Provident Financial Services, Inc. Q1 2026 Earnings Release

Provident Financial Services, Inc. reported net income of $79.4 million, or $0.61 per share, for the first quarter of 2026, compared to $83.4 million, or $0.64 per share, in the previous quarter and $64.0 million, or $0.49 per share, in the first quarter of 2025. The company experienced a 13.5% increase in pre-provision net revenue year-over-year, driven by growth in net interest income and insurance agency income. Net income was also boosted by a $2.1 million recapture of previous provisions for credit losses. The company's loan pipeline reached a record $3.1 billion. Key performance highlights include annualized adjusted returns on average assets of 1.29% and on average equity of 11.21%. Total revenue for the quarter was $225.2 million, with net interest income at $193.7 million and non-interest income at $31.5 million. The loan portfolio grew, while the net interest margin saw a slight decrease. Non-performing loans increased to 0.73% of total loans, primarily due to issues with senior housing properties. The company's tangible book value per share increased to $16.03.