株探米国株
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to

Commission File Number: 001-31566
PROVIDENT FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)  
Delaware
42-1547151
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
239 Washington Street Jersey City New Jersey 07302
(Address of Principal Executive Offices)
 (City) (State)
(Zip Code)
(732) 590-9200
(Registrant’s Telephone Number, Including Area Code)
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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☒ Accelerated Filer ☐
Non-Accelerated Filer ☐ Smaller Reporting Company ☐
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. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  ý
As of May 1, 2026 there were 137,565,966 shares issued and 130,313,687 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share.
1


PROVIDENT FINANCIAL SERVICES, INC.
INDEX TO FORM 10-Q
 
Item Number
Page Number
1
Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and December 31, 2025
Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)
2
3
4
1
1A.
2
3
Defaults Upon Senior Securities
4
5
6
Exhibits



2

PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
March 31, 2026 (Unaudited) and December 31, 2025
(Dollars in Thousands)
 
March 31, 2026 December 31, 2025
ASSETS
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 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 and other 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 
See accompanying notes to unaudited consolidated financial statements.
3


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2026 and 2025 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended March 31,
2026 2025
Interest and dividend income:
Real estate secured loans $ 191,503  $ 187,054 
Commercial loans 77,901  75,819 
Consumer loans 9,900  10,158 
Available for sale debt securities and Federal Home Loan Bank stock 33,282  29,644 
Held to maturity debt securities 1,794  1,996 
Deposits, Federal funds sold and other short-term investments 686  675 
Total interest and dividend income 315,066  305,346 
Interest expense:
Deposits 91,936  97,420 
Borrowed funds 21,011  17,778 
Subordinated debt 8,376  8,420 
Total interest expense 121,323  123,618 
Net interest income 193,743  181,728 
Provision for credit losses (2,116) 638 
Net interest income after provision for credit losses 195,859  181,090 
Non-interest income:
Fees 10,464  9,655 
Wealth management income 7,402  7,328 
Insurance agency income 6,850  5,651 
Bank-owned life insurance 4,034  2,092 
Net gain on securities transactions —  87 
Other income 2,703  2,217 
Total non-interest income 31,453  27,030 
Non-interest expense:
Compensation and employee benefits 66,196  62,366 
Net occupancy expense 14,985  13,927 
Data processing expense 9,646  9,605 
FDIC insurance 2,841  3,385 
Amortization of intangibles 8,563  9,501 
Advertising and promotion expense 938  1,060 
Other operating expenses 13,972  16,423 
Total non-interest expense 117,141  116,267 
Income before income tax expense 110,171  91,853 
Income tax expense 30,754  27,825 
Net income $ 79,417  $ 64,028 
Basic earnings per share $ 0.61  $ 0.49 
Weighted average basic shares outstanding 130,511,676  130,325,393 
Diluted earnings per share $ 0.61  $ 0.49 
Weighted average diluted shares outstanding 130,588,635  130,380,475 

See accompanying notes to unaudited consolidated financial statements.
4


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three months ended March 31, 2026 and 2025 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
2026 2025
Net income $ 79,417  $ 64,028 
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized gains (losses) arising during the period (12,689) 26,786 
Reclassification adjustment for gains included in net income —  (62)
Total (12,689) 26,724 
Unrealized gains and losses on derivatives:
Net unrealized gains arising during the period 2,533  106 
Reclassification adjustment for gains included in net income (67) (1,391)
Total 2,466  (1,285)
Amortization related to post-retirement obligations (17) (330)
Total other comprehensive income (loss) (10,240) 25,109 
Total comprehensive income $ 69,177  $ 89,137 

See accompanying notes to unaudited consolidated financial statements.

5



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended March 31, 2026 (Unaudited)
(Dollars in Thousands)

For the three months ended March 31, 2026
 COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE LOSS TREASURY STOCK TOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2025 1,376  1,844,949  1,154,364  (76,183) (91,294) 2,833,212 
Net income —  —  79,417  —  —  79,417 
Other comprehensive loss, net of tax —  —  —  (10,240) —  (10,240)
Cash dividends paid —  (31,368) —  (31,368)
Purchases of treasury stock —  —  —  —  (10,255) (10,255)
Purchase of employee restricted shares to fund statutory tax withholding —  —  —  —  (2,138) (2,138)
Stock option exercises —  57  —  —  1,453  1,510 
Allocation of SAP shares —  2,731  —  —  —  2,731 
Allocation of Stock options —  —  —  —  —  — 
Balance as of March 31, 2026 $ 1,376  $ 1,847,737  $ 1,202,413  $ (86,423) $ (102,234) $ 2,862,869 

See accompanying notes to unaudited consolidated financial statements.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended March 31, 2025 (Unaudited)
(Dollars in Thousands)

For the three months ended March 31, 2025
 COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TREASURYSTOCK TOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2024 $ 1,376  $ 1,834,495  $ 989,111  $ (135,355) $ (88,420) $ 2,601,207 
Net income —  —  64,028  —  —  64,028 
Other comprehensive income net of tax —  —  —  25,109  —  25,109 
Cash dividends paid —  —  (31,873) —  (31,873)
Purchase of employee restricted shares to fund statutory tax withholding —  —  —  —  (1,847) (1,847)
Allocation of SAP shares —  2,153  —  —  —  2,153 
Allocation of Stock options —  17  —  —  —  17 
Balance as of March 31, 2025 $ 1,376  $ 1,836,665  $ 1,021,266  $ (110,246) $ (90,267) $ 2,658,794 

See accompanying notes to unaudited consolidated financial statements.






6


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Three months ended March 31, 2026 and 2025 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
2026 2025
Cash flows from operating activities:
Net income $ 79,417  $ 64,028 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 11,826  13,165 
Provision for credit losses on loans and securities (4,651) 328 
Provision charge for credit losses on off-balance sheet credit exposures 2,535  310 
Deferred tax expense 4,674  3,600 
Amortization of operating lease right-of-use assets 3,671  3,544 
Income on Bank-owned life insurance (4,034) (2,092)
Net amortization of premiums and discounts on securities 3,729  4,272 
Accretion of net deferred loan fees (2,019) (1,522)
Amortization of premiums on purchased loans, net 78  62 
Originations of loans held for sale (14,067) (15,683)
Proceeds from sales of loans originated for sale 18,405  10,640 
Allocation of stock award expense 2,737  2,153 
Allocation of stock option expense —  17 
Net gain on sale of loans (967) (368)
Net (gain) loss on securities transactions —  (87)
Net gain on sale of premises and equipment (1,182) (624)
Increase in accrued interest receivable (1,928) (616)
(Increase) decrease in other assets (2,953) 43,106 
Decrease in other liabilities (10,619) (35,718)
Net cash provided by operating activities 84,652  88,515 
Cash flows from investing activities:
Net (increase) in loans (139,811) (112,317)
Purchases of loans —  (321)
Proceeds from maturities, calls and paydowns of held to maturity debt securities 15,180  14,113 
Purchases of investment securities held to maturity (842) (700)
Proceeds from sales of available for sale debt securities —  1,670 
Proceeds from maturities, calls and paydowns of available for sale debt securities 101,343  150,843 
Purchases of available for sale debt securities (190,450) (217,721)
Proceeds from redemption of Federal Home Loan Bank stock 101,676  76,930 
Purchases of Federal Home Loan Bank stock (118,499) (91,086)
BOLI claim benefits received —  906 
Proceeds from sales of premises and equipment 2,709  2,348 
Purchases of premises and equipment (3,694) (1,142)
Net cash (used in) investing activities (232,388) (176,477)
Cash flows from financing activities:
Net decrease in deposits (178,381) (174,950)
Increase in mortgage escrow deposits 8,057  9,014 
Cash dividends paid to stockholders (31,368) (31,874)
Purchase of treasury stock (10,255) — 
Purchase of employee restricted shares to fund statutory tax withholding (2,138) (1,847)
7

Three months ended March 31,
2026 2025
Stock options exercised 1,396  — 
Proceeds from long-term borrowings 50,000  — 
Payments on long-term borrowings (2,790) (254,600)
Net increase in short-term borrowings 323,814  570,356 
Net cash provided by financing activities 158,335  116,099 
Net increase in cash and cash equivalents 10,599  28,137 
Cash and cash equivalents at beginning of period 209,057  205,869 
Restricted cash at beginning of period 2,427  70 
Total cash, cash equivalents and restricted cash at beginning of period 211,484  205,939 
Cash and cash equivalents at end of period 222,083  234,076 
Restricted cash at end of period —  — 
Total cash, cash equivalents and restricted cash at end of period $ 222,083  $ 234,076 
Cash paid during the period for:
Interest on deposits and borrowings $ 106,824  $ 125,711 
Income taxes $ 2,508  $ 1,029 
Transfer of loans receivable to foreclosed assets $ —  $ — 
See accompanying notes to unaudited consolidated financial statements.
8


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
A. Basis of Financial Statement Presentation
The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries.
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and the Consolidated Statements of Income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses is a material estimate that is particularly susceptible to near-term change.
The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for all of 2026.
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Additionally, certain comparative balances on the interim unaudited consolidated financial statements have been reclassified to conform to the current year’s presentation.
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2025 Annual Report to Stockholders on Form 10-K.
B. Earnings Per Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per share amounts):
Three months ended March 31,
2026 2025
Net
Income		 Weighted
Average
Common
Shares
Outstanding		 Per
Share
Amount 		Net
Income		 Weighted
Average
Common
Shares
Outstanding 		Per
Share
Amount
Net income $ 79,417  $ 64,028 
Basic earnings per share:
Income available to common stockholders $ 79,417  130,511,676  $ 0.61  $ 64,028  130,325,393  $ 0.49 
Dilutive shares 76,959  55,082 
Diluted earnings per share:
Income available to common stockholders $ 79,417  130,588,635  $ 0.61  $ 64,028  130,380,475  $ 0.49 
Anti-dilutive stock options and awards as of March 31, 2026 and 2025, totaling 671,193 shares and 1.4 million shares, respectively, were excluded from the earnings per share calculations.
C. Loans Receivable and Allowance for Credit Losses
The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. The recapture of the provision for credit losses on loans for the three months ended March 31, 2026, was primarily attributable to a reduction in specific reserves on individually evaluated loans.
9

See Notes 3 and 9 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures.
D. Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment at least once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its most recent annual goodwill impairment test as of July 1, 2025. As of March 31, 2026, the Company performed a qualitative analysis of goodwill and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required.
Note 2. Investment Securities
As of March 31, 2026, the Company had $3.24 billion and $267.7 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, changes in interest rates, regulatory actions, changes in the business environment or any changes in the competitive marketplace, could have an adverse effect on the Company’s investment portfolio.
Available for Sale Debt Securities
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Amortized
cost		 Gross
unrealized
gains		 Gross
unrealized
losses		 Fair
value
U.S. Treasury obligations $ 274,883  106  (7,629) 267,360 
Government-agency obligations 29,942  709  (7) 30,644 
Mortgage-backed securities 2,798,914  12,922  (121,783) 2,690,053 
Asset-backed securities 40,193  433  (302) 40,324 
State and municipal obligations 119,072  802  (8,182) 111,692 
Corporate obligations 96,749  5,113  (1,868) 99,994 
$ 3,359,753  20,085  (139,771) 3,240,067 
December 31, 2025
Amortized
cost		 Gross
unrealized
gains		 Gross
unrealized
losses		 Fair
value
U.S. Treasury obligations $ 274,500  190  (7,946) 266,744 
Government-agency obligations 32,693  877  (31) 33,539 
Mortgage-backed securities 2,705,346  23,454  (116,453) 2,612,347 
Asset-backed securities 41,619  409  (267) 41,761 
State and municipal obligations 119,173  1,249  (7,423) 112,999 
Corporate obligations 93,498  5,429  (1,561) 97,366 
$ 3,266,829  31,608  (133,681) 3,164,756 
Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $11.4 million and $10.9 million as of March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the Consolidated Statements of Financial Condition.
The amortized cost and fair value of available for sale debt securities as of March 31, 2026, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
10

