Financial Performance - Net income for the three months ended September 30, 2025, was $71,720 thousand, a significant increase of 54.5% compared to $46,405 thousand in the prior year[10]. - Basic earnings per share increased to $0.55 for the three months ended September 30, 2025, compared to $0.36 for the same period in 2024, marking a growth of 52.8%[10]. - Net income for the nine months ended September 30, 2025, was $207,729,000, a significant increase from $67,001,000 in 2024, representing a growth of approximately 209%[21]. - Net income for the three months ended September 30, 2025, was $71.72 million, compared to $46.41 million in 2024, marking a 54.4% increase[167]. - Non-interest income for the three months ended September 30, 2025, totaled $27,419,000, an increase from $26,855,000 in the same period of 2024[157]. - Non-interest income for the nine months ended September 30, 2025, was $81.52 million, up from $69.94 million in 2024, indicating a 16.5% increase[167]. Asset and Loan Growth - Total assets increased to $24,832,763 thousand as of September 30, 2025, up from $24,051,825 thousand as of December 31, 2024, representing a growth of 3.2%[9]. - Net loans rose to $19,113,427 thousand, an increase of 2.6% from $18,628,391 thousand at the end of 2024[9]. - Total gross loans held for investment reached $19,295,970,000, showing a growth from $18,711,909,000 in 2024[79]. - Total mortgage loans as of September 30, 2025, amounted to $13,550.92 million, slightly up from $13,445.15 million as of December 31, 2024[54]. - The total commercial mortgage loans classified as pass/watch were $7,318,725,000, compared to $2,901,059,000 in 2021, indicating a substantial increase[76]. Deposits and Borrowings - Total deposits grew to $19,096,244 thousand, reflecting an increase of 2.5% compared to $18,623,813 thousand as of December 31, 2024[9]. - Total deposits increased to $19.10 billion as of September 30, 2025, up from $18.62 billion as of December 31, 2024, representing a growth of 2.53%[84]. - Total borrowed funds amounted to $2.21 billion as of September 30, 2025, compared to $2.02 billion as of December 31, 2024, indicating an increase of 9.36%[85]. Credit Quality and Losses - The provision charge for credit losses was $7,044 thousand for the three months ended September 30, 2025, down from $9,299 thousand in the same period of 2024, indicating improved credit quality[10]. - The allowance for credit losses at the end of September 30, 2025, was $186.97 million, a decrease from $191.18 million at the end of September 30, 2024[58]. - The company recorded net charge-offs of $5.4 million for the three months ended September 30, 2025, compared to $7.32 million for the same period in 2024[59]. - Total non-performing loans increased to $100.4 million, or 0.52% of total loans, as of September 30, 2025, up from $72.1 million, or 0.39% of total loans, as of December 31, 2024[205]. - The allowance for credit losses related to the loan portfolio was 0.97% of total loans as of September 30, 2025, down from 1.04% as of December 31, 2024[206]. Merger and Acquisitions - The merger with Lakeland Bancorp, Inc. was completed on May 16, 2024, with a total consideration of $876.8 million, converting 54,356,954 shares[34]. - The total assets acquired in the merger were valued at $10.59 billion, while total liabilities assumed were $9.72 billion, resulting in net assets acquired of $876.8 million[37]. - The total consideration paid for the acquisition of Lakeland was $876.8 million, with $190.9 million recorded as goodwill[172][173]. Comprehensive Income - Total comprehensive income for the three months ended September 30, 2025, was $88,247 thousand, compared to $93,320 thousand in the same period of 2024[14]. - For the three months ended September 30, 2025, total other comprehensive income was $16,527, compared to $46,915 for the same period in 2024, reflecting a decrease of 64.8%[12]. - For the nine months ended September 30, 2025, total other comprehensive income was $48,112, slightly up from $48,066 in 2024, indicating a marginal increase of 0.1%[139]. Securities and Investments - The fair value of available for sale debt securities was $3.14 billion as of September 30, 2025, with gross unrealized losses of $147.7 million[39]. - The amortized cost of held to maturity debt securities as of September 30, 2025, was $292.1 million, with a fair value of $284.6 million[45]. - The company holds equity securities valued at $19.7 million as of September 30, 2025, which are considered Level 1 inputs[116]. Operational Metrics - Total interest income for the nine months ended September 30, 2025, was $947.94 million, up from $734.19 million in 2024, reflecting a 29.1% increase[167]. - The company reported a total of $584,061,000 in criticized and classified loans across various sectors as of September 30, 2025[79]. - The total amount of brokered deposits increased to $805.9 million as of September 30, 2025, from $255.0 million as of December 31, 2024[84].

