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Get filing alertsProvident Financial Services reports Q2 2026 net income of $78.1M ($0.60/share), up 9% YoY
Filed July 30, 2026 · Period ending July 29, 2026 · ~1 min read
Key Changes
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Q2 2026 net income of $78.1M ($0.60/share) rose 9% from $72.0M ($0.55/share) in Q2 2025; first-half 2026 net income of $157.6M ($1.21/share) up 16% YoY from $136.0M ($1.04/share).
Exhibit 99.1 view on EDGAR → -
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Net interest margin expanded 8 bps sequentially to 3.48% (12 bps YoY from 3.36%), driven by 8 bps yield increase to 5.61% while funding costs held flat at 2.71%; core NIM up 5 bps sequentially and 16 bps YoY to 3.09%.
Exhibit 99.1 view on EDGAR → -
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Commercial loans grew 9.9% annualized; record pipeline of $3.17B at 6.33% weighted average rate, with both CRE and C&I pipelines exceeding $1.0B for the second consecutive quarter.
Exhibit 99.1 view on EDGAR → -
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Non-performing loans increased to $136.9M (0.68% of total loans) from $78.4M (0.40%) at year-end 2025, though down from $142.9M prior quarter; net charge-offs remained low at 4 bps annualized for Q2.
Exhibit 99.1 view on EDGAR → -
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Tangible book value per share grew 2% sequentially to $16.42 and 12% YoY; tangible common equity ratio improved to 8.60% from 8.03% a year earlier; Bank's CET1 and Total RBC ratios at 12.1% and 13.0%.
Exhibit 99.1 view on EDGAR →
Summary
Provident Financial Services reported solid second quarter 2026 results, with net income of $78.1 million ($0.60 per share) representing 9% year-over-year growth. The quarter's standout metric was net interest margin expansion to 3.48%, up 8 basis points sequentially and 12 basis points year-over-year, driven by higher asset yields while funding costs remained stable.
This margin improvement, combined with strong loan growth, produced what management characterized as record pre-provision net revenue. The company demonstrated momentum in commercial lending, with a record $3.17 billion pipeline at a 6.33% weighted average rate and 9.9% annualized commercial loan growth during the quarter.
Capital metrics strengthened, with tangible book value per share up 12% year-over-year to $16.42 and the tangible common equity ratio improving to 8.60%. The primary area to monitor is asset quality: non-performing loans increased to $136.9 million (0.68% of total loans) from $78.4 million (0.40%) at year-end 2025, though they declined modestly from the prior quarter and net charge-offs remained low at 4 basis points annualized. The allowance-to-NPL coverage ratio of 135% provides a cushion, but the doubling of NPLs over six months warrants attention as the loan portfolio grows.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Provident Financial Services reported Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On July 29, 2026, Provident Financial Services, Inc. (the “Company”) issued a press release reporting its financial results for the three and six months ended June 30, 2026.
The company disclosed its second quarter and first half 2026 financial results through a press release. The 8-K body does not contain the actual financial figures; those appear in the attached Exhibit 99.1 press release, which is furnished rather than filed with the SEC.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net interest margin was 3.48%, compared to 3.40%. The yield on interest-earning assets increased 8 basis points to 5.61%, while the cost of interest-bearing liabilities remained at 2.71%.
The company's net interest margin expanded 8 basis points sequentially to 3.48% in Q2 2026 from 3.40% in Q1 2026, and improved 12 basis points year-over-year from 3.36% in Q2 2025. The expansion was driven by higher yields on earning assets (up 8 bps to 5.61%) while funding costs held flat at 2.71%. Core net interest margin, excluding purchase accounting and interest recoveries, increased 5 basis points sequentially and 16 basis points year-over-year to 3.09%.
Added in current filing · view on EDGAR →
Total commercial loans, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, increased 9.9% annualized for the quarter. ... Our record pipeline totaled $3.17 billion as of June 30, 2026, with a weighted average interest rate of 6.33%.
Total commercial loans grew at a 9.9% annualized rate during the quarter. The company reported a record loan pipeline of $3.17 billion at June 30, 2026, with a weighted average rate of 6.33%. Both the CRE and C&I pipelines exceeded $1.0 billion for the second consecutive quarter. Total loans held for investment increased to $20.05 billion from $19.50 billion at year-end 2025, with net increases of $407.6 million in commercial loans, $139.5 million in multi-family loans, and $103.8 million in commercial mortgage loans.
Added in current filing · view on EDGAR →
The Company’s total non-performing loans as of June 30, 2026 were $136.9 million, or 0.68% of total loans held for investment, compared to $142.9 million, or 0.73% of total loans as of March 31, 2026 and $78.4 million, or 0.40% of total loans as of December 31, 2025.
Non-performing loans increased to $136.9 million (0.68% of total loans) at June 30, 2026, from $78.4 million (0.40% of total loans) at December 31, 2025, though they declined modestly from $142.9 million in the prior quarter. The allowance for credit losses represented 134.87% of non-performing loans, down from 235.61% at year-end. Net charge-offs remained low at $1.9 million for the quarter (4 basis points annualized) and $5.0 million for the six months (5 basis points annualized).
Added in current filing · view on EDGAR →
Tangible book value ("TBV") per share (4) grew 2% to $16.42 quarter over quarter and grew 12% year over year. ... Tangible common equity ratio (4) has grown consistently, increasing from 8.03% as of June 30, 2025, to 8.60% as of June 30, 2026.
The company's tangible book value per share increased 2% sequentially to $16.42 and 12% year-over-year. The tangible common equity ratio improved to 8.60% from 8.03% a year earlier. Provident Bank's Common Equity Tier One and Total Risk Based Capital ratios were 12.1% and 13.0%, respectively, both above well-capitalized thresholds. The company repurchased 25,799 shares at an average cost of $22.15 during the quarter.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 31, 2026 · How we verify