Financial Performance - Net income for the three months ended June 30, 2021, was $44,789 thousand, significantly up from $14,311 thousand in the same period last year, marking a year-over-year increase of 213.5%[11]. - Basic earnings per share increased to $0.58 for the three months ended June 30, 2021, compared to $0.22 for the same period in 2020, representing a growth of 163.6%[11]. - Net income for the six months ended June 30, 2021, was $93,348 thousand, compared to $29,242 thousand for the same period in 2020, representing an increase of 219%[23]. - Basic earnings per share for the six months ended June 30, 2021, was $1.22, compared to $0.45 in the same period of 2020, marking a 171.1% increase[32]. - Total comprehensive income for the three months ended June 30, 2021, was $45,894 thousand, compared to $12,167 thousand for the same period in 2020, indicating a significant increase of 276.5%[14]. Asset and Loan Management - Total assets increased to $13,216,955 thousand as of June 30, 2021, up from $12,919,741 thousand at December 31, 2020, representing a growth of 2.3%[9]. - Net loans decreased to $9,458,903 thousand from $9,721,424 thousand, a decline of 2.7%[9]. - Total gross loans decreased to $9,554,972,000 at June 30, 2021, from $9,839,858,000 at December 31, 2020[75]. - The total mortgage loans increased to $6,852,288,000 at June 30, 2021, compared to $6,779,822,000 at December 31, 2020[75]. - The company reported a net decrease in loans of $287,111 thousand for the six months ended June 30, 2021, compared to a decrease of $432,788 thousand in 2020[23]. Deposits and Equity - Total deposits rose to $10,589,984 thousand, an increase of 7.6% from $9,837,829 thousand[9]. - The net increase in deposits for the six months ended June 30, 2021, was $752,155 thousand, compared to $557,457 thousand in 2020, showing an increase of 35%[23]. - Total stockholders' equity as of June 30, 2021, was $1,677,634 thousand, up from $1,619,797 thousand at the end of 2020, marking a growth of 3.6%[21]. - Cash dividends paid to stockholders increased to $36,203 thousand in the first half of 2021 from $30,695 thousand in 2020, reflecting a growth of 18%[24]. Credit Losses and Provisions - The allowance for credit losses decreased to $80,959 thousand as of June 30, 2021, down from $101,466 thousand at December 31, 2020, a reduction of 20.2%[9]. - The allowance for credit losses on loans decreased by $10.7 million for the three months ended June 30, 2021, and by $25.7 million for the six months ended June 30, 2021, due to an improved economic forecast[83]. - The total allowance for credit losses on loans at the end of June 30, 2021, was $80.959 million, down from $86.259 million at the end of June 30, 2020[83]. - The company recorded a provision for credit losses for off-balance sheet credit exposures of $2,100 thousand for the three months ended June 30, 2021, a decrease from $5,300 thousand in the same period of 2020[108]. Investment and Securities - As of June 30, 2021, the company held $1.56 billion in available for sale debt securities and $437.7 million in held to maturity debt securities[57]. - The fair value of available for sale debt securities at June 30, 2021, was $1.56 billion, with gross unrealized losses of $4.58 million[61]. - The amortized cost of held to maturity debt securities was $437.8 million with a fair value of $454.2 million as of June 30, 2021[66][70]. - The total fair value of available for sale debt securities was $1,556.6 million, with $99.97 million classified as Level 1 and $1,456.6 million as Level 2[126]. COVID-19 Impact - Loans granted COVID-19 related deferrals peaked at $1.31 billion, or 16.8% of loans, and decreased to $7.3 million as of July 16, 2021, showing a significant reduction of 99.4%[94]. - The Company secured 2,066 Paycheck Protection Program (PPP) loans totaling $681.9 million, with 1,082 loans amounting to $372.5 million forgiven as of June 30, 2021[95]. - Loans granted payment deferrals related to COVID-19 totaled $7,300 thousand as of June 30, 2021, reflecting the impact of the pandemic on the loan portfolio[99]. Acquisitions - The acquisition of SB One Bancorp on July 31, 2020, added $2.20 billion to total assets and $1.77 billion to total loans[35]. - The total consideration paid for the acquisition of SB One was $180.8 million, with 12.8 million shares of common stock issued[36].

Provident Financial Services, Inc. (NYSE:PFS) Q2 2021 Earnings Conference Call July 30, 2021 10:00 AM ET Company Participants John Kuntz – Chief Administrative Officer Chris Martin – Chairman and Chief Executive Officer Tony Labozzetta – President and Chief Operating Officer Tom Lyons – Senior Executive Vice President and Chief Financial Officer Conference Call Participants Michael Perito – KBW Mark Fitzgibbon – Piper Sandler Russell Gunther – D.A. Davidson Steven Duong – RBC Capital Markets Erik Zwick – Bo ...

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, 2021 OR ☐ 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) Delaware 42-1547151 (State or Other Jurisd ...

