PFS

Interested in Provident Financial Services, Inc? Here are five stocks we like better. Strong second-quarter results: Provident Financial Services reported $78 million in net earnings and record revenue of $235 million, supported by record net interest income and higher fee income. First-half earnings per share rose 17% year over year. Loan growth outlook improved: Commercial loan production reached $700 million in the quarter, while the record $3.2 billion pipeline helped management raise its 2026 loan-growth outlook to 5%–6%. Margins expanded, but funding costs may rise: Core net interest margin increased to 3.09%, with further modest expansion expected, although deposit competition could push funding costs higher over the next several quarters. This Stock Could Rally Following a Bottom in Mortgage Markets Provident Financial Services (NYSE:PFS) reported second-quarter net earnings of $78 million, or $0.60 per diluted share, while core net earnings totaled $80 million, or $0.61 per share. President and CEO Anthony Labozzetta said earnings per share for the first half of 2026 increased 17% from the prior-year period as the company recorded higher net interest income and non-interest income. The company generated adjusted pre-provision net revenue of $118 million during the quarter, representing an annualized core pre-provision net revenue return on average assets of 1.87%. Labozzetta said the measure improved 23 basis points from the second quarter of 2025, reflecting positive operating leverage as the bank expanded. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Provident reported record quarterly revenue of $235 million, including record net interest income of $203 million and non-interest income of $32 million. CFO Adriano Duarte said adjusted net income rose 11% year over year, while adjusted return on average assets was 1.27% and core return on average tangible common equity was 16.2%. Commercial loan fundings totaled $700 million in the second quarter and more than $1.1 billion for the first half of the year. Total commercial loans grew at a 10% annualized rate on a net basis, led primarily by 20% annualized growth in the commercial and industrial lending business, according to Labozzetta. → Microsoft Just Flipped the AI Spending Narrative Overnight The company ended the quarter with a record commercial loan pipeline of $3.2 billion. Both its commercial real estate and C&I pipelines exceeded $1 billion for the second consecutive quarter. Duarte said the pull-through-adjusted pipeline was $1.8 billion at quarter-end and carried a rate of 6.33%, above the current portfolio yield of 5.9%. Period-end loans held for investment increased by $398 million during the quarter, an annualized growth rate of 8%. Management raised its full-year loan-growth outlook to the high end of its prior range and now expects loan growth of 5% to 6% for 2026. Labozzetta said the ultimate outcome will depend in part on prepayment activity and production levels, which are typically lower during the summer. → Carrier Earnings Could Send the Stock to a New All-Time High On competition, Labozzetta said the bank continues to see lending competition but does not view it as “irrational,” citing the absence of significant underwriting concessions or unusually wide pricing differences. He said competitive conditions appear more pronounced on the funding side of the balance sheet. Reported net interest margin increased 8 basis points from the prior quarter to 3.48%, including a $2.2 million interest-income recovery on resolved nonperforming loans that contributed 4 basis points. Core net interest margin expanded 5 basis points to 3.09%. Duarte said average earning assets rose $272 million, or at a 4.7% annualized rate, from the preceding quarter, while the average yield on assets increased 8 basis points to 5.61%. Interest-bearing deposit costs declined 2 basis points to 2.37%, and total deposit costs also fell 2 basis points to 1.92%. Management is modeling no additional Federal Reserve rate moves in 2026 and expects core margin expansion of roughly 1 to 2 basis points in each of the third and fourth quarters. Reported net interest margin, including purchase-accounting accretion, is expected to range from approximately 3.45% to 3.50% for the remainder of the year. During the question-and-answer session, Duarte said deposit costs are expected to rise by 1 to 2 basis points over the next several quarters because of pressure on certificates of deposit and broader market competition. He said anticipated municipal deposit inflows in the second half, typically priced below promotional CDs, should help offset part of the pressure. Period-end deposits increased $445 million, or at a 9% annualized rate, driven by higher brokered deposits and commercial deposit growth. The company had used lower-cost Federal Home Loan Bank borrowings in the first quarter to offset seasonal municipal deposit outflows, then returned to brokered deposits in the second quarter. Its loan-to-deposit ratio improved modestly to 102.6%, within management’s 97% to 103% target range. Non-interest income reached a record $32 million, bringing the first-half total to $64 million, or 14% of total revenue, compared with 12.5% in the first