UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-31566 PROVIDENT FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in Its Charter) or Delaware 42-1547151 (State or Other Jurisd ...

Supports Bulldog Capital Nominees to Tejon Ranch Board of Directors PALO ALTO, Calif., May 7, 2025 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook" or "we"), long-time shareholders of Tejon Ranch Co. (NYSE:TRC) ("Tejon" or the "Company") and owners of approximately 1.1% of outstanding shares of the Tejon, today issued the following statement outlining their intention to vote FOR Item #4 to allow Tejon shareholders owning a combined 10% of outstanding shares to call a special meeting of shareholders ...

TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5 and Provides Update on PermitMay 05, 2025 7:00 AM EDT | Source: TriStar Gold Inc.After-tax NPV5% of US$1,353 million at approx. spot of US$3,200 gold priceAfter-tax NPV5% of US$603 million at US$2,200 base-case gold priceA compelling after-tax IRR of 72% at US$3,200 gold and 40% at US$2,200 base case gold priceAISC of US$1,111/ozAfter-tax payback period of 2 yearsThe Company has received a positive legal opini ...

Provident Financial (PFS) closed the last trading session at $16.69, gaining 4.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $21.50 indicates a 28.8% upside potential.The average comprises six short-term price targets ranging from a low of $18 to a high of $24, with a standard deviation of $2.17. While the lowest estimate indicates an increase of 7.9% from the current price le ...

Financial Data and Key Metrics Changes - The company reported net earnings of $64 million or $0.49 per share, with an annualized adjusted return on average assets of 1.11% and an adjusted return on average tangible equity of 16.15% [6][15] - The tangible book value per share grew by $0.69 to $14.15, and the tangible common equity ratio expanded to 7.9% [7] - The average cost of total deposits decreased by 14 basis points to 2.11%, while the total cost of funds decreased by 9 basis points to 2.39% [8] - The reported net interest margin increased by 6 basis points to 3.34%, with core net interest margin growing by 9 basis points [8][16] Business Line Data and Key Metrics Changes - The commercial lending team closed approximately $600 million in new loans, with the commercial loan portfolio increasing by 3.8% [9] - Provident Protection Plus saw a 19% organic growth in new business compared to the same period last year, with income up 23% [12] - Beacon Trust assets under management and fee income decreased by approximately 4% due to market conditions [13] Market Data and Key Metrics Changes - The total loan pipeline increased to approximately $2.8 billion, with a weighted average interest rate of 6.31% [10] - Nonperforming loans increased to 0.54%, primarily due to two well-secured loans [11][20] - Net charge-offs decreased to $2 million from $5.5 million in the trailing quarter [11] Company Strategy and Development Direction - The company aims to maintain momentum throughout 2025, focusing on core businesses and creating value for stockholders and customers [13] - There is a focus on diversifying the commercial portfolio post-merger, with a target of approximately 5% growth in the commercial real estate (CRE) space [50] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is uncertainty in the macroeconomic environment, the current loan pipeline is strong, and no significant negative impacts have been observed in the portfolio [34][40] - The effective tax rate for the quarter increased to 30.3%, with expectations of approximately 29.5% for the remainder of 2025 [23] Other Important Information - The Board of Directors approved a quarterly cash dividend of $0.24 per share payable on May 30 [7] - The company is currently projecting a net interest margin in the range of 3.35% to 3.45% for the remainder of 2025 [17] Q&A Session Summary Question: Update on integration and hiring in wealth management - Management confirmed that integration is complete and there have been new hires in Pennsylvania and Westchester markets, contributing to pipeline growth [27][29] Question: Customer conversations regarding macro outlook and tariffs - Management indicated that there is uncertainty but no significant pullback from clients; the pipeline remains strong [34][36] Question: Details on nonaccrual loans - Management is working with borrowers on two nonaccrual loans, with favorable loan-to-value ratios providing some comfort [45][47] Question: Target for CRE concentration - Management is not targeting a specific number but aims for a range around 420%, with a focus on growing other sectors [50][54] Question: Thoughts on M&A activity in the banking space - Management expressed that buying back stock is a priority over acquisitions, emphasizing the importance of culture in any future mergers [57][59] Question: Expense guidance for 2025 - Management expects expenses to be in the range of $112 million to $115 million, forecasting on the lower end of that range [62]

Provident Financial Services, Inc. (NYSE:PFS) Q1 2025 Earnings Conference Call April 25, 2025 10:00 AM ET Company Participants Adriano Duarte - IR Officer Anthony Labozzetta - President & CEO Thomas Lyons - Senior Executive Vice President & CFO Conference Call Participants Tim Switzer - KBW Mark Fitzgibbon - Piper Sandler Feddie Strickland - Hovde Group Operator Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pro ...

