PROVIDENT FINANCIAL SERVICES INC

For the period ended Mar 31, 2026. Filed May 8, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 8, 2026

PFS$23.29+1.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements:

Consolidated Statements of Financial Condition

March 31, 2026 (Unaudited) and December 31, 2025

	March 31, 2026	December 31, 2025
ASSETS
Cash and cash equivalents	$222,083	$211,484
Available for sale debt securities, at fair value	3,240,067	3,164,756
Held to maturity debt securities, (net of $15,000 allowance as of March 31, 2026 and $16,000 allowance as of December 31, 2025)	267,653	282,127
Equity securities, at fair value	19,893	19,875
Federal Home Loan Bank and other stock	132,510	115,687
Loans held for sale	7,516	14,710
Loans held for investment	19,647,702	19,504,061
Less allowance for credit losses	176,997	184,767
Net loans	19,478,221	19,334,004
Foreclosed assets, net	2,015	2,015
Banking premises and equipment, net	110,356	113,328
Accrued interest receivable	97,726	95,798
Intangible assets	773,585	782,152
Bank-owned life insurance	413,337	414,371
Other assets	444,244	445,113
Total assets	$25,201,690	$24,980,710
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits	$14,286,558	$14,402,148
Savings deposits	1,624,122	1,589,259
Certificates of deposit of $250,000 or more	942,746	929,989
Other time deposits	2,246,876	2,357,287
Total deposits	19,100,302	19,278,683
Mortgage escrow deposits	48,310	40,253
Borrowed funds	2,482,979	2,111,955
Subordinated debentures	407,824	406,582
Other liabilities	299,406	310,025
Total liabilities	22,338,821	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 130,311,796 shares outstanding as of March 31, 2026 and 130,619,949 outstanding as of December 31, 2025	1,376	1,376
Additional paid-in capital	1,847,737	1,844,949
Retained earnings	1,202,413	1,154,364
Accumulated other comprehensive loss	(86,423)	(76,183)
Treasury stock	(102,234)	(91,294)
Total stockholders’ equity	2,862,869	2,833,212
Total liabilities and stockholders’ equity	$25,201,690	$24,980,710

Consolidated Statements of Income

(Dollars in Thousands, except per share data)

	Three months ended March 31,
	2026	2025
Interest and dividend income:
Real estate secured loans	$191,503	$187,054
Commercial loans	77,901	75,819
Consumer loans	9,900	10,158
Available for sale debt securities and Federal Home Loan Bank stock	33,282	29,644
Held to maturity debt securities	1,794	1,996
Deposits, Federal funds sold and other short-term investments	686	675
Total interest and dividend income	315,066	305,346
Interest expense:
Deposits	91,936	97,420
Borrowed funds	21,011	17,778
Subordinated debt	8,376	8,420
Total interest expense	121,323	123,618
Net interest income	193,743	181,728
Provision for credit losses	(2,116)	638
Net interest income after provision for credit losses	195,859	181,090
Non-interest income:
Fees	10,464	9,655
Wealth management income	7,402	7,328
Insurance agency income	6,850	5,651
Bank-owned life insurance	4,034	2,092
Net gain on securities transactions	—	87
Other income	2,703	2,217
Total non-interest income	31,453	27,030
Non-interest expense:
Compensation and employee benefits	66,196	62,366
Net occupancy expense	14,985	13,927
Data processing expense	9,646	9,605
FDIC insurance	2,841	3,385
Amortization of intangibles	8,563	9,501
Advertising and promotion expense	938	1,060
Other operating expenses	13,972	16,423
Total non-interest expense	117,141	116,267
Income before income tax expense	110,171	91,853
Income tax expense	30,754	27,825
Net income	$79,417	$64,028
Basic earnings per share	$0.61	$0.49
Weighted average basic shares outstanding	130,511,676	130,325,393
Diluted earnings per share	$0.61	$0.49
Weighted average diluted shares outstanding	130,588,635	130,380,475

Consolidated Statements of Comprehensive Income

	Three months ended March 31,
	2026	2025
Net income	$79,417	$64,028
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized gains (losses) arising during the period	(12,689)	26,786
Reclassification adjustment for gains included in net income	—	(62)
Total	(12,689)	26,724
Unrealized gains and losses on derivatives:
Net unrealized gains arising during the period	2,533	106
Reclassification adjustment for gains included in net income	(67)	(1,391)
Total	2,466	(1,285)
Amortization related to post-retirement obligations	(17)	(330)
Total other comprehensive income (loss)	(10,240)	25,109
Total comprehensive income	$69,177	$89,137

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2026 (Unaudited)

For the three months ended March 31, 2026 · COMMON STOCK · ADDITIONAL PAID-IN CAPITAL · RETAINED EARNINGS · ACCUMULATED OTHER COMPREHENSIVE LOSS · TREASURY STOCK · TOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2025	1,376	1,844,949		1,154,364		(76,183)	(91,294)		2,833,212
Net income	—	—		79,417		—	—		79,417
Other comprehensive loss, net of tax	—	—		—		(10,240)	—		(10,240)
Cash dividends paid	—		(31,368)		—			(31,368)
Purchases of treasury stock	—	—		—		—	(10,255)		(10,255)
Purchase of employee restricted shares to fund statutory tax withholding	—	—		—		—	(2,138)		(2,138)
Stock option exercises	—	57		—		—	1,453		1,510
Allocation of SAP shares	—	2,731		—		—	—		2,731
Allocation of Stock options	—	—		—		—	—		—
Balance as of March 31, 2026	$1,376	$1,847,737		$1,202,413		$(86,423)	$(102,234)		$2,862,869

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2025 (Unaudited)

For the three months ended March 31, 2025 · COMMON STOCK · ADDITIONAL PAID-IN CAPITAL · RETAINED EARNINGS · ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME · TREASURYSTOCK · TOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2024	$1,376	$1,834,495	$989,111	$(135,355)	$(88,420)		$2,601,207
Net income	—	—	64,028	—	—		64,028
Other comprehensive income net of tax	—	—	—	25,109	—		25,109
Cash dividends paid	—	—	(31,873)	—		(31,873)
Purchase of employee restricted shares to fund statutory tax withholding	—	—	—	—	(1,847)		(1,847)
Allocation of SAP shares	—	2,153	—	—	—		2,153
Allocation of Stock options	—	17	—	—	—		17
Balance as of March 31, 2025	$1,376	$1,836,665	$1,021,266	$(110,246)	$(90,267)		$2,658,794

Consolidated Statements of Cash Flows

	Three months ended March 31,
	2026	2025
Cash flows from operating activities:
Net income	$79,417	$64,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	11,826	13,165
Provision for credit losses on loans and securities	(4,651)	328
Provision charge for credit losses on off-balance sheet credit exposures	2,535	310
Deferred tax expense	4,674	3,600
Amortization of operating lease right-of-use assets	3,671	3,544
Income on Bank-owned life insurance	(4,034)	(2,092)
Net amortization of premiums and discounts on securities	3,729	4,272
Accretion of net deferred loan fees	(2,019)	(1,522)
Amortization of premiums on purchased loans, net	78	62
Originations of loans held for sale	(14,067)	(15,683)
Proceeds from sales of loans originated for sale	18,405	10,640
Allocation of stock award expense	2,737	2,153
Allocation of stock option expense	—	17
Net gain on sale of loans	(967)	(368)
Net (gain) loss on securities transactions	—	(87)
Net gain on sale of premises and equipment	(1,182)	(624)
Increase in accrued interest receivable	(1,928)	(616)
(Increase) decrease in other assets	(2,953)	43,106
Decrease in other liabilities	(10,619)	(35,718)
Net cash provided by operating activities	84,652	88,515
Cash flows from investing activities:
Net (increase) in loans	(139,811)	(112,317)
Purchases of loans	—	(321)
Proceeds from maturities, calls and paydowns of held to maturity debt securities	15,180	14,113
Purchases of investment securities held to maturity	(842)	(700)
Proceeds from sales of available for sale debt securities	—	1,670
Proceeds from maturities, calls and paydowns of available for sale debt securities	101,343	150,843
Purchases of available for sale debt securities	(190,450)	(217,721)
Proceeds from redemption of Federal Home Loan Bank stock	101,676	76,930
Purchases of Federal Home Loan Bank stock	(118,499)	(91,086)
BOLI claim benefits received	—	906
Proceeds from sales of premises and equipment	2,709	2,348
Purchases of premises and equipment	(3,694)	(1,142)
Net cash (used in) investing activities	(232,388)	(176,477)
Cash flows from financing activities:
Net decrease in deposits	(178,381)	(174,950)
Increase in mortgage escrow deposits	8,057	9,014
Cash dividends paid to stockholders	(31,368)	(31,874)
Purchase of treasury stock	(10,255)	—
Purchase of employee restricted shares to fund statutory tax withholding	(2,138)	(1,847)

	Three months ended March 31,
	2026	2025
Stock options exercised	1,396	—
Proceeds from long-term borrowings	50,000	—
Payments on long-term borrowings	(2,790)	(254,600)
Net increase in short-term borrowings	323,814	570,356
Net cash provided by financing activities	158,335	116,099
Net increase in cash and cash equivalents	10,599	28,137
Cash and cash equivalents at beginning of period	209,057	205,869
Restricted cash at beginning of period	2,427	70
Total cash, cash equivalents and restricted cash at beginning of period	211,484	205,939
Cash and cash equivalents at end of period	222,083	234,076
Restricted cash at end of period	—	—
Total cash, cash equivalents and restricted cash at end of period	$222,083	$234,076
Cash paid during the period for:
Interest on deposits and borrowings	$106,824	$125,711
Income taxes	$2,508	$1,029
Transfer of loans receivable to foreclosed assets	$—	$—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.