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Provident Financial Services
PFS
#4126
Rank
$2.78 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$21.30
Share price
0.09%
Change (1 day)
41.15%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Provident Financial Services
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Provident Financial Services - 10-Q quarterly report FY2025 Q3


Text size:
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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 September 30, 2025
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 StreetJersey CityNew Jersey07302
(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 November 3, 2025 there were 137,565,966 shares issued and 130,622,384 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
PART I—FINANCIAL INFORMATION
1
Consolidated Statements of Financial Condition as of September 30, 2025 (unaudited) and December 31, 2024
3
Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)
4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)
5
Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)
6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)
8
10
2
48
3
62
4
63
PART II—OTHER INFORMATION
1
64
1A.
64
2
64
3
Defaults Upon Senior Securities
64
4
64
5
64
6
Exhibits
65
66



2

PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2025 (Unaudited) and December 31, 2024
(Dollars in Thousands)
 
September 30, 2025December 31, 2024
ASSETS
Cash and due from banks$301,614 $205,939 
Available for sale debt securities, at fair value3,141,320 2,768,915 
Held to maturity debt securities, (net of $19,000 allowance as of September 30, 2025 (unaudited) and $14,000 allowance as of December 31, 2024)
292,120 327,623 
Equity securities, at fair value19,682 19,110 
Federal Home Loan Bank stock119,551 112,767 
Loans held for sale14,329 162,453 
Loans held for investment19,286,067 18,659,370 
Less allowance for credit losses186,969 193,432 
Net loans19,113,427 18,628,391 
Foreclosed assets, net2,015 9,473 
Banking premises and equipment, net113,098 119,622 
Accrued interest receivable94,647 91,160 
Intangible assets790,729 819,230 
Bank-owned life insurance412,253 405,893 
Other assets432,307 543,702 
Total assets$24,832,763 $24,051,825 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand deposits$14,153,908 $13,775,991 
Savings deposits1,577,946 1,679,667 
Certificates of deposit of $250,000 or more886,137 789,342 
Other time deposits2,478,253 2,378,813 
Total deposits19,096,244 18,623,813 
Mortgage escrow deposits46,255 42,247 
Borrowed funds2,209,310 2,020,435 
Subordinated debentures405,340 401,608 
Other liabilities308,579 362,515 
Total liabilities22,065,728 21,450,618 
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 130,621,757 shares outstanding as of September 30, 2025 and 130,489,493 outstanding as of December 31, 2024
1,376 1,376 
Additional paid-in capital1,841,920 1,834,495 
Retained earnings1,102,269 989,111 
Accumulated other comprehensive (loss) income (87,243)(135,355)
Treasury stock(91,287)(88,420)
Total stockholders’ equity2,767,035 2,601,207 
Total liabilities and stockholders’ equity$24,832,763 $24,051,825 
See accompanying notes to unaudited consolidated financial statements.
3


