Short answer
PROVIDENT FINANCIAL SERVICES INC (PFS) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $73M (+7.1% year over year) and net income of $291M.
- Top risk flagged: DOJ Consent Order requiring $12M loan subsidy fund investment and two branches in majority-Black and Hispanic Newark area, impacting costs and management focus
FY2025 key financial metrics · XBRL
- Revenue
- $73M
- +7.1% YoY
- Net income
- $291M
- +152.0% YoY
- EPS (diluted)
- $2.23
- +112.4% YoY
- ROE
- 10.3%
- +5.8 pp YoY
- Operating cash flow
- $442M
- +3.7% YoY
Source: XBRL data from the PROVIDENT FINANCIAL SERVICES INC (PFS) FY2025 10-K on SEC EDGAR. USD.
PROVIDENT FINANCIAL SERVICES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Merger with Lakeland Bancorp added $10.59B assets, $7.91B loans, $8.62B deposits, and 68 branches, total consideration $876.8M including $180.4M goodwill
- Emphasis on commercial real estate loans: 38.3% of portfolio, with largest commercial mortgage loan $70.7M secured by 29 properties in 16 states
- Non-interest income grew to $109.8M in 2025 from $94.1M in 2024; wealth management fees remain stable around $29M
- Core deposits $15.99B, 82.9% of total deposits as of 12/31/2025, stable versus 2024
- Bank operates 141 branches after closing 22 overlapping branches post-merger, covering NJ, PA, and NY markets with 4.70% NJ deposit market share
Management Discussion & Analysis
- Revenue: Net interest income $760.6M in 2025, up $160.0M YoY from $600.6M in 2024
- Profitability: Net interest margin 3.39% in 2025 vs 3.26% in 2024; net interest rate spread 2.77% vs 2.63%
- Best performing segment: Commercial loans grew $395.8M to $5.20B; worst performing: Construction loans decreased $161.4M to $662.1M
- Cash flow & capital allocation: $876.8M spent on Lakeland Bancorp acquisition completed May 2024; no dividend/buyback data provided
- Forward outlook: Risk from economic decline, real estate market values, unemployment, rising interest rates highlighted as key risks affecting loan portfolio and credit losses
Risk Factors
- DOJ Consent Order requiring $12M loan subsidy fund investment and two branches in majority-Black and Hispanic Newark area, impacting costs and management focus
- Exposure to New York CRE office loans of $775.5M (~15% of CRE portfolio), sensitive to real estate market conditions and potential losses
- CRE loan concentration at 432.1% of risk-based capital, exceeding FDIC guidance, leading to elevated regulatory scrutiny and potential operational constraints
- Interest rate risk with $3.16B available-for-sale securities portfolio could reduce equity via unrealized losses in rising interest rate environment
- Total assets $24.98B subject to enhanced regulatory scrutiny under Dodd-Frank, increasing compliance costs and operational complexity
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.