Form 8-K

8-K — PROVIDENT FINANCIAL SERVICES INC

Accession: 0001628280-26-028665

Filed: 2026-04-30

Period: 2026-04-29

CIK: 0001178970

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pfs-20260429.htm (Primary)

EX-99.1 (a033126earningsrelease.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pfs-20260429.htm · Sequence: 1

pfs-20260429

FALSE000117897000011789702026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2026

PROVIDENT FINANCIAL SERVICES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-31566

42-1547151

(State or Other Jurisdiction of Incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

239 Washington Street, Jersey City, New Jersey

07302

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code 732-590-9200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Symbol(s)

Name of each exchange on which registered

Common

PFS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operation and Financial Condition.

On April 29, 2026, Provident Financial Services, Inc. (the “Company”) issued a press release reporting its financial results for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 7.01 Regulation FD Disclosure.

On April 30, 2026, the Company held a conference call to discuss its financial results for the three months ended March 31, 2026 and attached as Exhibit 99.1 to this report. A copy of the release is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Businesses Acquired. Not applicable.

(b) Pro Forma Financial Information. Not applicable.

(d) Exhibits.

Exhibit No. Description

99.1 Press release issued by the Company on April 29, 2026 announcing its financial results for the three months ended March 31, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

PROVIDENT FINANCIAL SERVICES, INC.

DATE:

April 30, 2026 By: /s/ Anthony J. Labozzetta

Anthony J. Labozzetta

President and Chief Executive Officer

EX-99.1

Filename: a033126earningsrelease.htm · Sequence: 2

Document

Provident Financial Services, Inc. Announces First Quarter Earnings

ISELIN, NJ, April 29, 2026 - Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $79.4 million, or $0.61 per basic and diluted share for the three months ended March 31, 2026, compared to $83.4 million, or $0.64 per basic and diluted share, for the three months ended December 31, 2025 and $64.0 million, or $0.49 per basic and diluted share, for the three months ended March 31, 2025. Net income for the three months ended March 31, 2026 was positively impacted by pre-provision, net revenue growth of 13.5%, or $12.9 million, when compared to the three months ended March 31, 2025, driven primarily by expanding net interest income and higher insurance agency income. Net income in the current quarter also benefited from a $2.1 million recapture of previous provisions for credit losses.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident delivered another strong quarter of financial performance, demonstrating the continued momentum in our business and the effectiveness of our strategic initiatives. Pre-provision, net revenue grew 13.5% year-over-year, driven by strong loan growth, modest margin expansion, and notable growth in insurance agency income. The bank’s loan pipeline of $3.1 billion sits at record levels, and we remain optimistic about continued earnings per share growth and compounding of tangible book value moving forward."

Performance Highlights for the First Quarter of 2026

•The Company's annualized adjusted returns on average assets, average equity and average tangible equity(1) were 1.29%, 11.21% and 16.58% for the quarter ended March 31, 2026, compared to 1.34%, 11.78% and 17.58% for the quarter ended December 31, 2025. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.

•The Company's annualized adjusted pre-provision, net-revenue returns on average assets, average equity and average tangible equity(2) were 1.75%, 15.25% and 20.93% for the quarter ended March 31, 2026, compared to 1.78%, 15.68% and 21.78% for the quarter ended December 31, 2025. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.

•The Company reported revenue of $225.2 million for the quarter ended March 31, 2026, comprised of net interest income of $193.7 million and record non-interest income of $31.5 million, compared to revenue of $225.7 million for the prior quarter and $208.8 million for the first quarter of 2025.

•Average interest-earning assets increased $264.1 million, or an annualized 4.70%, for the quarter ended March 31, 2026, versus the trailing quarter.

•The Company’s total commercial and industrial ("C&I") loan portfolio, excluding mortgage warehouse lines, increased $123.1 million, or 10.3% annualized, to $4.97 billion as of March 31, 2026, from $4.84 billion as of December 31, 2025. Additionally, the Company's total commercial loan portfolio, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, increased $161.2 million, or 3.9% annualized, to $17.09 billion as of March 31, 2026, from $16.93 billion as of December 31, 2025.

•The net interest margin decreased four basis points to 3.40% for the quarter ended March 31, 2026, from 3.44% for the trailing quarter, while the core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased three basis points from the trailing quarter to 3.04%. The average yield on total loans decreased 13 basis points to 5.85% for the quarter ended March 31, 2026, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased 16 basis points to 1.94% for the quarter ended March 31, 2026.

•The Company's loan-to-deposit ratio increased slightly to 102.9% as of March 31, 2026, compared to 101.2% as of December 31, 2025. The primary reasons for the increase in the loan-to-deposit ratio were seasonal municipal deposit outflow and a reduction in brokered deposits. Total non-maturity core business and consumer deposits increased $66.5 million or 2.2% annualized, to $12.40 billion as of March 31, 2026, from $12.33 billion as of December 31, 2025.

•The Company recorded a $2.1 million recapture of previous provisions for credit losses, which included a $4.7 million recapture of provision on loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures for the quarter ended March 31, 2026. Additionally, total net charge-offs of $3.1 million for the quarter represented an annualized 6 basis points of average loans. The allowance for credit losses as a percentage of loans decreased to 0.90% as of March 31, 2026, from 0.95% as of December 31, 2025.