March 31, 2026
Amortized
cost		 Fair
value
Due in one year or less $ 140,509  139,735 
Due after one year through five years 166,889  160,626 
Due after five years through ten years 116,601  117,600 
Due after ten years 66,705  61,085 
Securities without a contractual maturity (1)
 2,869,049  2,761,021 
$ 3,359,753  3,240,067 
(1) Residential mortgage-backed securities, other asset-backed securities and government-agency obligations are not included in the maturity categories as actual maturities may differ from contractual maturities because the underlying loans may be called or prepaid without penalties.
For the three months ended March 31, 2026, no securities were sold or called from the available for sale debt securities portfolio. For March 31, 2025, proceeds from sales on securities in the available for sale debt portfolio totaled $1.7 million with gross gains of $87,000 and no losses recognized, while calls from securities from the available for sale debt portfolio totaled $9.6 million with no gross gains and no losses recognized.
The following table shows gross unrealized losses and estimated fair value of available for sale debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Less Than 12 months 12 Months or More Total
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Available-for-sale:
U.S. Treasury obligations $ —  —  246,199  (7,629) 246,199  (7,629)
Government-agency obligations —  —  2,154  (7) 2,154  (7)
Mortgage-backed securities 641,639  (4,860) 980,474  (116,923) 1,622,113  (121,783)
Asset-backed securities 12,539  (98) 8,800  (204) 21,339  (302)
State and municipal obligations 19,101  (442) 63,936  (7,740) 83,037  (8,182)
Corporate obligations 11,768  (232) 18,635  (1,636) 30,403  (1,868)
Total $ 685,047  (5,632) 1,320,198  (134,139) 2,005,245  (139,771)
December 31, 2025
Less Than 12 months 12 Months or More Total
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Available-for-sale:
U.S. Treasury obligations $ —  —  245,675  (7,946) 245,675  (7,946)
Government-agency obligations 8,541  (31) —  —  8,541  (31)
Mortgage-backed securities 133,316  (4,119) 984,261  (112,334) 1,117,577  (116,453)
Asset-backed securities 20,493  (129) 1,605  (138) 22,098  (267)
State and municipal obligations 21,613  (665) 53,173  (6,758) 74,786  (7,423)
Corporate obligations 8,994  (6) 18,742  (1,555) 27,736  (1,561)
Total $ 192,957  (4,949) 1,303,456  (128,732) 1,496,412  (133,681)
The number of available for sale debt securities in an unrealized loss position as of March 31, 2026 totaled 471, compared with 406 as of December 31, 2025. The increase in the number of securities in an unrealized loss position as of March 31, 2026 was due to higher current market interest rates compared to rates as of December 31, 2025. All securities in an unrealized loss position were investment grade as of March 31, 2026.
11


Held to Maturity Debt Securities
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities excluding allowances for credit losses of $15,000 and $16,000, as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Amortized
cost		 Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations $ 1,000  —  (11) 989 
State and municipal obligations 265,726  72  (7,847) 257,951 
Corporate obligations 942  —  (7) 935 
$ 267,668  72  (7,865) 259,875 
December 31, 2025
Amortized
cost		 Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations $ 3,400  —  (22) 3,378 
State and municipal obligations 276,600  156  (7,045) 269,711 
Corporate obligations 2,143  —  (14) 2,129 
$ 282,143  156  (7,081) 275,218 
Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.5 million and $2.6 million as of March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the Consolidated Statements of Financial Condition.
The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $2.8 million, with no gross gains and no gross losses. For the three months ended March 31, 2025, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $5.0 million with no gross gains and no gross losses.
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of March 31, 2026 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
The amortized cost and fair value of held to maturity debt securities as of March 31, 2026 by contractual maturity, excluding allowances for credit losses of $15,000 as of March 31, 2026 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2026
Amortized
cost		 Fair
value
Due in one year or less $ 45,294  45,227 
Due after one year through five years 147,661  146,533 
Due after five years through ten years 71,626  65,663 
Due after ten years 3,087  2,452 
$ 267,668  259,875 

The number of held to maturity debt securities in an unrealized loss position as of March 31, 2026 totaled 216, compared with 221 as of December 31, 2025. The decrease in the number of securities in an unrealized loss position as of March 31, 2026, was due to lower current market interest rates compared to rates as of December 31, 2025.
12

Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:
•Government-agency obligations;
•Mortgage-backed securities;
•State and municipal obligations; and
•Corporate obligations.

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal and corporate obligations carry credit ratings from the rating agencies as of March 31, 2026, that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s Ratings ("Moody's").
Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Total Portfolio AAA AA A BBB Not Rated Total
Government-agency obligations $ 1,000  —  —  —  —  1,000 
State and municipal obligations 43,957  191,635  17,995  —  12,139  265,726 
Corporate obligations —  572  370  —  —  942 
$ 44,957  192,207  18,365  —  12,139  267,668 
December 31, 2025
Total Portfolio AAA AA A BBB Not Rated Total
Government-agency obligations $ 3,400  —  —  —  —  3,400 
State and municipal obligations 44,930  199,977  20,896  —  10,797  276,600 
Corporate obligations —  573  1,570  —  —  2,143 
$ 48,330  200,550  22,466  —  10,797  282,143 
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of March 31, 2026, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 72% rated AA, 7% rated A, and 4% either below an A rating or not rated by Moody’s or Standard and Poor’s.
13

The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Less Than 12 months 12 Months or More Total
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Held-to-maturity:
Government-agency obligations $ —  —  989  (11) 989  (11)
State and municipal obligations 42,144  (177) 87,830  (7,670) 129,974  (7,847)
Corporate obligations —  —  934  (7) 934  (7)
Total $ 42,144  (177) 89,753  (7,688) 131,897  (7,865)
December 31, 2025
Less Than 12 months 12 Months or More Total
 
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Fair
value
Unrealized Losses
Held-to-maturity:
Government-agency obligations $ —  —  3,388  (22) 3,388  (22)
State and municipal obligations 3,353  (1) 127,012  (7,044) 130,365  (7,045)
Corporate obligations —  —  2,129  (14) 2,129  (14)
Total $ 3,353  (1) 132,529  (7,080) 135,882  (7,081)
Note 3. Loans Receivable and Allowance for Credit Losses
Loans held for investment as of March 31, 2026 and December 31, 2025 are summarized as follows (in thousands):
March 31, 2026 December 31, 2025
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 5,301,113  5,200,517 
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 (12,805) (12,976)
Total loans held for investment $ 19,647,702  19,504,061 
Accrued interest on loans totaled $83.8 million and $82.2 million as of March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the Consolidated Statements of Financial Condition.
The following tables summarize the aging of loans held for investment by portfolio segment and class of loans (in thousands):
14

March 31, 2026
30-59 Days 60-89 Days Non-accrual Recorded
Investment
> 90 days
accruing		 Total Past
Due 		Current Total Loans
Receivable		 Non-accrual loans with no related allowance
Mortgage loans:
Commercial $ 2,665  —  21,977  —  24,642  7,399,010  7,423,652  21,977 
Multi-family 694  —  275  —  969  3,723,267  3,724,236  275 
Construction 6,639  —  3,278  —  9,917  631,012  640,929  3,278 
Residential 5,123  6,893  8,669  —  20,685  1,940,176  1,960,861  8,669 
Total mortgage loans 15,121  6,893  34,199  —  56,213  13,693,465  13,749,678  34,199 
Commercial loans 10,359  2,520  107,398  —  120,277  5,180,836  5,301,113  105,222 
Consumer loans 3,588  634  1,327  —  5,549  602,467  608,016  1,327 
Total gross loans $ 29,068  10,047  142,924  —  182,039  19,476,768  19,658,807  140,748 
December 31, 2025
30-59 Days 60-89 Days Non-accrual Recorded
Investment
> 90 days
accruing		 Total Past
Due 		Current Total Loans Receivable Non-accrual loans with no related allowance
Mortgage loans:
Commercial $ 15,652  —  26,856  —  42,508  7,356,284  7,398,792  22,506 
Multi-family —  932  2,268  —  3,200  3,664,137  3,667,337  2,268 
Construction —  —  5,159  —  5,159  656,953  662,112  5,159 
Residential 8,344  4,177  9,062  —  21,583  1,952,741  1,974,324  9,062 
Total mortgage loans 23,996  5,109  43,345  —  72,450  13,630,115  13,702,565  38,995 
Commercial loans 1,303  633  33,219  —  35,155  5,165,362  5,200,517  26,655 
Consumer loans 2,209  781  1,856  —  4,846  607,585  612,431  1,856 
Total gross loans $ 27,508  6,523  78,420  —  112,451  19,403,062  19,515,513  67,506 
The 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 required no specific reserve allocations in the first quarter of 2026 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%.
Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $142.9 million and $78.4 million as of March 31, 2026 and December 31, 2025, respectively. Included in non-accrual loans were $111.4 million and $49.5 million of loans which were less than 90 days past due as of March 31, 2026 and December 31, 2025, respectively. There were no loans 90 days or greater past due and still accruing interest as of March 31, 2026 and December 31, 2025.
The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026 and 2025 was as follows (in thousands):
15

Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total
2026
Balance at beginning of period $ 128,601  51,127  5,039  184,767 
Provision (benefit) charge to operations (1,252) (3,472) 74  (4,650)
Recoveries of loans previously charged-off 20  237  249  506 
Loans charged-off (435) (2,854) (337) (3,626)
Balance at end of period $ 126,934  45,038  5,025  176,997 
2025
Balance at beginning of period $ 144,587  43,642  5,203  193,432 
Provision (benefit) charge to operations (3,820) 4,175  (30) 325 
Recoveries of loans previously charged-off 806  279  191  1,276 
Loans charged-off (890) (2,195) (178) (3,263)
Balance at end of period $ 140,683  45,901  5,186  191,770 
For the three months ended March 31, 2026, the Company recorded a $4.7 million recapture of provisions for credit losses on loans, compared to a $325,000 provision on loans for the same period in 2025. The recapture of the provision for credit losses on loans 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.
The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2026 by year of origination (in thousands):
2026 2025 2024 2023 2022 Prior to 2022 Total Loans
Mortgage loans:
Commercial $ —  —  —  —  —  234  234 
Multi-family —  201  —  —  —  —  201 
Total mortgage loans —  201  —  —  —  234  435 
Commercial loans —  1,323  —  167  1,336  28  2,854 
Consumer loans (1)
 10  —  —  —  12  108  130 
Total gross loans $ 10  1,524  —  167  1,348  370  3,419 
(1) During the three months ended March 31, 2026, charge-offs on consumer overdraft accounts totaled $207,000, which are not included in the table above.
16