Funding is provided through the FHBNY’s Small Business Recovery Grant ProgramISELIN, N.J., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has announced the organization recently awarded a total of $50,000 in grants to 6 non-profit organizations as part of the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. The SBRG program provides funds to benefit the small businesses of FHLBNY members, including farms and nonpro ...

Stonegate Capital Partners Updates Coverage on Provident Financial Services Inc (PFS) 2025 Q3November 05, 2025 4:16 PM EST | Source: Reportable, Inc. Dallas, Texas--(Newsfile Corp. - November 5, 2025) - Provident Financial Services Inc (NYSE: PFS): Stonegate Capital Partners updates their coverage on Provident Financial Services Inc (NYSE: PFS). Provident Financial Services delivered another strong quarter of consistent profitability and operational improvement. Net income was $71.7 million, c ...

Core Insights - IDEAYA Biosciences reported significant progress in its pipeline and business operations, including a partnership with Servier that extends its runway into 2030 and enables potential commercialization of darovasertib outside the U.S. [2] Pipeline Developments - The Phase 2/3 trial (OptimUM-02) of darovasertib/crizotinib in metastatic uveal melanoma is on track to report median progression-free survival (PFS) data by year-end 2025 to Q1 2026, with enrollment expected to be completed by year-end [4][5] - The single-arm Phase 2 trial (OptimUM-01) reported a median overall survival (OS) of 21.1 months and a median PFS of 7.0 months, with a confirmed overall response rate (ORR) of 34% [5] - IDEAYA has initiated a randomized Phase 3 trial (OptimUM-10) for darovasertib as a neoadjuvant therapy in primary uveal melanoma, targeting approximately 450 patients [8] Financial Highlights - As of September 30, 2025, IDEAYA had approximately $1.14 billion in cash, cash equivalents, and marketable securities, an increase from $991.9 million as of June 30, 2025, primarily due to a $210 million upfront payment from Servier [11] - Collaboration revenue for Q3 2025 totaled $207.8 million, compared to zero in the previous quarter, driven by the Servier license agreement [11] - The net income for Q3 2025 was $119.2 million, a significant improvement from a net loss of $77.5 million in Q2 2025 [14] License Agreement with Servier - IDEAYA entered into an exclusive license agreement with Servier for darovasertib outside the U.S., receiving an upfront payment of $210 million and being eligible for up to $320 million in milestone payments [10] Research and Development Expenses - R&D expenses for Q3 2025 totaled $83.0 million, an increase from $74.2 million in Q2 2025, primarily due to higher clinical trial and manufacturing expenses [12] General and Administrative Expenses - G&A expenses for Q3 2025 were $16.4 million, up from $14.6 million in Q2 2025, mainly due to increased legal and commercial preparation expenses [13]

Core Points - Provident Financial Services, Inc. declared a quarterly cash dividend of $0.24 per common share, payable on November 28, 2025, to stockholders of record as of November 14, 2025 [1] Company Overview - Provident Financial Services, Inc. is the holding company for Provident Bank, which has been providing community-oriented banking services since 1839 [2] - The bank offers a wide range of financial products and services through its branches in New Jersey, Bucks, Lehigh, and Northampton counties in Pennsylvania, as well as Orange, Queens, and Nassau Counties in New York [2] - Additionally, the bank provides fiduciary and wealth management services through its subsidiary, Beacon Trust Company, and insurance services through Provident Protection Plus, Inc. [2]

