Core Viewpoint - Centerra Gold Inc. has announced a Pre-Feasibility Study (PFS) for its Mount Milligan mine, confirming a life of mine (LOM) extension to 2045, driven by strategic investments and exploration efforts [1][2]. Group 1: LOM Extension and Production Metrics - The PFS indicates a LOM extension of approximately 10 years, with average annual production from 2026 to 2042 expected to be around 150,000 ounces of gold and 69 million pounds of copper [6][8]. - Total gold production over the mine life is projected to be 2,791,000 ounces, with total copper production estimated at 1,282 million pounds [4][6]. - The average gold grade is expected to be 0.28 grams per tonne (g/t) and the average copper grade is projected at 0.16% [4][28]. Group 2: Capital Expenditures and Economic Outlook - Total capital expenditures over the LOM are estimated at $925 million, with non-sustaining capital expenditures of $186 million planned, primarily for a second tailings storage facility and process plant upgrades [4][21]. - The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.5 billion based on long-term commodity price assumptions, increasing to about $2.1 billion at spot prices [4][50]. Group 3: Mineral Reserves and Exploration Potential - An updated mineral reserve estimate shows a total of 483.2 million tonnes, containing 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% increase in gold reserves and a 52% increase in copper reserves compared to the end of 2024 [6][28]. - Ongoing exploration efforts have confirmed mineralization extending to the west of the current resource pit, indicating potential for further resource expansion [2][35]. Group 4: Environmental and Operational Improvements - The mine will utilize in-pit dumping of potentially acid-generating waste to reduce environmental impact and optimize tailings storage capacity [10][11]. - Operational improvements are expected to increase mining rates to 200,000 tonnes per day at certain points during the LOM, with a modest fleet expansion required [11][12]. Group 5: Community and Regulatory Aspects - Mount Milligan has been designated as a provincial priority project by the British Columbia government, which supports a more streamlined permitting process [47][48]. - The extended LOM is anticipated to provide consistent employment for over 1,000 workers and enhance business opportunities for First Nations and surrounding communities [49].

Core Viewpoint - Provident Financial (PFS) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates [4][5]. - For Provident Financial, rising earnings estimates and the rating upgrade suggest an improvement in the company's underlying business, likely leading to higher stock prices [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The system maintains a balanced distribution of ratings, ensuring that only the top 5% of stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [9][10]. Recent Earnings Estimate Revisions - For the fiscal year ending December 2025, Provident Financial is expected to earn $2.15 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 4.7% over the past three months [8].

Group 1 - The article discusses Provident Financial Services (NYSE: PFS) and references a previous article published in February, indicating ongoing interest in the company [1] - Crude Value Insights is highlighted as an investment service focused on the oil and natural gas sector, emphasizing cash flow and growth potential [1] - The service offers subscribers access to a stock model account, cash flow analyses of exploration and production firms, and live discussions about the sector [2] Group 2 - A promotional offer is mentioned, allowing new subscribers to sign up for a two-week free trial to explore the oil and gas investment opportunities [3]

Company Overview - Provident Financial Services is a bank established in 1839 and is headquartered in Jersey City, New Jersey [1] - The bank currently has a high dividend yield of 5.39%, raising questions among investors regarding its attractiveness [1] Investment Considerations - Investors are evaluating the potential of Provident Financial Services based on its dividend yield and historical performance [1]