•Insurance agency revenue increased $1.2 million or 21.2%, versus the same period in 2025, while pre-tax insurance agency net income increased $424,000 or 14.7% versus the same period in 2025. Wealth management revenues were up modestly year-over-year to $7.4 million, with AUM increasing slightly during that time period to $4.16 billion.

•As of March 31, 2026, the Company's loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $3.11 billion, with a weighted average interest rate of 6.24%.

•Non-performing loans to total loans as of March 31, 2026 increased to 0.73% from 0.40% as of December 31, 2025, while non-performing assets to total assets as of March 31, 2026 increased to 0.58% from 0.32% as of December 31, 2025. The $64.5 million increase in non-performing loans as of March 31, 2026, compared to the trailing quarter, was primarily driven by the addition of four commercial loans on senior housing properties totaling $82.1 million that are the subject of related bankruptcy filings, partially offset by payoffs. These loans have no prior charge-off history and require no specific reserve allocations due to strong collateral values. Appraisals received in 2026 reflect loan-to-value ratios for the collateral properties of 32.9%, 51.7%, 61.3%, and 81.9%.

•Tangible book value per share(3) increased 2.1% to $16.03 and our tangible common equity ratio(3) increased seven basis points to 8.55% as of March 31, 2026. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.

•Common stock repurchases totaled $12.4 million, or 588,923 shares at an average cost of $21.04 per share, for the three months ended March 31, 2026.

Results of Operations

Three months ended March 31, 2026 compared to the three months ended December 31, 2025

For the three months ended March 31, 2026, net income was $79.4 million, or $0.61 per basic and diluted share, compared to net income of $83.4 million, or $0.64 per basic and diluted share, for the three months ended December 31, 2025.

Net Interest Income and Net Interest Margin

Net interest income was $193.7 million for the three months ended March 31, 2026, compared to $197.4 million for the trailing quarter. The decrease in net interest income reflected two fewer calendar days in the first quarter, combined with a decrease in accelerated accretion related to pay-offs and pay-downs of loans acquired in the Lakeland merger, partially offset by favorable repricing of deposits.

The Company’s net interest margin decreased four basis points to 3.40% for the quarter ended March 31, 2026, from 3.44% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended March 31, 2026 decreased 13 basis points to 5.53%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended March 31, 2026 decreased 12 basis points from the trailing quarter to 2.71%. The average cost of interest-bearing deposits for the quarter ended March 31, 2026 decreased 21 basis points to 2.39%, compared to 2.60% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 1.94% for the quarter ended March 31, 2026, compared to 2.10% for the trailing quarter. The average cost of borrowed funds for the quarter ended March 31, 2026 was 3.90%, compared to 3.94% for the quarter ended December 31, 2025.

Provision for Credit Losses

For the quarter ended March 31, 2026, the Company recorded a $2.1 million recapture of previous provisions for credit losses compared to a $1.2 million recapture of previous provisions for credit losses for the trailing quarter. The recapture of provision in the current quarter consisted of a $4.7 million recapture of provision related to loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures, compared with a provision for credit losses on loans of $2.0 million and a $3.2 million recapture of provision related to off-balance sheet credit exposures, respectively, for the quarter ended December 31, 2025. The recapture of the provision for credit losses on loans in the quarter was primarily due to a reduction in specific reserves on individually evaluated loans. For the three months ended March 31, 2026, net charge-offs totaled $3.1 million, or an annualized 6 basis points of average loans, compared with net charge-offs of $4.2 million, or an annualized 9 basis points of average loans, for the trailing quarter.

Non-Interest Income and Expense

For the three months ended March 31, 2026, non-interest income totaled $31.5 million, an increase of $3.1 million, compared to the trailing quarter. Insurance agency income increased $3.0 million to $6.9 million for the three months ended March 31, 2026, compared to the trailing quarter, mainly due to the receipt of contingent commissions and additional business in the current quarter. BOLI income increased $1.2 million for the three months ended March 31, 2026, compared to the trailing quarter, primarily due to an increase in benefit claims, partially offset by a decrease in equity valuations. Additionally, other income increased $453,000 to $2.7 million for the three months ended March 31, 2026, compared to the trailing quarter, primarily due to an increase in profit on fixed asset sales, partially offset by a decrease in net fees on loan-level interest rate swap transactions. Partially offsetting these increases to non-interest income, net gains on securities transactions decreased $690,000 for the three months ended March 31, 2026, compared to the trailing quarter, primarily due to prior quarter gains on calls of corporate securities, while fee income decreased $636,000 to $10.5 million for the three months ended March 31, 2026, compared to the trailing quarter.

Non-interest expense totaled $117.1 million for the three months ended March 31, 2026, an increase of $2.5 million, compared to $114.7 million for the trailing quarter. Compensation and benefits expense increased $1.9 million to $66.2 million for the three months ended March 31, 2026, compared to $64.3 million for the trailing quarter. The increase in compensation and benefits expense was primarily due to increases in salary expense related to company-wide annual merit increases and employer payroll tax expense, partially offset by decreases in the accrual for performance-based incentive and stock-based compensation. Additionally, net occupancy expense increased $1.9 million to $15.0 million for the three months ended March 31, 2026, compared to the trailing quarter, largely due to seasonal increases in snow removal, utilities and other maintenance costs. Partially offsetting these increases in non-interest expense, other operating expenses decreased $1.5 million to $14.0 million for the three months ended March 31, 2026, compared to $15.4 million for the trailing quarter, primarily due to decreases in legal and professional expenses.

