PFS delivered strong Q2 results with accelerating loan growth, expanding NIM, and improving credit quality. The record loan pipeline and guidance for continued margin expansion support a positive outlook. Traders should watch for the formal earnings release on July 30 and monitor whether the 5-6% loan growth guidance is maintained or raised given the strong Q2 trajectory.
Price Chart
Executive Summary
Provident Financial Services (PFS) filed an 8-K with an investor presentation for Q2 2026 results, ahead of the formal earnings release. Core diluted EPS was $0.61, core ROAA 1.27%, and core PPNR ROAA 1.87%. Net interest income grew 8% YoY to $203M, and total commercial loans grew 9.9% annualized QoQ. The company guided for 5-6% annualized loan and deposit growth for 2026, core NIM of 3.45-3.50%, and non-interest income of $29M per quarter in H2 2026. Credit metrics remain strong with NPLs at 0.68% of loans and net charge-offs at 0.04% annualized.
Key Facts
- Core diluted EPS of $0.61 for Q2 2026
- Core ROAA of 1.27% and core ROATCE of 16.22%
- Net interest income of $203M, up 8% YoY
- Total commercial loans grew 9.9% annualized QoQ to $17.5B
- Total loan pipeline at record $3.17B with weighted average rate of 6.33%
- Core PPNR ROAA expanded 23 bps YoY to 1.87%
- Tangible book value per share grew 2% QoQ to $16.42 and 12% YoY
- Stock buybacks of 614,722 shares at average cost of $21.09 per share; 2.2M shares remaining under authorization
- Non-performing loans decreased $6.0M to $136.9M QoQ
- Net charge-offs of $1.9M, annualized 0.04% of loans
- 2026 guidance: 5-6% annualized loan and deposit growth, core NIM 3.45-3.50%, non-interest income $29M/quarter in H2
- Total assets $25.7B, total deposits $19.5B
- TCE ratio of 8.60%, well above well-capitalized minimums
Financial Impact
Q2 2026 core net income of $79.9M, up from $72.0M in Q2 2025; PPNR growth of $18.2M or 18.3% YoY; revenues of $235M driven by net interest income growth and record non-interest income
Risk Factors
- Wholesale deposits increased $618M QoQ, indicating reliance on potentially more expensive funding
- Municipal deposits declined $228M QoQ due to seasonal outflows, which could recur
- Non-interest expense rose to $119.3M from $114.6M in Q2 2025, partly due to severance and systems conversion costs
- CRE concentration ratio remains elevated at 399.7%, though declining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (PFS) — Batch item 1 | 0001628280-26-050919 |
| Document: pfs-20260729.htm | 0001628280-26-050919 |
| Document: 0001628280-26-050919-index-headers.html | 0001628280-26-050919 |
| Document: 0001628280-26-050919-index.html | 0001628280-26-050919 |
| Document: 0001628280-26-050919.txt | 0001628280-26-050919 |
| 8-K Filing (PFS) — Batch item 6 | 0001628280-26-050919 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | 424B5 | $23.57 $22.65 | ▼ −3.90% | ▼ −5.22% | $22.58 (−4.20%) |
Aug 20, 2026 6w ago | Press Release | $23.71 $22.93 | ▼ −3.29% | ▼ −2.76% | $22.58 (−4.77%) |
Aug 20, 2026 6w ago | 424B5 | $23.69 $23.06 | ▼ −2.66% | ▼ −2.66% | $22.58 (−4.69%) |
Aug 14, 2026 7w ago | 8-K | $24.64 $23.34 | ▼ −5.28% | ▼ −3.28% | $22.58 (−8.36%) |
Jul 30, 2026 9w ago | 8-K | $24.86 $23.56 | ▼ −5.23% | ▼ −9.19% | $22.58 (−9.17%) |
Jul 30, 2026 9w ago | 8-K | $24.86 $23.56 | ▼ −5.23% | ▼ −9.19% | $22.58 (−9.17%) |
Jul 29, 2026 9w ago | Press Release | $24.86 $23.56 | ▼ −5.23% | ▼ −9.19% | $22.58 (−9.17%) |
Jun 4, 2026 17w ago | 8-K | $22.34 $23.54 | ▲ +5.37% | ▲ +6.74% | $22.58 (+1.07%) |
May 26, 2026 18w ago | 8-K | $22.43 $23.53 | ▲ +4.88% | ▲ +6.83% | $22.58 (+0.67%) |
Apr 30, 2026 22w ago | 8-K | $22.14 $21.84 | ▼ −1.34% | ▼ −6.60% | $22.58 (+2.01%) |
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