The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2025 by year of origination (in thousands):
2025 2024 2023 2022 2021 Prior to 2021 Total Loans
Mortgage loans:
Commercial $ —  —  —  358  —  532  890 
Total mortgage loans —  —  —  358  —  532  890 
Commercial loans —  —  —  2,130  65  —  2,195 
Consumer loans (1)
 12  10  12  3  —  26  63 
Total gross loans $ 12  10  12  2,491  65  558  3,148 
(1) During the three months ended March 31, 2025, charge-offs on consumer overdraft accounts totaled $115,000, which are not included in the table above.
The Company defines a loan individually evaluated for impairment as a non-homogeneous loan greater than $1.0 million, for which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. As of March 31, 2026, there were 27 loans totaling $128.4 million, compared to 28 loans totaling $63.3 million as of December 31, 2025, that were individually evaluated for impairment.
A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the collateral’s fair value less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process.
For loans deemed collateral-dependent as defined above, the fair value is based on the underlying collateral. As of March 31, 2026 and December 31, 2025, the Company had collateral-dependent loans with fair values of $124.0 million and $54.5 million secured by commercial real estate, respectively.
Loan modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible.
The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
17

Loan Classes Modification types
Commercial Term extension, interest rate modifications, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home Equity Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term, as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Direct Installment Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 (in thousands):
For the three months ended March 31, 2026
Term Extension Interest Rate Change Interest Rate Change and Term Extension Change in Payment Type (1) Total of loan modifications % of Total Class of Loans and Leases
Mortgage loans:
Commercial $ —  3,291  —  —  3,291  0.04  %
Total mortgage loans —  3,291  —  —  3,291  0.02  %
Commercial loans 2,394  —  474  397  3,265  0.06  %
Total gross loans $ 2,394  3,291  474  397  6,555  0.03  %
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):
For the three months ended March 31, 2025
Term Extension Interest Rate Change Interest Rate Change and Term Extension Total of loan modifications % of Total Class of Loans and Leases
Mortgage loans:
Commercial $ 2,984  —  1,027  4,011  0.05  %
Total mortgage loans 2,984  —  1,027  4,011  0.03  %
Commercial loans 1,144  —  603  1,747  0.04  %
Total gross loans $ 4,128  —  1,630  5,758  0.03  %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 (in thousands):
Weighted-Average Months of Term Extension Weighted-Average Rate Decrease
Mortgage loans:
Commercial 0 (0.31) %
Total mortgage loans 0 (0.31) %
Commercial loans 14 (0.21) %
Total gross loans 10 (0.23) %
18

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):
Weighted-Average Months of Term Extension Weighted-Average Rate Increase (Decrease)
Mortgage loans:
Commercial 3 0.75  %
Total mortgage loans 3 0.75  %
Commercial loans 20 (0.25) %
Total gross loans 14 0.08  %
There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three months ended March 31, 2026 and three months ended March 31, 2025, respectively.
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2026 (in thousands):
Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total
Mortgage loans:
Commercial $ 3,291  —  —  —  —  3,291 
Total mortgage loans 3,291  —  —  —  —  3,291 
Commercial loans 3,265  —  —  —  —  3,265 
Total gross loans $ 6,555  —  —  —  —  6,555 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025 (in thousands):
Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total
Mortgage loans:
Commercial $ 9,847  —  —  —  —  9,847 
Multi-family 747  —  —  89  402  1,238 
Total mortgage loans 10,594  —  —  89  402  11,085 
Commercial loans 1,747  313  —  —  1,153  3,213 
Total gross loans $ 12,341  313  —  89  1,555  14,298 
Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as PCD loans. As of March 31, 2026, the balance of PCD loans totaled $492.6 million with a related allowance for credit losses of $4.4 million. The balance of PCD loans as of December 31, 2025 was $509.7 million with a related allowance for credit losses of $4.6 million.
Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also reviewed periodically through loan review examinations which are currently performed by independent third-parties. Reports by the independent third-parties are presented to the Audit Committee of the Board of Directors.
19

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of March 31, 2026 and December 31, 2025 (in thousands):
Gross Loans Held for Investment by Year of Origination
as of March 31, 2026
2026 2025 2024 2023 2022 Prior to 2022 Revolving Loans Revolving loans to term loans Total Loans
Commercial Mortgage
Special mention $ —  7,014  —  1,541  31,738  92,019  3  —  132,315 
Substandard —  5,773  —  51  5,351  65,523  748  —  77,446 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  12,787  —  1,592  37,089  157,542  751  —  209,761 
Pass/Watch 179,870  903,470  448,959  849,717  1,323,876  3,333,670  165,503  8,826  7,213,891 
Total Commercial Mortgage $ 179,870  916,257  448,959  851,309  1,360,965  3,491,212  166,254  8,826  7,423,652 
Multi-family
Special mention $ —  —  —  2,138  2,965  —  —  —  5,103 
Substandard —  —  —  —  —  39,447  —  —  39,447 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  —  —  2,138  2,965  39,447  —  —  44,550 
Pass/Watch 133,915  730,596  326,059  534,926  572,656  1,365,660  14,372  1,502  3,679,686 
Total Multi-Family $ 133,915  730,596  326,059  537,064  575,621  1,405,107  14,372  1,502  3,724,236 
Construction
Special mention $ 15,496  —  —  —  6,639  1,089  —  —  23,224 
Substandard —  —  —  —  —  3,296  —  —  3,296 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 15,496  —  —  —  6,639  4,385  —  —  26,520 
Pass/Watch 24,040  188,197  205,066  106,339  77,063  13,704  —  —  614,409 
Total Construction $ 39,536  188,197  205,066  106,339  83,702  18,089  —  —  640,929 
Residential (1)
Special mention $ —  —  645  835  1,267  3,799  —  —  6,546 
Substandard —  —  1,086  3,350  860  2,476  —  —  7,772 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  —  1,731  4,185  2,127  6,275  —  —  14,318 
Pass/Watch 18,849  153,988  121,200  296,746  359,584  996,176  —  —  1,946,543 
Total Residential $ 18,849  153,988  122,931  300,931  361,711  1,002,451  —  —  1,960,861 
Total Mortgage
Special mention $ 15,496  7,014  645  4,514  42,609  96,907  3  —  167,188 
Substandard —  5,773  1,086  3,401  6,211  110,742  748  —  127,961 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
20

Gross Loans Held for Investment by Year of Origination
as of March 31, 2026
2026 2025 2024 2023 2022 Prior to 2022 Revolving Loans Revolving loans to term loans Total Loans
Total criticized and classified 15,496  12,787  1,731  7,915  48,820  207,649  751  —  295,149 
Pass/Watch 356,674  1,976,251  1,101,284  1,787,728  2,333,179  5,709,210  179,875  10,328  13,454,529 
Total Mortgage $ 372,170  1,989,038  1,103,015  1,795,643  2,381,999  5,916,859  180,626  10,328  13,749,678 
Commercial
Special mention $ 2,014  1,292  418  8,657  22,003  55,856  14,879  1,823  106,942 
Substandard 8,095  3,475  6,147  30,994  114,682  70,249  28,214  1,443  263,299 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 10,109  4,767  6,565  39,651  136,685  126,105  43,093  3,266  370,241 
Pass/Watch 235,975  836,045  594,147  250,870  522,240  1,180,464  1,260,924  50,207  4,930,872 
Total Commercial $ 246,084  840,812  600,712  290,521  658,925  1,306,569  1,304,017  53,473  5,301,113 
Consumer (1)
Special mention $ —  —  —  —  83  57  289  262  691 
Substandard —  —  73  —  124  130  806  1  1,134 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  —  73  —  207  187  1,095  263  1,825 
Pass/Watch 12,341  27,894  24,286  30,952  42,508  110,305  340,358  17,547  606,191 
Total Consumer $ 12,341  27,894  24,359  30,952  42,715  110,492  341,453  17,810  608,016 
Total Loans
Special mention $ 17,510  8,306  1,063  13,171  64,695  152,820  15,171  2,085  274,821 
Substandard 8,095  9,248  7,306  34,395  121,017  181,121  29,768  1,444  392,394 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 25,605  17,554  8,369  47,566  185,712  333,941  44,939  3,529  667,215 
Pass/Watch 604,990  2,840,190  1,719,717  2,069,550  2,897,927  6,999,979  1,781,157  78,082  18,991,592 
Total Gross Loans $ 630,595  2,857,744  1,728,086  2,117,116  3,083,639  7,333,920  1,826,096  81,611  19,658,807 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
2025 2024 2023 2022 2021 Prior to 2021 Revolving Loans Revolving loans to term loans Total Loans
Commercial Mortgage
Special mention $ 6,013  —  1,549  39,287  47,805  33,971  503  —  129,128 
Substandard 9,869  —  57  471  15,875  60,111  748  —  87,131 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
21

Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
2025 2024 2023 2022 2021 Prior to 2021 Revolving Loans Revolving loans to term loans Total Loans
Total criticized and classified 15,882  —  1,606  39,758  63,680  94,082  1,251  —  216,259 
Pass/Watch 901,891  336,732  851,026  1,409,458  888,049  2,630,266  156,215  8,896  7,182,533 
Total Commercial Mortgage $ 917,773  336,732  1,449,216  951,729  2,724,348  2,184,041  157,466  8,896  7,398,792 
Multi-family
Special mention $ —  —  —  2,946  —  —  —  —  2,946 
Substandard —  —  —  —  —  41,593  —  —  41,593 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  —  —  2,946  —  41,593  —  —  44,539 
Pass/Watch 744,514  316,398  522,511  622,238  350,499  1,049,876  15,250  1,512  3,622,798 
Total Multi-Family $ 744,514  316,398  522,511  625,184  350,499  1,091,469  15,250  1,512  3,667,337 
Construction
Special mention $ —  —  14,497  6,639  —  —  —  —  21,136 
Substandard —  —  —  —  5,177  —  —  —  5,177 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  —  14,497  6,639  5,177  —  —  —  26,313 
Pass/Watch 150,350  206,323  162,757  101,335  15,034  —  —  —  635,799 
Total Construction $ 150,350  206,323  177,254  107,974  20,211  —  —  —  662,112 
Residential (1)
Special mention $ —  —  946  582  264  1,845  —  —  3,637 
Substandard —  1,746  2,263  1,410  1,024  1,795  —  —  8,238 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  1,746  3,209  1,992  1,288  3,640  —  —  11,875 
Pass/Watch 145,286  124,273  303,120  365,323  287,067  737,380  —  —  1,962,449 
Total Residential $ 145,286  126,019  306,329  367,315  288,355  741,020  —  —  1,974,324 
Total Mortgage
Special mention $ 6,013  —  16,992  49,454  48,069  35,816  503  —  156,847 
Substandard 9,869  1,746  2,320  1,881  22,076  103,499  748  —  142,139 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 15,882  1,746  19,312  51,335  70,145  139,315  1,251  —  298,986 
Pass/Watch 1,942,041  983,726  1,839,414  2,498,354  1,540,649  4,417,522  171,465  10,408  13,403,579 
Total Mortgage $ 1,957,923  985,472  1,858,726  2,549,689  1,610,794  4,556,837  172,716  10,408  13,702,565 
22