The Company’s annualized adjusted non-interest expense as a percentage of average assets(5) totaled 1.90% for the quarter ended March 31, 2026, compared to 1.84% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(6) was 52.02% for the three months ended March 31, 2026, compared to 50.97% for the trailing quarter.

Income Tax Expense

For the three months ended March 31, 2026, the Company's income tax expense was $30.8 million with an effective tax rate of 27.9%, compared with income tax expense of $28.8 million with an effective tax rate of 25.7% for the trailing quarter. The increase in tax expense and the effective tax rate for the three months ended March 31, 2026, compared with the trailing quarter, was largely due to the purchase of tax credits recognized in the prior quarter which reduced tax expense by $3.4 million, partially offset by a discrete item related to stock-based compensation in the current quarter.

Three months ended March 31, 2026 compared to the three months ended March 31, 2025

For the three months ended March 31, 2026, net income was $79.4 million, or $0.61 per basic and diluted share, compared to net income of $64.0 million, or $0.49 per basic and diluted share, for the three months ended March 31, 2025.

Net Interest Income and Net Interest Margin

Net interest income increased $12.0 million to $193.7 million for the three months ended March 31, 2026, from $181.7 million for same period in 2025. The increase in net interest income was primarily due to originations of new loans, combined with favorable repricing of deposits, partially offset by a decrease in lower-costing deposits.

The Company’s net interest margin increased six basis points to 3.40% for the quarter ended March 31, 2026, from 3.34% for the same period last year. The weighted average yield on interest-earning assets for the quarter ended March 31, 2026 decreased 10 basis points to 5.53%, compared to 5.63% for the quarter ended March 31, 2025. The weighted average cost of interest-bearing liabilities decreased 19 basis points for the quarter ended March 31, 2026 to 2.71%, compared to 2.90% for the first quarter of 2025. The average cost of interest-bearing deposits for the quarter ended March 31, 2026 was 2.39%, compared to 2.64% for the same period last year. Average non-interest-bearing demand deposits decreased $74.6 million to $3.64 billion for the quarter ended March 31, 2026, compared to $3.72 billion for the quarter ended March 31, 2025. The average cost of total deposits, including non-interest-bearing deposits, was 1.94% for the quarter ended March 31, 2026, compared with 2.11% for the quarter ended March 31, 2025. The average cost of borrowed funds for the quarter ended March 31, 2026 was 3.90%, compared to 3.76% for the same period last year.

Provision for Credit Losses

For the quarter ended March 31, 2026, the Company recorded a $2.1 million recapture of previous provisions for credit losses compared to a $635,000 provision for credit losses for the first quarter of 2025. The recapture of provision consisted of a $4.7 million recapture of provision related to loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures, compared with provisions for credit losses on loans and off-balance sheet credit exposures of $325,000 and $310,000, respectively, for the quarter ended March 31, 2025. The recapture of the provision for credit losses on loans in the current quarter was primarily due to a reduction in specific reserves on individually evaluated loans. For the three months ended March 31, 2026, net charge-offs totaled $3.1 million, or an annualized 6 basis points of average loans, compared with net charge-offs of $2.0 million, or an annualized 4 basis points of average loans, for the same period last year.

Non-Interest Income and Expense

Non-interest income totaled $31.5 million for the quarter ended March 31, 2026, an increase of $4.4 million, compared to the same period in 2025. BOLI income increased $1.9 million to $4.0 million for the three months ended March 31, 2026, compared to the prior year quarter, primarily due to an increase in benefit claims. Insurance agency income increased $1.2 million to $6.9 million for the three months ended March 31, 2026, compared to the quarter ended March 31, 2025, largely due to an increase in contingency income and business activity. Fee income increased $809,000 to $10.5 million for the three months ended March 31, 2026, compared to the prior year quarter, primarily due to increases in deposit fee income and commercial loan prepayment fees. Additionally, other income increased $486,000 to $2.7 million for the three months ended March 31, 2026, compared to the quarter ended March 31, 2025, primarily due to an increase in net gains on the sale of SBA loans, combined with an increase in gain on fixed asset sales, partially offset by a decrease in net fees on loan-level interest rate swap transactions.

For the three months ended March 31, 2026, non-interest expense totaled $117.1 million, an increase of $874,000, compared to the three months ended March 31, 2025. Compensation and benefits expense increased $3.8 million to $66.2 million for three months ended March 31, 2026, compared to $62.4 million for the same period in 2025. The increase was primarily due to an increase in salary expense associated with Company-wide annual merit increases, combined with increases in employee medical benefits and stock-based compensation expenses. Net occupancy expense increased $1.1 million to $15.0 million for the three months ended March 31, 2025, compared to the same period in 2025, largely due to increases in snow removal, utilities and other maintenance costs. Partially offsetting these increases to non-interest expense, other operating expense decreased $2.5 million to $14.0 million for the three

months ended March 31, 2026, compared to $16.4 million for the three months ended March 31, 2025, largely due to a $2.7 million write-down on a foreclosed property in the prior year. Additionally, amortization of intangibles decreased $938,000 to $8.6 million for the three months ended March 31, 2025, compared to $9.5 million for 2025, primarily due to a scheduled reduction in the rate of core deposit intangible amortization related to Lakeland, while FDIC insurance expense decreased $544,000 to $2.8 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to a decrease in the assessment rate.

