Core Viewpoint - Provident Financial Services is currently yielding above 5% based on its quarterly dividend, which is annualized to $0.96, making it an attractive option for investors focused on dividend income [1]. Group 1: Dividend Importance - Dividends have historically contributed significantly to the total return of the stock market, highlighting their importance for investors [1]. - An example illustrates that an investment in the iShares Russell 3000 ETF from 2000 to 2012 resulted in a nominal loss, but dividends collected over the same period provided a total return of 13.15% [1]. Group 2: Company Status - Provident Financial Services is a member of the Russell 3000, indicating its status as one of the largest companies in the U.S. stock markets [1]. - The predictability of dividend amounts can vary based on the company's profitability, which is relevant for assessing the sustainability of the current yield [2].

Core Insights - Provident Bank and The Provident Bank Foundation have launched a Crisis Response Fund to support nonprofit organizations addressing food insecurity amid rising demand [1][2] - The initiative involves a joint investment of $50,000, with $10,000 grants awarded to five nonprofit organizations providing essential food access programs [2][3] - The fund aims to provide immediate assistance to nonprofits in specific counties, helping them meet increased demand for meals and groceries, particularly due to funding gaps from the recent U.S. government shutdown [2][4] Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey, with assets totaling $24.83 billion as of September 30, 2025 [6] - The bank operates over 140 branches across New Jersey and parts of New York and Pennsylvania, offering a range of financial solutions and services [6][8] Nonprofit Support - The Crisis Response Fund will support organizations such as The Salvation Army, Franklin Food Bank, Jewish Family & Children's Service, Jewish Family Service of the Lehigh Valley, and Bayonne Economic Opportunity Foundation [3][7] - These organizations provide critical services, including meal distribution and food assistance, to vulnerable populations, highlighting the urgent need for support in the community [4][7] Foundation Mission - The Provident Bank Foundation, established in 2003, focuses on supporting nonprofit organizations that foster strong, inclusive communities through grants in Education, Human Services, and Workforce Development [9] - Since its inception, the Foundation has awarded over $30 million to organizations that drive meaningful community change [9]

Group 1 - Crude Value Insights provides an investing service and community focused on oil and natural gas, emphasizing cash flow and companies that generate it [1] - The service offers a model account with over 50 stocks, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow generation and growth potential [1] - Subscribers benefit from a model account featuring over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live discussions about the industry [1] Subscription Offer - A two-week free trial is available for new subscribers, allowing them to explore the oil and gas investment opportunities [2]

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].

Core Insights - Provident Bank has awarded a total of $50,000 in grants to 6 non-profit organizations through the FHLBNY Small Business Recovery Grant Program, aimed at supporting small businesses facing economic challenges [1][3] Group 1: Grant Program Details - The Small Business Recovery Grant Program allows FHLBNY members to provide grants of up to $10,000 to qualifying small businesses affected by economic issues such as inflation and supply-chain constraints [1] - The grants are intended to benefit small businesses, including farms and non-profit organizations, that are members of FHLBNY [1] Group 2: Beneficiary Organizations - The non-profit organizations that received grants include: - Focus Hispanic Center for Community Development - Neighborhood Housing Services of Queens CDC - New Brunswick Tomorrow - Yonkers Partners In Education – Jersey City - Big Brothers Big Sisters of Coastal & Northern NJ - Team Walker [5] Group 3: Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey, with assets totaling $24.83 billion as of September 30, 2025 [4][6] - The bank operates a network of 140 branches across New Jersey and parts of New York and Pennsylvania, offering a range of financial solutions and services [4][6]

Core Insights - Provident Financial Services Inc (PFS) reported strong quarterly performance with net income of $71.7 million, slightly down from $72.0 million in the previous quarter, resulting in an EPS of $0.55, meeting consensus expectations [1][7] - Total revenue reached a record $221.8 million, an increase from $214.2 million in the prior quarter, driven by robust loan production and disciplined deposit pricing [1][7] - Pre-tax, pre-provision earnings rose 9% sequentially to a record $109 million, reflecting a 1.76% return on average assets, indicating improving core profitability [1][7] Financial Performance - Net interest income was $194.3 million and non-interest income was $27.4 million, contributing to the record revenue [7] - The net interest margin improved to 3.43% [7] - Total commercial loans increased by $191.2 million to $16.70 billion, while total deposits rose by $387.7 million to $19.10 billion [7] - Non-performing assets improved to 0.41% of total assets, indicating better asset quality [7]

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]