Provident Financial Services, Inc. Announces Fourth Quarter and Full Year Earnings, and Annual Meeting Date

Rhea-AI Summary

Provident Financial Services (NYSE: PFS) reported net income of $83.4M for Q4 2025 and $291.2M for full-year 2025, versus $48.5M and $115.5M in the comparable periods in 2024. The company delivered a third consecutive quarter of record revenue of $225.7M, record net interest income of $197.4M, and non-interest income of $28.3M.

Key balance-sheet items: total commercial loans of $16.93B, deposits of $19.28B, a loan pipeline of $2.74B, allowance for credit losses at 0.95%, and tangible book value per share of $15.70. Annual meeting set for May 21, 2026 (record date March 27, 2026).

Positive

• Full-year net income of $291.2M (up from $115.5M)
• Record quarterly revenue of $225.7M, third consecutive quarter
• Total commercial loans of $16.93B
• Loan pipeline of $2.74B with 6.22% weighted average rate
• Non-performing loans improved to 0.40% (down from 0.52%)
• Energy tax credit purchase of ~$52M produced $3.4M tax benefit

Negative

• Allowance for credit losses at 0.95% of loans, slightly lower than prior quarter
• Net charge-offs annualized 9 bps of average loans ($4.2M in Q4)
• Reduction in purchase accounting accretion lowered NIM contribution to 43 bps

Market Reaction

-7.01% $19.37

15m delay 2 alerts

-7.01% Since News

$19.37 Last Price

$19.37 $21.12 Day Range

-$205M Valuation Impact

$2.72B Market Cap

1.3x Rel. Volume

Following this news, PFS has declined 7.01%, reflecting a notable negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $19.37. This price movement has removed approximately $205M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net income: $83.4 million Q4 2025 EPS: $0.64 2025 net income: $291.2 million +5 more

8 metrics

Q4 2025 net income $83.4 million Three months ended December 31, 2025

Q4 2025 EPS $0.64 Basic and diluted EPS, quarter ended December 31, 2025

2025 net income $291.2 million Year ended December 31, 2025

Q4 2025 revenue $225.7 million Record total revenue, third consecutive quarter

Net interest income $197.4 million Q4 2025 net interest income

Non-interest income $28.3 million Q4 2025 non-interest income

ROA (annualized) 1.34% Quarter ended December 31, 2025

Non-performing loans ratio 0.40% Non-performing loans to total loans as of December 31, 2025

Market Reality Check

Price: $20.83 Vol: Volume 1,024,863 vs 20-da...

normal vol

$20.83 Last Close

Volume Volume 1,024,863 vs 20-day average 790,014, indicating elevated trading interest pre-release. normal

Technical Shares at $20.83, trading above the 200-day MA of $18.57 and within 4.05% of the 52-week high.

Peers on Argus

Regional bank peers showed mixed moves: PRK +0.94%, WAFD +0.44%, WSBC +0.92%, wh...

1 Down

Regional bank peers showed mixed moves: PRK +0.94%, WAFD +0.44%, WSBC +0.92%, while BOH -3.85% and BANC -0.84% traded lower, indicating no clear sector-wide trend.

Common Catalyst At least one peer (WSBC) also reported Q4 2025 financial results today, fitting broader regional bank earnings season context.

Historical Context

5 past events · Latest: Jan 13 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 13	CFO retirement plan	Neutral	+0.6%	Announced planned retirement and transition timeline for long-tenured CFO.
Jan 13	Community philanthropy	Positive	-0.1%	Employees raised and distributed <b>$80,000</b> to five local nonprofits.
Jan 06	Economic outlook survey	Neutral	+0.1%	Released 2026 survey showing stronger capex and hiring plans among businesses.
Jan 05	Earnings call schedule	Neutral	+2.0%	Set dates for Q4 and year-end 2025 results release and conference call.
Dec 17	Leadership hires	Positive	+0.4%	Announced senior technology, data, sales, and CRE appointments to support growth.

Pattern Detected

Recent company-specific news over the last two months produced modest single-day reactions, with small gains on operational updates and one slight pullback on a community-impact headline.

Recent Company History

Over the past several weeks, PFS news has focused on leadership transition, community engagement, client sentiment, and investor communications. The company announced its CFO’s planned retirement on Jan 13, 2026, small philanthropic grants totaling $80,000, and released a 2026 Economic Outlook Survey of 1,000 business leaders. It also scheduled its Q4 and year-end 2025 earnings call and highlighted strategic hires and promotions in technology, data, and commercial real estate. This earnings release builds directly on that trajectory of operational growth, integration of Lakeland, and expanded franchise capabilities.

Market Pulse Summary

The stock is down -7.0% following this news. A negative reaction despite stronger fundamentals would...

Analysis

The stock is down -7.0% following this news. A negative reaction despite stronger fundamentals would fit a scenario where expectations were elevated ahead of record revenue of $225.7 million and net income of $83.4 million. The release showed improving asset quality and an annualized ROA of 1.34%, but markets may focus on narrower items such as net interest margin changes, credit provisioning, or expense trends. Any pullback would need to be viewed in light of prior integration costs, capital deployment plans, and how these earnings compare to earlier guidance or peer results.

Key Terms

net interest margin, tangible book value per share, tangible common equity ratio, non-performing loans, +1 more

5 terms

net interest margin financial

"Net interest margin increased one basis point to 3.44% for the quarter ended December 31, 2025..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

tangible book value per share financial

"Tangible book value per share(3) increased 3.78% to $15.70..."

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

tangible common equity ratio financial

"our tangible common equity ratio(3) increased 26 basis points to 8.48%..."

Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.

non-performing loans financial

"non-performing loans to total loans as of December 31, 2025 decreased to 0.40%..."

Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.

non-performing assets financial

"non-performing assets to total assets as of December 31, 2025 decreased to 0.32%..."

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

AI-generated analysis. Not financial advice.

ISELIN, N.J., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $83.4 million, or $0.64 per basic and diluted share for the three months ended December 31, 2025, compared to $71.7 million, or $0.55 per basic and diluted share, for the three months ended September 30, 2025 and $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024. For the year ended December 31, 2025, net income totaled $291.2 million, or $2.23 per basic and diluted share, compared to $115.5 million, or $1.05 per basic and diluted share, for the year ended December 31, 2024. Prior year earnings include six and a half months of combined operations with Lakeland Bancorp, Inc. (“Lakeland”), compared to a full year in 2025. Additionally, while there were no transaction costs related to our merger with Lakeland during 2025, for the three months and year ended December 31, 2024, these costs totaled $20.2 million and $117.0 million, respectively. The 2024 full year results included an initial Current Expected Credit Loss ("CECL") provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident Bank finished 2025 with a third consecutive quarter of record revenues, notable momentum across all our business lines and strong profitability. Organic growth remains our top priority, supported by a loan pipeline that has consistently been over $2.5 billion for the past four quarters, and several investments we have made to sustain growth in non-interest income. Our organization continues to focus on several strategic initiatives to help profitably grow our business, including growing our market share in middle market banking, insurance and wealth management. Looking ahead to 2026, we expect continued earnings per share growth and to compound tangible book value, while also making the necessary investments to sustain our momentum over the long-term."

