Provident Financial Services, Inc. Earnings Recaps
Q3 2026
Oct 31, 2026
Provident reported record revenue and higher adjusted earnings, while loan growth and deposit growth remained positive. The stock was roughly flat after earnings (+0.3%), a neutral market reaction to results that also included rising deposit costs and modest core-margin expansion expectations.
Key takeaways
- Adjusted net income was $84 million, or $0.65 per diluted share, up 17.5% year over year; reported net income was $69 million, or $0.53 per share, after non-core charges including a $17.5 million debt-extinguishment loss and $3.7 million in core-conversion costs.
- Revenue reached a record $238 million, including record net interest income of $208 million. Core net interest margin expanded 7 basis points to 3.16%; management expects only 1–2 basis points of core-margin expansion in the fourth quarter.
- Period-end deposits grew $262 million, or 5.4% annualized, and the loan-to-deposit ratio improved to 101.8%. However, total deposit costs rose 10 basis points quarter over quarter to 2.02%.
- Commercial loans grew 3% annualized in the quarter. Management is pacing toward approximately 6% loan growth for the year, while noting that fourth-quarter payoffs could affect net growth.
- Asset quality remained stable: non-performing assets were 55 basis points of total assets, and net charge-offs were 5 basis points for the quarter. The provision for credit losses was $5.2 million.
Q3 2025
Oct 31, 2025
Provident Financial Services delivered strong Q3 performance with net earnings of $72 million or $0.55 per share, reflecting robust growth in both loans and deposits alongside increased operational efficiency.
Key takeaways
- Record pretax pre-provision earnings reached $109 million, marking a 9% increase quarter-over-quarter.
- Deposits surged by $388 million, driven primarily by a 7.5% increase in core deposits.
- Commercial loan production totaled $742 million, contributing to a 5% annualized growth in the loan portfolio.
- Noninterest income grew by 6.1% year-over-year, bolstered by the success of Provident Protection Plus and Beacon Trust.
- A quarterly cash dividend of $0.24 per share was approved, reinforcing a secure capital position that exceeds well-capitalized requirements.
Q2 2025
Jul 25, 2025
Provident Financial Services delivered a robust second quarter with net earnings of $72 million, reflecting strong asset growth, improved margins, and enhanced asset quality.
Key takeaways
- Net income reached $72 million, or $0.55 per share, with an annualized return on assets of 1.19%.
- Record earnings driven by a 7% increase in average earning assets and net interest income of $187 million.
- Deposits grew by $260 million, maintaining a reduced average cost of total deposits at 2.1%.
- Strong asset quality with nonperforming assets at 44 basis points and minimal net charge-offs of $1.2 million.
- The loan pipeline remains promising at approximately $1.6 billion, supporting future commercial loan growth expectations.