The Company’s annualized adjusted non-interest expense as a percentage of average assets(5) was 1.90% for the quarter ended March 31, 2026, compared to 1.92% for the same period in 2025. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(6) was 52.02% for the three months ended March 31, 2026 compared to 54.43% for the same respective period in 2025.

Income Tax Expense

For the three months ended March 31, 2026, the Company's income tax expense was $30.8 million with an effective tax rate of 27.9%, compared with $27.8 million with an effective tax rate of 30.3% for the three months ended March 31, 2025. The increase in tax expense for the three months ended March 31, 2026, compared with the same period last year, was largely due to an increase in pre-tax income, partially offset by a discrete item related to stock-based compensation. The decrease in the effective tax rate was primarily related to ongoing benefits from tax credits recognized in the current quarter, combined with the aforementioned discrete item related to stock-based compensation.

Asset Quality

The Company’s total non-performing loans as of March 31, 2026 were $142.9 million, or 0.73% of total loans, compared $78.4 million, or 0.40% of total loans as of December 31, 2025 and $103.2 million, or 0.54% of total loans as of March 31, 2025. The $64.5 million increase in non-performing loans as of March 31, 2026, compared to the trailing quarter, was primarily driven by the addition of four commercial loans on senior housing properties totaling $82.1 million that are the subject of related bankruptcy filings, partially offset by payoffs. These loans have no prior charge-off history and require no specific reserve allocations due to strong collateral values. Appraisals received in 2026 reflect loan-to-value ratios for the collateral properties of 32.9%, 51.7%, 61.3%, and 81.9%. As of March 31, 2026, impaired loans totaled $128.4 million with related specific reserves of $1.6 million, compared with impaired loans totaling $63.3 million with related specific reserves of $5.9 million as of December 31, 2025. As of March 31, 2025, impaired loans totaled $86.1 million with related specific reserves of $7.9 million.

As of March 31, 2026, the Company’s allowance for credit losses related to loans held for investment was 0.90% of total loans, compared to 0.95% and 1.02% as of December 31, 2025 and March 31, 2025, respectively. The allowance for credit losses decreased $7.8 million to $177.0 million as of March 31, 2026, from $184.8 million as of December 31, 2025. The decrease in the allowance for credit losses on loans at March 31, 2026 compared to December 31, 2025 was due to a $4.7 million recapture of previous provisions for credit losses, combined with net charge-offs of $3.1 million, of which $2.5 million had been previously reserved for.

The following table shows accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.

March 31, 2026 December 31, 2025 March 31, 2025

Number

Loans

Principal

Balance

of Loans

Number

Loans

Principal

Balance

of Loans

Number

Loans

Principal

Balance

of Loans

(Dollars in thousands)

Accruing past due loans:

30 to 59 days past due:

Commercial mortgage loans 4 $ 2,665 8 $ 15,652 8 $ 13,696

Multi-family mortgage loans 1 694 — — 1 7,433

Construction loans 1 6,639 — — — —

Residential mortgage loans 25 5,123 34 8,344 27 6,905

Total mortgage loans 31 15,121 42 23,996 36 28,034

Commercial loans 22 10,359 9 1,303 37 12,422

Consumer loans 42 3,588 49 2,209 22 1,604

Total 30 to 59 days past due 95 $ 29,068 100 $ 27,508 95 $ 42,060

60 to 89 days past due:

Commercial mortgage loans — $ — — $ — 2 $ 196

Multi-family mortgage loans — — 1 932 — —

Construction loans — — — — — —

Residential mortgage loans 22 6,893 16 4,177 18 5,009

Total mortgage loans 22 6,893 17 5,109 20 5,205

Commercial loans 6 2,520 3 633 15 2,849

Consumer loans 12 634 14 781 12 854

Total 60 to 89 days past due 40 10,047 34 6,523 47 8,908

Total accruing past due loans 135 $ 39,115 134 $ 34,031 142 $ 50,968

Non-accrual:

Commercial mortgage loans 9 $ 21,977 11 $ 26,856 18 $ 42,931

Multi-family mortgage loans 1 275 3 2,268 5 7,294

Construction loans 1 3,278 1 5,159 3 18,929

Residential mortgage loans 27 8,669 32 9,062 22 5,246

Total mortgage loans 38 34,199 47 43,345 48 74,400

Commercial loans 41 107,398 28 33,219 83 23,580

Consumer loans 23 1,327 27 1,856 19 1,352

Total non-accrual loans 102 $ 142,924 102 $ 78,420 150 $ 99,332

Non-performing loans to total loans held for investment 0.73 % 0.40 % 0.53 %

Allowance for loan losses to total non-performing loans 123.84 % 235.61 % 185.78 %

Allowance for loan losses to total loans 0.90 % 0.95 % 1.02 %

There were no non-accrual or past due loans held for sale as of March 31, 2026. As of March 31, 2025, total non-accrual loans held for sale, which are not in the tables above, totaled $3.9 million. Additionally, as of March 31, 2025, total past due loans held for sale, including non-accrual loans held for sale, totaled $5.8 million.

As of March 31, 2026 and December 31, 2025, the Company held foreclosed assets of $2.0 million. Foreclosed assets as of March 31, 2026 were comprised of commercial real estate. Total non-performing assets as of March 31, 2026 increased $64.5 million to $144.9 million, or 0.58% of total assets, from $80.4 million, or 0.32% of total assets as of December 31, 2025.