Financial Data and Key Metrics Changes - Earnings per share for Q1 2021 were $0.63, up from $0.23 in Q1 2020, driven by a negative provision for credit losses and improved revenue from the SB One acquisition [6][24] - Net income increased to $48.6 million from $40.6 million in the previous quarter [24] - Annualized return on average assets was 1.51% and return on average tangible equity was 16.8% [7] Business Line Data and Key Metrics Changes - Loan originations were strong at $539 million for the quarter, including $190 million of PPP 2 loans, but elevated payoffs impacted overall loan growth [28] - Non-interest income increased by $1.2 million to $22 million, driven by growth in insurance agency income and wealth management [33] - Operating expenses rose to $61.9 million, primarily due to the addition of compensation and occupancy expenses from the SB One acquisition [11] Market Data and Key Metrics Changes - The loan pipeline at the end of Q1 was approximately $1.3 billion, with a marginal improvement in average rates [23][28] - The company does not have significant exposure to pressured sectors such as office space in Manhattan and retail centers without grocery anchors [21] - The overall competition in the banking sector has intensified due to excess liquidity, leading to more aggressive pricing strategies [22] Company Strategy and Development Direction - The company is focusing on enhancing its commercial banking capabilities and optimizing its branch network [16][17] - Digital transformation is a key priority to streamline processes and improve customer experience [18] - Mergers and acquisitions will remain part of the growth strategy, with an emphasis on cultural compatibility [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued improvement as the economy recovers and vaccination rates increase [13] - The company anticipates solid loan growth for the remainder of the year, projecting a 5% to 6% increase in loans, net of PPP loan payoffs [90] - The effective tax rate is projected to be around 25% for the remainder of 2021 [34] Other Important Information - The efficiency ratio was reported at 56.19%, indicating operational efficiency [12] - Non-performing assets decreased to 65 basis points of total assets from 72 basis points at the end of the previous quarter [30] Q&A Session Summary Question: Can you break out the PPP fees and purchase accounting adjustments? - The core NIM is expected to be in the 3.01% to 3.05% range, with PPP contributing about 8 basis points [40] Question: Can expenses be reduced below $60 million per quarter? - A target of around $60 million is reasonable, with some non-recurring items expected to decrease [42] Question: What is the outlook for insurance agency income? - Insurance income is typically strong in Q1, with expectations for a cyclical pattern throughout the year [46] Question: What are the opportunities for organic loan growth? - The loan pipeline is solid, with a projected growth of 5% to 6% for the year, net of PPP loan payoffs [90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 1-31566 PROVIDENT FINANCIAL SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 42-1547151 (Address of Principal Executive O ...

Provident Financial Services, Inc. (NYSE:PFS) Q4 2020 Earnings Conference Call January 28, 2021 10:00 AM ET Company Participants Leonard Gleason - Senior Vice President & Investor Relation Officer Chris Martin - Chairman, President & Chief Executive Officer Thomas Lyons - Senior Executive Vice President & Chief Financial Officer Tony Labozzetta - President & Chief Operating Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Erik Zwick - Boenning and Scattergood Steven Duong - RBC Capital M ...

Provident Financial Services, Inc. (NYSE:PFS) Q3 2020 Earnings Conference Call October 30, 2020 10:00 AM ET Company Participants Leonard Gleason - Senior Vice President & Investor Relation Officer Chris Martin - Chairman, President & Chief Executive Officer Tom Lyons - Senior Executive Vice President & Chief Financial Officer Tony Labozzetta - President & Chief Operating Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Steven Duong - RBC Capital Markets Russell Gunther - D.A. Davidson Co ...

Provident Financial Services, Inc. (NYSE:PFS) Q2 2020 Earnings Conference Call July 30, 2020 10:00 AM ET Company Participants Leonard Gleason - Senior Vice President & Investor Relation Officer Chris Martin - Chairman, President & Chief Executive Officer Tom Lyons - Senior Executive Vice President & Chief Financial Officer Conference Call Participants John LaViola - Piper Sandler Erik Zwick - Boenning & Scattergood Russell Gunther - D.A. Davidson Steven Duong - RBC Capital Markets Operator Good morning and ...

Provident Financial Services, Inc. (NYSE:PFS) Q1 2020 Results Conference Call April 30, 2020 10:00 AM ET Company Participants Leonard Gleason - SVP and IRO Chris Martin - Chairman, President and CEO Tom Lyons - Senior EVP and CFO Conference Call Participants Mark Fitzgibbon - Piper Sandler Operator Good morning. And welcome to the Provident Financial Services First Quarter Earnings Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator ...

Provident Financial Services, Inc. (NYSE:PFS) Q4 2019 Results Earnings Conference Call January 31, 2020 10:00 AM ET Company Participants Len Gleason - Investor Relations Officer Chris Martin - Chairman, President and CEO Tom Lyons - Senior Executive Vice President and CFO Conference Call Participants Mark Fitzgibbon - Piper Sandler Russell Gunther - D.A. Davidson Collyn Gilbert - KBW Operator Good day. And welcome to Provident Financial Services Incorporated Fourth Quarter Conference Call. All participants ...