Gross Loans Held for Investment by Year of Origination
as of December 31, 2025
2025 2024 2023 2022 2021 Prior to 2021 Revolving Loans Revolving loans to term loans Total Loans
Commercial
Special mention $ 1,005  423  17,930  63,499  26,067  34,829  20,217  1,916  165,886 
Substandard 2,381  10,661  10,205  57,554  29,348  35,213  36,631  1,487  183,480 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 3,386  11,084  28,135  121,053  55,415  70,042  56,848  3,403  349,366 
Pass/Watch 934,987  628,374  305,811  526,728  304,459  971,734  1,121,228  57,830  4,851,151 
Total Commercial $ 938,373  639,458  333,946  647,781  359,874  1,041,776  1,178,076  61,233  5,200,517 
Consumer (1)
Special mention $ —  —  20  —  —  7  806  23  856 
Substandard —  125  81  219  —  310  828  46  1,609 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified —  125  101  219  —  317  1,634  69  2,465 
Pass/Watch 31,702  26,282  32,156  45,444  31,271  87,759  338,858  16,494  609,966 
Total Consumer $ 31,702  26,407  32,257  45,663  31,271  88,076  340,492  16,563  612,431 
Total Loans
Special mention $ 7,018  423  34,942  112,953  74,136  70,652  21,526  1,939  323,589 
Substandard 12,250  12,532  12,606  59,654  51,424  139,022  38,207  1,533  327,228 
Doubtful —  —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  —  — 
Total criticized and classified 19,268  12,955  47,548  172,607  125,560  209,674  59,733  3,472  650,817 
Pass/Watch 2,908,730  1,638,382  2,177,381  3,070,526  1,876,379  5,477,015  1,631,551  84,732  18,864,696 
Total Gross Loans $ 2,927,998  1,651,337  2,224,929  3,243,133  2,001,939  5,686,689  1,691,284  88,204  19,515,513 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.
23

Note 4. Deposits
Deposits as of March 31, 2026 and December 31, 2025 are summarized as follows (in thousands):
March 31, 2026 December 31, 2025
Savings deposits $ 1,624,122  1,589,259 
Money market accounts 3,846,653  3,693,285 
NOW accounts (1)
 6,723,369  6,994,610 
Non-interest bearing deposits 3,716,536  3,714,253 
Certificates of deposit (2)
 3,189,622  3,287,276 
Total deposits $ 19,100,302  19,278,683 
(1) The Bank's cash sweep product totaled $1.09 billion and $1.08 billion as of March 31, 2026 and December 31, 2025, respectively, and are reported within NOW accounts.
(2) Time deposits equal to or in excess of $250,000, were $942.7 million and $930.0 million as of March 31, 2026 and December 31, 2025, respectively. Additionally, the Bank's reciprocal Certificate of Deposit Account Registry Service product totaled $2.5 million as of March 31, 2026 and December 31, 2025.
Within total deposits, brokered deposits totaled $644.2 million and $769.6 million as of March 31, 2026 and December 31, 2025, respectively.
Note 5. Borrowed Funds
Borrowed funds as of March 31, 2026 and December 31, 2025 are summarized as follows (in thousands):
March 31, 2026 December 31, 2025
Securities sold under repurchase agreements $ 95,137  95,007 
FHLBNY line of credit 249,000  275,000 
FHLBNY advances 2,136,945  1,739,735 
Purchase accounting adjustment ("PAA") on borrowed funds 1,897  2,213 
Total borrowed funds $ 2,482,979  2,111,955 
Total long-term borrowings totaled $550.0 million as of March 31, 2026 and December 31, 2025, respectively, while total short-term borrowings totaled $1.93 billion and $1.56 billion for the same periods.
As of March 31, 2026, FHLBNY advances were at fixed rates and mature between April 2026 and January 2031, and as of December 31, 2025, FHLBNY advances were at fixed rates with maturities between January 2026 and August 2030. These advances are secured by loans receivable under a blanket collateral agreement.
Scheduled maturities of FHLBNY advances and lines of credit, including purchase accounting adjustments resulting from the Lakeland acquisition as of March 31, 2026 are as follows (in thousands):
  2026
Due in one year or less $ 1,835,945 
Due after one year through two years 350,000 
Due after two years through three years — 
Due after three years through four years 200,000 
Thereafter — 
PAA on borrowed funds 1,897 
Total FHLBNY advances and overnight borrowings $ 2,387,842 
Scheduled maturities of securities sold under repurchase agreements as of March 31, 2026 are as follows (in thousands):
24

  2026
Due in one year or less $ 95,137 
Total securities sold under repurchase agreements $ 95,137 
The following tables set forth certain information as to borrowed funds for the periods ended March 31, 2026 and December 31, 2025 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
March 31, 2026
Securities sold under repurchase agreements $ 95,137  93,072  2.51  %
FHLBNY overnight borrowings 689,000  277,745  3.90 
FHLBNY advances 2,136,945  1,811,800  4.05 
December 31, 2025
Securities sold under repurchase agreements $ 117,946  105,343  2.37  %
FHLBNY overnight borrowings 704,000  292,090  4.55 
FHLBNY advances 2,368,897  1,617,909  3.99 
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. As of March 31, 2026 and December 31, 2025, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $2.25 billion and $2.41 billion, respectively.
Interest expense on borrowings for the three months ended March 31, 2026 and 2025, amounted to $21.3 million and $18.3 million, respectively, while amortization expense related to purchase accounting adjustments for the three months ended March 31, 2026 and 2025 amounted to a benefit of $316,000 and $552,000, respectively.

Note 6. Components of Net Periodic Benefit Cost
The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial.
In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006.
Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2026 and 2025, includes the following components (in thousands):
Three months ended March 31,
Pension benefits Other post-retirement benefits
2026 2025 2026 2025
Service cost $ —  —  1  1 
Interest cost 298  299  171  148 
Expected return on plan assets (900) (825) —  — 
Amortization of the net loss (gain) —  —  (187) (459)
Net periodic (decrease) increase in benefit cost $ (602) (526) (15) (310)
25

In its consolidated financial statements for the year ended December 31, 2025, the Company previously disclosed that it does not expect to contribute to the pension plan in 2026. As of March 31, 2026, no contributions have been made to the pension plan.
The changes in net periodic benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2026 were calculated using the January 1, 2025 pension and other post-retirement benefits actuarial valuations.
Note 7. Impact of Recent Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In November 2024, FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures". This ASU requires disaggregated information about certain income statement line items in a tabular format in the notes to the financial statements. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2026, with early adoption in the interim period permitted. The Company is currently evaluating the impact and does not expect the adoption of this guidance to have a significant impact on the Company’s consolidated financial statements.
Note 8. Contingencies
The Company is involved in various legal actions and claims arising in the normal course of its business. Liabilities for loss contingencies arising from such litigation and claims are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.
As of March 31, 2026, $2.1 million was recorded in total contingent litigation reserves.

Note 9. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses.
For the three months ended March 31, 2026, the Company recorded a $2.5 million provision for credit losses on off-balance sheet credit exposures. For the three months ended March 31, 2025, the Company recorded a $310,000 provision for credit losses for off-balance sheet credit exposures.
The allowance for credit losses for off-balance sheet credit exposures was $9.4 million as of March 31, 2026 and $6.8 million as of December 31, 2025, and is included in other liabilities on the Consolidated Statements of Financial Condition.
Note 10. Fair Value Measurements
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, management utilizes various valuation techniques to estimate fair value.
Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument.
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
26

Level 1:
Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:
Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3:
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the Consolidated Statements of Income depending on the nature of the instrument using the effective interest method based on acquired discount or premium.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of March 31, 2026 and December 31, 2025.
Available for Sale Debt Securities, at Fair Value
For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy.
Equity Securities, at Fair Value
The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs.
Derivatives
The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in loan-related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of these derivatives are recognized directly in earnings.
The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income (loss), and is subsequently reclassified into earnings in the period that the forecasted transactions affect earnings.
27

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.
Assets Measured at Fair Value on a Non-Recurring Basis
The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of March 31, 2026 and December 31, 2025.
Collateral-Dependent Impaired Loans
For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy.
Foreclosed Assets
Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred.
There were no changes to the valuation techniques for fair value measurements as of March 31, 2026 or December 31, 2025.
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The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values as of March 31, 2026 and December 31, 2025, by level within the fair value hierarchy (in thousands):
Fair Value Measurements at Reporting Date Using:
March 31, 2026 Quoted Prices in Active  Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations $ 267,360  267,360  —  — 
Government-agency obligations 30,644  —  30,644  — 
Mortgage-backed securities 2,690,053  —  2,690,053  — 
Asset-backed securities 40,324  —  40,324  — 
State and municipal obligations 111,692  —  111,692  — 
Corporate obligations 99,994  —  99,994  — 
Total available for sale debt securities 3,240,067  267,360  2,972,707  — 
Equity securities 19,893  19,893  —  — 
Derivative assets 105,653  —  105,653  — 
$ 3,365,613  287,253  3,078,360  — 
Derivative liabilities $ 104,613  —  104,613  — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral $ 123,965  —  —  123,965 
Foreclosed assets 2,015  —  —  2,015 
$ 125,980  —  —  125,980 
Fair Value Measurements at Reporting Date Using:
December 31, 2025 Quoted Prices in Active  Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations $ 266,744  266,744  —  — 
Government-agency obligations 33,539  —  33,539  — 
Mortgage-backed securities 2,612,347  —  2,612,347  — 
Asset-backed securities 41,761  —  41,761  — 
State and municipal obligations 112,999  —  112,999  — 
Corporate obligations 97,366  —  97,366  — 
Total available for sale debt securities 3,164,756  266,744  2,898,012  — 
Equity Securities 19,875  19,875  —  — 
Derivative assets 105,734  —  105,734  — 
$ 3,290,365  286,619  3,003,746  — 
Derivative liabilities $ 108,102  —  108,102  — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral $ 54,506  —  —  54,506 
Foreclosed assets 2,015  —  —  2,015 
$ 56,521  —  —  56,521 
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There were no transfers into or out of Level 3 during the three months ended March 31, 2026.
Other Fair Value Disclosures
The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities on- and off- the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities.
Cash and Cash Equivalents
For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. As of March 31, 2026 there was no cash collateral pledged to secure loan level swaps and risk participation agreements. As of December 31, 2025 $2.4 million was included in cash and cash equivalents, representing cash collateral pledged to secure loan level swaps and risk participation agreements.
Held to Maturity Debt Securities
For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy.
FHLBNY Stock
The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy.
Loans
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable-rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3.
The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3.
Deposits
The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2.
30

