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Provident Financial (NYSE: PFS) lifts Q2 EPS and net interest income

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Provident Financial Services, Inc. reported second‑quarter 2026 net income of $78.1 million, or $0.60 per share, compared with $79.4 million, or $0.61, in the prior quarter and $72.0 million, or $0.55, a year earlier. For the first six months of 2026, net income was $157.6 million, or $1.21 per share, up from $136.0 million, or $1.04 per share, in the 2025 period. Core net income, excluding core system conversion and executive severance expenses, was $79.9 million for the quarter and $159.3 million year‑to‑date.

Record net interest income reached $202.7 million, driven by loan growth and pricing, and net interest margin increased to 3.48% from 3.36% a year earlier. Core pre‑provision net revenue was $117.8 million, and the core efficiency ratio improved to 49.75% from 53.52%. Total assets were $25.66 billion, loans held for investment $20.05 billion, and deposits $19.55 billion as of June 30, 2026. Tangible book value per share rose to $16.42, and the tangible common equity ratio increased to 8.60%.

Credit metrics showed low losses but higher problem credits: non‑performing loans were $136.9 million, or 0.68% of total loans, versus $78.4 million, or 0.40%, at December 31, 2025. Net charge‑offs were $1.9 million, or 0.04% of average loans. The allowance for credit losses was 0.92% of total loans, covering 134.87% of non‑performing loans.

Positive

  • Year‑to‑date diluted EPS increased to $1.21 from $1.04 a year earlier, supported by record quarterly net interest income of $202.7 million and a higher net interest margin of 3.48% versus 3.36% in the prior‑year quarter.

Negative

  • Non‑performing loans rose to $136.9 million, or 0.68% of total loans, up from $78.4 million, or 0.40%, at December 31, 2025, while allowance coverage of non‑performing loans declined to 134.87% from 235.61%.

Filing Explained

The filing reports 614,722 year-to-date share repurchases; 2,199,471 shares remain authorized, not already repurchased.

Form 8-K reports specified material events; this filing furnishes Provident’s second-quarter results under Item 2.02 and records the July 30 results call under Item 7.01. Its holder-relevant structural disclosure is the company’s share repurchase activity.

Provident repurchased 25,799 common shares during the quarter ended June 30, 2026 and 614,722 shares during the first six months of 2026. The filing separately reports 130,423,051 shares outstanding at quarter-end, compared with 130,619,949 at December 31, 2025.

Approximately 2,199,471 shares remained eligible for repurchase under the current authorization at June 30, 2026. That figure is remaining authorization capacity, not a report that those shares have been repurchased.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Income $78.1 million Three months ended June 30, 2026
Q2 2026 Diluted EPS $0.60 per share Three months ended June 30, 2026
Six-month 2026 Net Income $157.6 million Six months ended June 30, 2026
Net Interest Income Q2 2026 $202.7 million Quarter compared with $187.1 million in Q2 2025
Net Interest Margin Q2 2026 3.48% Quarter compared with 3.36% in Q2 2025
Total Assets $25.66 billion As of June 30, 2026
Non-performing Loans Ratio 0.68% Non-performing loans to total loans as of June 30, 2026
Tangible Book Value per Share $16.42 As of June 30, 2026
core pre-provision, net revenue financial
"Core pre-provision, net revenue ("PPNR") (2) for the three months ended June 30, 2026"
net interest margin financial
"Net interest margin was 3.48%, compared to 3.40%"
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 common equity ratio financial
"Tangible common equity ratio (4) has grown consistently, increasing from 8.03%"
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
"The Company’s total non-performing loans as of June 30, 2026 were $136.9 million"
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.
allowance for credit losses financial
"the Company’s allowance for credit losses related to the loan portfolio was 0.92% of total loans"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Q2 2026 net income $78.1 million vs $72.0 million in Q2 2025
Q2 2026 diluted EPS $0.60 vs $0.55 in Q2 2025
Six-month 2026 net income $157.6 million vs $136.0 million in the 2025 period
Net interest income Q2 2026 $202.7 million vs $187.1 million in Q2 2025
Net interest margin Q2 2026 3.48% vs 3.36% in Q2 2025

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FAQ

What were Provident Financial Services (PFS) Q2 2026 earnings?
Provident Financial Services reported Q2 2026 net income of $78.1 million, or $0.60 per share. This compares with $79.4 million, or $0.61 per share, in Q1 2026 and $72.0 million, or $0.55 per share, in Q2 2025.

How did net interest income and margin for PFS perform in Q2 2026?
Net interest income reached a record $202.7 million in Q2 2026. Net interest margin improved to 3.48%, compared with 3.40% in Q1 2026 and 3.36% in the second quarter of 2025, reflecting higher yields on interest‑earning assets.

What was Provident Financial Services’ asset and loan growth as of June 30, 2026?
Total assets were $25.66 billion, up from $24.98 billion at December 31, 2025. Loans held for investment totaled $20.05 billion, compared with $19.50 billion at year‑end 2025, with growth led by commercial, multi‑family and commercial mortgage loans.

How strong is PFS’s capital position after Q2 2026?
Stockholders’ equity totaled $2.91 billion, with a tangible common equity ratio of 8.60%. Tangible book value per share was $16.42. At Provident Bank, Common Equity Tier 1 and Total Risk Based Capital ratios were 12.1% and 13.0%, respectively.

What were Provident Financial Services’ credit quality metrics in Q2 2026?
Non‑performing loans were $136.9 million, or 0.68% of total loans, versus 0.73% in Q1 2026 and 0.40% at December 31, 2025. Net charge‑offs were $1.9 million, or 0.04% of average loans, and the allowance for credit losses was 0.92% of total loans.

