3.11 billion commercial loan pipeline underscore the franchise's diversified earnings stream.

Name

Provident Financial Services

Legal name

Provident Financial Services, Inc.

Website

https://provident.bank

Company type

Public

Founded year

1837

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Provident Financial Services is the publicly traded holding company for Provident Bank, a regional bank founded in 1839 serving individuals, businesses, and high-net-worth clients across New Jersey, New York, and Pennsylvania through 140 branches and digital banking, with $25.2 billion in assets and wealth management and insurance subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Jersey City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Primary revenue driver from the spread between interest earned on loans (commercial, residential mortgages, consumer) and interest paid on deposits. The company reported net interest income growth driven by expanding net interest margin and loan portfolio expansion following the Lakeland Bancorp merger.
2. Non-Interest Income: Includes insurance agency income from Provident Protection Plus, wealth management fees from Beacon Trust, deposit account fees, loan-related fees, and merchant services income. Record noninterest income of $31.5 million in Q1 2026 offset lower net interest income.
3. Insurance Services (Provident Protection Plus): Comprehensive insurance programs for businesses, employees, families, and individuals including commercial property, professional liability, flood insurance, workers compensation, and personal lines (auto, homeowners, boat, umbrella)
4. Wealth Management (Beacon Trust): Full-service asset management and financial planning services through Beacon Trust, which has over $4 billion in assets under administration, serving high net worth individuals and families
5. Investment Services: Securities and investment products offered through Provident Investment Services, providing full-range investment services

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Provident Financial Services operates as the holding company for The Provident Bank, delivering a full range of consumer and commercial banking, lending, wealth management, and insurance services through 140 branches in New Jersey, New York, and Pennsylvania, complemented by digital banking channels. Revenue is generated primarily through net interest income from commercial, residential mortgage, and consumer loans, supplemented by recurring non-interest income from wealth management fees (Beacon Trust), insurance agency commissions (Provident Protection Plus), and deposit/loan-related fees.

Product overview

Provident Financial Services operates as a regional banking franchise with a platform-plus-subsidiary architecture. The core banking platform offers personal checking accounts (including Provident Basic, Cash Back, Smart Checking, Platinum Checking, and Senior Checking variants), savings products (Money Market, CDs, IRAs), home lending (mortgages and home equity), and credit cards. Business services include commercial loans, commercial real estate, middle market banking, small business loans, trade finance, specialty lending, treasury management (ACH, remote deposit capture, lockbox, positive pay, sweep accounts), merchant services, and payroll services. The company extends its portfolio through three key subsidiaries: Provident Protection Plus (insurance products including commercial property, liability, flood, workers comp, and personal lines), Beacon Trust (wealth management with $4B+ in assets under administration), and Provident Investment Services (brokerage/investment products). Digital banking capabilities include ProvidentConnect Online Banking, mobile banking apps, and Zelle person-to-person payments. The bank acquired Lakeland Bancorp in May 2024, expanding to $24.5 billion in assets across 140 branches in New Jersey, New York, and Pennsylvania.

Differentiator

Problem solved

Functional benefit

Brands

• Beacon Trust: Full-service wealth management firm with over $4 billion in assets under administration, headquartered in Morristown, New Jersey.
• Provident Protection Plus
• Provident Investment Services

Products and services

• Provident Basic Checking

Quantifiable outcome

• 24% year-over-year net income growth to $79.4 million in Q1 2026
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Lakeland Bancorp, Inc.coreStrategic or Co-development Partner · 16 May 2024Major merger completed in May 2024 creating a banking franchise with approximately $24.5 billion in assets. Lakeland Bancorp shareholders received shares and cash consideration. Combined company operates under the Provident name with 140 branches across New Jersey, New York, and Pennsylvania.
• Federal Home Loan Bank of New York (FHLBNY)coreStrategic or Co-development PartnerPartnership through the Small Business Recovery Grant (SBRG) Program providing grants to non-profit organizations. Provident Bank awarded $50,000 in additional grants to 5 nonprofits in 2025.
• The Provident Bank FoundationcoreStrategic or Co-development PartnerEstablished in 2003, the Foundation has been granting millions to non-profit organizations for over 20 years dedicated to creating positive community impact.
• Habitat for HumanityminorStrategic or Co-development PartnerEmployees participated in Women Build Day 2025 in partnership with Greater Middlesex and Morris Habitat for Humanity, with Provident Bank donating $15,000 to both projects.
• Junior AchievementminorStrategic or Co-development Partner20 Provident Bank Retail Branch team members volunteered at Junior Achievement Finance Park, guiding middle school students through financial scenarios.
• New BethanyminorStrategic or Co-development PartnerPartner in annual Bob Price Memorial Turkey Drive, collecting over 2,000 turkeys during the event.

Scale indicators19 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Customers Bancorp: Customers Bancorp is a regional bank holding company of comparable asset size with commercial banking focus, treasury management offerings, and digital banking capabilities. Comparable in middle-market and commercial lending emphasis.
• ConnectOne Bancorp: ConnectOne is a New Jersey-chartered commercial bank serving similar consumer and business customers in the NY/NJ metro area. Comparable in commercial lending focus, branch-based distribution, and middle-market banking orientation.
• Valley National Bancorp: Valley National is a New Jersey-headquartered regional bank with similar branch banking model across the Northeast. Closely comparable in asset size, footprint, product mix (commercial + consumer + wealth), and target customer segments.
• OceanFirst Financial Corp: OceanFirst is a NJ-based regional bank holding company with similar commercial and retail banking focus, comparable size, and overlapping NJ/NY geography. Direct competitor in core deposit gathering and CRE lending in the tri-state market.
• Northfield Bancorp: Northfield Bancorp is a NJ-based savings bank holding company with similar community banking focus, multi-branch footprint in NJ/NY, and comparable consumer/commercial deposit and lending products.
• Flagstar Financial (formerly New York Community Bancorp): Flagstar is a large NY-metro focused regional bank with multi-state branch presence, similar product set spanning deposits, mortgages, and commercial loans. Comparable scale and geographic overlap in the NY/NJ market.
• Kearny Financial Corp: Kearny Financial is a NJ-based savings institution with overlapping NJ footprint and similar deposit-gathering, mortgage, and consumer banking model. Comparable scale and community bank orientation.
• Tompkins Financial: Tompkins Financial is a Northeast US community bank holding company with similar community banking, wealth management, and insurance subsidiaries. Comparable in diversified financial services model and regional bank orientation.
• Columbia Financial: Columbia Financial is a New Jersey-headquartered mutual holding company operating Columbia Bank, with similar community banking model, deposit focus, and commercial/consumer lending mix in the NJ market.

Broad incumbents

• Bank of America: Bank of America is a national full-service bank that competes broadly with Provident across deposits, mortgages, wealth, and commercial lending, particularly in the NY/NJ metro market. Not niche-aligned but provides competitive context for capital and product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/ProvidentBank
• YouTubeyoutube.com/user/ProvidentNJ/feed
• Facebookfacebook.com/providentbank
• LinkedInlinkedin.com/company/the-provident-bank
• Instagraminstagram.com/providentbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Provident Financial Services