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2025 and 2024 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended September 30,Nine months ended September 30,
2025202420252024
Interest and dividend income:
Real estate secured loans$197,252 $197,857 $577,097 $461,632 
Commercial loans81,943 81,183 236,616 175,815 
Consumer loans10,847 12,947 31,470 25,820 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock33,578 25,974 94,666 58,698 
Held to maturity debt securities1,897 2,136 5,859 6,761 
Due from banks, Federal funds sold and other short-term investments764 2,425 2,227 5,466 
Total interest income326,281 322,522 947,935 734,192 
Interest expense:
Deposits102,094 110,009 295,771 243,602 
Borrowed funds21,307 19,923 63,555 57,871 
Subordinated debt8,548 8,889 25,455 13,842 
Total interest expense131,949 138,821 384,781 315,315 
Net interest income194,332 183,701 563,154 418,877 
Provision charge for credit losses7,044 9,299 4,794 78,684 
Net interest income after provision for credit losses187,288 174,402 558,360 340,193 
Non-interest income:
Fees11,336 9,816 31,727 24,426 
Wealth management income7,349 7,620 21,625 22,878 
Insurance agency income3,852 3,631 14,445 12,912 
Bank-owned life insurance2,662 4,308 7,340 9,448 
Net gain (loss) on securities transactions67 2 153 (2,972)
Other income2,153 1,478 6,234 3,245 
Total non-interest income27,419 26,855 81,524 69,937 
Non-interest expense:
Compensation and employee benefits63,202 63,468 188,817 158,404 
Net occupancy expense12,773 12,790 39,711 32,452 
Data processing expense9,102 10,481 28,305 25,698 
FDIC insurance3,418 4,180 10,144 9,553 
Amortization of intangibles9,497 12,231 28,496 19,420 
Advertising and promotion expense1,640 1,524 4,124 3,661 
Merger-related expenses— 15,567 — 36,684 
Other operating expenses13,460 15,761 44,376 37,352 
Total non-interest expense113,092 136,002 343,973 323,224 
Income before income tax expense101,615 65,255 295,911 86,906 
Income tax expense29,895 18,850 88,182 19,905 
Net income$71,720 $46,405 $207,729 $67,001 
Basic earnings per share$0.55 $0.36 $1.59 $0.65 
Weighted average basic shares outstanding130,506,517 129,941,845 130,439,534 102,819,042 
Diluted earnings per share$0.55 $0.36 $1.59 $0.65 
Weighted average diluted shares outstanding130,553,819 130,004,870 130,479,443 102,845,261 
See accompanying notes to unaudited consolidated financial statements.
4


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2025 and 2024 (Unaudited)
(Dollars in Thousands)
 
Three months ended September 30,Nine months ended September 30,
2025202420252024
Net income$71,720 $46,405 $207,729 $67,001 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized gains arising during the period19,948 53,122 55,880 54,726 
Reclassification adjustment for (gains) losses on securities sales included in net income— — (63)2,056 
Total19,948 53,122 55,817 56,782 
Unrealized gains and losses on derivatives:
Net unrealized gains (losses) arising during the period441 (3,395)(153)810 
Reclassification adjustment for gains included in net income(1,474)(2,450)(4,505)(7,980)
Total(1,033)(5,845)(4,658)(7,170)
Amortization related to post-retirement obligations(2,388)(362)(3,047)(1,546)
Total other comprehensive income16,527 46,915 48,112 48,066 
Total comprehensive income$88,247 $93,320 $255,841 $115,067 
See accompanying notes to unaudited consolidated financial statements.

5



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2025 (Unaudited)
(Dollars in Thousands)

For the three months ended September 30, 2025
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE LOSSTREASURY STOCKTOTAL STOCKHOLDERS’ EQUITY
Balance as of June 30, 2025$1,376 $1,839,314 $1,061,897 $(103,770)$(91,262)$2,707,555 
Net income— — 71,720 — — 71,720 
Other comprehensive income, net of tax— — — 16,527 — 16,527 
Cash dividends paid— — (31,348)— — (31,348)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (25)(25)
Allocation of Stock Award Plan ("SAP") shares— 2,606 — — — 2,606 
Balance as of September 30, 2025$1,376 $1,841,920 $1,102,269 $(87,243)$(91,287)$2,767,035 
For the nine months ended September 30, 2025
COMMONSTOCKADDITIONAL
PAID-IN
CAPITAL		RETAINED EARNINGSACCUMULATED
OTHER
COMPREHENSIVE
LOSS		TREASURY
STOCK		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— — 207,729 — — 207,729 
Other comprehensive income, net of tax— — — 48,112 — 48,112 
Cash dividends paid— — (94,571)— — (94,571)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (2,867)(2,867)
Allocation of SAP shares— 7,408 — — — 7,408 
Allocation of stock options— 17 — — — 17 
Balance as of September 30, 2025$1,376 $1,841,920 $1,102,269 $(87,243)$(91,287)$2,767,035 

See accompanying notes to unaudited consolidated financial statements.


