Financial Data and Key Metrics Changes - The company reported net earnings of approximately $0.7255 per share, consistent with the previous quarter [3] - Annualized return on average assets was 1.16%, and adjusted return on average tangible equity was 16.01% [3][11] - Pre-tax, pre-provision revenues grew to a record of nearly $109 million, with a return on average assets of 1.76%, up from 1.64% in the prior quarter [4][11] - Revenue increased to a record $222 million for the quarter, driven by record net interest income of $194 million and non-interest income of $27.4 million [11] Business Line Data and Key Metrics Changes - The commercial loan portfolio grew at an annualized rate of 5%, primarily driven by commercial and industrial (C&I) production [5][12] - Non-interest income increased to $27.4 million, with solid performance from core banking fees, insurance, and wealth management [15] - The company closed approximately $742 million in new loans during the third quarter, bringing year-to-date production to $2.1 billion [5] Market Data and Key Metrics Changes - Deposits increased by $388 million, or an annualized rate of 8%, primarily driven by core deposits [4][13] - The average cost of total deposits increased by 4 basis points to 2.14% this quarter [13] - Non-performing assets improved to 0.41%, which compares favorably to peers [6] Company Strategy and Development Direction - The company remains focused on efficiently funding strong commercial loan growth and has made investments in people and capabilities to support quality deposit growth [5] - There is a strategic focus on growing non-interest income, with initiatives like Provident Protection Plus driving consistent growth [8] - The company is committed to managing credit risk while pursuing growth opportunities [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit position and underwriting standards, with a modest exposure to rent-stabilized multifamily properties in New York City [7] - The company anticipates benefits from recent Fed rate cuts and expects a net interest margin in the range of 3.38% to 3.45% for the fourth quarter [12] - Management highlighted the importance of organic growth and the potential for shareholder value creation through strategic investments [42] Other Important Information - The Board of Directors approved a quarterly cash dividend of $0.24 per share, payable on November 28 [9] - Tangible book value per share increased by $0.53, or 3.6%, to $15.13 [16] Q&A Session Summary Question: Update on margin and loan repricing - The total repricing is just under $6 billion, with about $4.95 billion in floating rate loans [18] Question: Competition in loan pricing - Increased competition has been observed, particularly in the commercial real estate (CRE) sector, but the company is still building a strong pipeline [20][21] Question: Non-interest income expectations - A conservative estimate for non-interest income suggests a potential step-down due to lower loan prepayment fees and seasonality [26] Question: Capital deployment strategy - The company prefers organic growth at profitable levels, with a target payout ratio for dividends in the 40%-45% range [28] Question: Deposit costs and efficiency ratio - The overall cost of funds increased slightly, but the company is managing to maintain an attractive funding advantage [30][32]

Financial Performance - The Company reported net income of $71.7 million, or $0.55 per basic and diluted share for Q3 2025, compared to $46.4 million, or $0.36 per share for Q3 2024, representing a 54.0% year-over-year increase[1][13] - Record revenue of $221.8 million was achieved for Q3 2025, up from $214.2 million in the previous quarter, driven by net interest income of $194.3 million and non-interest income of $27.4 million[3][10] - Net income for the nine months ended September 30, 2025, was $207.7 million, or $1.59 per share, compared to $67.0 million, or $0.65 per share, for the same period in 2024[21] - Net income for the three months ended September 30, 2025, was $78.36 million, a significant increase from $54.96 million in the same period last year, reflecting a year-over-year growth of 42.5%[58] Interest Income and Margin - The net interest margin increased by seven basis points to 3.43% for Q3 2025, compared to 3.36% for the previous quarter[4][7] - Net interest income increased by $144.3 million to $563.2 million for the nine months ended September 30, 2025, driven by growth in average earning assets[22] - The net interest margin increased by 20 basis points to 3.38% for the nine months ended September 30, 2025, compared to 3.18% for the same period in 2024[23] - Net interest income for the three months ended September 30, 2025, was $194,332, an increase from $183,701 for the same period in 2024, representing a growth of 5.6%[53] Non-Interest Income and Expenses - Non-interest income totaled $27.4 million for Q3 2025, an increase of $344,000 compared to the previous quarter[10] - Non-interest expense decreased by $1.5 million to $113.1 million for Q3 2025, compared to $114.6 million for the previous quarter[11] - Non-interest income for the nine months ended September 30, 2025, totaled $81.5 million, an increase of $11.6 million compared to the same period in 2024[25] - Adjusted non-interest expense for the three months ended September 30, 2025, was $113.09 million, down from $136.00 million in Q3 2024, a decrease of 16.8%[59] Asset Quality and Credit Losses - The Company recorded a $7.0 million provision for credit losses for Q3 2025, compared to a $2.9 million benefit in the previous quarter[8][9] - The provision for credit losses on loans was $2.2 million for the nine months ended September 30, 2025, significantly lower than the $75.9 million provision for the same period in 2024[24] - Total non-performing loans as of September 30, 2025, were $100.4 million, or 0.52% of total loans, a decrease from $107.2 million, or 0.56%, as of June 30, 2025[29] - The allowance for credit losses related to the loan portfolio was 0.97% of total loans as of September 30, 2025, down from 1.04% as of December 31, 2024[30] Deposits and Loans - Total deposits rose by $387.7 million, or 8.22% annualized, to $19.10 billion as of September 30, 2025[3] - The Company's commercial and industrial loan portfolio increased by $149.0 million, or 12.61% annualized, to $4.84 billion as of September 30, 2025[3] - Total deposits increased to $19.10 billion as of September 30, 2025, up from $18.62 billion at December 31, 2024, reflecting a growth of 2.53%[62] - Loan funding for the nine months ended September 30, 2025, totaled $7.00 billion, significantly higher than $2.53 billion for the same period in 2024[38] Capital and Equity - Stockholders' equity grew by $165.8 million to $2.77 billion, primarily due to net income earned during the period[44] - Tangible common equity ratio improved to 8.22% in Q3 2025, compared to 7.67% in Q4 2024, indicating a stronger capital position[57] - Total tangible stockholders' equity rose to $1.98 billion as of September 30, 2025, up from $1.78 billion at December 31, 2024, a growth of 11.0%[57] Efficiency and Returns - The efficiency ratio for the three months ended September 30, 2025, improved to 51.01% from 57.20% in the same period of 2024, indicating enhanced operational efficiency[53] - The annualized return on average tangible equity for the three months ended September 30, 2025, was 16.01%, up from 12.06% in the same period of 2024, showing an improvement of 32.4%[53] - The annualized adjusted return on average assets for the three months ended September 30, 2025, was 1.16%, consistent with the previous quarter but up from 0.95% in the same period of 2024[55]