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS.) This section presents the unaudited consolidated financial statements for Provident Financial Services, Inc. as of June 30, 2025, and for the three and six-month periods then ended. It includes the statements of financial condition, income, comprehensive income, changes in stockholders' equity, and cash flows, along with detailed notes explaining the basis of presentation and significant accounting policies [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of June 30, 2025, total assets were $24.55 billion, an increase from $24.05 billion at December 31, 2024. The growth was driven by increases in net loans and available-for-sale debt securities. Total liabilities rose to $21.84 billion from $21.45 billion, primarily due to an increase in borrowed funds. Total stockholders' equity increased to $2.71 billion from $2.60 billion | (Dollars in Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$24,547,286** | **$24,051,825** | | Net Loans | $18,923,881 | $18,628,391 | | Total Deposits | $18,708,524 | $18,623,813 | | Borrowed Funds | $2,374,660 | $2,020,435 | | **Total Liabilities** | **$21,839,731** | **$21,450,618** | | **Total Stockholders' Equity** | **$2,707,555** | **$2,601,207** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended June 30, 2025, the company reported net income of $72.0 million, a significant turnaround from a net loss of $11.5 million in the same period of 2024. For the six-month period, net income was $136.0 million in 2025, compared to $20.6 million in 2024. The improvement was driven by higher net interest income and a benefit from the provision for credit losses, compared to a large provision and merger-related expenses in the prior year | (Dollars in Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $187,094 | $141,506 | $368,822 | $235,176 | | Provision (benefit) for credit losses | $(2,888) | $69,705 | $(2,250) | $69,385 | | Total Non-interest Income | $27,075 | $22,275 | $54,105 | $43,081 | | Total Non-interest Expense | $114,614 | $115,394 | $230,881 | $187,221 | | **Net Income (Loss)** | **$71,981** | **$(11,485)** | **$136,009** | **$20,596** | | **Diluted Earnings Per Share** | **$0.55** | **$(0.11)** | **$1.04** | **$0.23** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for the three months ended June 30, 2025, was $78.5 million, compared to $0.1 million in the prior-year period. For the six-month period, total comprehensive income was $167.6 million in 2025 versus $21.7 million in 2024. The increase was primarily due to higher net income and larger unrealized gains on available-for-sale debt securities | (Dollars in Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $71,981 | $(11,485) | $136,009 | $20,596 | | Total Other Comprehensive Income | $6,476 | $11,621 | $31,585 | $1,151 | | **Total Comprehensive Income** | **$78,457** | **$136** | **$167,594** | **$21,747** | [Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased from $2.60 billion at December 31, 2024, to $2.71 billion at June 30, 2025. The growth was primarily driven by net income of $136.0 million and other comprehensive income of $31.6 million, partially offset by cash dividends paid of $63.2 million - For the six months ended June 30, 2025, total stockholders' equity increased by **$106.3 million**, from **$2.601 billion** to **$2.708 billion**[17](index=17&type=chunk) - Key drivers for the equity change in the first half of 2025 were net income of **$136.0 million** and other comprehensive income of **$31.6 million**, which were partially offset by **$63.2 million** in cash dividends[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $275.3 million. Net cash used in investing activities was $603.2 million, primarily due to a net increase in loans and purchases of securities. Net cash provided by financing activities was $380.9 million, driven by a net increase in borrowings and deposits. This resulted in a net increase in cash and cash equivalents of $53.0 million | (Dollars in Thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $275,282 | $117,911 | | Net cash (used in) provided by investing activities | $(603,211) | $817,373 | | Net cash provided by (used in) financing activities | $380,915 | $(824,978) | | **Net increase in cash and cash equivalents** | **$52,986** | **$110,306** | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the consolidated financial statements. Key topics include the basis of presentation, the impact of the Lakeland Bancorp merger, details on investment securities, an in-depth analysis of the loan portfolio and allowance for credit losses, deposit and borrowing composition, derivative activities, and fair value measurements - On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc., paying total consideration of **$876.8 million** and recording goodwill of **$180.4 million**[35](index=35&type=chunk)[36](index=36&type=chunk) - As of June 30, 2025, the allowance for credit losses on loans was **$187.9 million**, down from **$193.4 million** at year-end 2024. The decrease was primarily due to an improved economic forecast and better asset quality[59](index=59&type=chunk) - The company utilizes interest rate swaps for both non-designated hedging (customer facilitation) and designated cash flow hedging to manage interest rate risk, with notional amounts of **$4.39 billion** and **$650.0 million**, respectively, as of June 30, 2025[139](index=139&type=chunk)[143](index=143&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) Management discusses the company's financial condition and results of operations, comparing the period ended June 30, 2025, with prior periods. The analysis covers the impact of the Lakeland merger, critical accounting policies like the allowance for credit losses, and detailed