6



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2024 (Unaudited)
(Dollars in Thousands)
For the three months ended September 30, 2024
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOMETREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance as of June 30, 2024$1,376 $1,868,643 $957,979 $(139,964)$(129,115)$(3,273)$(2,398)$2,398 $2,555,646 
Net loss— — 46,405 — — — — — 46,405 
Other comprehensive income, net of tax— — — 46,915 — — — — 46,915 
Cash dividends paid— — (31,387)— — — — — (31,387)
Distributions from deferred comp plans— 39 — — — — 151 (151)39 
Purchase of employee restricted shares to fund statutory tax withholding— — — — (33)— — — (33)
Allocation of ESOP shares— 30 — — — 812 — — 842 
Allocation of SAP shares— 2,614 — — — — — — 2,614 
Allocation of stock options— 17 — — — — — — 17 
Balance as of September 30, 2024$1,376 $1,871,343 $972,997 $(93,049)$(129,148)$(2,461)$(2,247)$2,247 $2,621,058 

For the nine months ended September 30, 2024
COMMONSTOCKADDITIONAL
PAID-IN CAPITAL		RETAINEDEARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOMETREASURYSTOCKUNALLOCATED
 ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL
STOCKHOLDERS’ EQUITY
Balance as of December 31, 2023$832 $989,058 $974,542 $(141,115)$(127,825)$(4,896)$(2,694)$2,694 $1,690,596 
Net income— — 67,001 — — — — — 67,001 
Other comprehensive income, net of tax— — — 48,066 — — — — 48,066 
Cash dividends paid— — (68,546)— — — — — (68,546)
Distributions from deferred comp plans— 102 — — — — 447 (447)102 
Purchase of employee restricted shares to fund statutory tax withholding— — — — (1,323)— — — (1,323)
Allocation of ESOP shares— (151)— — — 2,435 — — 2,284 
Allocation of SAP shares— 6,039 — — — — — — 6,039 
Shares issued due to acquisition544 876,234 — — — — — — 876,778 
Allocation of stock options— 61 — — — — — — 61 
Balance as of September 30, 2024$1,376 $1,871,343 $972,997 $(93,049)$(129,148)$(2,461)$(2,247)$2,247 $2,621,058 

See accompanying notes to unaudited consolidated financial statements.



7


 
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Nine months ended September 30, 2025 and 2024 (Unaudited)
(Dollars in Thousands)
Nine months ended September 30,
20252024
Cash flows from operating activities:
Net income$207,729 $67,001 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles39,379 28,225 
Provision charge for credit losses on loans and securities2,180 75,838 
Provision charge for credit losses on off-balance sheet credit exposures2,614 2,846 
Deferred tax expense (benefit)13,892 (1,020)
Amortization of operating lease right-of-use assets10,367 9,539 
Income on Bank-owned life insurance(7,340)(9,448)
Net amortization of premiums and discounts on securities12,435 4,939 
Accretion of net deferred loan fees(4,844)(5,219)
Amortization of premiums on purchased loans, net187 204 
Originations of loans held for sale(62,331)(34,343)
Proceeds from sales of loans held for sale186,079 31,222 
ESOP expense— 2,284 
Allocation of stock award expense7,408 6,039 
Allocation of stock option expense17 61 
Net gain on sale of loans (2,725)(852)
Net (gain) loss on securities transactions(153)2,972 
Net gain on sale of premises and equipment(681)— 
Net loss (gain) on sale of foreclosed assets11 (204)
Increase in accrued interest receivable(3,487)(3,658)
Decrease (increase) in other assets26,515 (10,591)
(Decrease) increase in other liabilities(53,936)21,258 
Net cash provided by operating activities373,316 187,093 
Cash flows from investing activities:
Net increase in loans(601,121)(28,540)
Purchases of loans(321)— 
Proceeds from sales of foreclosed assets5,779 426 
Proceeds from maturities, calls and paydowns of held to maturity debt securities48,386 43,083 
Purchases of investment securities held to maturity(13,494)(16,338)
Proceeds from sales of available for sale debt securities1,670 568,360 
Proceeds from maturities, calls and paydowns of available for sale debt securities346,553 238,642 
Purchases of available for sale debt securities(622,765)(182,960)
Proceeds from redemption of Federal Home Loan Bank stock269,086 162,480 
Purchases of Federal Home Loan Bank stock(275,870)(179,482)
Cash received, net of cash consideration paid for acquisition — 194,548 
BOLI claim benefits received906 3,076 
Proceeds from sales of premises and equipment2,348 — 
Purchases of premises and equipment(6,674)(2,803)
Net cash (used in) provided by investing activities(845,517)800,492 
Cash flows from financing activities:
8

