Provident Financial Services, Inc. functions as the parent company for Provident Bank, delivering a broad spectrum of financial products and services to ...
Provident Financial Services, Inc. (NYSE: PFS) operates as the parent company of Provident Bank, a New Jersey state-chartered community bank founded in 1839. Headquartered in Jersey City, New Jersey, the company offers a comprehensive suite of financial services to individuals, families, and businesses across the United States. The bank provides ...Provident Financial Services, Inc. (NYSE: PFS) operates as the parent company of Provident Bank, a New Jersey state-chartered community bank founded in 1839. Headquartered in Jersey City, New Jersey, the company offers a comprehensive suite of financial services to individuals, families, and businesses across the United States. The bank provides diverse deposit products including savings, checking, money market accounts, certificates of deposit, and IRAs. Its loan portfolio encompasses commercial real estate loans, commercial business loans, residential mortgages, construction loans, and consumer loans such as home equity lines, personal loans, and auto/RV financing. Additionally, Provident offers cash management, remote deposit capture, payroll origination, escrow services, online and mobile banking, and business credit cards. Beyond traditional banking, the company delivers wealth management services including investment management, trust and estate administration, financial planning, tax services, and private banking. It also sells insurance and investment products like annuities and operates as a real estate investment trust (REIT) acquiring mortgage loans and managing foreclosed properties. As of the latest data, the company employs 1,817 full-time staff and operates 96 branches in northern/central New Jersey and selected counties in Pennsylvania and New York. With a market capitalization of approximately $3.19 billion, the company shows solid financial metrics: a return on equity of 11%, a net profit margin of 22.7%, and a dividend yield of 3.9%. Under the leadership of President and CEO Anthony J. Labozzetta, Provident emphasizes 'Commitment You Can Count On' and supports employees with flexible work arrangements and benefit programs. The company continues to focus on community-oriented banking while seeking growth in its lending and wealth management segments.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.4B
+21.3%
-5.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$291.2M
+152.0%
-1.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+62.7%
+17.7%
-5.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+29.5%
+125.0%
-28.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+21.1%
+107.9%
+4.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$430.7M
+1.3%
+51.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+31.2%
-16.4%
+60.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
88.9%
-4.5%
+63.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.18x
+9.5%
—
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Provident Financial Services second quarter 26 earnings conference call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference call over to Michael Anthony Perito, Head of Investor Relations. Please go ahead.
Michael Anthony Perito: Thank you. Good morning, everyone, and thank you for joining us for our second quarter 26 earnings call. Today's presenters are President and CEO, Tony Labozzetta and Executive Vice President and Chief Financial Officer, Adriano Duarte. Before beginning their review of our financial results, we ask that you please take note of our standard caution as to any forward looking statements that may be made during the course of today's call. Our full disclaimer is contained in last evening's earnings release which has been posted to the Investor Relations page on our website, provident.bank. Now I would like to hand it off to Tony Labozzetta, will offer his perspective on our second quarter. Tony?
Anthony J. Labozzetta: Thank you, Michael. And good morning, everyone. I appreciate you joining us today to discuss our second quarter 26 results. I am pleased to report another outstanding quarter of performance that validates the momentum we have built across our business. Through the first half of 26, we have grown earnings per share by 17% as compared to the same period last year while also significantly improving our profitability. More specifically, in the second quarter, we delivered net earnings of $78 million or $0.60 per diluted share. And core net earnings of $80 million or $0.61 per share. Our annualized adjusted return on average assets was 1.27% and our adjusted return on average tangible common equity was over 16%. This quarter's results highlighted by record revenues driven by expanding net interest income and non interest income. Our adjusted pre provision net revenue reached a record $118 million. Representing $0.90 per share at an annualized core PPNR return on average assets of 1.87%. This represents a 23 basis points improvement compared to the same quarter last year. And underscores the positive operating leverage that we generated as we continue to grow. Speaking of growth, our commercial loan team delivered exceptional results in the second quarter. Demonstrating the strength and depth of its capabilities. In the second quarter, we funded $700 million in new commercial loans, bringing our year to date commercial loan fundings to over $1.1 billion On a net basis, total commercial loans grew 10% annualized. Driven primarily by 20% growth in our C and I group. We ended the quarter with a record pipeline of $3.2 billion This represents our second consecutive quarter with both our Cree and C and I pipelines exceeding $1 billion a significant milestone that …
