Provident Financial Services Files 8-K

TL;DR

PFS filed an 8-K on 3/25/24, check it for financial updates.

AI Summary

Provident Financial Services, Inc. filed an 8-K on March 25, 2024, to report other events and financial statements. The filing includes information related to their common stock trading under the symbol PFS on the New York Stock Exchange.

Why It Matters

This filing provides official updates and financial information for Provident Financial Services, Inc., which is important for investors and stakeholders to monitor the company's status.

Risk Assessment

Risk Level: low — This is a routine filing reporting standard corporate events and financial statements, not indicating any immediate or significant risks.

Key Players & Entities

• PROVIDENT FINANCIAL SERVICES, INC. (company) — Registrant
• PFS (company) — Trading Symbol for Common Stock
• New York Stock Exchange (company) — Exchange where common stock is registered
• March 25, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $200 million — ystem, the completion by Provident of a $200 million capital raise, which Provident intends

Filing Documents

• pfs-20240325.htm (8-K) — 38KB
• jointpressrelease032524.htm (EX-99.1) — 17KB
• 0001628280-24-012935.txt ( ) — 188KB
• pfs-20240325.xsd (EX-101.SCH) — 2KB
• pfs-20240325_lab.xml (EX-101.LAB) — 21KB
• pfs-20240325_pre.xml (EX-101.PRE) — 12KB
• pfs-20240325_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On March 25, 2024, Provident Financial Services, Inc. ("Provident") and Lakeland Bancorp, Inc. ("Lakeland") issued a joint press release announcing that Provident has received regulatory approvals from the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance for Provident and Lakeland to complete their previously announced merger. Completion of the merger remains subject to approval from the Board of Governors of the Federal Reserve System, the completion by Provident of a $200 million capital raise, which Provident intends to satisfy by raising $200 million of Tier 2 qualifying subordinated debt, and the satisfaction of customary closing conditions. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits. Exhibit No. Description 99.1 Joint Press Release, dated March 25, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Additional Information About the Subordinated Debt Issuance It is expected that the subordinated debt to be offered will be issued pursuant to a prospectus supplement and an accompanying base prospectus filed as part of Provident's effective shelf registration statement on Form S-3 (File No. 333- 275213). Before considering an investment, investors should read the prospectus in that registration statement and other documents filed, or to be filed, with the Securities and Exchange Commission (the "SEC") for more complete information about the issuer and the offering. A copy of the prospectus, and when available, the prospectus supplement, are available without charge by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, a copy of the prospectus, and when available, the prospectus supplement, may be requested by calling Provident at 732-590-9300 or by contacting: Piper Sandler & Co. by telephone at (866) 805-4128 or by email at fsgsyndicate@psc.com, or by emailing Keefe, Bruyette & Woods at USCapitalMarkets@kbw.com. This Current Report on Form 8-K and the exhibits filed herewith shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the subordinated debt, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K and the exhibits filed herewith includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Provident's and Lakeland's beliefs, goals, intentions, and expectations regarding the proposed transaction, revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of probable losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; the expected timing of completion of the raising of $200 million of Tier 2 qualifying subordinated debt (the "Offering") and the proposed transaction; the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that are not historical facts. Forwardlooking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. These forward-looking statements include, without limitation, those relating to the terms, timing and closing of the Offering and the proposed transaction. Additionally, forwardlooking statements speak only as of the date they are made; Provident and Lakeland do not assume any duty, and do not undertake, to update such forwardlooking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Furthermore, because forwardlooking statements are subject to assumptions and uncertainties, actual results or fu

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. PROVIDENT FINANCIAL SERVICES, INC. DATE: March 25, 2024 By:/s/ Anthony J. Labozzetta Anthony J. Labozzetta President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR