PROVIDENT FINANCIAL SERVICES INC
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 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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Item 1. Financial Statements:
Consolidated Statements of Financial Condition
June 30, 2026 (Unaudited) and December 31, 2025
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $228,293 | $211,484 |
| Available for sale debt securities, at fair value | 3,286,456 | 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 value | 20,108 | 19,875 |
| Federal Home Loan Bank stock | 130,672 | 115,687 |
| Loans held for sale | 5,478 | 14,710 |
| Loans held for investment | 20,045,752 | 19,504,061 |
| Less allowance for credit losses | 184,656 | 184,767 |
| Net loans | 19,866,574 | 19,334,004 |
| Foreclosed assets, net | 963 | 2,015 |
| Banking premises and equipment, net | 112,197 | 113,328 |
| Accrued interest receivable | 98,118 | 95,798 |
| Intangible assets | 765,019 | 782,152 |
| Bank-owned life insurance | 415,256 | 414,371 |
| Other assets | 473,478 | 445,113 |
| Total assets | $25,663,358 | $24,980,710 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Deposits: | ||
| Demand deposits | $14,518,916 | $14,402,148 |
| Savings deposits | 1,582,750 | 1,589,259 |
| Certificates of deposit of $250,000 or more | 965,698 | 929,989 |
| Other time deposits | 2,477,805 | 2,357,287 |
| Total deposits | 19,545,169 | 19,278,683 |
| Mortgage escrow deposits | 47,779 | 40,253 |
| Borrowed funds | 2,407,532 | 2,111,955 |
| Subordinated debentures | 409,065 | 406,582 |
| Other liabilities | 346,828 | 310,025 |
| Total liabilities | 22,756,373 | 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, 2025 | 1,376 | 1,376 |
| Additional paid-in capital | 1,850,121 | 1,844,949 |
| Retained earnings | 1,250,204 | 1,154,364 |
| Accumulated other comprehensive loss | (91,933) | (76,183) |
| Treasury stock | (102,783) | (91,294) |
| Total stockholders’ equity | 2,906,985 | 2,833,212 |
| Total liabilities and stockholders’ equity | $25,663,358 | $24,980,710 |
Consolidated Statements of Income
Three and six months ended June 30, 2026 and 2025 (Unaudited)
(Dollars in Thousands, except per share data)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Interest and dividend income: | ||||
| Real estate secured loans | $195,381 | $192,792 | $386,884 | $379,845 |
| Commercial loans | 82,757 | 78,854 | 160,658 | 154,673 |
| Consumer loans | 9,953 | 10,464 | 19,852 | 20,623 |
| Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 35,975 | 31,444 | 69,258 | 61,088 |
| Held to maturity debt securities | 1,778 | 1,966 | 3,572 | 3,962 |
| Due from banks, Federal funds sold and other short-term investments | 751 | 788 | 1,437 | 1,463 |
| Total interest and dividend income | 326,595 | 316,308 | 641,661 | 621,654 |
| Interest expense: | ||||
| Deposits | 91,803 | 96,257 | 183,739 | 193,678 |
| Borrowed funds | 23,730 | 24,470 | 44,741 | 42,247 |
| Subordinated debt | 8,382 | 8,487 | 16,758 | 16,907 |
| Total interest expense | 123,915 | 129,214 | 245,238 | 252,832 |
| Net interest income | 202,680 | 187,094 | 396,423 | 368,822 |
| Provision charge for credit losses | 9,334 | (2,888) | 7,218 | (2,250) |
| Net interest income after provision for credit losses | 193,346 | 189,982 | 389,205 | 371,072 |
| Non-interest income: | ||||
| Fees | 12,259 | 10,736 | 22,722 | 20,391 |
| Wealth management income | 7,517 | 6,948 | 14,920 | 14,275 |
| Insurance agency income | 5,446 | 4,942 | 12,296 | 10,593 |
| Bank-owned life insurance | 3,798 | 2,585 | 7,833 | 4,678 |
| Net gain (loss) on securities transactions | (309) | — | (309) | 87 |
| Gain on sale of SBA loans | 945 | 647 | 1,690 | 1,310 |
| Other income | 2,317 | 1,217 | 4,275 | 2,771 |
| Total non-interest income | 31,973 | 27,075 | 63,427 | 54,105 |
| Non-interest expense: | ||||
| Compensation and employee benefits | 67,289 | 63,249 | 133,485 | 125,615 |
| Net occupancy expense | 12,464 | 13,011 | 27,449 | 26,938 |
| Data processing expense | 9,388 | 9,599 | 19,034 | 19,203 |
| FDIC insurance | 3,155 | 3,341 | 5,995 | 6,727 |
| Amortization of intangibles | 8,559 | 9,497 | 17,122 | 18,998 |
| Advertising and promotion expense | 1,513 | 1,429 | 2,451 | 2,489 |
| Core system conversion expense | 1,508 | — | 1,508 | — |
| Other operating expenses | 15,382 | 14,488 | 29,355 | 30,911 |
| Total non-interest expense | 119,258 | 114,614 | 236,399 | 230,881 |
| Income before income tax expense | 106,061 | 102,443 | 216,233 | 194,296 |
| Income tax expense | 27,914 | 30,462 | 58,668 | 58,287 |
| Net income | $78,147 | $71,981 | $157,565 | $136,009 |
| Basic earnings per share | $0.60 | $0.55 | $1.21 | $1.04 |
| Weighted average basic shares outstanding | 130,330,787 | 130,484,287 | 130,421,508 | 130,405,490 |
| Diluted earnings per share | $0.60 | $0.55 | $1.21 | $1.04 |
| Weighted average diluted shares outstanding | 130,388,396 | 130,500,143 | 130,488,792 | 130,440,958 |
Consolidated Statements of Comprehensive Income
Three and six months ended June 30, 2026 and 2025 (Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $78,147 | $71,981 | $157,565 | $136,009 |
| Other comprehensive income, net of tax: | ||||
| Unrealized gains and losses on available for sale debt securities: | ||||
| Net unrealized gains arising during the period | (8,570) | 9,145 | (21,259) | 35,931 |
| Reclassification adjustment for losses (gains) on securities sales included in net income | 581 | — | 581 | (62) |
| Total | (7,989) | 9,145 | (20,678) | 35,869 |
| Unrealized gains and losses on derivatives: | ||||
| Net unrealized gains (losses) arising during the period | 2,647 | (699) | 5,180 | (594) |
| Reclassification adjustment for gains included in net income | (33) | (1,641) | (100) | (3,031) |
| Total | 2,614 | (2,340) | 5,080 | (3,625) |
| Amortization related to post-retirement obligations | (135) | (329) | (152) | (659) |
| Total other comprehensive (loss) income | (5,510) | 6,476 | (15,750) | 31,585 |
| Total comprehensive income | $72,637 | $78,457 | $141,815 | $167,594 |
Consolidated Statements of Changes in Stockholders’ Equity
For the three and six months ended June 30, 2026 (Unaudited)
| For the three months ended June 30, 2026 | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | TOTAL STOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|
| Balance as of March 31, 2026 | $1,376 | $1,847,737 | $1,202,413 | $(86,423) | $(102,234) | $2,862,869 |
| Net income | — | — | 78,147 | — | — | 78,147 |
| Other comprehensive income, net of tax | — | — | — | (5,510) | — | (5,510) |
| Cash dividends paid | — | — | (30,356) | — | — | (30,356) |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (549) | (549) |
| Allocation of SAP shares | — | 2,384 | — | — | — | 2,384 |
| Balance as of June 30, 2026 | $1,376 | $1,850,121 | $1,250,204 | $(91,933) | $(102,783) | $2,906,985 |
| For the six months ended June 30, 2026 | COMMONSTOCK | ADDITIONALPAID-INCAPITAL | RETAINED EARNINGS | ACCUMULATEDOTHERCOMPREHENSIVELOSS | TREASURYSTOCK | 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 | — | — | 157,565 | — | — | 157,565 |
| Other comprehensive income, net of tax | — | — | — | (15,750) | — | (15,750) |
| Cash dividends paid | — | — | (61,725) | — | — | (61,725) |
| Purchases of treasury stock | — | — | — | — | (10,255) | (10,255) |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (2,687) | (2,687) |
| Stock option exercises | — | 57 | — | — | 1,453 | 1,510 |
| Allocation of SAP shares | — | 5,115 | — | — | — | 5,115 |
| Balance as of June 30, 2026 | $1,376 | $1,850,121 | $1,250,204 | $(91,933) | $(102,783) | $2,906,985 |
Consolidated Statements of Changes in Stockholders’ Equity
For the three and six months ended June 30, 2025 (Unaudited)
| For the three months ended June 30, 2025 | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | TREASURYSTOCK | TOTAL STOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|
| Balance as of March 31, 2025 | $1,376 | $1,836,665 | $1,021,266 | $(110,246) | $(90,267) | $2,658,794 |
| Net income | — | — | 71,981 | — | — | 71,981 |
| Other comprehensive income, net of tax | — | — | — | 6,476 | — | 6,476 |
| Cash dividends paid | — | — | (31,350) | — | — | (31,350) |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (995) | (995) |
| Allocation of SAP shares | — | 2,649 | — | — | — | 2,649 |
| Allocation of stock options | — | — | — | — | — | — |
| Balance as of June 30, 2025 | $1,376 | $1,839,314 | $1,061,897 | $(103,770) | $(91,262) | $2,707,555 |
| For the six months ended June 30, 2025 | COMMONSTOCK | ADDITIONALPAID-IN CAPITAL | RETAINEDEARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | TREASURYSTOCK | TOTALSTOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|
| Balance as of December 31, 2024 | $1,376 | $1,834,495 | $989,111 | $(135,355) | $(88,420) | $2,601,207 |
| Net income | — | — | 136,009 | — | — | 136,009 |
| Other comprehensive income, net of tax | — | — | — | 31,585 | — | 31,585 |
| Cash dividends paid | — | — | (63,223) | — | — | (63,223) |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (2,842) | (2,842) |
| Allocation of SAP shares | — | 4,802 | — | — | — | 4,802 |
| Allocation of stock options | — | 17 | — | — | — | 17 |
| Balance as of June 30, 2025 | $1,376 | $1,839,314 | $1,061,897 | $(103,770) | $(91,262) | $2,707,555 |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY | ||
|---|---|---|
| Consolidated Statements of Cash Flows | ||
| Six months ended June 30, 2026 and 2025 (Unaudited) | ||
| (Dollars in Thousands) | ||
| Six months ended June 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $157,565 | $136,009 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 23,588 | 26,312 |
| Provision for credit losses on loans and securities | 4,931 | (2,319) |
| Provision charge for credit losses on off-balance sheet credit exposures | 2,287 | 69 |
| Deferred tax expense | 3,653 | 7,153 |
| Amortization of operating lease right-of-use assets | 7,301 | 7,015 |
| Income on Bank-owned life insurance | (7,833) | (4,678) |
| Net amortization of premiums and discounts on securities | 8,556 | 8,449 |
| Accretion of net deferred loan fees | (4,468) | (3,012) |
| Amortization of premiums on purchased loans, net | 152 | 129 |
| Originations of loans held for sale | (24,879) | (36,107) |
| Proceeds from sales of loans held for sale | 29,956 | 170,708 |
| Allocation of stock award expense | 5,121 | 4,802 |
| Allocation of stock option expense | — | 17 |
| Net gain on sale of loans | (2,070) | (1,760) |
| Net loss (gain) on securities transactions | 309 | (87) |
| Net gain on sale of premises and equipment | (992) | (624) |
| Net (gain) loss on sale of foreclosed assets | (117) | 11 |
| Increase in accrued interest receivable | (2,320) | (1,554) |
| (Increase) decrease in other assets | (34,047) | 25,106 |
| Increase (decrease) in other liabilities | 36,803 | (60,357) |
| Net cash provided by operating activities | 203,496 | 275,282 |
| Cash flows from investing activities: | ||
| Net increase in loans | (535,289) | (419,566) |
| Purchases of loans | — | (321) |
| Proceeds from sales of foreclosed assets | 1,140 | — |
| Proceeds from maturities, calls and paydowns of held to maturity debt securities | 25,608 | 29,424 |
| Purchases of investment securities held to maturity | (9,954) | (10,928) |
| Proceeds from sales of available for sale debt securities | 23,866 | 1,670 |
| Proceeds from maturities, calls and paydowns of available for sale debt securities | 271,337 | 242,868 |
| Purchases of available for sale debt securities | (437,659) | (430,010) |
| Proceeds from redemption of Federal Home Loan Bank stock | 198,972 | 185,663 |
| Purchases of Federal Home Loan Bank stock | (213,957) | (199,917) |
| BOLI claim benefits received | 3,979 | 906 |
| Proceeds from sales of premises and equipment | 2,767 | 2,348 |
| Purchases of premises and equipment | (13,929) | (5,348) |
| Net cash (used in) investing activities | (683,119) | (603,211) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 266,486 | 84,711 |
| Increase in mortgage escrow deposits | 7,526 | 8,044 |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY | ||
|---|---|---|
| Consolidated Statements of Cash Flows | ||
| Six months ended June 30, 2026 and 2025 (Unaudited) | ||
| (Dollars in Thousands) | ||
| Six months ended June 30, | ||
| 2026 | 2025 | |
| Cash dividends paid to stockholders | (61,725) | (63,223) |
| Purchase of treasury stock | (10,255) | — |
| Purchase of employee restricted shares to fund statutory tax withholding | (2,687) | (2,842) |
| Stock options exercised | 1,510 | — |
| Proceeds from long-term borrowings | 50,000 | 504,500 |
| Payments on long-term borrowings | (102,790) | (327,702) |
| Net increase in short-term borrowings | 348,367 | 177,427 |
| Net cash provided by financing activities | 496,432 | 380,915 |
| Net increase in cash and cash equivalents | 16,809 | 52,986 |
| 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 | 228,293 | 257,953 |
| Restricted cash at end of period | — | 972 |
| Total cash, cash equivalents and restricted cash at end of period | $228,293 | $258,925 |
| Cash paid during the period for: | ||
| Interest on deposits and borrowings | $226,892 | $248,338 |
| Income taxes | $25,463 | $56,551 |
| Transfer of loans receivable to foreclosed assets | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.