Borrowed Funds
The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy.
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments.
Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2026 and December 31, 2025. Fair values are presented by level within the fair value hierarchy.
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Fair Value Measurements as of March 31, 2026 Using:
(Dollars in thousands) Carrying value Fair value Quoted Prices in Active  Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents $ 222,083  222,083  222,083  —  — 
Available for sale debt securities:
U.S. Treasury obligations 267,360  267,360  267,360  —  — 
Government-agency obligations 30,644  30,644  —  30,644  — 
Mortgage-backed securities 2,690,053  2,690,053  —  2,690,053  — 
Asset-backed securities 40,324  40,324  —  40,324  — 
State and municipal obligations 111,692  111,692  —  111,692  — 
Corporate obligations 99,994  99,994  —  99,994  — 
Total available for sale debt securities $ 3,240,067  3,240,067  267,360  2,972,707  — 
Held to maturity debt securities, net of allowance for credit losses:
Government-agency obligations 1,000  989  —  989  — 
State and municipal obligations 265,711  257,951  —  257,951  — 
Corporate obligations 942  935  —  935  — 
Total held to maturity debt securities, net of allowance for credit losses $ 267,653  259,875  —  259,875  — 
FHLBNY and other stock 132,510  132,510  132,510  —  — 
Equity Securities 19,893  19,893  19,893  —  — 
Loans, net of allowance for credit losses 19,478,221  19,540,183  —  —  19,540,183 
Derivative assets 105,653  105,653  —  105,653  — 
Financial liabilities:
Deposits other than certificates of deposits $ 15,910,680  15,910,680  15,910,680  —  — 
Certificates of deposit 3,189,622  3,188,905  —  3,188,905  — 
Total deposits $ 19,100,302  19,099,585  15,910,680  3,188,905  — 
Borrowings 2,482,979  2,484,578  —  2,484,578  — 
Subordinated debentures 407,824  426,483  —  426,483  — 
Derivative liabilities 104,613  104,613  —  104,613  — 
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Fair Value Measurements as of December 31, 2025 Using:
(Dollars in thousands) Carrying value Fair value Quoted Prices in Active  Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents $ 211,484  211,484  211,484  —  — 
Available for sale debt securities:
U.S. Treasury obligations 266,744  266,744  266,744  —  — 
Government-agency obligations 33,539  33,539  —  33,539  — 
Mortgage-backed securities 2,612,347  2,612,347  —  2,612,347  — 
Asset-backed securities 41,761  41,761  —  41,761  — 
State and municipal obligations 112,999  112,999  —  112,999  — 
Corporate obligations 97,366  97,366  —  97,366  — 
Total available for sale debt securities $ 3,164,756  3,164,756  266,744  2,898,012  — 
Held to maturity debt securities:
Government-agency obligations $ 3,400  3,378  —  3,378  — 
State and municipal obligations 276,585  269,711  —  269,711  — 
Corporate obligations 2,142  2,129  —  2,129  — 
Total held to maturity debt securities $ 282,127  275,218  —  275,218  — 
FHLBNY and other stock 115,687  115,687  115,687  —  — 
Equity Securities 19,875  19,875  19,875  —  — 
Loans, net of allowance for credit losses 19,334,004  19,421,891  —  —  19,421,891 
Derivative assets 105,734  105,734  —  105,734  — 
Financial liabilities:
Deposits other than certificates of deposits $ 15,991,407  15,991,407  15,991,407  —  — 
Certificates of deposit 3,287,276  3,288,485  —  3,288,485  — 
Total deposits $ 19,278,683  19,279,892  15,991,407  3,288,485  — 
Borrowings 2,111,955  2,116,467  —  2,116,467  — 
Subordinated debentures 406,582  433,450  —  433,450  — 
Derivative liabilities 108,102  108,102  —  108,102  — 

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Note 11. Other Comprehensive (Loss) Income
The following table presents the components of other comprehensive (loss), both gross and net of tax, for the three months ended March 31, 2026 and 2025 (in thousands):
Three months ended March 31,
2026 2025
Before
Tax		 Tax
Effect		 After
Tax		 Before
Tax		 Tax
Effect		 After
Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized gains (losses) arising during the period $ (17,611) 4,922  (12,689) 42,388  (15,602) 26,786 
Reclassification adjustment for gains included in net income —  —  —  (87) 25  (62)
Total (17,611) 4,922  (12,689) 42,301  (15,577) 26,724 
Unrealized gains and losses on derivatives (cash flow hedges):
Net unrealized gains arising during the period 3,516  (983) 2,533  147  (42) 105 
Reclassification adjustment for (gains) included in net income (93) 26  (67) (1,940) 550  (1,390)
Total 3,423  (957) 2,466  (1,793) 508  (1,285)
Amortization related to post-retirement obligations (24) 7  (17) (460) 130  (330)
Total other comprehensive gain (loss) $ (14,212) 3,972  (10,240) 40,048  (14,939) 25,109 
The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three months ended March 31, 2026 and 2025 (in thousands):
Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax
for the three months ended March 31,
2026 2025
Unrealized
Losses on
Available for Sale Debt Securities		 Post- Retirement
Obligations		 Unrealized Gains on Derivatives (cash flow hedges) Accumulated
Other
Comprehensive
(Loss)		 Unrealized Losses on
 Available for Sale Debt Securities		 Post-  Retirement
Obligations		 Unrealized Gains on Derivatives (cash flow hedges) Accumulated
Other
Comprehensive (Loss)
Balance as of
December 31,		 $ (77,178) 2,854  (1,859) (76,183) (144,561) 6,147  3,059  (135,355)
Current - period other comprehensive income (loss) (12,689) (17) 2,466  (10,240) 26,724  (330) (1,285) 25,109 
Balance as of March 31, $ (89,867) 2,837  607  (86,423) (117,837) 5,817  1,774  (110,246)

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The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (in thousands):
Reclassifications From Accumulated Other Comprehensive
Income ("AOCI")
Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated
Statement of Income
2026 2025
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale $ —  87  Net gain on securities transactions
—  (25) Income tax expense
$ —  62  Net of tax
Cash flow hedges:
Realized net gains (losses) on derivatives $ 93  1,940  Interest expense
(26) (550) Income tax expense
$ 67  1,390 
Post-retirement obligations:
Amortization of actuarial gains $ (24) (460)
Compensation and employee benefits (1)
7  130  Income tax expense
$ (17) (330) Net of tax
Total reclassifications $ 50  1,122  Net of tax
(1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost.

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Note 12. Derivative and Hedging Activities
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities.
Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan-related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of March 31, 2026 and December 31, 2025, the Company had 428 and 438 loan-related interest rate swaps with aggregate notional amounts of $3.89 billion and $4.00 billion, respectively.
The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties but as of March 31, 2026, it was not required to post collateral against the potential risk of default by the borrower under these agreements. For March 31, 2026 and December 31, 2025, the Company had 6 and 10 credit derivatives with aggregate notional amounts of $88.3 million and $98.6 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. As of March 31, 2026 and December 31, 2025, the asset and liability positions of these fair value credit derivatives were insignificant.
Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 
Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive (loss) income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2026 and 2025, such derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $409,000 will be reclassified as a reduction to interest expense. As of March 31, 2026, the Company had 8 outstanding interest rate derivatives with an aggregate notional amount of $675.0 million that were each designated as a cash flow hedge of interest rate risk, compared to 7 outstanding interest rate derivatives with an aggregate notional amount of $575.0 million that was designated as a cash flow hedge of interest rate risk, as of December 31, 2025.
The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by or received from the counterparty with net liability or asset positions, respectively, in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should the Company be in default. The total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty.
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of March 31, 2026 and December 31, 2025 (in thousands).
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Fair Values of Derivative Instruments as of March 31, 2026
Asset Derivatives Liability Derivatives
Notional Amount Consolidated Statements of Financial Condition
Fair
 value (1)
Notional Amount Consolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products $ 1,944,208  Other assets $ 103,989  1,944,208  Other liabilities 104,217 
Credit contracts 33,314  Other assets 6  55,003  Other liabilities
Total derivatives not designated as a hedging instrument 103,995  104,217 
Derivatives designated as a hedging instrument:
Interest rate products 450,000  Other assets 1,262  225,000  Other liabilities 781 
Total gross derivative amounts recognized on the balance sheet 105,257  104,998 
Netting Adjustments 1,262  — 
Gross amounts offset on the balance sheet —  — 
Net derivative amounts presented on the balance sheet $ 103,995  104,998 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties $ 4,798  4,798 
Cash collateral - institutional counterparties 95,081  — 
Net derivatives not offset $ 4,116  100,200 
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Fair Values of Derivative Instruments as of December 31, 2025
Asset Derivatives Liability Derivatives
Notional Amount Consolidated Statements of Financial Condition
Fair
 value (1)
 Notional Amount Consolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products $ 2,000,609  Other assets $ 105,251  $ 2,000,609  Other liabilities 105,453 
Credit contracts 33,385  Other assets 9  65,167  Other liabilities — 
Total derivatives not designated as a hedging instrument 105,260  105,453 
Derivatives designated as a hedging instrument:
Interest rate products —  Other assets —  575  Other liabilities 2,670 
Total gross derivative amounts recognized on the balance sheet 105,260  108,123 
Netting Adjustments —  1,678 
Gross amounts offset on the balance sheet —  — 
Net derivative amounts presented on the balance sheet $ 105,260  106,445 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties $ 7,814  7,814 
Cash collateral - institutional counterparties 89,000  — 
Net derivatives not offset $ 8,446  98,631 
(1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended March 31, 2026 and December 31, 2025.
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2026 and 2025 (in thousands).
Gain (loss) recognized in income on derivatives for the three months ended
Consolidated Statements of Income March 31, 2026 March 31, 2025
Derivatives not designated as a hedging instrument:
Interest rate products Other income $ (22) (86)
Credit contracts Other income (3) (1)
Total derivatives not designated as hedging instruments $ (25) (87)
Derivatives designated as a hedging instrument:
Interest rate products Interest expense $ (93) (1,940)
Total derivatives designated as a hedging instruments $ (93) (1,940)

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The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations. In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
As of March 31, 2026, the Company had six dealer counterparties and the Company was in a net asset position with respect to all of its counterparties.
Note 13. Revenue Recognition
The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months ended March 31, 2026, the out-of-scope revenue related to financial instruments was 90.9% of the Company's total revenue, compared to 91.9% for the three months ended March 31, 2025, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: wealth management revenue, insurance agency income and banking service charges and other fees.
The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2026 and 2025 (in thousands):
Three months ended March 31,
2026 2025
Non-interest income
In-scope of Topic 606:
Wealth management fees $ 7,402  7,328 
Insurance agency income 6,850  5,651 
Banking service charges and other fees:
Service charges on deposit accounts 5,203  4,743 
Debit card and ATM fees 1,153  1,148 
Total banking service charges and other fees 6,356  5,891 
Total in-scope non-interest income 20,608  18,870 
Total out-of-scope non-interest income 10,845  8,160 
Total non-interest income $ 31,453  27,030 
Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services is generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed.
Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments.
Service charges on deposit accounts include account analysis fees and other deposit-related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services is generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based.
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Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at the time of transaction or monthly.
Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606.
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Note 14. Leases
The following table represents the Consolidated Statements of Financial Condition classification of the Company’s right-of use assets and lease liabilities as of March 31, 2026 and December 31, 2025 (in thousands):
Classification March 31, 2026 December 31, 2025
Lease Right-of-Use Assets:
Operating lease right-of-use assets Other assets $ 57,688  57,941 
Lease Liabilities:
Operating lease liabilities Other liabilities $ 61,015  61,125 
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.
All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2046.
As of March 31, 2026, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 6.6 years and 3.36%, respectively.
The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):
Three months ended March 31, 2026 Three months ended March 31, 2025
Lease Costs
Operating lease cost $ 3,671  3,544 
Variable lease cost 1,189  1,107 
Total Lease Cost $ 4,860  4,651 

Cash paid for amounts included in the measurement of lease liabilities: Three months ended March 31, 2026 Three months ended March 31, 2025
Operating cash flows from operating leases $ 3,255  3,493 