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Nine months ended September 30, 2025 and 2024 (Unaudited)
(Dollars in Thousands)
Nine months ended September 30,
20252024
Net increase (decrease) in deposits472,431 (539,253)
Increase in mortgage escrow deposits4,008 5,638 
Cash dividends paid to stockholders(94,571)(68,546)
Purchase of employee restricted shares to fund statutory tax withholding(2,867)(1,323)
Proceeds from subordinated debentures— 221,181 
Proceeds from long-term borrowings554,500 302,790 
Payments on long-term borrowings(352,402)(278,425)
Net decrease in short-term borrowings(13,223)(565,813)
Net cash provided by (used in) financing activities567,876 (923,751)
Net increase in cash and cash equivalents95,675 63,834 
Cash and cash equivalents at beginning of period205,869 180,185 
Restricted cash at beginning of period70 70 
Total cash, cash equivalents and restricted cash at beginning of period205,939 180,255 
Cash and cash equivalents at end of period299,193 244,019 
Restricted cash at end of period2,421 70 
Total cash, cash equivalents and restricted cash at end of period$301,614 $244,089 
Cash paid during the period for:
Interest on deposits and borrowings$368,845 $253,171 
Income taxes$65,881 $35,444 
Non-cash investing activities:
Initial recognition of operating lease right-of-use assets$— $14,742 
Initial recognition of operating lease liabilities$— $14,742 
Transfer of loans receivable to foreclosed assets$1,053 $— 
Acquisitions:
Non-cash assets acquired at fair value:
Investment securities$— $1,632,106 
Loans held for sale— 1,494 
Loans held for investment— 7,889,138 
Bank-owned life insurance— 160,646 
Goodwill and other intangible assets— 400,773 
Bank premises and equipment— 60,578 
Other assets— 269,252 
Total non-cash assets acquired at fair value$— $10,413,987 
Liabilities assumed
Deposits$— $8,622,924 
Borrowings— 785,927 
Subordinated debentures— 180,198 
Other Liabilities— 142,708 
Total liabilities assumed$— $9,731,757 
Common stock issued for acquisitions$— $876,778 
See accompanying notes to unaudited consolidated financial statements.
9


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 and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for all of 2025.
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, 2024 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 and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share amounts):
Three months ended September 30,
20252024
Net
Income		Weighted
Average
Common
Shares
Outstanding		Per
Share
Amount 		Net
Income		Weighted
Average
Common
Shares
Outstanding 		Per
Share
Amount
Net income $71,720 $46,405 
Basic earnings per share:
Income available to common stockholders$71,720 130,506,517 $0.55 $46,405 129,941,845 $0.36 
Dilutive shares47,302 63,025 
Diluted earnings per share:
Income available to common stockholders$71,720 130,553,819 $0.55 $46,405 130,004,870 $0.36 
10