half of 2025. Labozzetta said Provident Protection Plus revenue rose 18% year over year during the first half, supported by client retention and new business. Beacon Trust revenue increased 5%, while assets under management rose to $4.5 billion. Gains on SBA loan sales increased 16% in the first half. Duarte said management raised its non-interest income guidance for the third and fourth quarters to $29 million per quarter, from $28.5 million previously. He noted that insurance revenue is seasonal and that results also benefited from bank-owned life insurance death benefits and higher loan prepayment fees during the quarter. Asset quality metrics improved from the preceding quarter. Nonperforming assets represented 54 basis points of total assets, while net charge-offs were $1.9 million, or 4 basis points on an annualized basis of average loans. The company recorded a $9.3 million provision for credit losses, reflecting loan growth, reserves on individually evaluated impaired credits and portfolio-mix changes. The allowance for credit losses stood at 92 basis points of loans at June 30. Labozzetta said the bankruptcy process for a senior housing commercial relationship that moved to nonaccrual status in the first quarter was proceeding as expected. The four credits, totaling $82 million, are expected to be resolved by year-end with no material loss to the bank, he said. Core non-interest expense was $116.9 million, excluding $1.5 million in systems-conversion costs and $900,000 in severance costs. The efficiency ratio improved to 49.8%, and management maintained its forecast for quarterly operating expenses of about $117 million to $119 million. The company expects another $4.5 million of nonrecurring conversion-related charges over the remainder of 2026 as it completes a planned core systems upgrade around Labor Day. Tangible book value per share increased $0.39, or 2.4%, during the quarter to $16.42. The tangible common equity ratio rose to 8.6% from 8.03% a year earlier. Provident did not repurchase shares in the second quarter and had more than 2 million shares remaining under its authorization. Labozzetta said organic growth remains the company’s primary strategic focus, though mergers and acquisitions remain part of its strategy. He said the bank would be selective in potential transactions, emphasizing cultural alignment, financial returns and strategic fit. Provident Financial Services, Inc is the bank holding company for Provident Bank, a regional commercial bank headquartered in Jersey City, New Jersey. The company operates a network of full-service branches across New Jersey, the New York metropolitan area and eastern Pennsylvania, offering a range of personal and business banking solutions. Its core products and services include checking and savings accounts, consumer and residential mortgage loans, commercial real estate financing and small-business lending. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Provident Financial Services Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Provident Financial Services (PFS) drew fresh attention after second quarter 2026 results topped Wall Street expectations, with management pointing to record pre provision net revenue and solid commercial loan production. The earnings release and commentary also highlighted better than expected efficiency ratio, net interest margin and non interest income. For investors, these operating details provide context for assessing how the stock now reflects recent performance. See our latest analysis for Provident Financial Services. At a share price of US$24.07, Provident Financial Services has logged a 21.87% year to date share price return and a 36.72% total shareholder return over the past year, suggesting momentum has been building as earnings and operating updates have come through. If recent banking results have you reassessing opportunities, this can be a good moment to scan for other financial companies with different drivers and risk profiles through the 19 top founder-led companies The recent jump in Provident Financial Services after its earnings surprise can be read two ways. Is the move mostly about investors warming up to the story again, or does it reflect what current valuation already prices into the business? Provident Financial Services last closed at $24.07 against a narrative fair value of $25.00, so the current pricing sits slightly below that central estimate. Read the complete narrative. Want to see how this efficiency story links to revenue assumptions, profit margins and the P/E the narrative is using? The full breakdown connects those moving parts in detail. Result: Fair Value of $25.00 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Provident Financial Services narrative can still be knocked off course if deposit competition pressures funding costs or if acquisition plans introduce integration and capital risks. Find out about the key risks to this Provident Financial Services narrative. Given the mix of optimism and risk around Provident Financial Services, it can be useful to review the numbers yourself and form an independent stance. To see what the data suggests about the positive drivers that investors are watching, take a closer look at the 5 