Did Provident Financial Services (PFS) repurchase shares in Q2 2026?
Yes. PFS repurchased 25,799 shares in Q2 2026 at an average cost of $22.15 per share, and 614,722 shares year‑to‑date at $21.09 per share. About 2,199,471 shares remained available under the current authorization.
FALSE000117897000011789702026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 29, 2026
PROVIDENT FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-31566
42-1547151
(State or Other Jurisdiction of Incorporation)
(Commission File No.)
(I.R.S. Employer Identification No.)
239 Washington Street, Jersey City, New Jersey
07302
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code 732-590-9200

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Symbol(s)
Name of each exchange on which registered
Common
PFS
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operation and Financial Condition.

On July 29, 2026, Provident Financial Services, Inc. (the “Company”) issued a press release reporting its financial results for the three and six months ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.


Item 7.01    Regulation FD Disclosure.

On July 30, 2026, the Company held a conference call to discuss its financial results for the three and six months ended June 30, 2026, including the press release relating to the Company and attached as Exhibit 99.1 to this report.


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    Press release issued by the Company on July 29, 2026 announcing its financial results for the three and six months ended June 30, 2026.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

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:
July 30, 2026By:/s/ Anthony J. Labozzetta
Anthony J. Labozzetta
President and Chief Executive Officer












Provident Financial Services, Inc. Reports Second Quarter Earnings

ISELIN, NJ, July 29, 2026 - Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $78.1 million, or $0.60 per basic and diluted share for the three months ended June 30, 2026, compared to $79.4 million, or $0.61 per basic and diluted share, for the three months ended March 31, 2026 and $72.0 million, or $0.55 per basic and diluted share, for the three months ended June 30, 2025. For the six months ended June 30, 2026, net income totaled $157.6 million, or $1.21 per basic and diluted share, compared to $136.0 million, or $1.04 per basic and diluted share, for the six months ended June 30, 2025. For the three and six months ended June 30, 2026, core net income (1), which has been adjusted for one-time core system conversion and executive severance expenses, totaled $79.9 million, or $0.61 per basic and diluted share and $159.3 million, or $1.22 per basic and diluted share, respectively.

Core pre-provision, net revenue ("PPNR") (2) for the three months ended June 30, 2026 was $117.8 million, or $0.90 per basic and diluted share for the three months ended June 30, 2026, compared to $99.6 million, or $0.76 per basic and diluted share, for the three months ended June 30, 2025. Increases in both net income and core PPNR were driven primarily by expanding net interest income and higher non-interest income, including higher wealth management and insurance agency income.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “Through the first half of 2026, Provident has grown earnings per share 17% year-over-year while also significantly improving our profitability and building capital. We achieved record pre-provision net revenue during the second quarter, driven by strong commercial loan production, expanding core margin and increasing contribution from non-interest income, which represented nearly 14% of total revenues. We are proud of the noticeable momentum of our organization, and I’m optimistic that we will continue to drive organic growth with an unchanged commitment to achieving top quartile risk-adjusted returns."
Key Points for the Second Quarter
•Expanding Core Profitability with Record Revenue
◦Annualized core return on average assets ("ROAA") (3) and net interest margin improved to 1.27% and 3.48%, respectively, from 1.19% and 3.36% in the prior year quarter. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 2 of the earnings release.
◦Core net interest margin, which excludes the impact of purchase accounting accretion and amortization and interest recovery on resolved non-performing loans, increased 5 basis points from the trailing quarter to 3.09% and 16 basis points from the prior year quarter.
◦Core PPNR (2) growth of $18.2 million from the prior year quarter, resulting in a 23 basis point expansion of PPNR ROAA to 1.87%. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 2 of the earnings release.
◦Record net-interest income increased $15.6 million to $202.7 million when compared to the prior year quarter, driven primarily by growth in our earning assets and an expanded net interest margin.
◦Record non-interest income increased $4.9 million to $32.0 million when compared to the prior year quarter, driven primarily by growth in loan related fee income, swap fee income, wealth management and insurance agency income.
•Strong Loan Growth Trends with Low Net Charge-Offs
◦Total commercial loans, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, increased 9.9% annualized for the quarter.
◦Our record pipeline totaled $3.17 billion as of June 30, 2026, with a weighted average interest rate of 6.33%. Both the CRE and C&I pipelines exceeded $1.0 billion for the second consecutive quarter,
1

reflecting the investments we have made in our commercial banking group to generate sustainable, diversified loan growth.
◦Non-performing loans declined $6.0 million compared to the trailing quarter to $136.9 million. Net charge-offs of $1.9 million and $5.0 million for the quarter and six months ended June 30, 2026, represent an annualized 4 and 5 basis points of average loans, respectively.
•Building Capital Position further Strengthening the Balance Sheet
◦Tangible book value ("TBV") per share (4) grew 2% to $16.42 quarter over quarter and grew 12% year over year.
◦Tangible common equity ratio (4) has grown consistently, increasing from 8.03% as of June 30, 2025, to 8.60% as of June 30, 2026.
◦Common Equity Tier One and Total Risk Based Capital ratios for Provident Bank were above well-capitalized at 12.1% and 13.0% as of June 30, 2026, respectively.
◦The Company's adjusted CRE concentration ratio, excluding purchase accounting adjustments as of June 30, 2026 was 399.7%, compared to 399.5% as of December 31, 2025.
Second Quarter 2026 Financial Highlights and Key Performance Indicators (KPIs):
For the Quarter Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Annualized return on average assets1.24 %1.29 %1.34 %1.16 %1.19 %
Annualized core return on average assets (3)
1.27 %1.29 %1.34 %1.16 %1.19 %
Annualized return on average equity10.82 %11.21 %11.78 %10.39 %10.76 %
Annualized core return on average equity (3)
11.05 %11.21 %11.78 %10.39 %10.76 %
Annualized return on average tangible equity (5)
15.90 %16.58 %17.58 %16.01 %16.79 %
Annualized core return on average tangible equity (3)
16.22 %16.58 %17.58 %16.01 %16.79 %
Annualized core non-interest expense to average assets (6)
1.85 %1.90 %1.84 %1.83 %1.89 %
Core efficiency ratio (7)
49.75 %52.02 %50.97 %51.01 %53.52 %
Non-performing loans to total loans 0.68 %0.73 %0.40 %0.52 %0.56 %
Non-performing assets to total assets0.54 %0.58 %0.32 %0.41 %0.44 %
Allowance for loan losses to total non-performing loans134.87 %123.84 %235.61 %186.21 %175.32 %
Allowance for loan losses to total loans 0.92 %0.90 %0.95 %0.97 %0.98 %
Annualized net loan charge-offs to average total loans 0.04 %0.06 %0.09 %0.11 %0.03 %
Average yield on interest-earning assets5.61 %5.53 %5.66 %5.76 %5.68 %
Average cost of interest-bearing liabilities2.71 %2.71 %2.83 %2.96 %2.94 %
Net interest margin3.48%3.40%3.44%3.43%3.36%
Annualized core PPNR return on average assets (2)
1.87 %1.75 %1.78 %1.76 %1.64 %
Annualized core PPNR return on average equity (2)
16.30 %15.25 %15.68 %15.74 %14.88 %
Annualized core PPNR return on average tangible equity (2)
22.21 %20.93 %21.78 %22.20 %21.26 %