Balance Sheet Summary

Total assets as of March 31, 2026 were $25.20 billion, a $221.0 million increase from December 31, 2025. The increase in total assets was primarily due to a $143.6 million increase in total loans and a $60.9 million increase in total investments.

The Company’s loans held for investment portfolio totaled $19.65 billion as of March 31, 2026 and $19.50 billion as of December 31, 2025. The portfolio consisted of the following:

March 31, 2026 December 31, 2025

(Dollars in thousands)

Mortgage loans:

Commercial $ 7,423,652 $ 7,398,792

Multi-family 3,724,236 3,667,337

Construction 640,929 662,112

Residential 1,960,861 1,974,324

Total mortgage loans 13,749,678 13,702,565

Commercial loans 4,966,608 4,843,466

Mortgage warehouse lines 334,505 357,051

Consumer loans 608,016 612,431

Total gross loans 19,658,807 19,515,513

Premiums on purchased loans 1,700 1,524

Net deferred fees and unearned discounts (12,805) (12,976)

Total loans $ 19,647,702 $ 19,504,061

During the three months ended March 31, 2026, the loans held for investment portfolio had net increases of $123.1 million of commercial loans, $56.9 million of multi-family loans and $24.9 million of commercial mortgage loans, partially offset by net decreases of $22.5 million of mortgage warehouse lines, $21.2 million of construction loans and $13.5 million of residential mortgage loans. Total commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, as well as mortgage warehouse lines, represented 86.9% of the loan portfolio as of March 31, 2026, compared to 86.7% as of December 31, 2025.

For the three months ended March 31, 2026, loan funding, including advances on lines of credit, totaled $2.42 billion, compared with $1.93 billion for the same period in 2025.

As of March 31, 2026, the Company’s unfunded loan commitments totaled $3.96 billion, including commitments of $2.49 billion in commercial loans, $599.4 million in construction loans and $147.8 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2025 and March 31, 2025 were $3.71 billion and $2.88 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $3.11 billion as of March 31, 2026, compared to $2.74 billion and $2.77 billion as of December 31, 2025 and March 31, 2025, respectively.

Total investment securities were $3.53 billion as of March 31, 2026, a $60.9 million increase from December 31, 2025. This increase was primarily due to purchases of mortgage-backed securities and a decrease in unrealized losses on available for sale debt securities.

Total deposits decreased $178.4 million during the three months ended March 31, 2026, to $19.10 billion. Total savings and demand deposit accounts decreased $80.7 million to $15.91 billion as of March 31, 2026, while total time deposits decreased $97.7 million to $3.19 billion as of March 31, 2026. The decrease in savings and demand deposits consisted of a $147.2 decrease in municipal deposits and a $42.8 million decrease in interest bearing brokered deposits, partially offset a $53.4 million increase in money market deposits, a $12.4 million increase in savings deposits and a $2.3 million increase in non-interest-bearing demand deposits. The decrease in municipal deposits was

mainly due to seasonal outflows. The decrease in time deposits consisted of an $82.5 million decrease in brokered time deposits, combined with a $15.2 million decrease in retail time deposits.

Borrowed funds increased $371.0 million during the three months ended March 31, 2026, to $2.48 billion. The increase in borrowings was largely used to fund seasonal outflows in municipal deposits and replace maturing brokered deposits. Borrowed funds represented 9.9% of total assets as of March 31, 2026, an increase from 8.5% as of December 31, 2025.

Stockholders’ equity increased $29.7 million during the three months ended March 31, 2026, to $2.86 billion, primarily due to net income earned for the period and a decrease in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders and common stock repurchases. For the three months ended March 31, 2026, common stock repurchases totaled 588,923 shares at an average cost of $21.04 per share, of which 100,381 shares at an average cost of $21.29 were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of March 31, 2026, approximately $2.2 million shares remained eligible for repurchase under the current authorization. Book value per share and tangible book value per share(3) as of March 31, 2026 were $21.97 and $16.03, respectively, compared with $21.69 and $15.70, respectively, as of December 31, 2025.

About the Company

Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering "Commitment you can count on" since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Thursday, April 30, 2026 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2026. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on "Webcast."

A supplemental 1st Quarter 2026 results investor presentation is also available on our investor relations website under “Presentations.”

Forward Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, tariffs, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not

assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Footnotes

(1) Annualized adjusted pre-provision, net-revenue return on average assets, annualized return on average tangible equity, tangible common equity capital ratio, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Financial Highlights

(Dollars in Thousands, except share data) (Unaudited)

As of or for the

Three months ended

March 31, December 31, March 31,

2026 2025 2025

Statement of Income

Net interest income $ 193,743 $ 197,411 $ 181,728

Provision for credit losses (2,116) (1,213) 638

Non-interest income 31,453 28,311 27,030

Non-interest expense 117,141 114,690 116,267

Income before income tax expense 110,171 112,245 91,853

Net income 79,417 83,431 64,028

Diluted earnings per share $ 0.61 $ 0.64 $ 0.49

Interest rate spread 2.82 % 2.83 % 2.73 %

Net interest margin 3.40 % 3.44 % 3.34 %

Profitability

Annualized return on average assets 1.29 % 1.34 % 1.08 %

Annualized adjusted return on average assets (1)

1.29 % 1.34 % 1.11 %

Annualized return on average equity 11.21 % 11.78 % 9.84 %

Annualized adjusted return on average equity (1)

