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Provident Financial Services (PFS) investor relations material

Provident Financial Services Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Net income for Q2 2025 was $72M ($0.55/share), reversing a prior-year loss and reflecting strong operational performance, earning asset growth, improved margins, and asset quality.

  • Six-month net income reached $136M ($1.04/share), a significant increase from $20.6M in the same period last year.

  • The Lakeland Bancorp merger, completed May 2024, added $10.59B in assets, $7.91B in loans, and $8.62B in deposits, with integration completed and no merger-related expenses in 2025.

  • Tangible book value per share increased to $14.60; tangible common equity ratio rose to 8.03%.

  • Board approved a $0.24/share quarterly cash dividend, payable August 29.

Financial highlights

  • Record revenue of $214M in Q2 2025, driven by net interest income of $187M and noninterest income of $27M.

  • Net interest margin increased to 3.36% from 3.21% year-over-year; efficiency ratio improved to 53.5%.

  • Noninterest expenses were $114.6M, down year-over-year as merger-related costs fell.

  • Average earning assets grew $383M (annualized 7%) versus the trailing quarter; average yield on assets rose to 5.68%.

  • Provision for credit losses was a benefit of $2.7M, reflecting improved asset quality.

Outlook and guidance

  • Projected net interest margin for 2025 is 3.35%–3.45%, assuming two 25bp rate cuts in September and November.

  • Quarterly core operating expenses expected to remain in the $112M–$115M range for 2025.

  • Effective tax rate anticipated at 29.5% for the remainder of 2025.

  • Management expects to sustain positive momentum, focusing on growth in earning assets, margin expansion, and operational efficiency.

  • Interest rate risk is managed to a neutral position; a 200bp rate increase projected to reduce net interest income by 0.7%.

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Frequently asked questions

Provident Financial Services Inc. is a bank holding company that operates through its subsidiary, Provident Bank, providing a range of financial products and services to individuals, businesses, and nonprofit organizations. The company offers personal and commercial banking solutions, including deposit accounts, mortgages, business loans, cash management, and wealth management services. The company is headquartered in Iselin, New Jersey, and its shares are listed on the NYSE.

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