Performance Highlights for the Fourth Quarter of 2025

• The Company's annualized returns on average assets, average equity and average tangible equity⁽¹⁾ were 1.34%, 11.78% and 17.58% for the quarter ended December 31, 2025, compared to 1.16%, 10.39% and 16.01% for the quarter ended September 30, 2025. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
• The Company's annualized adjusted pre-provision, net-revenue returns on average assets, average equity and average tangible equity⁽²⁾ were 1.78%, 15.68% and 21.78% for the quarter ended December 31, 2025, compared to 1.76%, 15.74% and 22.20% for the quarter ended September 30, 2025. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
• The Company reported record revenue for a third consecutive quarter of $225.7 million for the three months ended December 31, 2025, comprised of record net interest income of $197.4 million and record non-interest income of $28.3 million, compared to revenue of $221.8 million for the prior quarter.
• Average interest-earning assets increased $306.7 million, or an annualized 5.41%, for the quarter ended December 31, 2025, versus the trailing quarter.
• The Company's total commercial loan portfolio, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, increased $225.3 million, or 5.35% annualized, to $16.93 billion as of December 31, 2025, from $16.70 billion as of September 30, 2025.
• The Company's total deposits increased $182.4 million, or 3.79% annualized, to $19.28 billion as of December 31, 2025, from $19.10 billion as of September 30, 2025, while total core deposits, which exclude certificates of deposit, increased $259.6 million, or 6.55% annualized, to $15.99 billion as of December 31, 2025, from $15.73 billion as of September 30, 2025.
• As of December 31, 2025, the Company's loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.74 billion, with a weighted average interest rate of 6.22%, compared to $2.87 billion, with a weighted average interest rate of 6.15%, as of September 30, 2025.
• Net interest margin increased one basis point to 3.44% for the quarter ended December 31, 2025, compared to the trailing quarter, primarily attributable to the favorable repricing of deposits, partially offset by a reduction in net accretion of purchase accounting adjustments related to the Lakeland merger, combined with the repricing of adjustable rate loans. The core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased seven basis points from the trailing quarter to 3.01%. The average yield on total loans decreased 11 basis points to 5.98% for the quarter ended December 31, 2025, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased four basis points to 2.10% for the quarter ended December 31, 2025.
• The Company recorded a $1.2 million provision benefit for credit losses, which included a $2.0 million provision charge for credit losses on loans that was more than offset by a $3.2 million provision benefit for credit losses on off-balance sheet credit exposures for the quarter ended December 31, 2025. The allowance for credit losses as a percentage of loans decreased to 0.95% as of December 31, 2025, from 0.97% as of September 30, 2025.
• Asset quality improved in the quarter, as non-performing loans to total loans as of December 31, 2025 decreased to 0.40% from 0.52% as of September 30, 2025, while non-performing assets to total assets as of December 31, 2025 decreased to 0.32% from 0.41% as of September 30, 2025. The $22.0 million, or 21.90% reduction in non-performing loans for the quarter was driven by the sale of non-accruing notes, with associated charge-offs of $1.3 million. Total net charge-offs of $4.2 million for the quarter represented an annualized 9 basis points of average loans.
• In the fourth quarter of 2025, Provident Bank entered into an agreement to purchase energy production tax credits of approximately $52.0 million, which resulted in an annual tax benefit of $3.4 million for 2025 that was recognized as a reduction in income tax expense.
• Tangible book value per share⁽³⁾ increased 3.78% to $15.70 and our tangible common equity ratio⁽³⁾ increased 26 basis points to 8.48% as of December 31, 2025. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 14 of the earnings release.
• As of December 31, 2025, exposure to non-depository financial institution lending was largely comprised of $357.1 million of mortgage warehouse loans.
  

Annual Meeting Date Set

The Annual Meeting of Stockholders will be held on May 21, 2026 at 10:00 a.m. Eastern Time as a virtual meeting. March 27, 2026 has been established as the record date for the determination of stockholders entitled to vote at the Annual Meeting.

Results of Operations

Three months ended December 31, 2025 compared to the three months ended September 30, 2025

For the three months ended December 31, 2025, net income was $83.4 million, or $0.64 per basic and diluted share, compared to net income of $71.7 million, or $0.55 per basic and diluted share, for the three months ended September 30, 2025.

Net Interest Income and Net Interest Margin

Net interest income increased $3.1 million to $197.4 million for the three months ended December 31, 2025, from $194.3 million for the trailing quarter. The increase in net interest income was primarily due to the favorable repricing of deposits and growth in average earning assets, partially offset by the repricing of adjustable rate loans.

The Company’s net interest margin increased one basis point to 3.44% for the quarter ended December 31, 2025, from 3.43% for the trailing quarter. The average yield on interest-earning assets for the quarter ended December 31, 2025 decreased 10 basis points to 5.66%, compared to the trailing quarter. The average cost of interest-bearing liabilities for the quarter ended December 31, 2025 decreased 13 basis points to 2.83%, compared to the trailing quarter. The average cost of interest-bearing deposits for the quarter ended December 31, 2025 decreased seven basis points to 2.60%, compared to 2.67% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.10% for the quarter ended December 31, 2025, compared to 2.14% for the trailing quarter. The average cost of borrowed funds for the quarter ended December 31, 2025 was 3.94%, compared to 3.96% for the quarter ended September 30, 2025. The net accretion of purchase accounting adjustments contributed 43 basis points to the net interest margin for the quarter ended December 31, 2025, compared with 49 basis points in the trailing quarter. The reduction in purchase accounting accretion was largely due to the prepayment of certain loans that resulted in accelerated amortization of acquisition premiums and a decrease in accelerated accretion related to prepayments of loans with acquisition discounts. The core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased seven basis points from the trailing quarter to 3.01%.

Provision for Credit Losses

For the quarter ended December 31, 2025, the Company recorded a $1.2 million provision benefit for credit losses compared to a $7.0 million provision charge for the trailing quarter. The provision benefit consisted of a $2.0 million provision charge for credit losses related to loans and a $3.2 million provision benefit for credit losses related to off-balance sheet credit exposures, compared with provision charges for credit losses on loans and off-balance sheet credit exposures of $4.5 million and $2.5 million, respectively, for the quarter ended September 30, 2025. The provision for credit losses on loans in the quarter was primarily attributable to overall growth in the loan portfolio. For the three months ended December 31, 2025, net charge-offs totaled $4.2 million, or an annualized 9 basis points of average loans, compared to net charge-offs of $5.4 million, or an annualized 11 basis points of average loans for the trailing quarter.

Non-Interest Income and Expense

For the three months ended December 31, 2025, non-interest income totaled $28.3 million, an increase of $892,000, compared to the trailing quarter. Net gains on securities transactions increased $623,000 compared to the trailing quarter, to $690,000 for the three months ended December 31, 2025, primarily due to profits on calls of corporate securities. Wealth management income increased $278,000 compared to the trailing quarter, to $7.6 million for the three months ended December 31, 2025, mainly due to an increase in the average market value of assets under management during the period. Additionally, bank owned life insurance ("BOLI") income increased $128,000 compared to the trailing quarter, to $2.8 million for the three months ended December 31, 2025, primarily due to an increase in benefit claims. Fees and commissions decreased $236,000 to $11.1 million for the three months ended December 31, 2025, compared to the trailing quarter primarily due to a decrease in loan prepayment fee income.