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Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2026, were as follows (in thousands):
Operating Leases
Years ended:
Remainder of 2026 $ 9,841 
2027 12,071 
2028 10,568 
2029 9,284 
2030 8,228 
Thereafter 18,434 
Total future minimum lease payments 68,426 
Amounts representing interest 7,411 
Present value of net future minimum lease payments $ 61,015 
Note 15. Segment Reporting
We conduct our operations through a single business segment. Substantially all of our interest and fees on loans and long-lived assets relate to our operations. Pursuant to FASB ASC 280, Segment Reporting, operating segments represent components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in determining how to allocate resources and in assessing performance. The chief operating decision maker uses a variety of measures to assess the performance of the business as a whole, depending on the nature of the activity. The Company generates revenue from several business channels. Those streams are organized by the types of partners we work with to reach our customers, with success principally measured based on interest and fees on loans, loan receivables, active accounts and other sales metrics. Detailed profitability information of the nature that could be used to allocate resources and assess the performance and operations for each sales platform individually, however, is not used by our chief operating decision maker. Expense activities, including funding costs, credit losses and operating expenses, are not measured for each platform but instead are managed for the Company as a whole.
The following table represents segment information for the three months ended March 31, 2026 and 2025 (in thousands):
Three months ended March 31,
2026 2025
Interest income on loans $ 279,304  273,031 
Interest income on cash and debt securities 35,762  32,315 
Total interest income 315,066  305,346 
Total interest expense 121,323  123,618 
Net interest income 193,743  181,728 
Provision for credit losses (2,116) 638 
Net interest income after provision 195,859  181,090 
Non-interest income:
Wealth management income 7,402  7,328 
Insurance Agency Income 6,850  5,651 
Other non-interest income (1)
 17,201  14,051 
Total non-interest income 31,453  27,030 
Non-interest expense:
Compensation and employee benefits 66,196  62,366 
Net occupancy expense 14,985  13,927 
Data processing expense 9,646  9,605 
Other non-interest expense (2)
 26,314  30,369 
Total non-interest expense 117,141  116,267 
Income tax expense 30,754  27,825 
Net income $ 79,417  $ 64,028 
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(1) Other non-interest income items include fees and commissions, BOLI and other miscellaneous income.
(2) Other non-interest expense items include merger-related expenses in the prior year, amortization of intangibles and other miscellaneous expenses.
Our segment assets represent our total assets as presented on the Consolidated Statements of Financial Position.
Note 16. Subsequent Events
The Company has evaluated subsequent events from the date of the Consolidated Financial Statements, and accompanying Notes thereto, through the date of issuance, and determined that there were no other significant events identified requiring recognition or disclosure.
Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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.
Critical Accounting Policies
The Company considers certain accounting policies to be critically important to the fair presentation of its financial condition and results of operations. These policies require management to make complex judgments on matters which by their nature have elements of uncertainty. The sensitivity of the Company’s consolidated financial statements to these critical accounting policies, and the assumptions and estimates applied, could have a significant impact on its financial condition and results of operations. These assumptions, estimates and judgments made by management can be influenced by a number of factors, including the general economic environment. The Company has identified the allowance for credit losses on loans and the acquisition method of accounting as critical accounting policies.
The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses.
The calculation of the allowance for credit losses is a critical accounting policy of the Company. Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate (“PDR”) curves through the use of segment-specific loss given default (“LGD”) risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviates from that of the wider industry.
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The historical PDR curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle.
Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to historical average macroeconomic factors. The Company's economic forecast is approved by the Company's ACL Committee.
The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each loan segment is measured using an econometric, discounted PDR/LGD modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies at the reporting date: management has a reasonable expectation that a modification will be executed with an individual borrower; or when an extension or renewal option is included in the original contract and is not unconditionally cancellable by the Company. Management will assess the likelihood of the option being exercised by the borrower and appropriately extend the maturity for modeling purposes.
The Company considers qualitative adjustments to credit loss estimates for information not already captured in the quantitative component of the loss estimation process. Qualitative factors are based on portfolio concentration levels, model imprecision, changes in industry conditions, changes in the Company’s loan review process, changes in the Company’s loan policies and procedures, and economic forecast uncertainty.
One of the most significant judgments involved in estimating the Company’s allowance for credit losses on loans relates to the macroeconomic forecasts used to estimate expected credit losses over the forecast period. As of March 31, 2026, the model incorporated Moody’s baseline economic forecast, as adjusted for qualitative factors, as well as an extensive review of classified loans and loans that were classified as impaired with a specific reserve assigned to those loans. The allowance estimation process resulted in a total recapture of previous provisions on loans of $4.7 million for the three months ended March 31, 2026, and an overall coverage ratio of 90 basis points. Management believes the allowance for credit losses accurately represents the estimated inherent losses, factoring in the qualitative adjustment and other assumptions, including the selection of the baseline forecast within the model.
Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. As of March 31, 2026, the portfolio and class segments for the Company’s loan portfolio were:
•Mortgage Loans – Residential, Commercial Real Estate, Multi-Family and Construction
•Commercial Loans – Commercial Owner-Occupied and Commercial Non-Real Estate Secured
•Consumer Loans – First Lien Home Equity and Other Consumer
The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s normal loan monitoring process. This process includes the review of delinquent and problem loans at the Company’s Credit, Credit Risk Management and Allowance Committees; or which may be identified through the Company’s loan review process. Generally, the Company only evaluates loans individually for impairment if the loan is non-accrual, non-homogeneous and the balance is greater than $1.0 million.
For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. If the loan is not collateral dependent, the allowance for credit losses related to individually assessed loans is based on discounted expected cash flows using the loan’s initial effective interest rate.
Loans acquired that have experienced more-than-insignificant deterioration in credit quality since their origination are considered PCD loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modification designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent.
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At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses on loans.
Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment or a protracted period of elevated unemployment, increasing vacancy rates in commercial investment properties and possible increases in interest rates in the absence of economic improvement. Any one or a combination of these events may adversely affect borrowers’ ability to repay the loans, resulting in increased delinquencies, credit losses and higher levels of provisions. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level given current and forecasted economic conditions, interest rates and the composition of the portfolio.
The CECL approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, additions may be necessary if future economic and other conditions differ substantially from the current operating environment and economic forecast. Management evaluates its estimates and assumptions on an ongoing basis giving consideration to forecasted economic factors, historical loss experience and other factors. The model includes both quantitative and qualitative components. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods, and to the extent actual losses are higher than management estimates, additional provision for credit losses on loans could be required and could adversely affect our earnings or financial position in future periods. In addition, various regulatory agencies periodically review the adequacy of the Company’s allowance for credit losses as an integral part of their examination process. Such agencies may require the Company to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment and short-term volatility.
Material changes to these and other relevant factors create greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings.
Recent Legislation
On July 4, 2025, the One Big Beautiful Bill ("OBBB") was enacted into law. The legislation includes a number of significant tax-related provisions, including changes affecting corporate tax incentives, international tax provisions, and various business credits and deductions.
Pursuant to ASC 740, Income Taxes, the Company recognized the effects of the OBBB in the third fiscal quarter of 2025, the period in which the legislation was enacted. The Company evaluated the potential impact of the OBBB on its financial statements and, based on its assessment, the legislation has not had a material impact on its financial statements.
COMPARISON OF FINANCIAL CONDITION AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
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 increased $143.6 million to $19.65 billion as of March 31, 2026, from $19.50 billion as of December 31, 2025. The loan portfolio consists of the following (in thousands):
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March 31, 2026 December 31, 2025
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 (1)
5,301,113  5,200,517 
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 (12,805) (12,976)
Total loans $ 19,647,702  19,504,061 
(1) Commercial loans consist of owner-occupied real estate, commercial & industrial loans and mortgage warehouse lines.
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.
The Bank’s lending activities, though concentrated in the communities surrounding its offices, extend predominantly throughout New Jersey, eastern Pennsylvania and Queens, Nassau and Orange County, New York. This geographic concentration subjects the Company’s loan portfolio to the general economic conditions within these states. The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for credit losses.
We consider our commercial real estate loans to be higher risk categories in our loan portfolio. These loans are particularly sensitive to economic conditions. As of March 31, 2026, our portfolio of commercial real estate loans, including multi-family and construction loans, totaled $11.79 billion, or 59.97% of total loans.
The Company believes the CRE loans it originates are appropriately collateralized under its credit standards. Collateral properties include multi-family apartment buildings, warehouse/distribution buildings, shopping centers, office buildings, mixed-use buildings, hotels/motels, senior living, residential and commercial tract developments, and raw land or lots to be developed into single-family homes. The primary source of repayment on the permanent loan portion of these loans is generally expected to come from the cash flow stream of the underlying leases which are dependent on the successful operations of the respective tenants. The primary source of the repayment on the construction portfolio is dependent on the successful completion of the project and the related sale, permanent financing or lease of the real property collateral. As a result, the performance of these loans is generally impacted by fluctuations in collateral values, the ability of the borrower to obtain permanent financing, and, in the case of loans to residential builders/developers, volatility in consumer demand.
The table below summarizes the concentrations of CRE loans on a gross basis, not including any purchase accounting adjustments ("PAA"), based on the collateral securing the loans, as of March 31, 2026 (in thousands):

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Amount Percentage of Total
Multi-family $ 4,032  34.1  %
Retail 2,744  23.2 
Industrial 2,275  19.3 
Mixed 921  7.8 
Office 766  6.5 
Special use property 568  4.8 
Hotel 291  2.5 
Residential 138  1.2 
Land 75  0.6 
Total CRE, multi-family and construction loans $ 11,810  100.0  %
The determination of collateral value is critically important when financing real estate. As a result, obtaining current and objectively prepared appraisals is an important part of the underwriting process. The Company engages a variety of professional firms to supply appraisals, market studies and feasibility reports, environmental assessments and project site inspections to complement its internal resources to underwrite and monitor these credit exposures.
However, in periods of economic uncertainty where real estate market conditions may change rapidly, more current appraisals are obtained when warranted by conditions such as a borrower’s deteriorating financial condition, their possible inability to perform on the loan or other indicators of increasing risk of reliance on collateral value as the sole source of repayment of the loan. Annual appraisals are generally obtained for loans graded substandard or worse where real estate is a material portion of the collateral value and/or the income from the real estate or sale of the real estate is the primary source of debt service.
Appraisals are, in substantially all cases, reviewed by a third-party to determine the reasonableness of the appraised value. The third-party reviewer will challenge whether or not the data used is appropriate and relevant, form an opinion as to the appropriateness of the appraisal methods and techniques used, and determine if overall the analysis and conclusions of the appraiser can be relied upon. Additionally, the third-party reviewer provides a detailed report of that analysis. Further review may be conducted by credit or lending teams, including the Bank’s commercial workout team as conditions warrant. These additional steps of review are undertaken to confirm that the underlying appraisal and the third-party analysis can be relied upon. If differences arise, management addresses those with the reviewer and determines an appropriate resolution in accordance with its lending policy. Both the appraisal process and the appraisal review process can be less reliable in establishing accurate collateral values during and following periods of economic weakness due to the lack of comparable sales and the limited availability of financing to support an active market of potential purchasers.
The table below summarizes the Company’s commercial real estate portfolio, including multi-family and construction loans as of March 31, 2026, as segregated by the geographic region in which the property is located (dollars in thousands):
Amount Percentage of Total
New Jersey $ 7,117  60.3  %
New York 1,929  16.3 
Pennsylvania 1,474  12.5 
Other states 1,290  10.9 
Total commercial real estate loans $ 11,810  100.0  %
The Company participates in loans originated by other banks, including participations designated as Shared National Credits (“SNCs”). The Company’s gross commitments and outstanding balances as a participant in SNCs were $196.9 million and $81.2 million, respectively, as of March 31, 2026, compared to $197.5 million and $65.7 million, respectively, as of December 31, 2025.
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The following table sets forth information regarding the Company’s non-performing assets as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026 December 31, 2025
Mortgage loans:
Commercial $ 21,977  26,856 
Multi-family 275  2,268 
Construction 3,278  5,159 
Residential 8,669  9,062 
Total non-accruing loans 34,199  43,345 
Commercial loans 107,398  33,219 
Consumer loans 1,327  1,856 
Total non-performing loans 142,924  78,420 
Foreclosed assets 2,015  2,015 
Total non-performing assets $ 144,939  80,435 
The following table sets forth information regarding the Company’s 60-89 day delinquent loans as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026 December 31, 2025
Mortgage loans:
Multi-family $ —  932 
Residential 6,893  4,177 
Total mortgage loans 6,893  5,109 
Commercial loans 2,520  633 
Consumer loans 634  781 
Total 60-89 day delinquent loans $ 10,047  6,523 
As of March 31, 2026, the Company’s allowance for credit losses related to the loan portfolio was 0.90% of total loans, compared to 0.95% as of December 31, 2025 and 1.02% as of March 31, 2025, respectively. The Company recorded a $4.7 million recapture of provision on loans for the three months ended March 31, 2026, compared with a provision on loans of $325,000 for the three months ended March 31, 2025, respectively. For the three months ended March 31, 2026, the Company had net charge-offs of $3.1 million, compared to net charge-offs of $2.0 million for the same period in 2025. 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.
Total non-performing loans were $142.9 million, or 0.73% of total loans as of March 31, 2026, compared to $78.4 million, or 0.40% of total loans 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%.
For both 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.
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.
48