Nine months ended September 30,
20252024
Net
Income		Weighted
Average
Common
Shares
Outstanding		Per
Share
Amount		Net
Income		Weighted
Average
Common Shares Outstanding		Per
Share
Amount
Net income$207,729 $67,001 
Basic earnings per share:
Income available to common stockholders$207,729 130,439,534 $1.59 $67,001 102,819,042 $0.65 
Dilutive shares39,909 26,219 
Diluted earnings per share:
Income available to common stockholders$207,729 130,479,443 $1.59 $67,001 102,845,261 $0.65 
Anti-dilutive stock options and awards as of September 30, 2025 and 2024, totaling 1.0 million shares and 1.7 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 provision for credit losses on loans for the three and nine months ended September 30, 2025 was primarily attributable to overall growth in the loan portfolio, combined with a weakened economic forecast compared to the prior periods. See Notes 4 and 10 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. 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. 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. 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. Business Combinations
Lakeland Bancorp, Inc. - Merger Agreement
On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. ("Lakeland"). Under the merger agreement, each share of Lakeland common stock was converted into the right to receive 0.8319 shares of the Company's common stock, a total of 54,356,954 shares converted, plus cash in lieu of fractional shares. The total consideration paid for the acquisition of Lakeland was $876.8 million.
The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $180.4 million and was recorded as goodwill.
While there were no transaction costs related to our merger with Lakeland for the 2025 period, these costs totaled $15.6 million and $36.7 million for the three and nine months ended September 30, 2024. Merger-related expense is a separate line in non-interest expense on the Consolidated Statements of Income. Additionally, an initial CECL provision for credit losses of
11

$60.1 million was recorded as part of the Lakeland merger, for the three and nine months ended September 30, 2024, respectively.
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the merger date, net of cash consideration paid (in thousands):
As of May 16, 2024
Assets acquired:
Cash and cash equivalents, net$194,548 
Available for sale debt securities1,585,993 
Federal Home Loan Bank stock46,113 
Loans held for sale1,494 
Loans held for investment7,906,326 
Allowance for credit losses on PCD loans(17,188)
Loans, net7,889,138 
Bank-owned life insurance160,646 
Banking premises and equipment60,578 
Accrued interest receivable27,241 
Goodwill180,446 
Other intangibles assets209,915 
Other assets236,481 
Total assets acquired$10,592,593 
Liabilities assumed:
Deposits$8,622,924 
Mortgage escrow deposits5,532 
Borrowed funds785,927 
Subordinated debentures166,366 
Other liabilities135,066 
Total liabilities assumed$9,715,815 
Net assets acquired$876,778 
The Company finalized its review of the acquired assets and liabilities as of December 31, 2024. No adjustments to the recorded carrying values or goodwill were made as of and for the quarter ended September 30, 2025.
Note 3. Investment Securities
As of September 30, 2025, the Company had $3.14 billion and $292.1 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.
12

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 September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$317,978 236 (9,945)308,269 
Government-agency obligations36,095 899 (89)36,905 
Mortgage-backed securities2,653,196 20,731 (127,083)2,546,844 
Asset-backed securities43,673 497 (261)43,909 
State and municipal obligations119,277 984 (8,346)111,915 
Corporate obligations89,837 5,591 (1,950)93,478 
$3,260,056 28,938 (147,674)3,141,320 
December 31, 2024
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$348,621 317 (18,340)330,598 
Government-agency obligations105,965 1,461 (191)107,235 
Mortgage-backed securities2,243,725 4,982 (186,548)2,062,159 
Asset-backed securities47,203 645 (285)47,563 
State and municipal obligations126,766 243 (10,092)116,917 
Corporate obligations103,415 3,958 (2,930)104,443 
$2,975,695 11,606 (218,386)2,768,915 
Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $10.8 million and $9.7 million as of September 30, 2025 and December 31, 2024, 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 September 30, 2025, 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.
September 30, 2025
Amortized
cost		Fair
value
Due in one year or less$102,502 101,645 
Due after one year through five years251,448 243,212 
Due after five years through ten years106,243 107,707 
Due after ten years66,899 61,098 
$527,092 513,662 
Investments which pay principal on a periodic basis totaling $2.73 billion at amortized cost and $2.63 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.
For the three months ended September 30, 2025 and September 30, 2024, no securities were sold from the available for sale debt securities portfolio, respectively. For the nine months ended September 30, 2025, proceeds from sales on securities in the available for sale debt securities portfolio totaled $1.7 million, with gross gains of $87,000 and no losses recognized. For the three and nine months ended September 30, 2025, proceeds from calls on securities from the available for sale debt portfolio totaled $4.0 million with gross gains of $67,000 and no losses recognized. For the nine months ended September 30, 2024, proceeds from sales on available for sale debt securities portfolio totaled $568.4 million, with no gains and $3.0 million of
13