11.21 % 11.78 % 10.13 %

Annualized return on average tangible equity (1)

16.58 % 17.58 % 15.73 %

Annualized adjusted return on average tangible equity (1)

16.58 % 17.58 % 16.15 %

Annualized adjusted non-interest expense to average assets (3)

1.90 % 1.84 % 1.92 %

Efficiency ratio (4)

52.02 % 50.97 % 54.43 %

Asset Quality

Non-accrual loans $ 142,924 $ 78,420 $ 103,224

90+ and still accruing — — —

Non-performing loans 142,924 78,420 103,224

Foreclosed assets 2,015 2,015 6,755

Non-performing assets 144,939 80,435 109,979

Non-performing loans to total loans 0.73 % 0.40 % 0.54 %

Non-performing assets to total assets 0.58 % 0.32 % 0.45 %

Allowance for loan losses $ 176,997 $ 184,767 $ 191,770

Allowance for loan losses to total non-performing loans 123.84 % 235.61 % 185.78 %

Allowance for loan losses to total loans 0.90 % 0.95 % 1.02 %

Net loan charge-offs $ 3,120 $ 4,152 $ 1,987

Annualized net loan charge-offs to average total loans 0.06 % 0.09 % 0.04 %

Average Balance Sheet Data

Assets $ 25,026,414 $ 24,775,214 $ 24,049,318

Loans, net 19,354,543 19,149,055 18,590,877

Earning assets 23,062,832 22,798,735 21,946,053

Core deposits 16,010,204 16,291,161 15,497,343

Borrowings 2,184,719 1,531,419 1,918,069

Interest-bearing liabilities 18,188,298 17,867,637 17,297,892

Stockholders' equity 2,873,113 2,810,166 2,638,361

Average yield on interest-earning assets 5.53 % 5.66 % 5.63 %

Average cost of interest-bearing liabilities 2.71 % 2.83 % 2.90 %

Notes and Reconciliation of GAAP and Non-GAAP Financial Measures

(Dollars in Thousands, except share data)

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Net Income $ 79,417 $ 83,431 $ 64,028

Write-down on ORE property — — 2,690

Less: income tax expense — — (809)

Annualized adjusted net income $ 79,417 $ 83,431 $ 65,909

Plus: Amortization of Intangibles (net of tax) $ 6,170 $ 6,180 $ 6,642

Annualized adjusted net income for annualized adjusted return on average tangible equity $ 85,587 $ 89,611 $ 72,551

Average assets $ 25,026,414 $ 24,775,214 $ 24,049,318

Average equity $ 2,873,113 $ 2,810,166 $ 2,638,361

Average tangible equity $ 2,093,975 $ 2,022,451 $ 1,822,407

Annualized Adjusted Return on Average Assets 1.29 % 1.34 % 1.11 %

Annualized Adjusted Return on Average Equity 11.21 % 11.78 % 10.13 %

Annualized Adjusted Return on Average Tangible Equity 16.58 % 17.58 % 16.15 %

(2) Annualized adjusted pre-provision, net-revenue ("PPNR") returns on average assets, average equity and average tangible equity

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Net income $ 79,417 $ 83,431 $ 64,028

Adjustments to net income:

Provision (release) charge for credit losses (2,116) (1,213) 638

Write-down on ORE property — — 2,690

Income tax expense 30,754 28,814 27,825

PPNR income $ 108,055 $ 111,032 $ 95,181

Annualized adjusted PPNR income $ 438,223 $ 440,507 $ 386,012

Average assets $ 25,026,414 $ 24,775,214 $ 24,049,318

Average equity $ 2,873,113 $ 2,810,166 $ 2,638,361

Average tangible equity $ 2,093,975 $ 2,022,451 $ 1,822,407

Annualized adjusted PPNR return on average assets 1.75 % 1.78 % 1.61 %

Annualized adjusted PPNR return on average equity 15.25 % 15.68 % 14.63 %

Annualized adjusted PPNR return on average tangible equity 20.93 % 21.78 % 21.18 %

(3) Tangible Common Equity Ratio, Book and Tangible Book Value per Share Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Total assets $ 25,201,690 $ 24,980,710 $ 24,224,759

Less: total intangible assets 773,585 782,152 809,725

Total tangible assets $ 24,428,105 $ 24,198,558 $ 23,415,034

Total stockholders' equity $ 2,862,869 $ 2,833,212 $ 2,658,794

Less: total intangible assets 773,585 782,152 809,725

Total tangible stockholders' equity $ 2,089,284 $ 2,051,060 $ 1,849,069

Tangible common equity ratio 8.55 % 8.48 % 7.90 %

Shares outstanding 130,311,796 130,619,949 130,661,195

Book value per share (total stockholders' equity/shares outstanding) $ 21.97 $ 21.69 $ 20.35

Tangible book value per share (total tangible stockholders' equity/shares outstanding) $ 16.03 $ 15.70 $ 14.15

(4) Annualized Return on Average Tangible Equity

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Total average stockholders' equity $ 2,873,113 $ 2,810,166 $ 2,638,361

Less: total average intangible assets 779,138 787,715 815,954

Total average tangible stockholders' equity $ 2,093,975 $ 2,022,451 $ 1,822,407

Net income 79,417 83,431 64,028

Plus: Amortization of Intangibles, net of tax 6,170 6,180 6,642

Total adjusted net income $ 85,587 $ 89,611 $ 70,670

Annualized return on average tangible equity (net income/total average tangible stockholders' equity) 16.58 % 17.58 % 15.73 %