Borrowed funds increased $371.0 million during the three months ended March 31, 2026, to $2.48 billion. The increase in borrowings was largely done 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.
Liquidity and Capital Resources. Liquidity refers to the Company’s ability to generate adequate amounts of cash to meet financial obligations to its depositors, to fund loans and securities purchases and operating expenses. Sources of funds include scheduled amortization of loans, loan prepayments, scheduled maturities of unpledged investments, cash flows from mortgage-backed securities and the ability to borrow funds from the FHLBNY, FRBNY and approved broker-dealers.
Cash flows from loan payments and maturing investment securities are fairly predictable sources of funds. Changes in interest rates, local economic conditions and the competitive marketplace can influence loan prepayments, prepayments on mortgage-backed securities and deposit flows. For the three months ended March 31, 2026 and 2025, loan repayments totaled $2.27 billion and $1.72 billion, respectively.
The Company has continued to monitor and focus on depositor behavior and borrowing capacity with the FHLBNY and FRBNY, with current borrowing capacity of $4.17 billion and $2.94 billion, respectively as of March 31, 2026. Our estimated uninsured and uncollateralized deposits as of March 31, 2026 totaled $4.90 billion, or 25.6% of deposits. Our total estimated uninsured deposits, including collateralized deposits as of March 31, 2026, was $10.61 billion. Within time deposits, approximately $752.2 million, or 23.6% was uninsured as of March 31, 2026.
Commercial real estate loans, multi-family loans, commercial loans, one- to four-family residential loans and consumer loans are the primary investments of the Company. Purchasing securities for the investment portfolio is a secondary use of funds and the investment portfolio is structured to complement and facilitate the Company’s lending activities and ensure adequate liquidity. Loan originations and purchases totaled $2.42 billion for the three months ended March 31, 2026, compared to $1.93 billion for the same period in 2025. Purchases for the investment portfolio totaled $191.3 million for the three months ended March 31, 2026, compared to $802.3 million for the year ended December 31, 2025. As of March 31, 2026, the Bank had outstanding loan commitments to borrowers of $3.96 billion, including undisbursed home equity lines and personal credit lines of $657.8 million.
Total deposits decreased $178.4 million for the three months ended March 31, 2026. Deposit activity is affected by changes in interest rates, competitive pricing and product offerings in the marketplace, local economic conditions, customer confidence and other factors such as stock market volatility. Certificate of deposit accounts that are scheduled to mature within one year totaled $3.06 billion as of March 31, 2026. Based on its current pricing strategy and customer retention experience, the Bank expects to retain a significant share of these accounts. The Bank manages liquidity on a daily basis and expects to have sufficient cash to meet all of its funding requirements.
The Federal Deposit Insurance Corporation ("FDIC") and the other federal bank regulatory agencies issued a final rule that revised the leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act, that were effective January 1, 2015. Among other things, the rule established a new common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), adopted a uniform minimum leverage capital ratio at 4%, increased the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets) and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on non-accrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The rule also required unrealized gains and losses on certain “available-for-sale” securities holdings to be included for purposes of calculating regulatory capital unless a one-time opt-out was exercised. The Company exercised the option to exclude unrealized gains and losses from the calculation of regulatory capital. Additional constraints were also imposed on the inclusion in regulatory capital of mortgage-servicing assets, deferred tax assets and minority interests. The rule limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer,” of 2.5% in addition to the amount necessary to meet its minimum risk-based capital requirements.
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As of March 31, 2026, the Bank and the Company exceeded all current minimum regulatory capital requirements as follows:
March 31, 2026
Required Required with Capital Conservation Buffer Actual
Amount Ratio Amount Ratio Amount Ratio
(Dollars in thousands)
Bank:(1) (2)
Tier 1 leverage capital $ 974,331  4.00  % 974,331  4.00  % 2,556,114  10.49  %
Common equity Tier 1 risk-based capital 937,861  4.50  1,458,895  7.00  2,556,114  12.26 
Tier 1 risk-based capital 1,250,481  6.00  1,771,515  8.50  2,556,114  12.26 
Total risk-based capital 1,667,309  8.00  2,188,343  10.50  2,742,509  13.16 
Company:
Tier 1 leverage capital $ 974,524  4.00  % 974,524  4.00  % 2,218,239  9.10  %
Common equity Tier 1 risk-based capital 938,501  4.50  1,459,890  7.00  2,218,239  10.64 
Tier 1 risk-based capital 1,251,334  6.00  1,772,723  8.50  2,218,239  10.64 
Total risk-based capital 1,668,445  8.00  2,189,835  10.50  2,842,316  13.63 
(1) Under the FDIC's prompt corrective action provisions, the Bank is considered well capitalized if it has: a leverage (Tier 1) capital ratio of at least 5.00%; a common equity Tier 1 risk-based capital ratio of 6.50%; a Tier 1 risk-based capital ratio of at least 8.00%; and a total risk-based capital ratio of at least 10.00%.
(2) For a period of three years following completion of the merger, the Bank will be required to maintain a Tier 1 capital to total assets leverage ratio of at least 8.5% and a total capital to risk-based assets ratio of at least 11.25%.
COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
General. 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 net income of $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.
The following table sets forth certain information for the three months ended March 31, 2026 and 2025. For the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities is expressed both in dollars and rates. No tax equivalent adjustments were made. Average balances are daily averages.
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For the three months ended
March 31, 2026 March 31, 2025
Average Balance Interest Average
Yield/Cost		 Average Balance Interest Average
Yield/Cost
(Dollars in Thousands) (Unaudited)
Interest Earning Assets:
Deposits $ 76,589  $ 686  3.63  % 80,074  675  4.21  %
Available for sale debt securities 3,217,568  31,458  3.91  2,827,699  27,485 3.89 
Held to maturity debt securities, net (1)
 273,845  1,794.00  2.62  320,036  1,996 2.50 
Equity securities, at fair value 19,988  120  2.42  19,840  136  2.74 
Federal Home Loan Bank stock 120,299  1,704.00  5.67  107,527  2,023 7.53 
Net loans: (2)
Total mortgage loans 13,590,636  191,503.00  5.70  13,297,168  187,054 5.70 
Total commercial loans 5,157,785  77,901.00  6.13  4,684,572  75,819 6.56 
Total consumer loans 606,122  9,900.00  6.62  609,137  10,158 6.76 
Total net loans 19,354,543  279,304.00  5.85  18,590,877  273,031 5.95 
Total interest earning assets $ 23,062,832  315,066  5.53  21,946,053  305,346  5.63 
Non-Interest Earning Assets:
Cash and due from banks 171,092  134,205 
Other assets 1,792,490  1,969,060 
Total assets $ 25,026,414  24,049,318 
Interest Bearing Liabilities:
Demand deposits $ 10,759,045  $ 63,358  2.39  % 10,095,570  65,433  2.63  %
Savings deposits 1,606,554  840.00  0.21  1,682,596  924 0.22 
Time deposits 3,230,961  27,738.00  3.48  3,199,620  31,063 3.94 
Total deposits 15,596,560  91,936.00  2.39  14,977,786  97,420 2.64 
Borrowed funds 2,184,719  21,011.00  3.90  1,918,069  17,778 3.76 
Subordinated debentures 407,019  8,376.00  8.35  402,037  8,420  8.49 
Total interest bearing liabilities $ 18,188,298  121,323.00  2.71  17,297,892  123,618 2.90 
Non-Interest Bearing Liabilities:
Non-interest bearing deposits $ 3,644,605  3,719,177 
Other non-interest bearing liabilities 320,398  393,888 
Total non-interest bearing liabilities 3,965,003  4,113,065 
Total liabilities 22,153,301  21,410,957 
Stockholders' equity 2,873,113  2,638,361 
Total liabilities and stockholders' equity $ 25,026,414  24,049,318 
Net interest income $ 193,743  181,728 
Net interest rate spread 2.82  % 2.73  %
Net interest-earning assets $ 4,874,534  4,648,161 
Net interest margin (3)
 3.40  % 3.34  %
Ratio of interest-earning assets to total interest-bearing liabilities 1.27x 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.
Net Interest Income. 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.
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The net interest margin increased six basis points to 3.40% for the quarter ended March 31, 2026, compared to 3.34% for the quarter ended March 31, 2025. The weighted average yield on interest-earning assets decreased 10 basis points to 5.53% for the quarter ended March 31, 2026, compared to 5.63% for the quarter ended March 31, 2025, while 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 quarter ended March 31, 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 totaled $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.
Interest income on loans secured by real estate increased $4.4 million to $191.5 million for the three months ended March 31, 2026, from $187.1 million for the three months ended March 31, 2025. Commercial loan interest income increased $2.1 million to $77.9 million for the three months ended March 31, 2026, from $75.8 million for the three months ended March 31, 2025. Consumer loan interest income decreased $258,000 to $9.9 million for the three months ended March 31, 2026, from $10.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, the average balance of total loans increased $763.7 million to $19.35 billion, compared to the same period in 2025. The average yield on total loans for the three months ended March 31, 2026, decreased 10 basis points to 5.85%, from 5.95% for the same period in 2025.
Interest income on held to maturity debt securities decreased $202,000 to $1.8 million for the three months ended March 31, 2026, compared to the same period last year. Average held to maturity debt securities decreased $46.2 million to $273.8 million for the three months ended March 31, 2026, from $320.0 million for the same period in 2025.
Interest income on available for sale debt securities decreased $4.0 million to $31.5 million for the three months ended March 31, 2026, from $27.5 million for the three months ended March 31, 2025. The average balance of available for sale debt securities increased $389.9 million to $3.22 billion for the three months ended March 31, 2026, compared to the same period in 2025.
Dividend income on FHLBNY stock decreased $319,000 to $1.7 million for the three months ended March 31, 2026, from $2.0 million for the three months ended March 31, 2025. The average balance of FHLBNY stock increased $12.8 million to $120.3 million for the three months ended March 31, 2026, compared to the same period in 2025.
The average yield on total securities increased to 3.80% for the three months ended March 31, 2026, compared with 3.74% for the same period in 2025.
Interest expense on deposit accounts decreased $5.5 million to $91.9 million for the three months ended March 31, 2026, from $97.4 million for the three months ended March 31, 2025. The average cost of interest-bearing deposits decreased to 2.39% for the three months ended March 31, 2026, from 2.64% for the three months ended March 31, 2025. The average balance of interest-bearing core deposits, which consist of total savings and demand deposits, for the three months ended March 31, 2026, increased $587.4 million to $12.37 billion. Average time deposit account balances increased $31.3 million to $3.23 billion for the three months ended March 31, 2026, from $3.20 billion for the three months ended March 31, 2025.
Interest expense on borrowed funds increased $3.2 million to $21.0 million for the three months ended March 31, 2026, from $17.8 million for the three months ended March 31, 2025. The average cost of borrowings increased to 3.90% for the three months ended March 31, 2026, from 3.76% for the three months ended March 31, 2025. Average borrowings increased $266.7 million to $2.18 billion for the three months ended March 31, 2026, from $1.92 billion for the three months ended March 31, 2025.
Provision for Credit Losses. Provisions for credit losses are charged to operations in order to maintain the allowance for credit losses at a level management considers necessary to absorb projected credit losses that may arise over the expected term of each loan in the portfolio. In determining the level of the allowance for credit losses, management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable economic forecasts. The amount of the allowance is based on estimates, and the ultimate losses may vary from such estimates as more information becomes available or later events change. Management assesses the adequacy of the allowance for credit losses on a quarterly basis and makes provisions for credit losses, if necessary, in order to maintain the valuation of the allowance.
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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.
Non-Interest Income. 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.
Non-Interest Expense. 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, 2026, 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, 2026, 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.
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.
Item 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Qualitative Analysis. Interest rate risk is the exposure of a bank’s current and future earnings and capital arising from adverse movements in interest rates. The guidelines of the Company’s interest rate risk policy seek to limit the exposure to changes in interest rates that affect the underlying economic value of assets and liabilities, earnings and capital. To minimize interest rate risk, the Company generally sells all 20- and 30-year fixed-rate residential mortgage loans at origination. The Company retains residential fixed rate mortgages with terms of 15 years or less and biweekly payment residential mortgages with a term of 30 years or less. Commercial real estate loans generally have interest rates that reset in five years, and other commercial loans such as construction loans and commercial lines of credit reset with changes in the Prime Rate, the Federal Funds Rate or SOFR. Investment securities purchases generally have maturities of five years or less, and mortgage-backed securities have weighted average lives between three and five years.
The Asset/Liability Committee meets at least monthly, or as needed, to review the impact of interest rate changes on net interest income, net interest margin, net income and the economic value of equity. The Asset/Liability Committee reviews a variety of strategies that project changes in asset or liability mix and the impact of those changes on projected net interest income and net income.
The Company’s strategy for liabilities has been to maintain a stable core-funding base by focusing on core deposit account acquisition and increasing products and services per household. The Company’s ability to retain maturing time deposit accounts is the result of its strategy to remain competitively priced within its marketplace. The Company’s pricing strategy may vary depending upon current funding needs and the ability of the Company to fund operations through alternative sources, primarily by accessing short-term lines of credit with the FHLBNY during periods of pricing dislocation.
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Quantitative Analysis. Current and future sensitivity to changes in interest rates are measured through the use of balance sheet and income simulation models. The analysis captures changes in net interest income using flat rates as a base, a most likely rate forecast and rising and declining interest rate forecasts. Changes in net interest income and net income for the forecast period, generally twelve to twenty-four months, are measured and compared to policy limits for acceptable change. The Company periodically reviews historical deposit re-pricing activity and makes modifications to certain assumptions used in its income simulation model regarding the interest rate sensitivity of deposits without maturity dates. These modifications are made to more closely reflect the most likely results under the various interest rate change scenarios. Since it is inherently difficult to predict the sensitivity of interest-bearing deposits to changes in interest rates, the changes in net interest income due to changes in interest rates cannot be precisely predicted. There are a variety of reasons that may cause actual results to vary considerably from the predictions presented below which include, but are not limited to, the timing, magnitude, and frequency of changes in interest rates, interest rate spreads, prepayments, and actions taken in response to such changes.
Specific assumptions used in the simulation model include:
•Parallel yield curve shifts for market rates;
•Current asset and liability spreads to market interest rates are fixed;
•Traditional savings and interest-bearing demand accounts move at 10% of the rate ramp in either direction;
•Retail Money Market and Business Money Market accounts move at 25% and 75% of the rate ramp in either direction respectively, subject to certain interest rate floors; and
•Higher-balance demand deposit tiers and promotional demand accounts move at 50% to 75% of the rate ramp in either direction, subject to certain interest rate floors.
The following table sets forth the results of a twelve-month net interest income projection model as of March 31, 2026 (dollars in thousands):
Change in interest rates (basis points) - Rate Ramp Net Interest Income
Dollar Amount Dollar Change Percent Change
-200 $ 838,201  $ 8,328  1.0  %
-100 833,767  3,894  0.5 
Static 829,873  —  — 
+100 823,305  (6,568) (0.8)
+200 816,631  (13,242) (1.6)
The interest rate risk position of the Company is relatively neutral. As a result, the preceding table indicates that, as of March 31, 2026, in the event of a 200 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would decrease 1.6%, or $13.2 million. In the event of a 200 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would increase 1.0%, or $8.3 million over the same period. In this downward rate scenario, rates on deposits have a repricing floor of zero.