Balance Sheet Summary
Assets:
◦Total assets as of June 30, 2026 were $25.66 billion, compared to $24.98 billion as of December 31, 2025.
2

▪Total investment securities were $3.57 billion as of June 30, 2026, compared to $3.47 billion as of December 31, 2025. The increase in investment securities was primarily due to purchases of mortgage-backed securities, partially offset by an increase in unrealized losses on available for sale debt securities.
▪Loans held for investment totaled $20.05 billion as of June 30, 2026, and $19.50 billion as of December 31, 2025, with net increases of $407.6 million of commercial loans, $139.5 million of multi-family loans and $103.8 million of commercial mortgage loans, partially offset by net decreases of $43.1 million of mortgage warehouse lines, $35.6 million of residential mortgage loans, $23.2 million of construction loans and $5.1 million of consumer loans.
◦Total commercial loans, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, represented 87.3% of the loan portfolio as of June 30, 2026, compared to 86.7% as of December 31, 2025.
◦Loan funding, including advances on lines of credit, totaled $5.28 billion as of June 30, 2026, compared with $4.30 billion for the same period in 2025.
◦The Company’s unfunded loan commitments totaled $4.07 billion, including commitments of $2.37 billion in commercial loans, $717.0 million in construction loans and $283.5 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2025 and June 30, 2025 were $3.71 billion and $3.74 billion, respectively.
June 30, 2026March 31, 2026December 31, 2025
(Dollars in thousands)
Mortgage loans:
Commercial$7,502,579 $7,423,652 $7,398,792 
Multi-family3,806,823 3,724,236 3,667,337 
Construction638,933 640,929 662,112 
Residential1,938,704 1,960,861 1,974,324 
Total mortgage loans13,887,039 13,749,678 13,702,565 
Commercial loans5,251,096 4,966,608 4,843,466 
Mortgage warehouse lines313,934 334,505 357,051 
Consumer loans607,373 608,016 612,431 
Total gross loans20,059,442 19,658,807 19,515,513 
Premiums on purchased loans1,663 1,700 1,524 
Net deferred fees and unearned discounts(15,353)(12,805)(12,976)
Total loans$20,045,752 $19,647,702 $19,504,061 
Liabilities and Capital:
◦Total deposits were $19.55 billion as of June 30, 2026, compared to $19.28 billion as of December 31, 2025. Total savings and demand deposit accounts increased $110.3 million to $16.10 billion as of June 30, 2026, while total time deposits increased $156.2 million to $3.44 billion as of June 30, 2026. The increase in savings and demand deposits was largely attributable to a $351.4 million increase in money market deposits and a $94.1 million increase in non-interest bearing demand deposits, partially offset by a $328.7 million decrease in interest bearing demand deposits. Within interest bearing demand deposits, municipal deposits decreased $443.4 million, primarily due to seasonal outflows. To assist in funding the aforementioned seasonal outflows, brokered time deposits increased by $149.3 million.
3

June 30, 2026March 31, 2026December 31, 2025
(Dollars in thousands)
Non-interest bearing$3,808,318 3,716,536 3,714,253 
Savings1,582,750 1,624,122 1,589,259 
Money market4,044,648 3,846,653 3,693,285 
Negotiable Order of Withdrawal ("NOW")6,665,950 6,723,369 6,994,610 
Certificates of deposit
3,443,503 3,189,622 3,287,276 
Total deposits$19,545,169 19,100,302 19,278,683 
◦Borrowed funds totaled $2.41 billion as of June 30, 2026, compared to $2.11 billion as of December 31, 2025. The increase in borrowed funds was largely used to fund asset growth and seasonal outflows in municipal deposits. Borrowed funds represented 9.4% of total assets as of June 30, 2026, an increase from 8.5% as of December 31, 2025.
◦Stockholders’ equity totaled $2.91 billion compared to $2.83 billion as of December 31, 2025, primarily due to net income earned for the period, partially offset by cash dividends paid to stockholders and an increase in unrealized losses on available for sale debt securities.
▪For the three and six months ended June 30, 2026, common stock repurchases totaled 25,799 shares at an average cost of $22.15 per share and 614,722 shares at an average cost of $21.09 per share, respectively. As of June 30, 2026, approximately 2,199,471 shares remained eligible for repurchase under the current stock repurchase authorization.
▪Book value per share and TBV per share(4) as of June 30, 2026 were $22.29 and $16.42, respectively, compared with $21.69 and $15.70, respectively, as of December 31, 2025.
Asset Quality:
◦The Company’s total non-performing loans as of June 30, 2026 were $136.9 million, or 0.68% of total loans held for investment, compared to $142.9 million, or 0.73% of total loans as of March 31, 2026 and $78.4 million, or 0.40% of total loans as of December 31, 2025. The allowance for credit losses on loans represented 134.87% of non-performing loans, compared to 235.61% at December 31, 2025, and 175.32% at June 30, 2025.
◦As of June 30, 2026, impaired loans totaled $121.2 million with related specific reserves of $3.8 million, compared with impaired loans totaling $128.4 million with related specific reserves of $1.6 million as of March 31, 2026. As of December 31, 2025, impaired loans totaled $63.3 million with related specific reserves of $5.9 million.
◦As of June 30, 2026, the Company’s allowance for credit losses related to the loan portfolio was 0.92% of total loans, compared to 0.90% and 0.95% as of March 31, 2026 and December 31, 2025, respectively. The allowance for credit losses decreased $111,000 to $184.7 million as of June 30, 2026, from $184.8 million as of December 31, 2025. The decrease in the allowance for credit losses on loans as of June 30, 2026 compared to December 31, 2025 was due to net charge-offs of $5.0 million, partially offset by a $4.9 million provision for credit losses on loans.







4

The following table sets forth accruing past due loans and non-accrual loans held for investment on the dates indicated, as well as delinquency statistics and certain asset quality ratios.
 June 30, 2026March 31, 2026December 31, 2025
 
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 loans3 $2,301 4 $2,665 8 $15,652 
Multi-family mortgage loans1 1,570 1 694 — — 
Construction loans— — 1 6,639 — — 
Residential mortgage loans27 6,393 25 5,123 34 8,344 
Total mortgage loans31 10,264 31 15,121 42 23,996 
Commercial loans5 1,474 22 10,359 9 1,303 
Consumer loans31 1,401 42 3,588 49 2,209 
Total 30 to 59 days past due67 $13,139 95 $29,068 100 $27,508 
60 to 89 days past due:
Commercial mortgage loans— $— — $— — $— 
Multi-family mortgage loans— — — — 1 932 
Construction loans— — — — — — 
Residential mortgage loans20 5,929 22 6,893 16 4,177 
Total mortgage loans20 5,929 22 6,893 17 5,109 
Commercial loans4 828 6 2,520 3 633 
Consumer loans13 1,577 12 634 14 781 
Total 60 to 89 days past due37 8,334 40 10,047 34 6,523 
Total accruing past due loans104 $21,473 135 $39,115 134 $34,031 
Non-accrual:
Commercial mortgage loans8 $21,338 9 $21,977 11 $26,856 
Multi-family mortgage loans1 266 1 275 3 2,268 
Construction loans1 2,854 1 3,278 1 5,159 
Residential mortgage loans32 7,834 27 8,669 32 9,062 
Total mortgage loans42 32,292 38 34,199 47 43,345 
Commercial loans71 103,383 41 107,398 28 33,219 
Consumer loans17 1,210 23 1,327 27 1,856 
Total non-accrual loans130 $136,885 102 $142,924 102 $78,420 
Non-performing loans to total loans held for investment0.68 %0.73 %0.40 %
Allowance for loan losses to total non-performing loans134.87 %123.84 %235.61 %
Allowance for loan losses to total loans 0.92 %0.90 %0.95 %
As of June 30, 2026 and December 31, 2025, the Company held foreclosed assets of $1.0 million and $2.0 million, respectively. Foreclosed assets as of June 30, 2026 was comprised of one commercial real estate property. Total non-performing assets at June 30, 2026 increased $57.4 million to $137.9 million, or 0.54% of total assets, from $80.4 million, or 0.32% of total assets at December 31, 2025.



5

Results of Operations
Second quarter of 2026 compared to the first quarter of 2026:
Net interest income
◦Net interest income was $202.7 million, compared to $193.7 million. The increase was primarily due to originations of new loans at current market rates and the favorable repricing of adjustable rate loans.
◦Net interest margin was 3.48%, compared to 3.40%. The yield on interest-earning assets increased 8 basis points to 5.61%, while the cost of interest-bearing liabilities remained at 2.71%. The cost of total deposits, which includes non-interest bearing deposits, was 1.92%, compared to 1.94%.
◦Average loans totaled $19.57 billion, an increase of $214.7 million, or 4.44%, primarily due to strong commercial loan growth in the quarter.
◦Average total deposits totaled $19.23 billion compared to $19.24 billion.
Provision for credit losses
◦The provision for credit losses was $9.3 million, compared to a $2.1 million recapture of previous provisions for credit losses in the prior quarter. The provision for credit losses in the second quarter consisted of a $9.6 million provision related to loans, partially offset by a $0.2 million recapture of provision related to off-balance sheet credit exposures, compared with a $4.7 million recapture of provision for credit losses on loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures for the prior quarter. The increase in the provision for credit losses was primarily due to overall growth in the loan portfolio, combined with an increase in specific reserves on individually evaluated loans.
◦Net charge-offs were $1.9 million, compared to $3.1 million in the prior quarter, while the ratio of net charge-offs to average loans was 0.04%, compared to 0.06% in the prior quarter.
Non-interest income and non-interest expense
◦Total non-interest income was $32.0 million, compared to $31.5 million, an increase of $0.5 million. The increase was primarily driven by a $1.8 million increase in fee income, partially offset by a $1.4 million decrease in insurance agency income. The increase in fee income was primarily related to increases in loan related fee income and deposit fee income. The decrease in insurance agency income was mainly due to the receipt of contingent commissions in the prior quarter.
◦Total non-interest expense was $119.3 million, compared to $117.1 million, an increase of $2.1 million. The increase was mainly due to $1.5 million related to costs associated with our ongoing core system conversion, combined with an increase in severance expense.
◦The Company’s annualized core non-interest expense as a percentage of average assets(6) totaled 1.85% for the quarter ended June 30, 2026, compared to 1.90% for the trailing quarter. The core efficiency ratio (core non-interest expense divided by the sum of net interest income and core non-interest income)(7) was 49.75% for the three months ended June 30, 2026, compared to 52.02% for the trailing quarter.
Income tax expense
Income tax expense was $27.9 million, compared to $30.8 million, and the effective tax rate was 26.3%, compared to 27.9%. The decrease in income tax expense was primarily related to a decrease in pre-tax book income, combined with discrete items related to benefits associated with carry-back tax credits, partially offset by the effects of recent legislation adopted by New Jersey with regard to net operating loss usage. The effective tax rate change was primarily related to the aforementioned discrete items.
6