(5) Annualized Adjusted Non-Interest Expense to Average Assets

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Reported non-interest expense $ 117,141 $ 114,690 $ 116,267

Adjustments to non-interest expense:

Write-down on ORE property — — 2,690

Adjusted non-interest expense $ 117,141 $ 114,690 $ 113,577

Annualized adjusted non-interest expense $ 475,072 $ 455,020 $ 460,618

Average assets $ 25,026,414 $ 24,775,214 $ 24,049,318

Annualized adjusted non-interest expense/average assets 1.90 % 1.84 % 1.92 %

(6) Efficiency Ratio Calculation

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Net interest income $ 193,743 $ 197,411 $ 181,728

Non-interest income 31,453 28,311 27,030

Adjustments to non-interest income:

Net gain on securities transactions — (690) (87)

Adjusted non-interest income $ 31,453 $ 27,621 $ 26,943

Total income $ 225,196 $ 225,032 $ 208,671

Adjusted non-interest expense $ 117,141 $ 114,690 $ 113,577

Efficiency ratio (adjusted non-interest expense/income) 52.02 % 50.97 % 54.43 %

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition

March 31, 2026 (Unaudited) and December 31, 2025

(Dollars in Thousands)

Assets March 31, 2026 December 31, 2025

Cash and cash equivalents $ 222,083 $ 211,484

Available for sale debt securities, at fair value 3,240,067 3,164,756

Held to maturity debt securities, (net of $15,000 allowance as of March 31, 2026 (unaudited) and $16,000 allowance as of December 31, 2025) 267,653 282,127

Equity securities, at fair value 19,893 19,875

Federal Home Loan Bank stock 132,510 115,687

Loans held for sale 7,516 14,710

Loans held for investment 19,647,702 19,504,061

Less allowance for credit losses 176,997 184,767

Net loans 19,478,221 19,334,004

Foreclosed assets, net 2,015 2,015

Banking premises and equipment, net 110,356 113,328

Accrued interest receivable 97,726 95,798

Intangible assets 773,585 782,152

Bank-owned life insurance 413,337 414,371

Other assets 444,244 445,113

Total assets $ 25,201,690 $ 24,980,710

Liabilities and Stockholders' Equity

Deposits:

Demand deposits $ 14,286,558 $ 14,402,148

Savings deposits 1,624,122 1,589,259

Certificates of deposit of $250,000 or more 942,746 929,989

Other time deposits 2,246,876 2,357,287

Total deposits 19,100,302 19,278,683

Mortgage escrow deposits 48,310 40,253

Borrowed funds 2,482,979 2,111,955

Subordinated debentures 407,824 406,582

Other liabilities 299,406 310,025

Total liabilities 22,338,821 22,147,498

Stockholders' equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued — —

Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,311,796 shares outstanding as of March 31, 2026 and 130,619,949 outstanding as of December 31, 2025. 1,376 1,376

Additional paid-in capital 1,847,737 1,844,949

Retained earnings 1,202,413 1,154,364

Accumulated other comprehensive loss (86,423) (76,183)

Treasury stock (102,234) (91,294)

Total stockholders' equity 2,862,869 2,833,212

Total liabilities and stockholders' equity $ 25,201,690 $ 24,980,710

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Consolidated Statements of Income

Three months ended March 31, 2026, December 31, 2025 and March 31, 2025

(Dollars in Thousands, except per share data) (Unaudited)

Three Months Ended

March 31, December 31, March 31,

2026 2025 2025

Interest and dividend income:

Real estate secured loans $ 191,503 $ 196,082 $ 187,054

Commercial loans 77,901 81,652 75,819

Consumer loans 9,900 10,504 10,158

Available for sale debt securities, equity securities and Federal Home Loan Bank stock 33,282 33,981 29,644

Held to maturity debt securities 1,794 1,835 1,996

Deposits, federal funds sold and other short-term investments 686 785 675

Total interest income 315,066 324,839 305,346

Interest expense:

Deposits 91,936 104,232 97,420

Borrowed funds 21,011 15,199 17,778

Subordinated debt 8,376 7,997 8,420

Total interest expense 121,323 127,428 123,618

Net interest income 193,743 197,411 181,728

Provision for credit losses (2,116) (1,213) 638

Net interest income after provision for credit losses 195,859 198,624 181,090

Non-interest income:

Fees 10,464 11,100 9,655

Wealth management income 7,402 7,627 7,328

Insurance agency income 6,850 3,854 5,651

Bank-owned life insurance 4,034 2,790 2,092

Net gain on securities transactions — 690 87

Other income 2,703 2,250 2,217

Total non-interest income 31,453 28,311 27,030

Non-interest expense:

Compensation and employee benefits 66,196 64,316 62,366

Net occupancy expense 14,985 13,078 13,927

Data processing expense 9,646 9,110 9,605

FDIC Insurance 2,841 2,758 3,385

Amortization of intangibles 8,563 8,578 9,501

Advertising and promotion expense 938 1,406 1,060

Other operating expenses 13,972 15,444 16,423

Total non-interest expense 117,141 114,690 116,267

Income before income tax expense 110,171 112,245 91,853

Income tax expense 30,754 28,814 27,825

Net income $ 79,417 $ 83,431 $ 64,028

Basic earnings per share $ 0.61 $ 0.64 $ 0.49

Average basic shares outstanding 130,511,676 130,530,391 130,325,393

Diluted earnings per share $ 0.61 $ 0.64 $ 0.49

Average diluted shares outstanding 130,588,635 130,589,271 130,380,475

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY

Net Interest Margin Analysis

Quarterly Average Balances

(Dollars in Thousands) (Unaudited)