key rewards If Provident Financial Services has sharpened your focus on where to put fresh capital, do not stop at a single stock. Use the tools available to compare different profiles, stress test your thinking and spot opportunities that might otherwise slip past you. Target potential mispricings by scanning companies that combine quality fundamentals with room for a better entry point through the 49 high quality undervalued stocks. Strengthen your income game by reviewing companies with higher yields and resilient payout histories using the 9 dividend fortresses. Lower the chance of unpleasant surprises by focusing on companies that screen well on resilience and risk indicators through the 85 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PFS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record revenues driven by expanding net interest income and non-interest income, with adjusted pre-provision net revenue reaching a record $118 million. Strong commercial loan growth, with $700 million in new fundings and a record pipeline of $3.2 billion, supporting full-year loan growth at the high end of the range. Improved asset quality metrics, with net charge-offs at just 4 basis points of average loans and non-performing assets declining quarter-over-quarter. Record non-interest income of $32 million, driven by standout performance in Property Protection Plus insurance and growth in Beacon Trust and SBA loan sales. Net interest margin expanded 8 basis points to 3.48%, supported by backbook loan repricing and stable deposit costs, with further modest expansion expected. Deposit competition remains intense, particularly in consumer and municipal segments, leading to expectations of 1-2 basis points increase in deposit costs. Loan growth guidance was not raised despite strong pipeline, due to uncertainty around prepayments and seasonal slowdown in the third quarter. Non-interest expenses remain elevated, with core expenses of $116.9 million and additional non-recurring charges of $4.5 million expected for core system upgrades. Provision for credit losses increased to $9.3 million due to loan growth and higher reserves, though charge-offs remain low. A large $82 million senior housing commercial relationship remains on non-accrual status, with resolution expected by year-end but still posing risk. Here are the key highlights from the Provident Financial Services Inc (NYSE:PFS) Q2 2026 earnings call, presented as Q&A pairs. Warning! GuruFocus has detected 8 Warning Signs with PFS. Is PFS fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the outlook for net interest margin (NIM) and deposit costs for the remainder of 2026?A: (Adriano Duarte, CFO) We expect deposit costs to increase by 1 to 2 basis points over the next couple of quarters, primarily due to competitive pressures on CDs. The expansion in net interest margin will be driven mainly by the repricing of the back book of loans and cash flows from the securities portfolio. We project core NIM expansion of 1 to 2 basis points in the third and fourth quarters, with reported NIM (including purchase accounting accretion) expected to be in the range of 3.45% to 3.50% for the remainder of 2026. Q: Loan growth was very strong this quarter, and the pipeline is at a record $3.2 billion. Why not raise the full-year loan growth guidance above the high end of the initial 5-6% range?A: (Tony Lapozzetta, President and CEO) While we could potentially exceed the high end, we cannot predict the level of prepayments, which were $340 million this quarter. We are also being more selective on loans with large passthrough balances, focusing on verticals like middle-market segments that produce strong deposits. We are internally guiding to the high end of the range, and if prepayments come in lighter, we could break it. The guidance also accounts for a seasonally slower third quarter. Q: What are you seeing from a competitive standpoint in the lending market? Are there any irrational pricing pressures?A: (Tony Lapozzetta, President and CEO) From our vantage point, we are not seeing what we would call irrational competition on the lending side, which would involve structural breakdowns in underwriting. There is competition, but it is more heightened on the funding side of the balance sheet. This is supported by our $3.2 billion pipeline, which is skewed towards C&I, a segment that is naturally more competitive. Q: What is the outlook for purchase accounting accretion from the merger?A: (Adriano Duarte, CFO) For the full year 2026, we estimate accretion of around $48 million. For 2027, we expect that to step down to approximately $36 million. Prepayments will play a part in that number. As a top-level guide, you can use 35 basis points as the adjuster between the core and reported net interest margin. Q: Can you elaborate on the drivers of deposit growth and the strategy for managing costs in a competitive environment?A: (Tony Lapozzetta, President and CEO) We are not chasing "hot money" with high promo rates. We expect municipal deposits to roll in at a good clip, representing about 5% annualized growth in the back half of the year, typically at lower rates (3.5% to 3.75%). Growth is also coming from our Treasury Management and small business banking areas, which tend to be lower-cost funds. This gives us firepower to balance against wholesale funding needs. Q: What is the outlook for non-interest income, particularly from the insurance and wealth management divisions?A: (Adriano Duarte, CFO) We are raising our non-interest income guidance for the third and fourth quarters to $29 million per quarter, up from $28.5 million. This is driven by strong performance in insurance (which is seasonal), growth at Beacon Trust, and increased SBA loan sale activity. (Tony Lapozzetta, President and CEO) We are making significant investments in Beacon Trust, expecting enhanced client retention, new AUM, and increased referrals from our commercial and retail banks, which should lead to greater integration and results. Q: The first half charge-offs are well below the 10-15 basis point guidance. Is that just conservatism as you work through some larger credits?A: (Tony Lapozzetta, President and CEO) The charge-off expectation is in line with our risk profile. We cannot promise a loan won't go non-performing, but we can promise a good outlook. Our team has done a wonderful job working out credits. For example, the $82 million senior housing relationship that went non-accrual last quarter is expected to resolve by year-end with no material loss. We expect charge-offs to remain low based on our underwriting standards. Q: How responsive is the net interest margin to a potential rate hike or rate cut?A: (Adriano Duarte, CFO) For a 25 basis point rate hike on the short end of the curve, it would likely compress the slope and result in a reduction of about 2 basis points to the NIM, assuming the longer end of the curve remains steady. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Provident Financial (PFS) came out with quarterly earnings of $0.6 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.14%. A quarter ago, it was expected that this holding company for The Provident Bank would post earnings of $0.55 per share when it actually produced earnings of $0.61, delivering a surprise of +10.91%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Provident Financial, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $234.65 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.64%. This compares to year-ago revenues of $214.17 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Provident Financial shares have added about 22.4% since the beginning of the year versus the S&P 500's gain of 8.5%. While Provident Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Provident Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.59 on $234.06 million in revenues for the coming quarter and $2.36 on $927.08 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. OceanFirst Financial (OCFC), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30. This holding company for OceanFirst Bank is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of +35.5%. The consensus EPS estimate for the quarter has been revised 2.9% higher over the last 30 days to the current level. OceanFirst Financial's revenues are expected to be $130.37 million, up 31.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Provident Financial Services, Inc (PFS) : Free Stock Analysis Report OceanFirst Financial Corp. (OCFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ISELIN, N.J., July 29, 2026 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $78.1 million, or $0.60 per basic and diluted share for the three months ended June 30, 2026, compared to $79.4 million, or $0.61 per basic and diluted share, for the three months ended March 31, 2026 and $72.0 million, or $0.55 per basic and diluted share, for the three months ended June 30, 2025. For the six months ended June 30, 2026, net income totaled $157.6 million, or $1.21 per basic and diluted share, compared to $136.0 million, or $1.04 per basic and diluted share, for the six months ended June 30, 2025. For the three and six months ended June 30, 2026, core net income (1), which has been adjusted for one-time core system conversion and executive severance expenses, totaled $79.9 million, or $0.61 per basic and diluted share and $159.3 million, or $1.22 per basic and diluted share, respectively. Core pre-provision, net revenue ("PPNR") (2) for the three months ended June 30, 2026 was $117.8 million, or $0.90 per basic and diluted share for the three months ended June 30, 2026, compared to $99.6 million, or $0.76 per basic and diluted share, for the three months ended June 30, 2025. Increases in both net income and core PPNR were driven primarily by expanding net interest income and higher non-interest income, including higher wealth management and insurance agency income. Anthony J. Labozzetta, President and Chief Executive Officer commented, “Through the first half of 2026, Provident has grown earnings per share 17% year-over-year while also significantly improving our profitability and building capital. We achieved record pre-provision net revenue during the second quarter, driven by strong commercial loan production, expanding core margin and increasing contribution from non-interest income, which represented nearly 14% of total revenues. We are proud of the noticeable momentum of our organization, and I’m