Second quarter of 2026 compared to the second quarter of 2025:
Net interest income
◦Net interest income was $202.7 million, compared to $187.1 million. The increase was primarily due to originations of new loans at current market rates, combined with favorable repricing of deposits.
◦Net interest margin was 3.48%, compared to 3.36%. The yield on interest-earning assets decreased seven basis points to 5.61%, while the cost of interest-bearing liabilities decreased 23 basis points to
7

2.71%. The cost of total deposits, which includes non-interest bearing deposits, was 1.92%, compared to 2.10%.
◦Average loans totaled $19.57 billion, an increase of $742.0 million, or 3.94%, primarily due to strong loan growth in the quarter.
◦Average total deposits totaled $19.23 billion, an increase of $807.8 million, or 4.39%.
Provision for credit losses
◦The provision for credit losses was $9.3 million, compared to a $2.9 million recapture of previous provisions for credit losses for the same period last year. The provision for credit losses in the second quarter consisted of a $9.6 million provision related to loans, partially offset by a $0.2 million recapture of provision related to off-balance sheet credit exposures, compared with a $2.7 million and a $0.2 million recapture of provision for credit losses on loans and off-balance sheet credit exposures for the same period last year. The increase in the provision for credit losses was primarily due to overall growth in the loan portfolio, combined with an increase in specific reserves on individually evaluated loans.
◦Net charge-offs were $1.9 million, compared to $1.2 million a year ago, while the ratio of net charge-offs to average loans was 0.04%, compared to 0.03% a year ago.
Non-interest income and non-interest expense
◦Total non-interest income was $32.0 million, compared to $27.1 million, an increase of $4.9 million. The increase was primarily driven by a $1.5 million increase in fee income, a $1.2 million increase in BOLI income and a $1.1 million increase in other non-interest income. The increase in fee income was primarily related to an increase in loan related fee income. The increase in BOLI income was primarily related to an increase in benefit claims, while the increase in other non-interest income was mainly due to an increase in swap fee income.
◦Total non-interest expense was $119.3 million, compared to $114.6 million, an increase of $4.6 million. The increase was primarily driven by a $4.0 million increase in compensation and benefits expense, partially due to an increase in severance expense, and $1.5 million related to costs associated with our ongoing core system conversion, partially offset by a $0.9 million decrease in amortization of intangibles primarily due to a scheduled reduction in the rate of core deposit intangible amortization related to the merger with Lakeland.
◦The Company’s annualized core non-interest expense as a percentage of average assets(6) totaled 1.85% for the quarter ended June 30, 2026, compared to 1.89% for the same period last year. The core efficiency ratio (core non-interest expense divided by the sum of net interest income and core non-interest income)(7) was 49.75% for the three months ended June 30, 2026, compared to 53.52% for the same period last year.
Income tax expense
◦Income tax expense was $27.9 million, compared to $30.5 million, and the effective tax rate was 26.3%, compared to 29.7%. The decrease in income tax expense and the effective tax rate was primarily related to discrete items related to benefits associated with carry-back tax credits and purchases of current year tax credits, partially offset by effects of recently adopted New Jersey legislation with regard to net operating loss usage.
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
8

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 Thursday, July 30, 2026 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2026. The call may be accessed by dialing 1-833-461-5787 (United States Toll Free) and 1-626-884-3620 (United States Local). Speakers will need to enter meeting ID code (216 708 612) 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 2nd Quarter 2026 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.
Non-GAAP Financial Measures
(1) Core net income, pre-provision, net-revenue annualized core return on average assets, annualized return on average tangible equity, tangible common equity capital ratio, tangible book value per share, annualized core non-interest expense as a percentage of average assets and the core 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.
9


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
June 30, 2026 (Unaudited) and December 31, 2025
(Dollars in Thousands)
AssetsJune 30, 2026December 31, 2025
Cash and cash equivalents$228,293 $211,484 
Available for sale debt securities, at fair value3,286,456 3,164,756 
Held to maturity debt securities, (net of $22,000 allowance as of June 30, 2026 (unaudited) and $16,000 allowance as of December 31, 2025)
266,224 282,127 
Equity securities, at fair value20,108 19,875 
Federal Home Loan Bank stock130,672 115,687 
Loans held for sale5,478 14,710 
Loans held for investment20,045,752 19,504,061 
Less allowance for credit losses184,656 184,767 
Net loans19,866,574 19,334,004 
Foreclosed assets, net963 2,015 
Banking premises and equipment, net112,197 113,328 
Accrued interest receivable98,118 95,798 
Intangible assets765,019 782,152 
Bank-owned life insurance415,256 414,371 
Other assets473,478 445,113 
Total assets$25,663,358 $24,980,710 
Liabilities and Stockholders' Equity
Deposits:
Demand deposits$14,518,916 $14,402,148 
Savings deposits1,582,750 1,589,259 
Certificates of deposit of $250,000 or more965,698 929,989 
Other time deposits2,477,805 2,357,287 
Total deposits19,545,169 19,278,683 
Mortgage escrow deposits47,779 40,253 
Borrowed funds2,407,532 2,111,955 
Subordinated debentures409,065 406,582 
Other liabilities346,828 310,025 
Total liabilities22,756,373 22,147,498 
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 130,423,051 shares outstanding as of June 30, 2026 and 130,619,949 outstanding as of December 31, 20251,376 1,376 
Additional paid-in capital1,850,121 1,844,949 
Retained earnings1,250,204 1,154,364 
Accumulated other comprehensive loss (91,933)(76,183)
Treasury stock(102,783)(91,294)
Total stockholders' equity2,906,985 2,833,212 
Total liabilities and stockholders' equity$25,663,358 $24,980,710 
10

