Provident Financial Services Reports Increased Net Income and Asset Growth for Q3 2025

Provident Financial Services, Inc. reported a significant increase in its financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. The company achieved a net income of $71.7 million, or $0.55 per share, for the three months ended September 30, 2025, compared to $46.4 million, or $0.36 per share, for the same period in 2024. For the nine months ended September 30, 2025, net income totaled $207.7 million, or $1.59 per share, a substantial rise from $67.0 million, or $0.65 per share, in the prior year. This growth was attributed to increased interest income and a reduction in merger-related expenses.

Total assets increased to $24.83 billion as of September 30, 2025, up from $24.05 billion at the end of 2024. This growth was primarily driven by a $626.7 million increase in loans held for investment, which reached $19.29 billion, and a $344.3 million rise in total investments. The company’s loan portfolio saw a notable expansion, particularly in commercial loans, which represented a significant portion of the overall lending activity. The increase in loans was partially offset by a decrease in loans held for sale and reductions in intangible assets.

Strategically, Provident Financial Services completed its merger with Lakeland Bancorp, Inc. on May 16, 2024, which added approximately $10.59 billion in total assets and expanded its footprint in New Jersey and New York. The merger has been a key factor in the company’s growth, contributing to the increase in its loan and deposit base. As of September 30, 2025, total deposits rose to $19.10 billion, reflecting a $472.4 million increase since the end of 2024. The company also reported a significant rise in brokered deposits, which totaled $805.9 million, compared to $255.0 million at the end of the previous year.

Operationally, the company reported a decrease in its allowance for credit losses, which fell to $187.0 million from $193.4 million at the end of 2024. The provision for credit losses was $4.5 million for the third quarter of 2025, a decrease from $9.6 million in the same quarter of 2024. Non-performing loans increased to $100.4 million, or 0.52% of total loans, compared to $72.1 million, or 0.39% of total loans, at the end of 2024. The company continues to monitor its credit quality closely, particularly in light of the economic conditions affecting its primary markets.

Looking ahead, Provident Financial Services remains optimistic about its growth trajectory, bolstered by the successful integration of Lakeland Bancorp and a strong loan portfolio. The company is focused on maintaining its capital ratios above regulatory requirements, with a total risk-based capital ratio of 12.86% as of September 30, 2025. Management is committed to navigating the evolving economic landscape while continuing to enhance shareholder value through strategic growth initiatives and prudent risk management practices.