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- **Record Performance**: $109 million pretax pre-provision revenue, up 9% QoQ.
- **Deposit Strength**: Core deposits +7.5% annualized, total deposits +8%.
- **Loan Growth**: C&I up double digits, pipeline at 6.15% yield.
- **Efficiency**: 51% ratio reflects strong cost control.
- **Dividend Increase**: $0.24 per share, consistent with prior quarter.
- **Strategic Focus**: Specialty lending reducing CRE concentration to 402%.
- **M&A Cautious**: Organic growth prioritized, M&A as opportunistic.

**【CEO Summary Section】**
- Reported net earnings of $72 million ($0.55 per share), consistent with the prior quarter.
- Pretax pre-provision revenue reached a record $109 million, up 9% quarter-over-quarter.
- Deposits grew $388 million (8% annualized), driven by core deposits (+$291 million).
- Commercial loan production year-to-date reached $2.1 billion, with a pipeline of $2.9 billion at 6.15% yield.
- Nonperforming assets improved to 0.41%, with net charge-offs at $5.4 million.
- Noninterest income grew 6.1% YoY, driven by insurance and wealth management.
- Board approved a quarterly dividend of $0.24 per share.

**【CFO Financial Commentary】**
- Net interest margin (NIM) expanded to 3.43%, with core NIM at 3.36%.
- Efficiency ratio improved to 51%, excluding intangibles (46.72%).
- Average earning assets increased $163 million (3% annualized).
- Total loans grew 5% annualized, with C&I leading at double-digit growth.
- Deposit cost increased 4 basis points to 2.14%, but funding mix remained favorable.
- Projected Q4 NIM range of 3.38%-3.45%.
- Operating expenses held steady at $113 million, with no material changes expected.

**【Q&A Key Highlights】**
- **Loan Competition**: CRE facing increased competition, but C&I remains stable with 65% pipeline conversion.
- **Specialty Lending**: ABL and healthcare loans growing double digits, reducing CRE concentration to 402%.
- **Noninterest Income**: Seasonal decline in insurance expected, but SBA gains up 280% YoY.
- **Capital Deployment**: Preference for organic growth, with dividend payout target 40%-45%.
- **M&A Strategy**: Focus on strategic fits, with no immediate plans but optionality retained.
- **Interest Rate Impact**: 30%-35% beta on deposit repricing, benefiting from Fed cuts.
- **Wealth Management**: New Chief Growth Officer to expand AUM and client relationships.

Provident Financial Services, Inc. (PFS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PFS

PFS fundamentals

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