Provident Bank appoints new Chief Information Security Officer

ISELIN, N.J. - Provident Bank, a New Jersey-based financial institution, has announced the appointment of Vivin Varghese as its new Senior Vice President and Chief Information Security Officer (CISO). In his new role, Varghese will be responsible for guiding the bank's cybersecurity strategies and managing information security policies and practices.

Varghese brings over 16 years of experience in the information security field to Provident Bank. He previously held the position of CISO at Customers Bank, where he oversaw digital and physical security measures, including business continuity and incident response. Before that, he served as the Information Technology Manager at the University of Pennsylvania.

Ravi Vakacherla, Executive Vice President and Chief Digital and Innovation Officer at Provident Bank, expressed confidence in Varghese's expertise, noting his extensive background in Security Engineering, Security Operations, Identity Governance and Assurance (IGA), and Governance Risk and Compliance (GRC) functions.

Varghese's achievements in the industry include being named among the 2023 ONCON Top 100 Information Security Professionals and receiving the InfoSec Skills Development Award. His academic credentials include a Bachelor of Science in Business Administration/Management Information Systems from Drexel University.

Provident Bank, established in 1839, is recognized as the oldest community-focused financial institution in New Jersey. With assets totaling $24.07 billion as of June 30, 2024, the bank serves its customers through a network of 140 branches across New Jersey, New York, and Pennsylvania, as well as through digital and mobile banking platforms. Provident Bank is a subsidiary of Provident Financial Services, Inc. (NYSE:PFS) and also operates Beacon Trust Company and Provident Protection Plus, Inc., offering wealth management and insurance services, respectively.

This leadership change is part of Provident Bank's ongoing commitment to maintaining robust information security and safeguarding customer data. The appointment is based on a press release statement from Provident Bank.

In other recent news, Provident Financial Services reported a net loss of $11.5 million, or $0.11 per share, in its Q2 results due to merger-related expenses from its recent integration with Lakeland Bancorp (NASDAQ:LBAI). However, adjusted earnings per diluted share stood at $0.44. The company also projects a return on average assets of approximately 1.1% and a return on tangible equity of around 15% by 2025. Additionally, the merger has opened up new opportunities in insurance, wealth management, and treasury management for Provident.

In a related development, RBC Capital Markets has raised the price target on Provident Financial Services shares to $21 from $18, maintaining an Outperform rating. This follows the company's robust margin expansion, controlled expenses, and strong credit quality post-merger. Analysts from RBC foresee further margin growth for Provident in the near term.

On a different note, several Wall Street firms, including TD Securities, BNY Mellon (NYSE:BK), and Truist, have agreed to pay a collective sum exceeding $470 million in settlements with U.S. regulators. The settlements, announced by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), are due to violations of recordkeeping rules by these broker-dealer and investment adviser firms. These are the latest developments in the financial sector.

InvestingPro Insights

As Provident Bank welcomes its new Senior Vice President and Chief Information Security Officer, investors and customers alike may be interested in the financial health and performance metrics of its parent company, Provident Financial Services, Inc. (NYSE:PFS). According to recent data from InvestingPro, Provident Financial Services is a company with a notable market presence, having a market capitalization of $2.46 billion.

InvestingPro Tips highlight that Provident Financial Services is trading at a high earnings multiple, with a P/E ratio of 20.39. This suggests that investors are willing to pay a premium for the company's earnings, which may reflect optimism about its future growth or profitability. Additionally, the company has been profitable over the last twelve months, supporting the positive outlook. Furthermore, Provident Financial Services has maintained dividend payments for 22 consecutive years, which could be a sign of its commitment to returning value to shareholders. This is complemented by a strong return over the last three months, with a 41.69% price total return, indicating recent positive market sentiment.

From a financial performance standpoint, the company's revenue for the last twelve months as of Q2 2024 stood at $427.77 million, although it experienced a decline in revenue growth by -12.87% for the same period. Despite the decline, the company's operating income margin remains robust at 33.48%, suggesting efficient management of its operations.

For those interested in exploring further insights and tips, InvestingPro offers additional analysis and metrics that could provide a deeper understanding of Provident Financial Services' performance and outlook. There are more InvestingPro Tips available for Provident Financial Services at https://www.investing.com/pro/PFS, which can help investors make informed decisions.

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