Provident Financial Services, Inc. reported its financial results for the three and nine months ended September 30, 2026, on October 28, 2026. The company reported net income of $69.2 million, or $0.53 per basic and diluted share, for the third quarter of 2026. This figure represents a decrease from the $78.1 million, or $0.60 per share, reported for the prior quarter ended June 30, 2026. However, net income for the nine months ended September 30, 2026, totaled $226.7 million, or $1.74 per share, compared to $207.7 million, or $1.59 per share, for the same period in the prior year.
Excluding one-time expenses, the company reported core net income of $84.3 million, or $0.65 per share, for the third quarter and $243.5 million, or $1.87 per share, for the first nine months of the year. These non-GAAP figures exclude a $17.5 million loss on extinguishment of debt, $3.7 million in core conversion costs, and $465,000 in branch restructuring expenses. The company also reported record net-interest income of $208.0 million for the quarter, a $13.7 million increase compared to the prior year quarter.
On the balance sheet, total deposits increased to $19.81 billion as of September 30, 2026, a $261.7 million increase. Total assets stood at $25.85 billion, and loans held for investment totaled $20.17 billion. The company’s loan-to-deposit ratio decreased slightly to 101.8% as of September 30, 2026. The company’s commercial loan pipeline totaled $3.03 billion as of September 30, 2026, with a weighted average interest rate approaching 6.50%.
Asset quality metrics showed total non-performing loans of $140.1 million, or 0.69% of total loans, as of September 30, 2026. The allowance for credit losses on loans was $189.5 million, or 0.94% of total loans. Net charge-offs for the quarter and nine months ended September 30, 2026, were $2.4 million and $7.4 million, respectively, representing an annualized 5 basis points of average loans for both periods.
Regarding capital, the company’s common equity tier one and total risk based capital ratios for Provident Bank were 12.5% and 13.4% as of September 30, 2026, respectively. The company’s adjusted core concentration ratio, excluding purchase accounting adjustments, was 399.4% as of September 30, 2026. During the quarter, common stock repurchases totaled 1,464 shares at an average cost of $24.44 per share.