March 31, 2026 December 31, 2025 March 31, 2025

Average Balance Interest Average

Yield/Cost Average Balance Interest Average

Yield/Cost

Interest-Earning Assets:

Deposits $ 76,589 $ 686 3.63 % $ 90,490 $ 785 3.44 % $ 80,074 $ 675 4.21 %

Available for sale debt securities 3,217,568 31,458 3.91 % 3,161,753 31,622 4.00 % 2,827,699 27,485 3.89 %

Held to maturity debt securities, net (1)

273,845 1,794 2.62 % 287,635 1,835 2.55 % 320,036 1,996 2.50 %

Equity securities, at fair value 19,988 120 2.42 % 19,781 143 2.90 % 19,840 136 2.74 %

Total securities 3,511,401 33,372 3.80 % 3,469,169 33,600 3.87 % 3,167,575 29,617 3.74 %

Federal Home Loan Bank stock 120,299 1,704 5.67 % 90,021 2,216 9.76 % 107,527 2,023 7.53 %

Net loans: (2)

Total mortgage loans 13,590,636 191,503 5.70 % 13,501,084 196,082 5.77 % 13,297,168 187,054 5.70 %

Total commercial loans 5,157,785 77,901 6.13 % 5,036,657 81,652 6.43 % 4,684,572 75,819 6.56 %

Total consumer loans 606,122 9,900 6.62 % 611,314 10,504 6.82 % 609,137 10,158 6.76 %

Total net loans 19,354,543 279,304 5.85 % 19,149,055 288,238 5.98 % 18,590,877 273,031 5.95 %

Total interest-earning assets $ 23,062,832 $ 315,066 5.53 % $ 22,798,735 $ 324,839 5.66 % $ 21,946,053 $ 305,346 5.63 %

Non-Interest Earning Assets:

Cash and due from banks 171,092 152,621 134,205

Other assets 1,792,490 1,823,858 1,969,060

Total assets $ 25,026,414 $ 24,775,214 $ 24,049,318

Interest-Bearing Liabilities:

Demand deposits $ 10,759,045 $ 63,358 2.39 % $ 10,960,066 $ 72,283 2.62 % $ 10,095,570 $ 65,433 2.63 %

Savings deposits 1,606,554 840 0.21 % 1,585,837 889 0.22 % 1,682,596 924 0.22 %

Time deposits 3,230,961 27,738 3.48 % 3,384,538 31,060 3.64 % 3,199,620 31,063 3.94 %

Total Deposits 15,596,560 91,936 2.39 % 15,930,441 104,232 2.60 % 14,977,786 97,420 2.64 %

Borrowed funds 2,184,719 21,011 3.90 % 1,531,419 15,199 3.94 % 1,918,069 17,778 3.76 %

Subordinated debentures 407,019 8,376 8.35 % 405,777 7,997 7.82 % 402,037 8,420 8.49 %

Total interest-bearing liabilities 18,188,298 121,323 2.71 % 17,867,637 127,428 2.83 % 17,297,892 123,618 2.90 %

Non-Interest Bearing Liabilities:

Non-interest bearing deposits 3,644,605 3,745,258 3,719,177

Other non-interest bearing liabilities 320,398 352,153 393,888

Total non-interest bearing liabilities 3,965,003 4,097,411 4,113,065

Total liabilities 22,153,301 21,965,048 21,410,957

Stockholders' equity 2,873,113 2,810,166 2,638,361

Total liabilities and stockholders' equity $ 25,026,414 $ 24,775,214 $ 24,049,318

Net interest income $ 193,743 $ 197,411 $ 181,728

Net interest rate spread 2.82 % 2.83 % 2.73 %

Net interest-earning assets $ 4,874,534 $ 4,931,098 $ 4,648,161

Net interest margin (3)

3.40 % 3.44 % 3.34 %

Ratio of interest-earning assets to total interest-bearing liabilities 1.27x 1.28x 1.27x

(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.

(2) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include loans held for sale and non-accrual loans.

(3) Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.

3/31/26 12/31/25 9/30/25 6/30/25 3/31/25

1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.

Interest-Earning Assets:

Securities 3.80 % 3.87 % 3.89 % 3.81 % 3.74 %

Net loans 5.85 % 5.98 % 6.09 % 6.01 % 5.95 %

Total interest-earning assets 5.53 % 5.66 % 5.76 % 5.68 % 5.63 %

Interest-Bearing Liabilities:

Total deposits 2.39 % 2.60 % 2.67 % 2.62 % 2.64 %

Total borrowings 3.90 % 3.94 % 3.96 % 3.94 % 3.76 %

Total interest-bearing liabilities 2.71 % 2.83 % 2.96 % 2.94 % 2.90 %

Interest rate spread 2.82 % 2.83 % 2.80 % 2.74 % 2.73 %

Net interest margin 3.40 % 3.44 % 3.43 % 3.36 % 3.34 %

Ratio of interest-earning assets to interest-bearing liabilities 1.27x 1.28x 1.27x 1.27x 1.27x

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration