PROVIDENT FINANCIAL SERVICES INC

Listed Company

PFSCIK 0001178970NYSELarge AcceleratedSavings Institution, Federally CharteredDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$291.16M

Total Assets

$24.98B

Equity

$2.83B

Shares Out

130.70M

Op. Cash Flow

$442.26M

Business

PROVIDENT FINANCIAL SERVICES INC is a bank holding company that owns and operates Provident Bank and related subsidiaries, providing commercial and retail banking services. It offers deposit products and core lending services including commercial real estate, multi‑family, construction, commercial business, residential mortgage and consumer loans, plus investment, wealth management and insurance brokerage through subsidiaries. Its key business units include the Bank, Beacon Trust (wealth management), Provident Protection Plus (insurance) and specialized lending groups such as asset‑based lending. The Company distributes services through a network of full‑service branches, ATMs, loan production offices and digital, mobile and telephone channels across New Jersey, eastern Pennsylvania and parts of New York.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate secured loans	773	656	409	304	252
Commercial loans	318	252	129	99	99
Consumer loans	42	37	18	14	14
Available for sale debt securities and Federal Home Loan Bank stock	129	86	47	37	24
Held to maturity debt securities	8	9	9	10	11
Deposits, federal funds sold and other short-term investments	3	7	3	2	3
Total interest and dividend income	1,273	1,046	616	466	402
Deposits	400	350	159	39	27
Borrowed funds	79	74	56	9	—
Subordinated debentures	33	22	1	615,000	1
Total interest expense	512	446	216	49	—
Net interest income	761	601	399	418	366
Provision charge for credit losses	4	88	28	5	−24
Net interest income after provision for credit losses	757	513	371	413	390
Fees	43	34	24	28	30
Wealth management income	29	31	28	28	31
Insurance agency income	18	16	14	11	10
Bank-owned life insurance	10	12	6	6	8
Net gain (loss) on securities transactions	843,000	−3	30,000	181,000	255,000
Other income	8	5	7	14	8
Total non-interest income	110	94	80	88	87
Compensation and employee benefits	253	218	148	147	143
Net occupancy expense	53	45	32	35	33
Data processing expense	37	36	23	22	20
FDIC Insurance	13	13	9	5	6
Advertising and promotion expense	6	5	5	5	4
Amortization of intangibles	37	29	3	3	4
Merger-related expenses	0	57	8	4	—
Other operating expenses	60	55	47	39	39
Total non-interest expense	459	458	275	260	250
Income before income tax expense	408	150	176	240	227
Income tax expense	117	34	47	64	59
Net income	291	116	128	176	168
Basic earnings per share (in dollars per share)	2.23	1.05	1.72	2.35	2.2
Average basic shares outstanding (in shares)	130	110	75	75	76
Diluted earnings per share (in dollars per share)	2.23	1.05	1.71	2.35	2.19
Average diluted shares outstanding (in shares)	131	110	75	75	77

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	211	206	180	186	506
Available for sale debt securities, at fair value	3,165	2,769	1,690	1,804	2,058
Held to maturity debt securities, (net of $16,000 allowance as of December 31, 2025 and $14,000 as of December 31, 2024, respectively)	282	328	363	388	436
Equity securities, at fair value	20	19	1	1	1
Federal Home Loan Bank and other stock	116	113	79	—	—
Loans held for sale	15	163	2	—	—
Loans held for investment	19,504	18,659	10,872	10,249	9,582
Less allowance for credit losses	185	193	107	88	81
Net loans	19,334	18,628	10,767	10,161	9,501
Foreclosed assets, net	2	9	12	2	9
Banking premises and equipment, net	113	120	71	80	81
Accrued interest receivable	96	91	59	52	42
Intangible assets	782	819	458	461	464
Bank-owned life insurance	414	406	243	239	237
Other assets	445	544	288	341	206
Total assets	24,981	24,052	14,211	13,783	13,781
Demand deposits	14,402	13,776	8,021	8,373	9,081
Savings deposits	1,589	1,680	1,176	1,439	1,461
Certificates of deposit of $250,000 or more	930	789	219	108	368
Other time deposits	2,357	2,379	877	643	324
Total deposits	19,279	18,624	10,293	10,563	11,234
Mortgage escrow deposits	40	42	37	36	34
Borrowed funds	2,112	2,020	1,970	1,337	627
Subordinated debentures	407	402	11	11	10
Other liabilities	310	363	210	239	179
Total liabilities	22,147	21,451	12,520	12,186	12,084
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued	0	0	0	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,619,949 shares outstanding as of December 31, 2025, and 130,489,493 shares outstanding as of December 31, 2024	1	1	832,000	832,000	832,000
Additional paid-in capital	1,845	1,834	989	981	970
Retained earnings	1,154	989	975	918	815
Accumulated other comprehensive (loss) income, net of tax	−76	−135	−141	−165	7
Treasury stock	−91	−88	−128	−127	−80
Total stockholders equity	2,833	2,601	1,691	1,598	1,697
Total liabilities and stockholders equity	24,981	24,052	14,211	13,783	13,781