optimistic that we will continue to drive organic growth with an unchanged commitment to achieving top quartile risk-adjusted returns." Key Points for the Second Quarter Expanding Core Profitability with Record Revenue Strong Loan Growth Trends with Low Net Charge-Offs Building Capital Position further Strengthening the Balance Sheet Balance Sheet Summary Assets: Total assets as of June 30, 2026 were $25.66 billion, compared to $24.98 billion as of December 31, 2025. Liabilities and Capital: Total deposits were $19.55 billion as of June 30, 2026, compared to $19.28 billion as of December 31, 2025. Total savings and demand deposit accounts increased $110.3 million to $16.10 billion as of June 30, 2026, while total time deposits increased $156.2 million to $3.44 billion as of June 30, 2026. The increase in savings and demand deposits was largely attributable to a $351.4 million increase in money market deposits and a $94.1 million increase in non-interest bearing demand deposits, partially offset by a $328.7 million decrease in interest bearing demand deposits. Within interest bearing demand deposits, municipal deposits decreased $443.4 million, primarily due to seasonal outflows. To assist in funding the aforementioned seasonal outflows, brokered time deposits increased by $149.3 million. Borrowed funds totaled $2.41 billion as of June 30, 2026, compared to $2.11 billion as of December 31, 2025. The increase in borrowed funds was largely used to fund asset growth and seasonal outflows in municipal deposits. Borrowed funds represented 9.4% of total assets as of June 30, 2026, an increase from 8.5% as of December 31, 2025. Stockholders’ equity totaled $2.91 billion compared to $2.83 billion as of December 31, 2025, primarily due to net income earned for the period, partially offset by cash dividends paid to stockholders and an increase in unrealized losses on available for sale debt securities. Asset Quality: The Company’s total non-performing loans as of June 30, 2026 were $136.9 million, or 0.68% of total loans held for investment, compared to $142.9 million, or 0.73% of total loans as of March 31, 2026 and $78.4 million, or 0.40% of total loans as of December 31, 2025. The allowance for credit losses on loans represented 134.87% of non-performing loans, compared to 235.61% at December 31, 2025, and 175.32% at June 30, 2025. As of June 30, 2026, impaired loans totaled $121.2 million with related specific reserves of $3.8 million, compared with impaired loans totaling $128.4 million with related specific reserves of $1.6 million as of March 31, 2026. As of December 31, 2025, impaired loans totaled $63.3 million with related specific reserves of $5.9 million. As of June 30, 2026, the Company’s allowance for credit losses related to the loan portfolio was 0.92% of total loans, compared to 0.90% and 0.95% as of March 31, 2026 and December 31, 2025, respectively. The allowance for credit losses decreased $111,000 to $184.7 million as of June 30, 2026, from $184.8 million as of December 31, 2025. The decrease in the allowance for credit losses on loans as of June 30, 2026 compared to December 31, 2025 was due to net charge-offs of $5.0 million, partially offset by a $4.9 million provision for credit losses on loans. The following table sets forth accruing past due loans and non-accrual loans held for investment on the dates indicated, as well as delinquency statistics and certain asset quality ratios. As of June 30, 2026 and December 31, 2025, the Company held foreclosed assets of $1.0 million and $2.0 million, respectively. Foreclosed assets as of June 30, 2026 was comprised of one commercial real estate property. Total non-performing assets at June 30, 2026 increased $57.4 million to $137.9 million, or 0.54% of total assets, from $80.4 million, or 0.32% of total assets at December 31, 2025. Results of Operations Second quarter of 2026 compared to the first quarter of 2026: Net interest income Net interest income was $202.7 million, compared to $193.7 million. The increase was primarily due to originations of new loans at current market rates and the favorable repricing of adjustable rate loans. Net interest margin was 3.48%, compared to 3.40%. The yield on interest-earning assets increased 8 basis points to 5.61%, while the cost of interest-bearing liabilities remained at 2.71%. The cost of total deposits, which includes non-interest bearing deposits, was 1.92%, compared to 1.94%. Average loans totaled $19.57 billion, an increase of $214.7 million, or 4.44%, primarily due to strong commercial loan growth in the quarter. Average total deposits totaled $19.23 billion compared to $19.24 billion. Provision for credit losses The provision for credit losses was $9.3 million, compared to a $2.1 million recapture of previous provisions for credit losses in the prior quarter. The provision for credit losses in the second quarter consisted of a $9.6 million provision related to loans, partially offset by a $0.2 million recapture of provision related to off-balance sheet credit exposures, compared with a $4.7 million recapture of provision for credit losses on loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures for the prior quarter. The increase in the provision for credit losses was