Financial Performance - For the first quarter of 2025, the company reported net income of $64.0 million, or $0.49 per share, compared to $48.5 million, or $0.37 per share, for the previous quarter, and $32.1 million, or $0.43 per share, for the same quarter last year[1][14] - Net income for the three months ended March 31, 2025, was $64,028,000, an increase of 32% compared to $48,524,000 for the previous quarter[52] - Stockholders' equity rose by $57.6 million to $2.66 billion, primarily due to net income earned during the period[34] - The diluted earnings per share for the quarter was $0.49, compared to $0.37 in the previous quarter[41] - Income tax expense for the three months ended March 31, 2025, was $27.8 million with an effective tax rate of 30.3%, compared to $10.9 million and 25.3% for the same period in 2024[20] Asset and Loan Growth - Total assets as of March 31, 2025, were $24.22 billion, a $172.9 million increase from December 31, 2024[28] - The total commercial and industrial loan portfolio increased by $74.3 million, or 6.5% annualized, to $4.68 billion as of March 31, 2025[3] - Loan funding for the three months ended March 31, 2025, totaled $1.93 billion, compared to $622.7 million for the same period in 2024[29] - The loan pipeline totaled $2.77 billion as of March 31, 2025, compared to $1.79 billion as of December 31, 2024[31] - Unfunded loan commitments totaled $2.88 billion as of March 31, 2025, up from $2.73 billion as of December 31, 2024[30] Income and Expense Analysis - Non-interest income totaled $27.0 million for the quarter ended March 31, 2025, an increase of $6.2 million compared to the same period in 2024[18] - Non-interest income increased to $27.0 million, up 12% from $24.2 million in the previous quarter[41] - For the three months ended March 31, 2025, non-interest expense totaled $116.3 million, an increase of $44.4 million compared to the same period in 2024[19] - The Company's annualized adjusted non-interest expense as a percentage of average assets was 1.92% for the quarter ended March 31, 2025, down from 1.99% for the same period in 2024[20] - Adjusted non-interest expense for the three months ended March 31, 2025, was $113,577,000, slightly down from $114,139,000 in the previous quarter[47] Credit Quality - The company recorded a provision for credit losses on loans of $325,000 for the quarter ended March 31, 2025, a significant decrease from $7.8 million for the previous quarter[9] - Total non-performing loans as of March 31, 2025, were $103.2 million, or 0.54% of total loans, up from $72.1 million, or 0.39% as of December 31, 2024[21] - The allowance for credit losses related to the loan portfolio was 1.02% of total loans as of March 31, 2025, compared to 1.04% as of December 31, 2024[22] Efficiency and Margins - The efficiency ratio for the quarter ended March 31, 2025, was 54.43%, compared to 55.43% for the previous quarter[13] - The net interest margin increased by six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the previous quarter[3][8] - The net interest margin for the three months ended March 31, 2025, was 3.34%, compared to 2.87% in the same period last year[62] - The net interest rate spread improved to 2.73% compared to 2.63% in the previous quarter[57] Dividends and Shareholder Returns - The board of directors declared a quarterly cash dividend of $0.24 per common share, payable on May 30, 2025[5] - Book value per share increased to $20.35 as of March 31, 2025, compared to $19.93 at December 31, 2024[48] - Tangible book value per share rose to $14.15 as of March 31, 2025, up from $13.66 in the previous quarter[48] Future Outlook - The company plans to hold a conference call on April 25, 2025, to discuss financial results and future outlook[36]

Provident Financial (PFS) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.38%. A quarter ago, it was expected that this holding company for The Provident Bank would post earnings of $0.50 per share when it actually produced earnings of $0.37, delivering a surprise of -26%.Over the l ...

Core Insights - Provident Financial Services, Inc. reported a net income of $64.0 million, or $0.49 per share, for Q1 2025, a significant increase from $32.1 million, or $0.43 per share, in Q1 2024, and up from $48.5 million, or $0.37 per share, in Q4 2024 [1][14]. Financial Performance - Net interest income for Q1 2025 was $181.7 million, an increase from $93.7 million in Q1 2024, primarily due to the acquisition of Lakeland Bancorp [6][15]. - The net interest margin increased to 3.34% in Q1 2025 from 2.87% in Q1 2024, with the weighted average yield on interest-earning assets rising to 5.63% [7][16]. - Non-interest income totaled $27.0 million in Q1 2025, up from $20.8 million in Q1 2024, driven by increases in fee income and insurance agency income [10][18]. Credit Quality - The provision for credit losses on loans was $325,000 in Q1 2025, a decrease from $7.8 million in Q4 2024, reflecting improved credit quality [9][17]. - Non-performing loans increased to $103.2 million, or 0.54% of total loans, compared to $35.5 million, or 0.35%, in Q1 2024 [22][21]. Expenses and Efficiency - Non-interest expense decreased to $116.3 million in Q1 2025 from $134.3 million in Q4 2024, largely due to the completion of merger-related expenses [11][19]. - The efficiency ratio improved to 54.43% in Q1 2025 from 60.82% in Q1 2024, indicating better cost management [12][20]. Balance Sheet Highlights - Total assets increased to $24.22 billion as of March 31, 2025, up from $24.05 billion at the end of 2024, driven by growth in loans and investments [28]. - The loan portfolio totaled $18.79 billion, with commercial loans representing 86.1% of the total [28][30]. - Total deposits decreased by $175.0 million to $18.45 billion, with a notable decline in savings and demand deposit accounts [32]. Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.24 per common share, payable on May 30, 2025 [4].

Core Viewpoint - Provident Financial's stock price experienced a significant increase of 6.1% to $15.90, following a recent announcement regarding tariff pauses, which improved investor sentiment in the financial sector [1][2]. Company Summary - Provident Financial is projected to report quarterly earnings of $0.47 per share, reflecting a year-over-year increase of 9.3%. Expected revenues are $209.45 million, marking an 83% rise from the same quarter last year [3]. - The consensus EPS estimate for Provident Financial has remained stable over the past 30 days, indicating that stock price movements may not sustain without changes in earnings estimate revisions [4]. Industry Context - Provident Financial operates within the Zacks Financial - Savings and Loan industry, where Brookline Bancorp also resides. Brookline's stock closed 5.4% higher at $10.15, but has seen a decline of 10.6% over the past month [4]. - Brookline's consensus EPS estimate for the upcoming report is $0.23, which represents a year-over-year change of 43.8%, with its Zacks Rank also at 3 (Hold) [5].