Core Insights - Provident Financial reported revenue of $221.75 million for the quarter ended September 2025, reflecting a year-over-year increase of 5.3% [1] - Earnings per share (EPS) for the quarter was $0.55, up from $0.36 in the same quarter last year, aligning with the consensus estimate [1] - The reported revenue exceeded the Zacks Consensus Estimate of $219.41 million by 1.07% [1] Financial Performance Metrics - Efficiency Ratio stood at 51%, slightly better than the estimated 51.5% [4] - Average balance of total interest-earning assets was $22.49 billion, compared to the estimated $22.61 billion [4] - Net Interest Margin was reported at 3.4%, matching the average estimate [4] - Net Interest Income reached $194.33 million, surpassing the average estimate of $193.25 million [4] - Total Non-Interest Income was $27.42 million, exceeding the average estimate of $26.16 million [4] - Wealth management income was $7.35 million, slightly above the estimated $7.26 million [4] - Fees generated were $11.34 million, higher than the estimated $10.48 million [4] - Bank-owned life insurance income was $2.66 million, compared to the estimated $2.5 million [4] - Other income was reported at $2.15 million, exceeding the estimate of $1.47 million [4] - Insurance agency income was $3.85 million, below the average estimate of $4.44 million [4] Stock Performance - Shares of Provident Financial have returned -1.9% over the past month, contrasting with the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Viewpoint - Provident Financial reported quarterly earnings of $0.55 per share, matching the Zacks Consensus Estimate and showing an increase from $0.36 per share a year ago, indicating positive growth in earnings [1] Financial Performance - The company achieved revenues of $221.75 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.07% and up from $210.56 million year-over-year [2] - Over the last four quarters, Provident Financial has exceeded consensus EPS estimates two times and topped revenue estimates twice [2] Stock Performance and Outlook - Provident Financial shares have increased by approximately 0.2% since the beginning of the year, underperforming compared to the S&P 500's gain of 17.2% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.56, with expected revenues of $224.61 million, and for the current fiscal year, the estimate is $2.15 on revenues of $866.97 million [7] Industry Context - The Financial - Savings and Loan industry, to which Provident Financial belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Core Insights - Provident Financial Services, Inc. reported a net income of $71.7 million for Q3 2025, maintaining the same earnings per share as the previous quarter, while showing significant growth compared to $46.4 million in Q3 2024 [1][14] - For the nine months ended September 30, 2025, net income totaled $207.7 million, a substantial increase from $67.0 million in the same period of 2024 [22] - The company achieved record revenues of $221.8 million for Q3 2025, driven by record net interest income and non-interest income [6][10] Financial Performance - Net interest income increased by $7.2 million to $194.3 million for Q3 2025, attributed to new loan originations and securities at current market rates [7][15] - The net interest margin rose to 3.43% for Q3 2025, up from 3.36% in the previous quarter [8][16] - Total deposits increased by $387.7 million, or 8.22% annualized, reaching $19.10 billion as of September 30, 2025 [6][41] Asset Quality - Non-performing loans decreased to $100.4 million, or 0.52% of total loans, as of September 30, 2025, down from $107.2 million in the previous quarter [29][30] - The allowance for credit losses related to the loan portfolio was 0.97% of total loans as of September 30, 2025, a slight decrease from 0.98% in the previous quarter [31] Non-Interest Income and Expenses - Non-interest income totaled $27.4 million for Q3 2025, an increase of $344,000 compared to the previous quarter, with fee income rising primarily due to loan prepayment fees [10][18] - Non-interest expense decreased to $113.1 million for Q3 2025, down from $114.6 million in the previous quarter, driven by reductions in various operating expenses [11][19] Tax and Equity - The income tax expense for Q3 2025 was $29.9 million, with an effective tax rate of 29.4%, compared to $30.5 million and 29.7% in the previous quarter [13][21] - Stockholders' equity increased by $165.8 million during the nine months ended September 30, 2025, reaching $2.77 billion [44]