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	51	41	12	13	13
Provision charge for credit losses on loans and securities	4	84	28	5	—
Provision (benefit) charge for credit losses on off-balance sheet credit exposures	−545,000	4	264,000	—	—
Deferred tax expense (benefit)	24	−12	3	2	12
Amortization of operating lease right-of-use assets	14	13	10	11	10
Net amortization of premiums and discounts on securities	17	7	8	13	16
Accretion of net deferred loan fees	−7	−7	−9	−9	−8
Amortization of premiums on purchased loans, net	275,000	314,000	206,000	270,000	—
Originations of loans held for sale	−86	−70	−19	−22	−48
Loans transferred to held for sale	0	151	0	0	—
Proceeds from sales of loans held for sale	209	62	23	21	50
ESOP expense	0	3	3	4	4
Allocation of stock award shares	10	10	8	9	5
Allocation of stock options	17,000	77,000	144,000	198,000	200,000
Net gain on sale of loans	−4	−2	−2	−2	−2
Net (gain) loss on sale of premises and equipment	−681,000	0	154,000	−22,000	−42,000
Net loss (gain) on sale of foreclosed assets	11,000	−214,000	−3	−9	−461,000
Increase in accrued interest receivable	−5	−5	−7	−10	4
(Increase) decrease in other assets	−13	23	25	−56	10
(Decrease) increase in other liabilities	−52	17	−29	61	−48
Net cash provided by operating activities	442	426	173	200	157
Net increase in loans	−818	−194	−626	−649	253
Purchases of loans	−321,000	0	−9	−7	−5
Proceeds from sales of loans held for investment	0	0	2	0	—
Proceeds from sales of foreclosed assets	6	708,000	4	16	1
Proceeds from maturities, calls and paydowns of investment securities held to maturity	60	52	41	74	48
Purchases of investment securities held to maturity	−15	−18	−17	−27	−35
Proceeds from sales of securities available for sale	2	567	0	0	9
Proceeds from maturities calls and paydowns of securities available for sale	512	335	190	279	393
Purchases of available for sale debt securities	−787	−404	−40	−290	−1,401
Proceeds from redemption of Federal Home Loan Bank stock	379	205	213	163	31
Purchases of Federal Home Loan Bank stock	−382	−238	−223	−197	−6
Cash received, net of cash consideration paid for acquisition	0	195	0	0	0
BOLI claim benefits received	906,000	9	4	970,000	8
Proceeds from sales of premises and equipment	2	0	105,000	22,000	42,000
Purchases of premises and equipment	−12	−1	−7	−9	−14
Net cash (used in) provided by investing activities	−1,052	508	−470	−648	−717
Net increase (decrease) in deposits	655	−292	−271	−671	1,396
(Decrease) increase in mortgage escrow deposits	−2	−122,000	1	1	142,000
Purchase of treasury stock	0	0	0	−47	−21
Purchase of employee restricted shares to fund statutory tax withholding	−3	−1	−2	−1	−961,000
Cash dividends paid to stockholders	−126	−101	−72	−72	−71
Stock options exercised	0	0	790,000	0	887,000
Proceeds from long-term borrowings	150	636	535	3,982	—
Repayments of long-term borrowings	−352	−1,390	−58	−3,253	—
Net increase (decrease) in short-term borrowings	294	19	156	−19	−8
Proceeds from subordinated debentures	0	221	0	0	—
Net cash provided by (used in) financing activities	616	−908	290	−79	740
Net increase (decrease) in cash and cash equivalents	6	26	−6	−526	180
Interest on deposits and borrowings	494	397	210	47	36
Income taxes	103	36	46	—	—
Initial recognition of operating lease right-of-use assets	0	15	0	0	0
Initial recognition of operating lease liabilities	0	15	0	0	0
Transfer of loans receivable to foreclosed assets	1	0	15	1	434,000
Investment securities	0	1,632	0	0	0
Loans held for sale	0	1	0	0	—
Loans held for investment	0	7,889	0	0	—
Bank-owned life insurance	0	161	0	0	0
Goodwill and other intangible assets	0	390	0	0	0
Bank premises and equipment	0	61	0	0	0
Other assets	0	264	0	0	—
Total non-cash assets acquired at fair value	0	10,398	0	0	0
Deposits	0	8,623	0	0	0
Borrowings and subordinated debt	0	786	0	0	0
Subordinated debentures	0	166	0	0	—
Other liabilities	0	141	0	0	0
Total liabilities assumed	0	9,716	0	0	0
Common stock issued for acquisitions	0	877	0	0	0

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