breakdowns of changes in the balance sheet and income statement, including net interest income, provisions, non-interest income/expense, and liquidity and capital resources [Comparison of Financial Condition (June 30, 2025 vs. Dec 31, 2024)](index=51&type=section&id=Comparison%20of%20Financial%20Condition) Total assets grew by $495.5 million to $24.55 billion, driven by a $445.5 million increase in loans held for investment and a $246.5 million increase in investments. Total deposits increased by $84.7 million, while borrowed funds rose by $354.2 million. Stockholders' equity increased by $106.3 million, primarily due to net income and a decrease in unrealized losses on securities - Total assets increased by **$495.5 million** to **$24.55 billion** from December 31, 2024[188](index=188&type=chunk) - Loans held for investment grew by **$445.5 million** to **$19.10 billion**[188](index=188&type=chunk)[189](index=189&type=chunk) - Non-performing loans increased to **$107.2 million** (**0.56%** of total loans) from **$72.1 million** (**0.39%** of total loans) at year-end[199](index=199&type=chunk) - Book value per share increased to **$20.73** from **$19.93**, and tangible book value per share increased to **$14.60** from **$13.66**[205](index=205&type=chunk) [Comparison of Operating Results (For Three and Six Months Ended June 30, 2025 and 2024)](index=55&type=section&id=Comparison%20of%20Operating%20Results) Net income for Q2 2025 was $72.0 million, compared to a net loss of $11.5 million in Q2 2024. The prior year's results were heavily impacted by $79.0 million in costs related to the Lakeland merger, including a significant CECL provision. For the first six months of 2025, net income was $136.0 million versus $20.6 million in 2024. The improvement reflects higher net interest income, a provision benefit for credit losses, and the absence of merger costs - Net income for Q2 2025 was **$72.0 million** (**$0.55** per share) compared to a net loss of **$11.5 million** (**$(0.11)** per share) in Q2 2024[215](index=215&type=chunk)[216](index=216&type=chunk) - Net interest income for Q2 2025 increased by **$45.6 million** to **$187.1 million**, with the net interest margin expanding by **15 basis points** to **3.36%**[224](index=224&type=chunk)[225](index=225&type=chunk) - A benefit to the provision for credit losses of **$2.7 million** was recorded in Q2 2025, compared to a provision expense of **$66.1 million** in Q2 2024, which included a **$60.1 million** initial CECL provision for the Lakeland merger[237](index=237&type=chunk) - Non-interest expense in Q2 2025 decreased slightly to **$114.6 million**, as the absence of **$18.9 million** in merger-related expenses was mostly offset by higher compensation and operating costs from the acquired Lakeland operations[241](index=241&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) The company manages interest rate risk through its Asset/Liability Committee, focusing on maintaining a stable core-funding base and managing the duration of its assets and liabilities. Simulation models are used to measure sensitivity to interest rate changes. As of June 30, 2025, the company's interest rate risk position is relatively neutral. A +/- 200 basis point gradual rate change over 12 months is projected to decrease net interest income by 0.7% and 0.4%, respectively. An immediate +/- 200 basis point shock is projected to change the economic value of equity by +1.5% and -6.5%, respectively | Change in Interest Rates (bps) | Net Interest Income % Change (12-Month Ramp) | | :--- | :--- | | +200 | (0.7)% | | +100 | (0.3)% | | -100 | (0.2)% | | -200 | (0.4)% | | Change in Interest Rates (bps) | Economic Value of Equity % Change (Immediate Shock) | | :--- | :--- | | +200 | +1.5% | | +100 | +0.9% | | -100 | (2.7)% | | -200 | (6.5)% | [Controls and Procedures](index=63&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES.) Management, including the Principal Executive Officer and Principal Financial Officer, evaluated the company's disclosure controls and procedures. They concluded that as of the end of the period covered by this report, these controls and procedures were effective - The Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures are effective as of the end of the quarter[253](index=253&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 9 to the Consolidated Financial Statements, which states that the company is involved in various legal actions in the normal course of business and had recorded $2.3 million in contingent litigation reserves as of June 30, 2025 - As of June 30, 2025, the company had recorded **$2.3 million** in total contingent litigation reserves[94](index=94&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - No changes were made to the risk factors from the last Annual Report on Form 10-K[256](index=256&type=chunk) [Issuer Purchases of Equity Securities](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) During the second quarter of 2025, the company repurchased 55,826 shares of its common stock at an average price of $17.83 per share. As of June 30, 2025, 815,970 shares remained available for repurchase under the current program | Period | Total Shares Purchased | Average Price Paid per Share | Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | 871,796 | | May 2025 | 55,826 | $17.83 | 815,970 | | June 2025 | — | $— | 815,970 | | **Total Q2 2025** | **55,826** | **$17.83** | **815,970** | [Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including merger agreements, corporate governance documents, certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[260](index=260&type=chunk) - Financial statements and notes are formatted in iXBRL (Inline Extensible Business Reporting Language)[259](index=259&type=chunk)[260](index=260&type=chunk)