primarily due to overall growth in the loan portfolio, combined with an increase in specific reserves on individually evaluated loans. Net charge-offs were $1.9 million, compared to $3.1 million in the prior quarter, while the ratio of net charge-offs to average loans was 0.04%, compared to 0.06% in the prior quarter. Non-interest income and non-interest expense Total non-interest income was $32.0 million, compared to $31.5 million, an increase of $0.5 million. The increase was primarily driven by a $1.8 million increase in fee income, partially offset by a $1.4 million decrease in insurance agency income. The increase in fee income was primarily related to increases in loan related fee income and deposit fee income. The decrease in insurance agency income was mainly due to the receipt of contingent commissions in the prior quarter. Total non-interest expense was $119.3 million, compared to $117.1 million, an increase of $2.1 million. The increase was mainly due to $1.5 million related to costs associated with our ongoing core system conversion, combined with an increase in severance expense. The Company’s annualized core non-interest expense as a percentage of average assets(6) totaled 1.85% for the quarter ended June 30, 2026, compared to 1.90% for the trailing quarter. The core efficiency ratio (core non-interest expense divided by the sum of net interest income and core non-interest income)(7) was 49.75% for the three months ended June 30, 2026, compared to 52.02% for the trailing quarter. Income tax expense Income tax expense was $27.9 million, compared to $30.8 million, and the effective tax rate was 26.3%, compared to 27.9%. The decrease in income tax expense was primarily related to a decrease in pre-tax book income, combined with discrete items related to benefits associated with carry-back tax credits, partially offset by the effects of recent legislation adopted by New Jersey with regard to net operating loss usage. The effective tax rate change was primarily related to the aforementioned discrete items. Second quarter of 2026 compared to the second quarter of 2025: Net interest income Net interest income was $202.7 million, compared to $187.1 million. The increase was primarily due to originations of new loans at current market rates, combined with favorable repricing of deposits. Net interest margin was 3.48%, compared to 3.36%. The yield on interest-earning assets decreased seven basis points to 5.61%, while the cost of interest-bearing liabilities decreased 23 basis points to 2.71%. The cost of total deposits, which includes non-interest bearing deposits, was 1.92%, compared to 2.10%. Average loans totaled $19.57 billion, an increase of $742.0 million, or 3.94%, primarily due to strong loan growth in the quarter. Average total deposits totaled $19.23 billion, an increase of $807.8 million, or 4.39%. Provision for credit losses The provision for credit losses was $9.3 million, compared to a $2.9 million recapture of previous provisions for credit losses for the same period last year. The provision for credit losses in the second quarter consisted of a $9.6 million provision related to loans, partially offset by a $0.2 million recapture of provision related to off-balance sheet credit exposures, compared with a $2.7 million and a $0.2 million recapture of provision for credit losses on loans and off-balance sheet credit exposures for the same period last year. The increase in the provision for credit losses was primarily due to overall growth in the loan portfolio, combined with an increase in specific reserves on individually evaluated loans. Net charge-offs were $1.9 million, compared to $1.2 million a year ago, while the ratio of net charge-offs to average loans was 0.04%, compared to 0.03% a year ago. Non-interest income and non-interest expense Total non-interest income was $32.0 million, compared to $27.1 million, an increase of $4.9 million. The increase was primarily driven by a $1.5 million increase in fee income, a $1.2 million increase in BOLI income and a $1.1 million increase in other non-interest income. The increase in fee income was primarily related to an increase in loan related fee income. The increase in BOLI income was primarily related to an increase in benefit claims, while the increase in other non-interest income was mainly due to an increase in swap fee income. Total non-interest expense was $119.3 million, compared to $114.6 million, an increase of $4.6 million. The increase was primarily driven by a $4.0 million increase in compensation and benefits expense, partially due to an increase in severance expense, and $1.5 million related to costs associated with our ongoing core system conversion, partially offset by a $0.9 million decrease in amortization of intangibles primarily due to a scheduled reduction in the rate of core deposit intangible amortization related to the merger with Lakeland. The Company’s annualized core non-interest expense as a percentage of average assets(6) totaled 1.85% for the quarter ended June 30, 2026, compared to 1.89% for the same period last year. The core efficiency ratio (core non-interest expense divided by the sum of net interest income and core non-interest income)(7) was 49.75% for the three months ended