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]

Core Insights - Provident Protection Plus has retained its Best Practices status for 2025, marking the second consecutive year it has achieved this recognition among independent insurance agencies in the U.S. [1][2] Company Overview - Provident Protection Plus is a full-service insurance agency that has been operating for over 70 years, providing comprehensive insurance programs to protect businesses, employees, and consumers in New Jersey, New York, and Pennsylvania [5]. - The agency represents more than 20 highly rated regional and national insurance carriers and is a wholly owned subsidiary of Provident Bank, offering a full suite of financial products and services [5]. Industry Recognition - The Best Practices Agency designation is awarded based on a study that evaluates the business practices of the highest-performing insurance agencies, with 1,146 independent agencies nominated this year, of which only 348 qualified [2][4]. - Best Practices Agencies are selected every three years, requiring agencies to be among the top 35-45 in their revenue category to achieve this status [4]. Leadership Commentary - The President & CEO of Provident Protection Plus, George Lista, expressed pride in the agency's performance amidst challenges such as elevated inflation and rising insurance costs, emphasizing the team's dedication and passion [3].

Core Insights - Merck and Eisai announced that their combination therapy WELIREG® plus LENVIMA® met the primary endpoint of progression-free survival (PFS) in certain previously treated patients with advanced renal cell carcinoma [1] Group 1 - The combination therapy demonstrated significant efficacy in improving PFS for patients with advanced renal cell carcinoma [1] - This development highlights the ongoing collaboration between Merck and Eisai in the oncology sector [1] - The results may lead to further advancements in treatment options for patients with this type of cancer [1]

Core Points - Provident Bank awarded $63,000 in grants to eight local non-profit organizations through its Community Partnership Program, focusing on community development, economic empowerment, financial literacy, and housing in low- and moderate-income areas of New Jersey [1][4][6] - The Community Partnership Program demonstrates Provident Bank's commitment to collaborating with non-profits to support long-term economic prosperity in the communities it serves [2][6] - The non-profit recipients include organizations dedicated to affordable housing, education, financial resources, and community empowerment, such as the Urban League of Essex County and Ironbound Community Corporation [4][5] Summary by Category Funding and Grants - Provident Bank provided a total of $63,000 in grants to eight local non-profits, supporting initiatives that promote community development and economic empowerment [1][4] - The funding aims to enhance financial literacy and education, as well as housing and homeownership opportunities in low- and moderate-income communities [1][4] Community Impact - The awarded organizations are making significant contributions to their communities, focusing on affordable housing, education access, and economic self-sufficiency [4][5] - Notable recipients include the Housing Partnership, which promotes responsible homeownership, and NORWESCAP, which creates opportunities for low-income families [4][5] Organizational Commitment - Since July 2023, Provident Bank has partnered with over a dozen local non-profits through the Community Partnership Program, emphasizing economic opportunity and sustainable growth [5][6] - The bank's initiatives are designed to uplift local residents and strengthen community ties, reflecting its dedication to fostering inclusive economic development [6][7]

Core Insights - The latest diamond drilling at the Cyclone Deposit has revealed high-grade copper intervals, indicating potential for resource expansion [1] - Significant assay results include drill hole PFS-002 intersecting 12.1m at 5.6% copper and drill hole PFS-001 intersecting 18.2m at 1.1% copper, both outside current pit designs [1] - Reverse Circulation drilling results support the potential for resource upgrade and expansion across multiple deposits [1] Group 1: Drilling Results - Drill hole PFS-002 reported 12.1m at 5.6% copper, including 0.5m at 27.3% copper [1] - Drill hole PFS-001 showed 18.2m at 1.1% copper, with notable intervals of 7.1m at 2.2% copper [1] - High-grade intervals were found near the surface, suggesting additional resource potential [1] Group 2: Resource Expansion Potential - Assays from resource drilling around Cyclone, Chinook, Thunder, and Cirrus Deposits indicate thick copper intervals [1] - Positive implications for resource expansion at Storm are highlighted by the drilling results [1] - Ongoing mine development workstreams include permitting and Pre-Feasibility Study for potential mine development [1]

Core Insights - Olema Pharmaceuticals announced updated data from the Phase 1b/2 study of palazestrant in combination with ribociclib for treating ER+/HER2- advanced or metastatic breast cancer, with findings to be presented at the ESMO Congress 2025 [1][2] Efficacy - The combination of palazestrant and ribociclib showed promising efficacy, with a median progression-free survival (PFS) of 15.5 months in the 120 mg palazestrant cohort across all patients [5][6] - In patients with prior CDK4/6 inhibitor treatment, median PFS was 9.2 months for those with ESR1 wild-type tumors and 13.8 months for those with ESR1 mutant tumors [5][6] Safety and Pharmacokinetics - The treatment demonstrated favorable tolerability, with no new safety signals or increased toxicity observed across the 72 patients treated [6] - The majority of treatment-emergent adverse events were grade 1 or 2, consistent with the expected safety profile of each drug [6] Ongoing Trials - Olema is conducting a second Phase 3 trial, OPERA-02, to evaluate palazestrant in combination with ribociclib in the frontline setting for advanced or metastatic breast cancer [2][5] Presentation Details - The findings will be presented in a poster session titled "Palazestrant (OP-1250) plus ribociclib in patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative (ER+, HER2-) advanced breast cancer" at the ESMO Congress 2025 [8]

Core Insights - Provident Bank has appointed Renee Altomonte as Executive Vice President, Retail Banking Director, to enhance its retail banking operations and customer experience [1][3][4] Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey, with assets totaling $24.22 billion as of March 31, 2025 [6] - The bank operates over 140 branches across New Jersey, Eastern Pennsylvania, and parts of New York, offering a variety of financial solutions and services [6] Leadership Appointment - Renee Altomonte will report to Vito Giannola, Chief Banking Officer, and will be responsible for strategic planning, optimizing branch operations, and leading retail sales and service [3][4] - Altomonte brings over 30 years of experience in financial services, having previously held senior leadership roles at TD Bank, which will aid in driving growth and innovation at Provident Bank [4][5] Strategic Goals - The primary objectives under Altomonte's leadership include growing deposits, expanding the customer base, and enhancing the overall customer experience [3][4] - Altomonte expressed her commitment to leveraging her experience to drive profitable growth and improve retail operations [5][6]