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended June 30, 2026, March 31, 2026 and June 30, 2025, and six months ended June 30, 2026 and 2025 (Unaudited)
(Dollars in Thousands, except per share data)
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
Interest and dividend income:
Real estate secured loans$195,381 $191,503 $192,792 $386,884 $379,845 
Commercial loans82,757 77,901 78,854 160,658 154,673 
Consumer loans9,953 9,900 10,464 19,852 20,623 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock35,975 33,282 31,444 69,258 61,088 
Held to maturity debt securities1,778 1,794 1,966 3,572 3,962 
Deposits, federal funds sold and other short-term investments751 686 788 1,437 1,463 
Total interest income326,595 315,066 316,308 641,661 621,654 
Interest expense:
Deposits91,803 91,936 96,257 183,739 193,678 
Borrowed funds23,730 21,011 24,470 44,741 42,247 
Subordinated debt8,382 8,376 8,487 16,758 16,907 
Total interest expense123,915 121,323 129,214 245,238 252,832 
Net interest income202,680 193,743 187,094 396,423 368,822 
Provision for credit losses9,334 (2,116)(2,888)7,218 (2,250)
Net interest income after provision for credit losses193,346 195,859 189,982 389,205 371,072 
Non-interest income:
Fees12,259 10,464 10,736 22,722 20,391 
Wealth management income7,517 7,402 6,948 14,920 14,275 
Insurance agency income5,446 6,850 4,942 12,296 10,593 
Bank-owned life insurance3,798 4,034 2,585 7,833 4,678 
Net (loss) gain on securities transactions(309)— — (309)87 
Gain on sale of SBA loans945 745 647 1,690 1,310 
Other income2,317 1,958 1,217 4,275 2,771 
Total non-interest income31,973 31,453 27,075 63,427 54,105 
Non-interest expense:
Compensation and employee benefits67,289 66,196 63,249 133,485 125,615 
Net occupancy expense12,464 14,985 13,011 27,449 26,938 
Data processing expense9,388 9,646 9,599 19,034 19,203 
FDIC Insurance3,155 2,841 3,341 5,995 6,727 
Amortization of intangibles8,559 8,563 9,497 17,122 18,998 
Advertising and promotion expense1,513 938 1,429 2,451 2,489 
Core systems conversion expense1,508 — — 1,508 — 
Other operating expenses15,382 13,972 14,488 29,355 30,911 
Total non-interest expense119,258 117,141 114,614 236,399 230,881 
Net income before income tax expense106,061 110,171 102,443 216,233 194,296 
Income tax expense27,914 30,754 30,462 58,668 58,287 
Net income$78,147 $79,417 $71,981 $157,565 $136,009 
Basic earnings per share$0.60 $0.61 $0.55 $1.21 $1.04 
Average basic shares outstanding130,330,787130,511,676130,484,287130,421,508130,405,490
Diluted earnings per share$0.60 $0.61 $0.55 $1.21 $1.04 
Average diluted shares outstanding130,388,396130,588,635130,500,143130,488,792130,440,958
11

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
 (Dollars in Thousands) (Unaudited)
June 30, 2026March 31, 2026June 30, 2025
Average BalanceInterestAverage
Yield/Cost		Average BalanceInterestAverage
Yield/Cost		Average BalanceInterestAverage
Yield/Cost
Interest-Earning Assets:
Deposits$73,162 $751 4.09 %$76,589 $686 3.63 %$75,714 $788 4.21 %
Available for sale debt securities3,272,86833,6374.11 %3,217,56831,458 3.91 %2,958,32529,0923.93 %
Held to maturity debt securities, net (1)
266,7271,7782.67 %273,8451,794 2.62 %315,2041,9662.49 %
Equity securities, at fair value19,986 123 2.46 %19,988 120 2.42 %19,235 214 4.44 %
Total securities3,559,58135,5383.99 %3,511,40133,3723.80 %3,292,76431,2723.80 %
Federal Home Loan Bank stock132,3902,2156.62 %120,2991,7045.67 %133,4472,1386.44 %
Net loans: (2)
Total mortgage loans13,636,285195,3815.75 %13,590,636191,5035.70 %13,398,650192,7925.77 %
Total commercial loans5,327,39582,7576.23 %5,157,78577,9016.13 %4,816,23778,8546.57 %
Total consumer loans605,5799,9536.59 %606,1229,9006.62 %612,41810,4646.85 %
Total net loans19,569,259288,0915.90 %19,354,543279,3045.85 %18,827,305282,1106.01 %
Total interest-earning assets$23,334,392 $326,595 5.61 %$23,062,832 $315,066 5.53 %$22,329,230 $316,308 5.68 %
Non-Interest Earning Assets:
Cash and due from banks162,746171,092150,464
Other assets1,800,478 1,792,490 1,870,114
Total assets$25,297,616 $25,026,414 $24,349,808 
Interest-Bearing Liabilities:
Demand deposits$10,674,922 $63,736 2.39 %$10,759,045 $63,358 2.39 %$9,874,149 $64,803 2.63 %
Savings deposits1,599,6228140.20 %1,606,5548400.21 %1,647,7469000.22 %
Time deposits3,236,51927,2533.38 %3,230,96127,7383.48 %3,197,37430,5553.83 %
Total deposits15,511,06391,8032.37 %15,596,56091,9362.39 %14,719,26996,2582.62 %
Borrowed funds2,435,40423,7303.91 %2,184,71921,0113.90 %2,490,37924,4703.94 %
Subordinated debentures408,260 8,382 8.23 %407,019 8,376 8.35 %403,286 8,487 8.44 %
Total interest-bearing liabilities18,354,727123,9152.71 %18,188,298121,3232.71 %17,612,934129,2152.94 %
Non-Interest Bearing Liabilities:
Non-interest bearing deposits3,716,1043,644,6053,700,132
Other non-interest bearing liabilities329,223320,398352,400
Total non-interest bearing liabilities4,045,3273,965,0034,052,532
Total liabilities22,400,05422,153,30121,665,466
Stockholders' equity2,897,5622,873,1132,684,342
Total liabilities and stockholders' equity$25,297,616 $25,026,414 $24,349,808 
Net interest income$202,680 $193,743 $187,093 
Net interest rate spread2.90 %2.82 %2.74 %
Net interest-earning assets$4,979,665 $4,874,534 $4,716,296 
Net interest margin (3)
3.48 %3.40 %3.36 %
Ratio of interest-earning assets to total interest-bearing liabilities1.27x1.27x1.27x
(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.
12