Non-interest expense totaled $114.7 million for the three months ended December 31, 2025, an increase of $1.6 million, compared to $113.1 million for the trailing quarter. Other operating expenses increased $2.0 million to $15.4 million for the three months ended December 31, 2025, compared to the trailing quarter, driven by increases in legal, professional and other miscellaneous expenses. Compensation and benefits expense increased $1.1 million to $64.3 million for the three months ended December 31, 2025, compared to $63.2 million for the trailing quarter primarily attributable to an increase in the accrual for performance-based incentive compensation, partially offset by a decrease in employee medical benefits. Partially offsetting these increases, amortization of intangibles decreased $919,000 to $8.6 million for the three months ended December 31, 2025 primarily due to a scheduled reduction in the rate of core deposit intangible amortization related to Lakeland. FDIC insurance decreased $660,000 to $2.8 million for the three months ended December 31, 2025, compared to $3.4 million for the trailing quarter, primarily due to a decrease in the assessment rate.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ was 1.84% for the quarter ended December 31, 2025, compared to 1.83% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ was 50.97% for the three months ended December 31, 2025, compared to 51.01% for the trailing quarter.

Income Tax Expense

For the three months ended December 31, 2025, the Company's income tax expense was $28.8 million with an effective tax rate of 25.7%, compared with income tax expense of $29.9 million with an effective tax rate of 29.4% for the trailing quarter. The decrease in tax expense and the effective tax rate for the three months ended December 31, 2025, compared with the trailing quarter was primarily related to tax credits recognized in the current quarter, which reduced the Company's taxable income by $3.4 million.

Three months ended December 31, 2025 compared to the three months ended December 31, 2024

For the three months ended December 31, 2025, net income was $83.4 million, or $0.64 per basic and diluted share, compared to net income of $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024. While there were no transaction costs related to our merger with Lakeland during 2025, these costs totaled $20.2 million for the three months ended December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $15.7 million to $197.4 million for the three months ended December 31, 2025, from $181.7 million for same period in 2024. The increase in net interest income was primarily due to favorable repricing of deposits and growth in average earning assets.

The Company’s net interest margin increased 16 basis points to 3.44% for the quarter ended December 31, 2025, from 3.28% for the same period last year. The average yield on interest-earning assets for the quarter ended December 31, 2025 remained flat at 5.66% compared to the quarter ended December 31, 2024. The average cost of interest-bearing liabilities decreased 20 basis points for the quarter ended December 31, 2025 to 2.83%, compared to 3.03% for the fourth quarter of 2024. The average cost of interest-bearing deposits for the quarter ended December 31, 2025 was 2.60%, compared to 2.81% for the same period last year. The average cost of total deposits, including non-interest-bearing deposits, was 2.10% for the quarter ended December 31, 2025, compared with 2.25% for the quarter ended December 31, 2024. The average cost of borrowed funds for the quarter ended December 31, 2025 was 3.94%, compared to 3.64% for the same period last year. The core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased 16 basis points from the same period last year to 3.01%.

Provision for Credit Losses

For the quarter ended December 31, 2025, the Company recorded a $1.2 million provision benefit for credit losses compared to an $8.9 million provision charge for the same period last year. The provision benefit consisted of a $2.0 million provision charge for credit losses related to loans and a $3.2 million provision benefit for credit losses related to off-balance sheet credit exposures, compared with provision charges for credit losses on loans and off-balance sheet credit exposures of $7.8 million and $1.1 million, respectively for the quarter ended December 31, 2025. The provision for credit losses on loans in the 2025 fourth quarter was primarily attributable to overall growth in the loan portfolio. For the three months ended December 31, 2025, net charge-offs totaled $4.2 million, or an annualized 9 basis points of average loans, compared to net charge-offs of $5.5 million, or an annualized 12 basis points of average loans for the same period last year.

Non-Interest Income and Expense

Non-interest income totaled $28.3 million for the quarter ended December 31, 2025, an increase of $4.1 million, compared to the same period in 2024. Fee income increased $1.4 million to $11.1 million for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to an increase in loan prepayment fee income. Other income increased $953,000 to $2.3 million for the three months ended December 31, 2025, compared to the quarter ended December 31, 2024, primarily due to an increase in net gains on the sale of SBA loans. Net gains on securities transactions increased $704,000 to $690,000 for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to an increase in profits on calls of corporate securities. Insurance agency income increased $565,000 to $3.9 million, for the three months ended December 31, 2025, compared to the same period in 2024, largely due to strong retention revenue and new business activity, while BOLI income increased $529,000 to $2.8 million for the three months ended December 31, 2025, compared to the same period in 2024 largely due to an increase in benefit claims.

Non-interest expense totaled $114.7 million for the three months ended December 31, 2025, a decrease of $19.6 million, compared to $134.3 million for the three months ended December 31, 2024. Merger-related expense decreased $20.2 million for the three months ended December 31, 2025, compared to the same period in 2024. Amortization of intangibles decreased $933,000 to $8.6 million for the three months ended December 31, 2025, compared to $9.5 million for the same period in 2024, largely due to a scheduled reduction in the rate of core deposit intangible amortization related to Lakeland, as a result of lower projected attrition on core deposits. Additionally, data processing expense decreased $771,000 to $9.1 million for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to core processing system expenses in the prior year related to the addition of Lakeland. Partially offsetting these decreases in non-interest expense, compensation and benefits expense increased $4.4 million to $64.3 million for three months ended December 31, 2025, compared to $59.9 million for the same period in 2024, primarily due to an increase in the accrual for performance-based incentive compensation.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ was 1.84% for the quarter ended December 31, 2025, compared to 1.90% for the same period in 2024. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ was 50.97% for the three months ended December 31, 2025 compared to 55.43% for the same respective period in 2024.

Income Tax Expense

For the three months ended December 31, 2025, the Company's income tax expense was $28.8 million with an effective tax rate of 25.7%, compared with $14.2 million with an effective tax rate of 22.6% for the three months ended December 31, 2024. The increase in tax expense for the three months ended December 31, 2025, compared with the three months ended December 31, 2024, was largely due to an increase in taxable income. The increase in the effective tax rate for the three months ended December 31, 2025, compared with the three months ended December 31, 2024 was primarily due to a prior year $4.2 million tax benefit related to the revaluation of deferred tax assets.

Year ended December 31, 2025 compared to the year ended December 31, 2024

For the year ended December 31, 2025, net income totaled $291.2 million, or $2.23 per basic and diluted share, compared to net income of $115.5 million, or $1.05 per basic and diluted share, for the year ended December 31, 2024. While there were no transaction costs related to our merger with Lakeland in 2025, those costs totaled $117.0 million, including an initial CECL provision for credit losses on loans recorded as part of the Lakeland merger, for the year ended December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $160.0 million to $760.6 million for the year ended December 31, 2025, from $600.6 million for 2024. The increase in net interest income was largely driven by growth in average earning assets including net assets added in the May 16, 2024 acquisition of Lakeland and related accretion of purchase accounting adjustments, further aided by lower rates on funding.

For the year ended December 31, 2025, the net interest margin increased 13 basis points to 3.39%, compared to 3.26% for 2024. The weighted average yield on interest earning assets remained flat at 5.68% for the year ended December 31, 2025, compared to 2024, while the weighted average cost of interest-bearing liabilities decreased 14 basis points to 2.91% for the year ended December 31, 2025, compared to 3.05% last year. The average cost of interest-bearing deposits decreased 20 basis points to 2.63% for the year ended December 31, 2025, compared to 2.83% in the prior year. Average non-interest-bearing demand deposits increased $602.1 million to $3.72 billion for the year ended December 31, 2025, compared with $3.12 billion for 2024. The average cost of total deposits, including non-interest-bearing deposits, was 2.11% for the year ended December 31, 2025, compared with 2.26% for 2024. The average cost of borrowings for the year ended December 31, 2025 was 3.90%, compared to 3.71% in the prior year. The core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased 9 basis points from last year to 2.92%.