June 30, 2026, compared to 53.52% for the same period last year. Income tax expense Income tax expense was $27.9 million, compared to $30.5 million, and the effective tax rate was 26.3%, compared to 29.7%. The decrease in income tax expense and the effective tax rate was primarily related to discrete items related to benefits associated with carry-back tax credits and purchases of current year tax credits, partially offset by effects of recently adopted New Jersey legislation with regard to net operating loss usage. About the Company Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering "Commitment you can count on" since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. Post Earnings Conference Call Representatives of the Company will hold a conference call for investors on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2026. The call may be accessed by dialing 1-833-461-5787 (United States Toll Free) and 1-626-884-3620 (United States Local). Speakers will need to enter meeting ID code (216 708 612) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on "Webcast." A supplemental 2nd Quarter 2026 results investor presentation is also available on our investor relations website under “Presentations.” Forward Looking Statements Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, tariffs, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement. Non-GAAP Financial Measures (1) Core net income, pre-provision, net-revenue annualized core return on average assets, annualized return on average tangible equity, tangible common equity capital ratio, tangible book value per share, annualized core non-interest expense as a percentage of average assets and the core efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations. Notes and Reconciliation of GAAP and Non-GAAP Financial Measures(Dollars in Thousands, except share data) The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety. SOURCE: Provident Financial Services, Inc. CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank

Provident Financial (PFS) reported $234.65 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 9.6%. EPS of $0.60 for the same period compares to $0.55 a year ago. The reported revenue represents a surprise of +2.64% over the Zacks Consensus Estimate of $228.63 million. With the consensus EPS estimate being $0.56, the EPS surprise was +7.14%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Provident Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Efficiency Ratio: 49.8% versus 51.4% estimated by two analysts on average. Net Interest Margin: 3.5% versus 3.4% estimated by two analysts on average. Average Balance - Total interest-earning assets: $23.33 billion compared to the $23.51 billion average estimate based on two analysts. Annualized net loan charge-offs to average total loans: 0% compared to the 0.1% average estimate based on two analysts. Fees: $12.26 million compared to the $10.69 million average estimate based on three analysts. Other income: $2.32 million versus $1.67 million estimated by three analysts on average. Bank-owned life insurance: $3.8 million versus the three-analyst average estimate of $2.7 million. Wealth management income: $7.52 million versus the three-analyst average estimate of $7.6 million. Total Non-Interest Income: $31.97 million versus $28.4 million estimated by three analysts on average. Insurance agency income: $5.45 million versus $5.75 million estimated by three analysts on average. Net Interest Income: $202.68 million versus the three-analyst average estimate of $200.23 million. View all Key Company Metrics for Provident Financial here>>> Shares of Provident Financial have returned +2.2% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Provident Financial Services, Inc (PFS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Provident Financial (PROV) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this holding company for Provident Savings Bank would post earnings of $0.29 per share when it actually produced earnings of $0.21, delivering a surprise of -27.59%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Provident Financial, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $10.59 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.41%. This compares to year-ago revenues of $9.76 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Provident Financial shares have added about 8.5% since the beginning of the year versus the S&P 500's gain of 8.3%. While Provident Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Provident Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.28 on $10.05 million in revenues for the coming quarter and $1.04 on $39.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Provident Financial (PFS), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29. This holding company for The Provident Bank is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of +1.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Provident Financial's revenues are expected to be $228.63 million, up 6.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Provident Financial Holdings, Inc. (PROV) : Free Stock Analysis Report Provident Financial Services, Inc (PFS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research