The following table summarizes the quarterly net interest margin for the previous five quarters.
6/30/263/31/2612/31/259/30/256/30/25
2nd Qtr.1st Qtr.4th Qtr.3rd Qtr.2nd Qtr.
Interest-Earning Assets:
Securities3.99 %3.80 %3.87 %3.89 %3.81 %
Net loans5.90 %5.85 %5.98 %6.09 %6.01 %
Total interest-earning assets5.61 %5.53 %5.66 %5.76 %5.68 %
Interest-Bearing Liabilities:
Deposits2.37 %2.39 %2.60 %2.67 %2.62 %
Borrowings3.91 %3.90 %3.94 %3.96 %3.94 %
Total interest-bearing liabilities2.71 %2.71 %2.83 %2.96 %2.94 %
Interest rate spread2.90 %2.82 %2.83 %2.80 %2.74 %
Net interest margin3.48 %3.40 %3.44 %3.43 %3.36 %
Ratio of interest-earning assets to interest-bearing liabilities1.27x1.27x1.28x1.27x1.27x


















13


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)
June 30, 2026June 30, 2025
AverageAverageAverageAverage
BalanceInterestYield/CostBalanceInterestYield/Cost
Interest-Earning Assets:
Deposits$74,866 $1,437 3.87 %$77,882 $1,463 4.21 %
Available for sale debt securities3,245,371 65,095 4.01 %2,893,373 56,505 3.91 %
Held to maturity debt securities, net (1)
270,266 3,572 2.64 %317,607 3,962 2.50 %
Equity securities, at fair value19,987 244 2.44 %19,212 422 3.01 %
Total securities3,535,624 68,911 3.90 %3,230,192 60,889 3.75 %
Federal Home Loan Bank stock126,378 3,919 12.41 %120,883 4,161 6.92 %
Net loans: (2)
Total mortgage loans13,615,283 386,884 5.72 %13,351,451 379,845 5.73 %
Total commercial loans5,241,339 160,658 6.18 %4,747,564 154,673 6.57 %
Total consumer loans605,872 19,852 6.61 %610,728 20,623 6.81 %
Total net loans19,462,494 567,394 5.87 %18,709,743 555,141 5.98 %
Total interest-earning assets$23,199,362 $641,661 5.60 %$22,138,700 $621,654 5.65 %
Non-Interest Earning Assets:
Cash and due from banks166,896 142,380 
Other assets1,796,506 1,919,313 
Total assets$25,162,764 $24,200,393 
Interest-Bearing Liabilities:
Demand deposits$10,716,751 $127,095 2.39 %$9,984,248 $130,235 2.63 %
Savings deposits1,603,069 1,653 0.21 %1,665,075 1,824 0.22 %
Time deposits3,233,756 54,991 3.43 %3,198,491 61,618 3.88 %
Total deposits15,553,576 183,739 2.38 %14,847,814 193,677 2.63 %
Borrowed funds2,310,754 44,741 3.90 %2,205,805 42,247 3.86 %
Subordinated debentures407,643 16,758 8.29 %402,665 16,907 8.47 %
Total interest-bearing liabilities$18,271,973 $245,238 2.71 %$17,456,284 $252,831 2.92 %
Non-Interest Bearing Liabilities:
Non-interest bearing deposits3,680,552 3,709,602 
Other non-interest bearing liabilities324,834 373,029 
Total non-interest bearing liabilities4,005,386 4,082,631 
Total liabilities22,277,359 21,538,915 
Stockholders' equity2,885,405 2,661,478 
Total liabilities and stockholders' equity$25,162,764 $24,200,393 
Net interest income$396,423 $368,823 
Net interest rate spread2.89 %2.73 %
Net interest-earning assets$4,927,389 $4,682,416 
Net interest margin (3)
3.47 %3.35 %
Ratio of interest-earning assets to total interest-bearing liabilities1.27x1.27x
(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 loans held for sale and non-accrual loans.
(3)Annualized net interest income divided by average interest-earning assets.
14

The following table summarizes the year-to-date net interest margin for the previous three years.
Six Months Ended
June 30, 2026June 30, 2025June 30, 2024
Interest-Earning Assets:
Securities3.90 %3.75 %2.78 %
Net loans5.87 %5.98 %5.83 %
Total interest-earning assets5.60 %5.65 %5.43 %
Interest-Bearing Liabilities:
Deposits2.38 %2.63 %2.74 %
Borrowings3.90 %3.86 %3.75 %
Total interest-bearing liabilities2.71 %2.92 %2.97 %
Interest rate spread2.89 %2.73 %2.46 %
Net interest margin3.47 %3.35 %3.08 %
Ratio of interest-earning assets to interest-bearing liabilities1.27x1.27x1.26x