Provision for Credit Losses

For the year ended December 31, 2025, the Company recorded a $3.6 million provision for credit losses, compared with a provision for credit losses of $87.6 million for 2024. The provision consisted of a $4.1 million provision charge for credit losses related to loans and a $545,000 provision benefit for credit losses related to off-balance sheet credit exposures, compared with provision charges for credit losses on loans and off-balance sheet credit exposures of $83.6 million and $4.0 million, respectively, for 2024. The provision for credit losses on loans for the year ended December 31, 2025 was primarily attributable to overall growth in the loan portfolio. The provision for credit losses on loans for the prior year period was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million, recorded as part of the Lakeland merger. For the year ended December 31, 2025, net charge-offs totaled $12.8 million or an annualized seven basis points of average loans, compared with net charge-offs of $14.6 million, or an annualized nine basis points of average loans, for the year ended December 31, 2024.

Non-Interest Income and Expense

For the year ended December 31, 2025, non-interest income totaled $109.8 million, an increase of $15.7 million, compared to 2024. Fee income increased $8.7 million to $42.8 million for the year ended December 31, 2025, compared to 2024, primarily due to increases in deposit fee income, loan prepayment fee income and debit and credit card related fee income. Other income increased $3.9 million to $8.5 million for the year ended December 31, 2025, compared to $4.5 million for 2024, primarily due to an increase in gains on sales of SBA and mortgage loans and other miscellaneous income. Net gains on securities transactions increased $3.8 million for the year ended December 31, 2025, primarily due to a prior year $2.8 million loss on the sale of subordinated debt issued by Lakeland from the Provident investment portfolio prior to the merger. Additionally, insurance agency income increased $2.1 million to $18.3 million for the year ended December 31, 2025, compared to $16.2 million for 2024, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, BOLI income decreased $1.6 million to $10.1 million for the year ended December 31, 2025, compared to 2024, primarily due to a decrease in benefit claims, partially offset by an increase in income related to the addition of Lakeland's BOLI, while wealth management income decreased $1.3 million to $29.3 million for the year ended December 31, 2025, compared to 2024, mainly due to a decrease in the average market value of assets under management during the period.

Non-interest expense totaled $458.7 million for the year ended December 31, 2025, an increase of $1.1 million, compared to $457.5 million for 2024. Compensation and benefits expense increased $34.8 million to $253.1 million for the year ended December 31, 2025, compared to $218.3 million for 2024 primarily attributable to the addition of Lakeland personnel. Amortization of intangibles increased $8.1 million to $37.1 million for the year ended December 31, 2025, compared to $28.9 million for 2024, largely due to core deposit intangible amortization related to the addition of Lakeland. Net occupancy expense increased $7.8 million to $52.8 million for the year ended December 31, 2025, compared to 2024, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $5.1 million to $59.8 million for the year ended December 31, 2025, compared to $54.7 million for 2024, primarily due to a $1.4 million increase in write-downs on foreclosed property, combined with additional expenses due to the addition of Lakeland. Data processing expense increased $1.8 million to $37.4 million for the year ended December 31, 2025, compared to $35.6 million for 2024, primarily due to the addition of Lakeland. Partially offsetting these increases to non-interest expense, merger-related expenses decreased $56.9 million for the year ended December 31, 2025.

Income Tax Expense

For the year ended December 31, 2025, the Company's income tax expense was $117.0 million with an effective tax rate of 28.7%, compared with $34.1 million with an effective tax rate of 22.8% for 2024. The increase in tax expense for the year ended December 31, 2025, compared with last year was primarily due to an increase in taxable income, partially resulting from the prior year initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger. Additionally, the increase in tax expense and the effective tax rate was due to a prior year $10.0 million tax benefit related to the revaluation of deferred tax assets.

Asset Quality

The Company’s total non-performing loans at December 31, 2025 were $78.4 million, or 0.40% of total loans, compared to $100.4 million or 0.52% of total loans at September 30, 2025 and $72.1 million, or 0.39% of total loans at December 31, 2024. The $22.0 million decrease in non-performing loans at December 31, 2025, compared to the trailing quarter, consisted of a $14.1 million decrease in non-performing construction loans and a $12.2 million decrease in non-performing commercial mortgage loans, partially offset by a $1.8 million increase in non-performing multi-family loans, a $1.2 million increase in non-performing residential loans, a $736,000 increase in non-performing commercial loans and a $468,000 increase in non-performing consumer loans. The reduction in non-performing loans for the quarter was driven by the sale of non-accruing notes, with associated charge-offs of $1.3 million. As of December 31, 2025, impaired loans totaled $63.3 million with related specific reserves of $5.9 million, compared with impaired loans totaling $85.4 million with related specific reserves of $6.2 million as of September 30, 2025. As of December 31, 2024, impaired loans totaled $55.4 million with related specific reserves of $7.5 million.

At December 31, 2025, the Company’s allowance for credit losses related to the loan portfolio was 0.95% of total loans, compared to 0.97% and 1.04% at September 30, 2025 and December 31, 2024, respectively. The allowance for credit losses decreased $8.7 million to $184.8 million at December 31, 2025, from $193.4 million at December 31, 2024. The decrease in the allowance for credit losses on loans at December 31, 2025 compared to December 31, 2024 was primarily due to net charge-offs of $12.8 million, partially offset by a $4.1 million provision for credit losses on loans.

The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.

		December 31, 2025						September 30, 2025						December 31, 2024
		Number of Loans		Principal Balance of Loans				Number of Loans		Principal Balance of Loans				Number of Loans		Principal Balance of Loans
		(Dollars in thousands)
Accruing past due loans:
30 to 59 days past due:
Commercial mortgage loans		8		$	15,652			3		$	956			7		$	8,538
Multi-family mortgage loans		—			—			—			—			—			—
Construction loans		—			—			—			—			—			—
Residential mortgage loans		34			8,344			32			8,085			22			6,388
Total mortgage loans		42			23,996			35			9,041			29			14,926
Commercial loans		9			1,303			8			729			9			3,026
Consumer loans		49			2,209			40			2,739			47			3,152
Total 30 to 59 days past due		100		$	27,508			83		$	12,509			85		$	21,104
60 to 89 days past due:
Commercial mortgage loans		—		$	—			4		$	4,314			4		$	3,954
Multi-family mortgage loans		1			932			1			879			—			—
Construction loans		—			—			—			—			—			—
Residential mortgage loans		16			4,177			22			6,180			17			5,049
Total mortgage loans		17			5,109			27			11,373			21			9,003
Commercial loans		3			633			4			1,390			3			1,117
Consumer loans		14			781			11			299			15			856
Total 60 to 89 days past due		34			6,523			42			13,062			39			10,976
Total accruing past due loans		134		$	34,031			125		$	25,571			124		$	32,080
Non-accrual:
Commercial mortgage loans		11		$	26,856			13		$	39,036			17		$	20,883
Multi-family mortgage loans		3			2,268			1			424			6			7,498
Construction loans		1			5,159			2			19,220			2			13,246
Residential mortgage loans		32			9,062			29			7,858			23			4,535
Total mortgage loans		47			43,345			45			66,538			48			46,162
Commercial loans		28			33,219			42			32,483			32			24,243
Consumer loans		27			1,856			19			1,388			23			1,656
Total non-accrual loans		102		$	78,420			106		$	100,409			103		$	72,061
Non-performing loans to total loans					0.40	%					0.52	%					0.39	%
Allowance for loan losses to total non-performing loans					235.61	%					186.21	%					268.43	%
Allowance for loan losses to total loans					0.95	%					0.97	%					1.04	%

At December 31, 2025 and December 31, 2024, the Company held foreclosed assets of $2.0 million and $9.5 million, respectively. During the year ended December 31, 2025, there was a write-down of one foreclosed commercial property of $2.7 million based on a contracted sales price. The sale of this property closed in the second quarter of 2025, which reduced foreclosed assets by an additional $5.8 million. There was one addition to foreclosed assets with an aggregate carrying value of $1.0 million. Foreclosed assets at December 31, 2025 consisted of commercial real estate. Total non-performing assets at December 31, 2025 decreased $1.1 million to $80.4 million, or 0.32% of total assets, from $81.5 million, or 0.34% of total assets at December 31, 2024.