Core Insights - The Provident Bank Foundation (PBF) has launched its inaugural Empowerment Grant cycle, approving 41 multi-year grants totaling $515,000 annually to support nonprofit organizations in New Jersey, New York, and Pennsylvania [2][4]. Funding Details - Grants awarded range from $5,000 to $20,000 each and will be automatically renewed at the same level in 2026 [2]. - The total funding of $515,000 is aimed at supporting various missions of nonprofit organizations [2]. Focus Areas - Funded projects align with PBF's priority areas: Education, Human Services, and Workforce Development [3]. - Specific areas of interest include community colleges, vocational programs, special education services, housing assistance, food security, healthcare access for uninsured and underinsured individuals, youth mental health, job training, employment supports, and reentry programs [3]. Strategic Vision - The Empowerment Grant program emerged from PBF's strategic revisioning process focused on advancing equity and inclusion [4]. - PBF aims to partner with organizations that address systemic barriers to opportunity, ensuring individuals have the resources and support to thrive [4]. Grant Recipients - The recipients of the 2025 Empowerment Grants include various organizations focused on education, human services, food security, and healthcare access [9][15].

Core Insights - Provident Bank has appointed Michael A. Perito as Senior Vice President and Head of Corporate Strategy to drive long-term growth and market alignment [1][3] - Mr. Perito has nearly 15 years of experience in strategic growth and innovation within the financial services and fintech sectors [3][5] - The bank's assets are reported to be $24.55 billion as of June 30, 2025, indicating a strong financial position [7] Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey and a wholly owned subsidiary of Provident Financial Services, Inc. [7] - The bank operates over 140 branches across New Jersey, New York, and Pennsylvania, providing a range of financial solutions and exceptional customer service [7] Leadership and Strategy - Mr. Perito's role includes overseeing the development and execution of the bank's strategic plan and identifying growth opportunities [1][3] - His previous experience includes founding a bank consulting practice and serving as Principal, Head of Bank Strategy at The Travillian Group [4][5] - Mr. Perito has a strong background in strategic and financial planning, investor relations, and digital strategy [5][6]

Core Viewpoint - Provident Financial (PFS) has received a Zacks Rank 1 (Strong Buy) upgrade due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changing earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to significant buying or selling activity that impacts stock prices [4]. Company Performance and Outlook - The recent upgrade reflects an improvement in Provident Financial's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - The Zacks Consensus Estimate for Provident Financial indicates expected earnings of $2.14 per share for the fiscal year ending December 2025, with a 4% increase in estimates over the past three months [8]. Zacks Rank System - The Zacks Rank system categorizes stocks based on earnings estimate revisions, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Provident Financial's upgrade places it in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].

Core Insights - Provident Financial Services reported strong financial performance for Q2 2025, with GAAP net earnings of $72 million ($0.55 per share) and record revenue of $214 million, indicating robust operational momentum [1][2] Financial Performance - The company achieved a record net interest income (GAAP) of $187 million, supported by an increase in average earning assets of $383 million, reflecting a 7% quarter-over-quarter growth [3] - The net interest margin (NIM) increased by two basis points to 3.36%, with management forecasting a range of 3.35% to 3.45% for the remainder of 2025, despite anticipated Fed rate cuts [4] Loan Growth and Asset Quality - Commercial and industrial (C&I) loans grew at an annualized rate of 21% quarter-over-quarter, while total commercial loans advanced at an 8% annualized rate, indicating diversification in the loan portfolio [5] - Nonperforming assets decreased to 44 basis points of total assets, with net charge-offs dropping to $1.2 million, showcasing improved asset quality [8][9] Strategic Direction - The company is strategically diversifying its commercial lending to reduce concentration in commercial real estate (CRE), with CRE exposure declining to a ratio of 444% [5][7] - A robust loan pipeline of $1.6 billion with a weighted average interest rate of 6.3% positions the company for continued growth [6] Future Outlook - Management reaffirmed core operating expense guidance of $112 million to $115 million per quarter for 2025 and expects to maintain NIM between 3.35% and 3.45% [10] - The CET1 target is set around 11.25%, with strong deposit growth supporting confidence in sustaining commercial loan expansion [11]

Group 1 - The Board of Directors of Provident Financial Services, Inc. declared a quarterly cash dividend of $0.24 per common share, payable on August 29, 2025, to stockholders of record as of the close of business on August 15, 2025 [1] Group 2 - Provident Financial Services, Inc. is the holding company for Provident Bank, which has been providing community-oriented banking services since 1839 [2] - Provident Bank offers a comprehensive array of financial products and services through its branches located in New Jersey, Bucks, Lehigh, and Northampton counties in Pennsylvania, as well as Orange, Queens, and Nassau Counties in New York [2] - The Bank also provides fiduciary and wealth management services through its subsidiary, Beacon Trust Company, and insurance services through its subsidiary, Provident Protection Plus, Inc. [2]