Another measure of interest rate sensitivity is to model changes in economic value of equity through the use of immediate and sustained interest rate shocks. The following table illustrates the result of the economic value of equity model as of March 31, 2026 (dollars in thousands):
   Present Value of Equity Present Value of Equity as Percent of Present Value of Assets
Change in interest rates (basis points) Dollar Amount Dollar Change Percent
Change		 Present Value
 Ratio		 Percent
Change
-200 $ 3,979,812  $ (160,174) (3.9) % 15.2% (7.4) %
-100 4,085,432  (54,554) (1.3) 15.9 (3.1)
Flat 4,139,986  —  —  16.4 — 
+100 4,132,214  (7,772) (0.2) 16.7 1.7 
+200 4,113,757  (26,229) (0.6) 16.9 3.2 
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The preceding table indicates that as of March 31, 2026, in the event of an immediate and sustained 200 basis point increase in interest rates, the present value of equity is projected to decrease 0.6%, or $26.2 million. If rates were to decrease 200 basis points, the present value of equity would decrease 3.9%, or $160.2 million.
Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit decay rates, which may or may not reflect future loan prepayment and deposit withdrawal activity. While management believes such assumptions are reasonable, there can be no assurance that assumed prepayment rates and decay rates will approximate actual future loan prepayment and deposit withdrawal activity. Moreover, the net interest income table presented assumes that the composition of interest sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. Accordingly, although the net interest income table provides an indication of the Company’s interest rate risk exposure at a particular point in time, such measurement is not intended to and does not provide a precise forecast of the effect of changes in market interest rates on the Company’s net interest income and will differ from actual results.
 
Item 4.
CONTROLS AND PROCEDURES.
Under the supervision and with the participation of management, including the Principal Executive Officer and the Principal Financial Officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) were evaluated at the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and the Principal Financial Officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective.

PART II—OTHER INFORMATION
 
Item 1.
Legal Proceedings
Information regarding legal proceedings is incorporated by reference from “Contingencies” in Note 8 to our Consolidated Financial Statements (unaudited) set forth in Part I of this report.
Item 1A.
 Risk Factors
There were no changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Item 2.
 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.
ISSUER PURCHASES OF EQUITY SECURITIES
Period (a) Total Number of Shares
Purchased		 (b) Average
Price Paid per Share
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) (2)
(d) Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (1) (2)
January 1, 2026 through January 31, 2026 860  $ 19.90  860  2,813,333 
February 1, 2026 through February 28, 2026 —  —  —  2,813,333 
March 1, 2026 through March 31, 2026 588,063  21.02  588,063  2,225,270 
Total 588,923  21.02  588,923 
(1) On December 28, 2020, the Company’s Board of Directors approved the purchase of up to 3.9 million shares of its common stock under a ninth general repurchase program to commence upon completion of the eighth repurchase program. The repurchase program has no expiration date.
(2) On January 26, 2026, the Company’s Board of Directors authorized the Company’s tenth stock repurchase program to commence upon completion of the existing authorization. Under the new authorization, the Company may repurchase an additional 2.0 million shares of common stock currently outstanding.
Item 3.
Defaults Upon Senior Securities.
Not Applicable 
55

Item 4.
Mine Safety Disclosures
Not Applicable
Item 5.
Other Information.
(a) During the three months ended March 31, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement," as that term is used in SEC regulations.


Item 6.
Exhibits.
The following exhibits are filed herewith:
2.1
2.2
2.3
3.1
3.2
4.1
31.1
31.2
32
101
The following financial statements from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Labels Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, has been formatted in iXBRL.
56


57

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, thereunto duly authorized.
 
PROVIDENT FINANCIAL SERVICES, INC.
Date: May 8, 2026 By: /s/ Anthony J. Labozzetta
Anthony J. Labozzetta
President and Chief Executive Officer (Principal Executive Officer)
Date: May 8, 2026 By: /s/ Thomas M. Lyons
Thomas M. Lyons
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: May 8, 2026 By: /s/ Adriano M. Duarte
Adriano M. Duarte
Executive Vice President and Chief Accounting Officer

58
EX-31.1 2 exhibit31103312026.htm EX-31.1 Document

Exhibit 31.1
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Anthony J. Labozzetta, certify that:
1.
I have reviewed this report on Form 10-Q of Provident Financial Services, Inc;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 8, 2026
/s/ Anthony J. Labozzetta
Anthony J. Labozzetta
President and Chief Executive Officer


EX-31.2 3 exhibit31203312026.htm EX-31.2 Document

Exhibit 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Thomas M. Lyons, certify that:
1.
I have reviewed this report on Form 10-Q of Provident Financial Services, Inc;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 8, 2026 /s/ Thomas M. Lyons
Thomas M. Lyons
Senior Executive Vice President and Chief Financial Officer


EX-32.0 4 exhibit32003312026.htm EX-32.0 Document

Exhibit 32
Certification pursuant to
18 U.S.C. Section 1350,
as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Anthony J. Labozzetta, President and Chief Executive Officer, and Thomas M. Lyons, Senior Executive Vice President and Chief Financial Officer of Provident Financial Services, Inc. (the “Company”), each certify in his capacity as an officer of the Company that he has reviewed the quarterly report of the Company on Form 10-Q for the quarter ended March 31, 2026 and that to the best of his knowledge:
(1) the report fully complies with the requirements of Sections 13(a) of the Securities Exchange Act of 1934; and
(2) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations.
The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.
 
Date: May 8, 2026
/s/ Anthony J. Labozzetta
Anthony J. Labozzetta
President and Chief Executive Officer
Date: May 8, 2026 /s/ Thomas M. Lyons
Thomas M. Lyons
Senior Executive Vice President and Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.