Balance Sheet Summary

Total assets at December 31, 2025 were $24.98 billion, a $928.9 million increase from December 31, 2024. The increase in total assets was primarily due to a $844.7 million increase in loans held for investment and a $354.0 million increase in total investments, partially offset by a $147.7 million decrease in loans held for sale, and decreases in intangibles and other assets.

The Company’s loans held for investment portfolio totaled $19.50 billion at December 31, 2025 and $18.66 billion at December 31, 2024. The loan portfolio consisted of the following:

	December 31, 2025				September 30, 2025				December 31, 2024
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,398,792			$	7,318,725			$	7,228,078
Multi-family		3,667,337				3,534,751				3,382,933
Construction		662,112				719,961				823,503
Residential		1,974,324				1,977,483				2,010,637
Total mortgage loans		13,702,565				13,550,920				13,445,151
Commercial loans		4,843,466				4,837,934				4,447,672
Mortgage warehouse lines		357,051				292,133				160,928
Consumer loans		612,431				614,983				613,819
Total gross loans		19,515,513				19,295,970				18,667,570
Premiums on purchased loans		1,524				1,362				1,338
Net deferred fees and unearned discounts		(12,976	)			(11,265	)			(9,538	)
Total loans	$	19,504,061			$	19,286,067			$	18,659,370

For the year ended December 31, 2025, the Company had net increases of $395.8 million in commercial loans, $284.4 million in multi-family loans and $170.7 million in commercial mortgage loans, partially offset by net decreases of $161.4 million in construction loans, $36.3 million in residential mortgage loans and $1.4 million in consumer loans. Commercial loans, consisting of commercial real estate, multi-family, commercial, mortgage warehouse and construction loans, represented 86.7% of the loan portfolio at December 31, 2025, compared to 85.9% at December 31, 2024.

For the year ended December 31, 2025, loan funding, including advances on lines of credit, totaled $10.11 billion, compared with $4.82 billion for the same period in 2024.

At December 31, 2025, the Company’s unfunded loan commitments totaled $3.71 billion, including commitments of $2.41 billion in commercial loans, $469.6 million in construction loans and $138.6 million in commercial mortgage loans. Unfunded loan commitments at September 30, 2025 and December 31, 2024 totaled $3.82 billion and $2.73 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.74 billion at December 31, 2025, compared to $2.89 billion at September 30, 2025 and $1.79 billion at December 31, 2024.

Total investment securities were $3.58 billion at December 31, 2025, a $354.0 million increase from December 31, 2024. This increase was primarily due to purchases of mortgage-backed securities and a decrease in unrealized losses on available for sale debt securities.

Total deposits increased $654.9 million during the year ended December 31, 2025, to $19.28 billion. Total savings and demand deposit accounts increased $535.7 million to $15.99 billion at December 31, 2025, while total time deposits increased $119.1 million to $3.29 billion at December 31, 2025. The increase in savings and demand deposits was largely attributable to a $372.0 million increase in interest-bearing demand deposits and a $328.7 million increase in money market deposits, partially offset by a $90.4 million decrease in savings deposits and a $74.5 million decrease in non-interest-bearing demand deposits. The increase in time deposits consisted of a $253.6 million increase in brokered time deposits, partially offset by a $134.5 million decrease in retail time deposits.

Borrowed funds increased $91.5 million during the year ended December 31, 2025, to $2.11 billion. Borrowed funds represented 8.5% of total assets at December 31, 2025, a decrease from 13.9% at December 31, 2024.

Stockholders’ equity increased $232.0 million during the year ended December 31, 2025, to $2.83 billion, primarily due to net income earned for the period and a decrease in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the year ended December 31, 2025, common stock repurchases totaled 158,293 shares at an average cost of $18.07 per share, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of December 31, 2025, approximately 814,000 shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share⁽⁶⁾ at December 31, 2025 were $21.69 and $15.70, respectively, compared with $19.93 and $13.66, respectively, at December 31, 2024.

About the Company

Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering "Commitment you can count on" since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Wednesday, January 28, 2026 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter and year ended December 31, 2025. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on "Webcast."

A supplemental 4th Quarter results investor presentation is also available on our investor relations website under “Presentations.”

Forward Looking Statements

Certain statements contained herein are “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. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, tariffs, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Footnotes

⁽¹⁾ Annualized adjusted pre-provision, net-revenue return on average assets, annualized return on average tangible equity, tangible common equity capital ratio, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Financial Highlights
(Dollars in Thousands, except share data) (Unaudited)
	At or for the Three months ended												At or for the Year ended
	December 31,				September 30,				December 31,				December 31,				December 31,
		2025				2025				2024				2025				2024
Statement of Income
Net interest income	$	197,411			$	194,332			$	181,737			$	760,565			$	600,614
Provision (benefit) charge for credit losses		(1,213	)			7,044				8,880				3,581				87,564
Non-interest income		28,311				27,419				24,175				109,836				94,113
Non-interest expense		114,690				113,092				134,323				458,663				457,548
Income before income tax expense		112,245				101,615				62,709				408,157				149,615
Net income		83,431				71,720				48,524				291,160				115,525
Diluted earnings per share	$	0.64			$	0.55			$	0.37			$	2.23			$	1.05
Interest rate spread		2.83	%			2.80	%			2.63	%			2.77	%			2.63	%
Net interest margin		3.44	%			3.43	%			3.28	%			3.39	%			3.26	%
Profitability
Annualized return on average assets		1.34	%			1.16	%			0.81	%			1.19	%			0.57	%
Annualized adjusted return on average assets(1)		1.34	%			1.16	%			1.05	%			1.19	%			0.78	%
Annualized return on average equity		11.78	%			10.39	%			7.36	%			10.71	%			5.07	%
Annualized adjusted return on average equity(1)		11.78	%			10.39	%			9.53	%			10.71	%			6.95	%
Annualized return on average tangible equity(4)		17.58	%			16.01	%			12.21	%			16.58	%			8.58	%
Annualized adjusted return on average tangible equity(1)		17.58	%			16.01	%			15.39	%			16.58	%			11.29	%
Annualized adjusted non-interest expense to average assets(5)		1.84	%			1.83	%			1.90	%			1.87	%			1.97	%
Efficiency ratio(6)		50.97	%			51.01	%			55.43	%			52.44	%			57.67	%
Asset Quality
Non-accrual loans	$	78,420			$	100,409			$	72,061			$	78,420			$	72,061
90+ and still accruing		—				—				—				—				—
Non-performing loans		78,420				100,409				72,061				78,420				72,061
Foreclosed assets		2,015				2,015				9,473				2,015				9,473
Non-performing assets		80,435				102,424				81,534				80,435				81,534
Non-performing loans to total loans		0.40	%			0.52	%			0.39	%			0.40	%			0.39	%
Non-performing assets to total assets		0.32	%			0.41	%			0.34	%			0.32	%			0.34	%
Allowance for loan losses	$	184,767			$	186,969			$	193,432			$	184,767			$	193,432
Allowance for loan losses to total non-performing loans		235.61	%			186.21	%			268.43	%			235.61	%			268.43	%
Allowance for loan losses to total loans		0.95	%			0.97	%			1.04	%			0.95	%			1.04	%
Net loan charge-offs	$	4,152				5,401			$	5,493			$	12,790			$	14,560
Annualized net loan charge offs to average total loans		0.09	%			0.11	%			0.12	%			0.07	%			0.09	%
Average Balance Sheet Data
Assets	$	24,775,214			$	24,518,290			$	23,908,514			$	24,429,121			$	20,382,148
Loans, net		19,149,055				18,906,763				18,487,443				18,870,134				15,600,431
Earning assets		22,798,735				22,492,065				21,760,458				22,395,056				18,403,149
Savings and demand deposits		16,291,161				15,602,031				15,581,608				15,655,186				13,103,803
Borrowings		1,531,419				2,136,111				1,711,806				2,018,256				1,983,674
Interest-bearing liabilities		17,867,637				17,704,286				17,093,382				17,622,488				14,596,325
Stockholders' equity		2,810,166				2,738,414				2,624,019				2,718,331				2,279,525
Average yield on interest-earning assets		5.66	%			5.76	%			5.66	%			5.68	%			5.68	%
Average cost of interest-bearing liabilities		2.83	%			2.96	%			3.03	%			2.91	%			3.05	%

Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
(Dollars in Thousands, except share data)

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity
		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
			2025				2025				2024				2025				2024
Net Income		$	83,431			$	71,720			$	48,524			$	291,160			$	115,525
Merger-related transaction costs			—				—				20,184				—				56,867
Less: income tax expense			—				—				(5,819	)			—				(14,010	)
Annualized adjusted net income		$	83,431			$	71,720			$	62,889			$	291,160			$	158,382
Less: Amortization of Intangibles (net of tax)		$	6,180			$	6,639			$	6,649			$	26,712			$	20,226
Annualized adjusted net income for annualized adjusted return on average tangible equity		$	89,611			$	78,359			$	69,538			$	317,872			$	178,607
Annualized Adjusted Return on Average Assets			1.34	%			1.16	%			1.05	%			1.19	%			0.78	%
Annualized Adjusted Return on Average Equity			11.78	%			10.39	%			9.53	%			10.71	%			6.95	%
Annualized Adjusted Return on Average Tangible Equity			17.58	%			16.01	%			15.39	%			16.58	%			11.29	%
(2) Annualized adjusted pre-provision, net-revenue ("PPNR") returns on average assets, average equity and average tangible equity
		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
			2025				2025				2024				2025				2024
Net income		$	83,431			$	71,720			$	48,524			$	291,160			$	115,525
Adjustments to net income:
Provision (benefit) charge for credit losses			(1,213	)			7,044				8,880				3,581				87,564
Net loss on Lakeland bond sale			—				—				—				—				2,839
Merger-related transaction costs			—								20,184				—				56,867
Writedown on ORE property			—				—				—				2,690			—
Income tax expense			28,814				29,895				14,185				116,997				34,090
Adjusted PPNR income		$	111,032			$	108,659			$	91,773			$	414,428			$	296,885
Annualized Adjusted PPNR income		$	440,507			$	431,093			$	365,097			$	414,428			$	296,885
Average assets		$	24,775,214			$	24,518,290			$	23,908,514			$	24,429,121			$	20,382,148
Average equity		$	2,810,166			$	2,738,414			$	2,624,019			$	2,718,331			$	2,279,525
Average tangible equity		$	2,022,451			$	1,941,625			$	1,797,994			$	1,916,703			$	1,581,339
Annualized Adjusted PPNR return on average assets			1.78	%			1.76	%			1.53	%			1.70	%			1.46	%
Annualized PPNR return on average equity			15.68	%			15.74	%			13.91	%			15.25	%			13.02	%
Annualized PPNR return on average tangible equity			21.78	%			22.20	%			20.31	%			21.62	%			18.77	%
(3) Tangible Common Equity Ratio, Book and Tangible Book Value per Share														December 31,				December 31,
															2025				2024
Total assets														$	24,980,710			$	24,051,825
Less: total intangible assets															782,152				819,230
Total tangible assets														$	24,198,558			$	23,232,595
Total stockholders' equity														$	2,833,212			$	2,601,207
Less: total intangible assets															782,152				819,230
Total tangible stockholders' equity														$	2,051,060			$	1,781,977
Tangible common equity ratio															8.48	%			7.67	%
Shares outstanding															130,619,949				130,489,493
Book value per share (total stockholders' equity/shares outstanding)														$	21.69			$	19.93
Tangible book value per share (total tangible stockholders' equity/shares outstanding)														$	15.70			$	13.66
(4) Annualized Return on Average Tangible Equity
		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
			2025				2025				2024				2025				2024
Total average stockholders' equity		$	2,810,166			$	2,738,414			$	2,624,019			$	2,718,331			$	2,279,525
Less: total average intangible assets			787,715				796,789				826,025				801,628				698,186
Total average tangible stockholders' equity		$	2,022,451			$	1,941,625			$	1,797,994			$	1,916,703			$	1,581,339
Net income		$	83,431			$	71,720			$	48,524			$	291,160			$	115,525
Less: Amortization of Intangibles, net of tax			6,180				6,639				6,649				26,712				20,226
Total net income		$	89,611			$	78,359			$	55,173			$	317,872			$	135,751
Annualized return on average tangible equity (net income/total average tangible stockholders' equity)			17.58	%			16.01	%			12.21	%			16.58	%			8.58	%
(5) Annualized Adjusted Non-Interest Expense to Average Assets
		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
			2025				2025				2024				2025				2024
Reported non-interest expense		$	114,690			$	113,092			$	134,323			$	458,663			$	457,548
Adjustments to non-interest expense:
Merger-related transaction costs			—				—				20,184				—				56,867
Write-down of foreclosed property		$	—			$	—			$	—			$	2,690			$	—
Adjusted non-interest expense		$	114,690			$	113,092			$	114,139			$	455,973			$	400,681
Annualized adjusted non-interest expense		$	455,020			$	448,680			$	454,075			$	455,973			$	400,681
Average assets		$	24,775,214			$	24,518,290			$	23,908,514			$	24,429,121			$	20,382,148
Annualized adjusted non-interest expense/average assets			1.84	%			1.83	%			1.90	%			1.87	%			1.97	%
(6) Efficiency Ratio Calculation
		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,				December 31,
			2025				2025				2024				2025				2024
Net interest income		$	197,411			$	194,332			$	181,737			$	760,565			$	600,614
Non-interest income			28,311				27,419				24,175				109,836				94,113
Adjustments to non-interest income:
Net (gain) loss on securities transactions			(690	)			(67	)			14				(843	)			2,986
Adjusted non-interest income			27,621				27,352				24,189				108,993				97,099
Total income		$	225,032			$	221,684			$	205,912			$	869,558			$	694,727
Adjusted non-interest expense		$	114,690			$	113,092			$	114,139			$	455,973			$	400,681
Efficiency ratio (adjusted non-interest expense/income)			50.97	%			51.01	%			55.43	%			52.44	%			57.67	%