15

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) Core Net Income
Three months EndedSix months Ended
June 30,June 30,
20262026
Net interest income$202,680 $396,423 
Provision for loan losses9,334 7,218 
Net interest income after provision for loan losses$193,346 $389,205 
Non-interest income31,973 63,427 
Non-interest expense$119,258 $236,399 
Executive severance expense864 864 
Core system conversion expense1,508 1508 
Core non-interest expense$116,886 $234,027 
Income taxes27,914 58,668 
Income tax of non-core items663 663 
Core net income$79,856 $159,274 
Avg. diluted shares outstanding for the 3 and 6 months ended June 30, 2026130,388,396 130,488,792 
Core diluted earnings per share$0.61 $1.22 
(2) Annualized core pre-provision net revenue ("PPNR") returns on average assets, average equity and average tangible equity
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net income$78,147 $79,417 $83,431 $71,720 $71,981 
Adjustments to net income:
Provision for credit losses9,334 (2,116)(1,213)7,044 (2,888)
Write-down on ORE property— — — — — 
Executive severance expense864 — — — — 
Core system conversion expense1,508 — — — — 
Income tax expense27,914 30,754 28,814 29,895 30,462 
Core PPNR$117,767 $108,055 $111,032 $108,659 $99,555 
Annualized core PPNR income$472,362 $438,223 $440,507 $431,093 $399,314 
Core diluted earnings per share$130,388,396 $130,588,635 $74,702,527 $130,589,271 $130,553,819 $130,500,143 
Core PPNR Diluted EPS$0.90 $0.83 $0.85 $0.83 $0.76 
Average assets$25,297,616 $25,026,414 $24,775,214 $24,518,290 $24,349,808 
Average equity$2,897,562 $2,873,113 $2,810,166 $2,738,414 $2,684,342 
Average tangible equity$2,126,989 $2,093,975 $2,022,451 $1,941,625 $1,877,923 
Annualized core PPNR return on average assets1.87 %1.75 %1.78 %1.76 %1.64 %
Annualized core PPNR return on average equity16.30 %15.25 %15.68 %15.74 %14.88 %
Annualized core PPNR return on average tangible equity22.21 %20.93 %21.78 %22.20 %21.26 %
16

(3) Annualized Core Return on Average Assets, Average Equity and Average Tangible Equity
For the Quarter Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net Income$78,147 $79,417 83,431 71,720 $71,981 
Executive severance expense864 — — — — 
Core system conversion expense1,508 — — — — 
Less: income tax expense(663)— — — — 
Annualized core net income$79,856 79,417 83,431 71,720 71,981 
Plus: Amortization of Intangibles (net of tax)6,167 6,170 6,180 6,639 6,639 
Annualized core net income for annualized core return on average tangible equity$86,023 $85,587 $89,611 $78,359 $78,620 
Average assets$25,297,616 $25,026,414 $24,775,214 $24,518,290 $24,349,808 
Average equity$2,897,562 $2,873,113 $2,810,166 $2,738,414 $2,684,342 
Average tangible equity$2,126,989 $2,093,975 $2,022,451 $1,941,625 $1,877,923 
Annualized Core Return on Average Assets1.27 %1.29 %1.34 %1.16 %1.19 %
Annualized Core Return on Average Equity11.05 %11.21 %11.78 %10.39 %10.76 %
Annualized Core Return on Average Tangible Equity16.22 %16.58 %17.58 %16.01 %16.79 %
(4) Tangible Common Equity Ratio, Book and Tangible Book Value per Share
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Total assets$25,663,358 $25,201,690 $24,980,710 $24,832,763 $24,547,286 
Less: total intangible assets765,019 773,585 782,152 790,729 800,232 
Total tangible assets$24,898,339 $24,428,105$24,198,558$24,042,034$23,747,054
Total stockholders' equity$2,906,985 $2,862,869 $2,833,212 $2,767,035 $2,707,555 
Less: total intangible assets765,019 773,585 782,152 790,729 800,232 
Total tangible stockholders' equity$2,141,966 $2,089,284 $2,051,060 $1,976,306 $1,907,323 
Tangible common equity ratio8.60 %8.55 %8.48 %8.22 %8.03 %
Shares outstanding130,423,051 $130,311,796 $130,619,949 $130,621,757 $130,624,243 
Book value per share (total stockholders' equity/shares outstanding)$22.29 $21.97 $21.69 $21.18 $20.73 
Tangible book value per share (total tangible stockholders' equity/shares outstanding)$16.42 $16.03 $15.70 $15.13 $14.60 
(5) Annualized Return on Average Tangible Equity
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Total average stockholders' equity$2,897,562 $2,873,113 $2,810,166 $2,738,414 $2,684,342 
Less: total average intangible assets770,573 779,138 787,715 796,789 806,419 
Total average tangible stockholders' equity$2,126,989 $2,093,975 $2,022,451 $1,941,625 $1,877,923 
Net income$78,147 $79,417 $83,431 $71,720 $71,981 
Plus: Amortization of Intangibles, net of tax6,167 $6,170 $6,180 $6,639 $6,639 
Total net income$84,314 $85,587 $89,611 $78,359 $78,620 
Annualized return on average tangible equity (net income/total average tangible stockholders' equity)15.90 %16.58 %17.58 %16.01 %16.79 %
(6) Annualized Core Non-Interest Expense to Average Assets
17

Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Reported non-interest expense$119,258 $117,141 $114,690 $113,092 $114,614 
Adjustments to non-interest expense:
Executive severance expense864 — — — — 
Core system conversion expense1,508 — — — — 
Core non-interest expense$116,886 $117,141 $114,690 $113,092 $114,614 
Annualized core non-interest expense$468,828 $475,072 $455,020 $448,680 $459,715 
Average assets$25,297,616 $25,026,414 $24,775,214 $24,518,290 $24,349,808 
Annualized core non-interest expense/average assets1.85 %1.90 %1.84 %1.83 %1.89 %
(7) Core Efficiency Ratio Calculation
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net interest income$202,680 $193,743 $197,411 $194,332 $187,094 
Reported non-interest income31,973 31,453 28,311 27,419 27,075 
Adjustments to non-interest income:
Net (loss) gain on securities transactions309 — (690)(67)— 
Core non-interest income32,282 31,453 27,621 27,352 27,075 
Total core income$234,962 225,196 225,032 221,684 214,169 
Core non-interest expense $116,886 117,141 114,690 113,092 114,614 
Core Efficiency ratio (core non-interest expense/core income)49.75 %52.02 %50.97 %51.01 %53.52 %
18

Source: View Original Filing on SEC EDGAR

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