Provident Financial Services presented third-quarter 2026 results highlighting higher profitability, loan and deposit growth, and continued expansion in revenue. The materials also say the integration of Lakeland Bank is complete and its cost savings have been fully realized.
The presentation describes Provident as a $25.8 billion bank with operations across New Jersey, eastern Pennsylvania and several New York counties. It accompanies the company’s third-quarter earnings release, which was scheduled for October 29.
Key details
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Profitability improved year over year. Provident reported core diluted earnings per share of $0.65, core return on average assets of 1.30% and core return on tangible common equity of 16.57%. Core pre-provision net revenue (PPNR) grew $10.8 million, or 10%, from the prior-year quarter, and core PPNR return on average assets reached 1.85%, up 9 basis points.
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Revenue reached $239 million. The company cited record net interest income, alongside noninterest income, as the drivers. Average interest-earning assets rose $341 million, or 5.8% on an annualized basis.
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Loans and the lending pipeline expanded. Commercial loans grew 3.4% on a quarter-over-quarter annualized basis. The total loan pipeline stood at $3.03 billion, with a weighted-average rate approaching 6.50%.
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Deposits increased by more than 5% on an annualized quarterly basis. Growth came primarily from noninterest-bearing accounts, core business balances and municipal deposits.
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The balance sheet included $20.2 billion in loans and $19.8 billion in deposits. Tangible book value per share was $16.16, slightly lower than the previous quarter but up 6.8% from a year earlier. Provident said its capital ratios remained strong.
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Share repurchases remain an option, not a stated commitment. About 2.2 million shares were still eligible for repurchase.
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Other revenue sources include wealth management and insurance. The presentation listed $4.4 billion in wealth assets under management and $5.1 million in insurance revenue for the quarter. Provident operates 135 branches and describes itself as a full-service commercial and consumer bank.
What changes
The announcement is a results update and investor presentation, not a change in ownership, management or capital structure. The company says the Lakeland integration is complete and the related cost savings have been fully realized; it also emphasizes continued investment in digital channels and technology infrastructure.