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
December 31, 2025 (Unaudited) and December 31, 2024
(Dollars in Thousands)
Assets	December 31, 2025				December 31, 2024
Cash and cash equivalents		211,484				205,939
Available for sale debt securities, at fair value		3,164,756				2,768,915
Held to maturity debt securities, (net of $16,000 allowance as of December 31, 2025 (unaudited) and $14,000 allowance as of December 31, 2024)		282,127				327,623
Equity securities, at fair value		19,875				19,110
Federal Home Loan Bank stock		115,687				112,767
Loans held for sale		14,710				162,453
Loans held for investment		19,504,061				18,659,370
Less allowance for credit losses		184,767				193,432
Net loans		19,334,004				18,628,391
Foreclosed assets, net		2,015				9,473
Banking premises and equipment, net		113,328				119,622
Accrued interest receivable		95,798				91,160
Intangible assets		782,152				819,230
Bank-owned life insurance		414,371				405,893
Other assets		445,113				543,702
Total assets	$	24,980,710			$	24,051,825
Liabilities and Stockholders' Equity
Deposits:
Demand deposits	$	14,402,148			$	13,775,991
Savings deposits		1,589,259				1,679,667
Certificates of deposit of $250,000 or more		929,989				789,342
Other time deposits		2,357,287				2,378,813
Total deposits		19,278,683				18,623,813
Mortgage escrow deposits		40,253				42,247
Borrowed funds		2,111,955				2,020,435
Subordinated debentures		406,582				401,608
Other liabilities		310,025				362,515
Total liabilities		22,147,498				21,450,618
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued		—				—
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,619,949 shares outstanding as of December 31, 2025 and 130,489,493 outstanding as of December 31, 2024.		1,376				1,376
Additional paid-in capital		1,844,949				1,834,495
Retained earnings		1,154,364				989,111
Accumulated other comprehensive loss		(76,183	)			(135,355	)
Treasury stock		(91,294	)			(88,420	)
Total stockholders' equity		2,833,212				2,601,207
Total liabilities and stockholders' equity	$	24,980,710			$	24,051,825

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended December 31, 2025, September 30, 2025 (Unaudited) and December 31, 2024, and year ended December 31, 2025 (Unaudited) and 2024
(Dollars in Thousands, except per share data)
	Three Months Ended											Year Ended
	December 31,				September 30,			December 31,				December 31,			December 31,
		2025				2025			2024				2025			2024
Interest and dividend income:
Real estate secured loans	$	196,082			$	197,252		$	194,236			$	773,179		$	655,868
Commercial loans		81,652				81,943			75,978				318,268			251,793
Consumer loans		10,504				10,847			10,815				41,974			36,635
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		33,981				33,578			27,197				128,647			85,895
Held to maturity debt securities		1,835				1,897			2,125				7,694			8,885
Deposits, federal funds sold and other short-term investments		785				764			1,596				3,012			7,062
Total interest income		324,839				326,281			311,947				1,272,774			1,046,138
Interest expense:
Deposits		104,232				102,094			105,922				400,003			349,523
Borrowed funds		15,199				21,307			15,652				78,754			73,523
Subordinated debt		7,997				8,548			8,636				33,452			22,478
Total interest expense		127,428				131,949			130,210				512,209			445,524
Net interest income		197,411				194,332			181,737				760,565			600,614
Provision (benefit) charge for credit losses		(1,213	)			7,044			8,880				3,581			87,564
Net interest income after provision for credit losses		198,624				187,288			172,857				756,984			513,050
Non-interest income:
Fees		11,100				11,336			9,687				42,827			34,114
Wealth management income		7,627				7,349			7,655				29,252			30,533
Insurance agency income		3,854				3,852			3,289				18,299			16,201
Bank-owned life insurance		2,790				2,662			2,261				10,130			11,709
Net gain (loss) on securities transactions		690				67			(14	)			843			(2,986	)
Other income		2,250				2,153			1,297				8,485			4,542
Total non-interest income		28,311				27,419			24,175				109,836			94,113
Non-interest expense:
Compensation and employee benefits		64,316				63,202			59,937				253,133			218,341
Net occupancy expense		13,078				12,773			12,562				52,789			45,014
Data processing expense		9,110				9,102			9,881				37,415			35,579
FDIC Insurance		2,758				3,418			3,411				12,902			12,964
Amortization of intangibles		8,578				9,497			9,511				37,074			28,931
Advertising and promotion expense		1,406				1,640			1,485				5,530			5,146
Merger-related expenses		—				—			20,184				—			56,867
Other operating expenses		15,444				13,460			17,352				59,820			54,706
Total non-interest expense		114,690				113,092			134,323				458,663			457,548
Income before income tax expense		112,245				101,615			62,709				408,157			149,615
Income tax expense		28,814				29,895			14,185				116,997			34,090
Net income	$	83,431			$	71,720		$	48,524			$	291,160		$	115,525
Basic earnings per share	$	0.64			$	0.55		$	0.37			$	2.23		$	1.05
Average basic shares outstanding		130,530,391				130,506,517			130,067,244				130,462,418			109,668,911
Diluted earnings per share	$	0.64			$	0.55		$	0.37			$	2.23		$	1.05
Average diluted shares outstanding		130,589,271				130,553,819			130,163,872				130,507,070			109,712,732

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	December 31, 2025									September 30, 2025									December 31, 2024
	Average Balance			Interest			Average Yield/ Cost			Average Balance			Interest			Average Yield/ Cost			Average Balance			Interest			Average Yield/ Cost
Interest-Earning Assets:
Deposits	$	90,490		$	785		3.44	%		$	79,471		$	764		3.82	%		$	117,998		$	1,596		5.38	%
Available for sale debt securities		3,161,753			31,622		4.00	%			3,070,080			30,952		4.03	%			2,720,065			24,827		3.69	%
Held to maturity debt securities, net(1)		287,635			1,835		2.55	%			299,506			1,897		2.53	%			328,147			2,125		2.59	%
Equity securities, at fair value		19,781			143		2.90	%			19,457			120		2.47	%			19,920			236		4.71	%
Total securities		3,469,169			33,600		3.87	%			3,389,043			32,969		3.89	%			3,068,132			27,188		3.58	%
Federal Home Loan Bank stock		90,021			2,216		9.76	%			116,788			2,506		8.58	%			86,885			2,134		9.82	%
Net loans:(2)
Total mortgage loans		13,501,084			196,082		5.77	%			13,390,032			197,252		5.85	%			13,287,942			194,236		5.75	%
Total commercial loans		5,036,657			81,652		6.43	%			4,908,131			81,943		6.63	%			4,587,048			75,978		6.54	%
Total consumer loans		611,314			10,504		6.82	%			608,600			10,847		7.07	%			612,453			10,815		7.02	%
Total net loans		19,149,055			288,238		5.98	%			18,906,763			290,042		6.09	%			18,487,443			281,029		5.99	%
Total interest-earning assets	$	22,798,735		$	324,839		5.66	%		$	22,492,065		$	326,281		5.76	%		$	21,760,458		$	311,947		5.66	%
Non-Interest Earning Assets:
Cash and due from banks		152,621									154,859									159,151
Other assets		1,823,858									1,871,366									1,988,905
Total assets	$	24,775,214								$	24,518,290								$	23,908,514
Interest-Bearing Liabilities:
Demand deposits	$	10,960,066		$	72,283		2.62	%		$	10,280,314		$	70,584		2.72	%		$	10,115,827		$	71,265		2.80	%
Savings deposits		1,585,837			889		0.22	%			1,596,072			896		0.22	%			1,677,725			968		0.23	%
Time deposits		3,384,538			31,060		3.64	%			3,287,241			30,614		3.69	%			3,187,172			33,689		4.21	%
Total Deposits		15,930,441			104,232		2.60	%			15,163,627			102,094		2.67	%			14,980,724			105,922		2.81	%
Borrowed funds		1,531,419			15,199		3.94	%			2,136,111			21,307		3.96	%			1,711,806			15,652		3.64	%
Subordinated debentures		405,777			7,997		7.82	%			404,548			8,548		8.38	%			400,852			8,636		8.57	%
Total interest-bearing liabilities		17,867,637			127,428		2.83	%			17,704,286			131,949		2.96	%			17,093,382			130,210		3.03	%
Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,745,258									3,725,645									3,788,056
Other non-interest bearing liabilities		352,153									349,945									403,057
Total non-interest bearing liabilities		4,097,411									4,075,590									4,191,113
Total liabilities		21,965,048									21,779,876									21,284,495
Stockholders' equity		2,810,166									2,738,414									2,624,019
Total liabilities and stockholders' equity	$	24,775,214								$	24,518,290								$	23,908,514
Net interest income				$	197,411								$	194,332								$	181,737
Net interest rate spread							2.83	%								2.80	%								2.63	%
Net interest-earning assets	$	4,931,098								$	4,787,779								$	4,667,076
Net interest margin(3)							3.44	%								3.43	%								3.28	%
Ratio of interest-earning assets to total interest-bearing liabilities	1.28x									1.27x									1.27x

(1	)	Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2	)	Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
(3	)	Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
	4th Qtr.			3rd Qtr.			2nd Qtr.			1st Qtr.			4th Qtr.
Interest-Earning Assets:
Securities	3.99	%		3.89	%		3.81	%		3.73	%		3.55	%
Net loans	5.98	%		6.09	%		6.01	%		5.95	%		5.99	%
Total interest-earning assets	5.66	%		5.76	%		5.68	%		5.63	%		5.66	%
Interest-Bearing Liabilities:
Total deposits	2.60	%		2.67	%		2.62	%		2.64	%		2.81	%
Total borrowings	3.94	%		3.96	%		3.94	%		3.76	%		3.64	%
Total interest-bearing liabilities	2.83	%		2.96	%		2.94	%		2.90	%		3.03	%
Interest rate spread	2.83	%		2.80	%		2.74	%		2.73	%		2.63	%
Net interest margin	3.44	%		3.43	%		3.36	%		3.34	%		3.28	%
Ratio of interest-earning assets to interest-bearing liabilities	1.28x			1.27x			1.27x			1.27x			1.27x

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)
	December 31, 2025									December 31, 2024
	Average						Average			Average						Average
	Balance			Interest			Yield/Cost			Balance			Interest			Yield/Cost
Interest-Earning Assets:
Deposits	$	82,383		$	3,012		3.66	%		$	36,932		$	7,062		5.23	%
Available for sale debt securities		3,005,560			119,152		3.96	%			2,323,158			77,105		3.32	%
Held to maturity debt securities, net(1)		305,490			7,694		2.52	%			344,903			8,885		2.58	%
Equity securities, at fair value		19,417			612		3.16	%			12,367			512		4.14	%
Total securities		3,330,467			127,458		3.82	%			2,680,428			86,502		3.23	%
Federal Home Loan Bank stock		112,072			8,883		7.93	%			85,358			8,278		9.70	%
Net loans:(2)
Total mortgage loans		13,457,994			773,179		5.75	%			11,333,540			655,868		5.79	%
Total commercial loans		4,801,729			318,268		6.63	%			3,768,388			251,793		6.68	%
Total consumer loans		610,411			41,974		6.88	%			498,503			36,635		7.35	%
Total net loans		18,870,134			1,133,421		6.01	%			15,600,431			944,296		6.05	%
Total interest-earning assets	$	22,395,056		$	1,272,774		5.68	%		$	18,403,149		$	1,045,626		5.68	%
Non-Interest Earning Assets:
Cash and due from banks		147,184									233,829
Other assets		1,886,881									1,745,170
Total assets	$	24,429,121								$	20,382,148
Interest-Bearing Liabilities:
Demand deposits	$	10,304,843		$	273,101		2.65	%		$	8,480,380		$	245,874		2.90	%
Savings deposits		1,627,710			3,609		0.22	%			1,502,852			3,443		0.23	%
Time deposits		3,267,755			123,293		3.77	%			2,367,144			100,206		4.23	%
Total deposits		15,200,308			400,003		2.63	%			12,350,376			349,523		2.83	%
Borrowed funds		2,018,256			78,754		3.90	%			1,983,674			73,523		3.71	%
Subordinated debentures		403,924			33,452		8.28	%			262,275			22,478		8.57	%
Total interest-bearing liabilities	$	17,622,488		$	512,209		2.91	%		$	14,596,325		$	445,524		3.05	%
Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,722,633									3,120,571
Other non-interest bearing liabilities		365,669									385,727
Total non-interest bearing liabilities		4,088,302									3,506,298
Total liabilities		21,710,790									18,102,623
Stockholders' equity		2,718,331									2,279,525
Total liabilities and stockholders' equity	$	24,429,121								$	20,382,148
Net interest income				$	760,565								$	600,102
Net interest rate spread							2.77	%								2.63	%
Net interest-earning assets	$	4,772,568								$	3,806,824
Net interest margin(3)							3.39	%								3.26	%
Ratio of interest-earning assets to total interest-bearing liabilities	1.27x									1.26x
(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.

                           

The following table summarizes the year-to-date net interest margin for the previous three years.
	Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Interest-Earning Assets:
Securities	3.93	%		3.43	%		2.62	%
Net loans	6.01	%		6.05	%		5.37	%
Total interest-earning assets	5.68	%		5.68	%		4.87	%
Interest-Bearing Liabilities:
Total deposits	2.63	%		2.83	%		1.99	%
Total borrowings	3.90	%		3.71	%		3.41	%
Total interest-bearing liabilities	2.91	%		3.05	%		2.24	%
Interest rate spread	2.77	%		2.63	%		2.63	%
Net interest margin	3.39	%		3.26	%		3.16	%
Ratio of interest-earning assets to interest-bearing liabilities	1.27x			1.26x			1.31x

SOURCE: Provident Financial Services, Inc.
CONTACT: Investor Relations, 1-732-590-9300
Web Site: http://www.Provident.Bank

FAQ

What were Provident Financial Services (PFS) net income and EPS for Q4 2025?

Net income for Q4 2025 was $83.4 million, or $0.64 per basic and diluted share. According to the company, this compares with $48.5 million, or $0.37 per share, for Q4 2024.

How much revenue did PFS report for the quarter ended December 31, 2025?

PFS reported $225.7 million of revenue for Q4 2025, its third consecutive quarterly record. According to the company, that included net interest income of $197.4 million and non-interest income of $28.3 million.

What is Provident's loan and deposit position at December 31, 2025 (PFS)?

As of December 31, 2025, PFS had $16.93B in total commercial loans and $19.28B in total deposits. According to the company, core deposits were $15.99 billion.

How large is Provident's loan pipeline and what is the weighted average rate (PFS)?

PFS reported a loan pipeline of $2.74 billion with a weighted average interest rate of 6.22%. According to the company, the pipeline represents work-in-process and loans approved pending closing.

Did asset quality at Provident (PFS) improve in Q4 2025?

Yes. Non-performing loans fell to 0.40% of total loans from 0.52% the prior quarter, indicating improved asset quality. According to the company, reductions included sales of non-accruing notes.

When is the Provident Financial Services (PFS) 2026 annual meeting and what is the record date?

The annual meeting is scheduled for May 21, 2026 at 10:00 a.m. ET, with a record date of March 27, 2026. According to the company, the meeting will be virtual.