$PFS

PROVIDENT FINANCIAL SERVICES INC

CIK:0001178970|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 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)	0	(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	0	1,508	0
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 (in dollars per share)	$ 0.60	$ 0.55	$ 1.21	$ 1.04
Weighted average basic shares outstanding (in shares)	130,330,787	130,484,287	130,421,508	130,405,490
Diluted earnings per share (in dollars per share)	$ 0.60	$ 0.55	$ 1.21	$ 1.04
Weighted average diluted shares outstanding (in shares)	130,388,396	130,500,143	130,488,792	130,440,958

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 157,565,000	$ 136,009,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	23,588,000	26,312,000
Provision for credit losses on loans and securities	4,931,000	(2,319,000)
Provision charge for credit losses on off-balance sheet credit exposures	2,287,000	69,000
Deferred tax expense	3,653,000	7,153,000
Amortization of operating lease right-of-use assets	7,301,000	7,015,000
Income on Bank-owned life insurance	(7,833,000)	(4,678,000)
Net amortization of premiums and discounts on securities	8,556,000	8,449,000
Accretion of net deferred loan fees	(4,468,000)	(3,012,000)
Amortization of premiums on purchased loans, net	152,000	129,000
Originations of loans held for sale	(24,879,000)	(36,107,000)
Proceeds from sales of loans held for sale	29,956,000	170,708,000
Allocation of stock award expense	5,121,000	4,802,000
Allocation of stock option expense	0	17,000
Net gain on sale of loans	(2,070,000)	(1,760,000)
Net loss (gain) on securities transactions	309,000	(87,000)
Net gain on sale of premises and equipment	(992,000)	(624,000)
Net (gain) loss on sale of foreclosed assets	(117,000)	11,000
Increase in accrued interest receivable	(2,320,000)	(1,554,000)
(Increase) decrease in other assets	(34,047,000)	25,106,000
Increase (decrease) in other liabilities	36,803,000	(60,357,000)
Net cash provided by operating activities	203,496,000	275,282,000
Cash flows from investing activities:
Net increase in loans	(535,289,000)	(419,566,000)
Purchases of loans	0	(321,000)
Proceeds from sales of foreclosed assets	1,140,000	0
Proceeds from maturities, calls and paydowns of held to maturity debt securities	25,608,000	29,424,000
Purchases of investment securities held to maturity	(9,954,000)	(10,928,000)
Proceeds from sales of available for sale debt securities	23,866,000	1,670,000
Proceeds from maturities, calls and paydowns of available for sale debt securities	271,337,000	242,868,000
Purchases of available for sale debt securities	(437,659,000)	(430,010,000)
Proceeds from redemption of Federal Home Loan Bank stock	198,972,000	185,663,000
Purchases of Federal Home Loan Bank stock	(213,957,000)	(199,917,000)
BOLI claim benefits received	3,979,000	906,000
Proceeds from sales of premises and equipment	2,767,000	2,348,000
Purchases of premises and equipment	(13,929,000)	(5,348,000)
Net cash (used in) investing activities	(683,119,000)	(603,211,000)
Cash flows from financing activities:
Net increase in deposits	266,486,000	84,711,000
Increase in mortgage escrow deposits	7,526,000	8,044,000
Cash dividends paid to stockholders	(61,725,000)	(63,223,000)
Purchase of treasury stock	(10,255,000)	0
Purchase of employee restricted shares to fund statutory tax withholding	(2,687,000)	(2,842,000)
Stock options exercised	1,510,000	0
Proceeds from long-term borrowings	50,000,000	504,500,000
Payments on long-term borrowings	(102,790,000)	(327,702,000)
Net increase in short-term borrowings	348,367,000	177,427,000
Net cash provided by financing activities	496,432,000	380,915,000
Net increase in cash and cash equivalents	16,809,000	52,986,000
Cash and cash equivalents at beginning of period	209,057,000	205,869,000
Restricted cash at beginning of period	2,427,000	70,000
Total cash and cash equivalents	228,293,000	258,925,000
Cash and cash equivalents at end of period	228,293,000	257,953,000
Restricted cash at end of period	0	972,000
Cash paid during the period for:
Interest on deposits and borrowings	226,892,000	248,338,000
Income taxes	25,463,000	56,551,000
Transfer of loans receivable to foreclosed assets	$ 0	$ 0

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 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
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	0	0
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