losses recognized. For the three and nine months ended September 30, 2024, proceeds from calls on securities in the available for sale debt securities portfolio totaled $780,000 with no gains and no losses recognized.
The number of available for sale debt securities in an unrealized loss position as of September 30, 2025 totaled 422, compared with 646 as of December 31, 2024. The decrease in the number of securities in an unrealized loss position as of September 30, 2025, was mainly due to lower current market interest rates compared to rates as of December 31, 2024. All securities in an unrealized loss position were investment grade as of September 30, 2025.
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 $19,000 and $14,000, as of September 30, 2025 and December 31, 2024, respectively (in thousands):
September 30, 2025
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$4,400 — (54)4,346 
State and municipal obligations284,895 186 (7,663)277,418 
Corporate obligations2,844 — (34)2,810 
$292,139 186 (7,751)284,574 
December 31, 2024
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Government-agency obligations$9,999 — (292)9,707 
State and municipal obligations311,118 689 (14,133)297,674 
Corporate obligations6,520 — (168)6,352 
$327,637 689 (14,593)313,733 
Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.3 million and $2.9 million as of September 30, 2025 and December 31, 2024, 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 and nine months ended September 30, 2025 and 2024. For the three and nine months ended September 30, 2025, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $910,000 and $11.0 million, respectively. For the three and nine months ended September 30, 2025, there were no gross gains or gross losses related to these calls on securities. For the three and nine months ended September 30, 2024, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $2.1 million and $4.6 million, respectively. As to these calls on securities, for the three months ended September 30, 2024, there were no gross gains or gross losses, while for the nine months ended September 30, 2024, there were no gross gains, while gross losses totaled $1,200.
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of September 30, 2025 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.
September 30, 2025
Amortized
cost		Fair
value
Due in one year or less$46,369 46,266 
Due after one year through five years155,363 154,478 
Due after five years through ten years78,199 74,039 
Due after ten years12,208 9,791 
$292,139 284,574 
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The allowance for credit losses on held to maturity debt securities as of September 30, 2025 and December 31, 2024 was $19,000 and $14,000, respectively, and are excluded from amortized cost in the table above.
The number of held to maturity debt securities in an unrealized loss position as of September 30, 2025 totaled 241, compared with 512 as of December 31, 2024. The decrease in the number of securities in an unrealized loss position as of September 30, 2025, was due to lower current market interest rates compared to rates as of December 31, 2024.
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 September 30, 2025 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 September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$4,400 — — — — 4,400 
State and municipal obligations44,117 209,228 20,231 — 11,319 284,895 
Corporate obligations— 574 2,270 — — 2,844 
$48,517 209,802 22,501 — 11,319 292,139 
December 31, 2024
Total PortfolioAAAAAABBBNot RatedTotal
Government-agency obligations$9,999 — — — — 9,999 
State and municipal obligations44,821 234,212 28,735 — 3,350 311,118 
Corporate obligations501 2,013 3,981 — 25 6,520 
$55,321 236,225 32,716 — 3,375 327,637 
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of September 30, 2025, the held to maturity debt securities portfolio was comprised of 17% rated AAA, 72% rated AA, 8% rated A, and less than 3% either below an A rating or not rated by Moody’s or Standard and Poor’s. Securities not explicitly rated, such as U.S. government issued mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security.
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Note 4. Loans Receivable and Allowance for Credit Losses
Loans held for investment as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
September 30, 2025December 31, 2024
Mortgage loans:
Commercial$7,318,725 7,228,078 
Multi-family3,534,751 3,382,933 
Construction719,961 823,503 
Residential1,977,483 2,010,637 
Total mortgage loans13,550,920 13,445,151 
Commercial loans5,130,067 4,608,600 
Consumer loans614,983 613,819 
Total gross loans19,295,970 18,667,570 
Premiums on purchased loans1,362 1,338 
Net deferred fees(11,265)(9,538)
Total loans$19,286,067 18,659,370 
Accrued interest on loans totaled $81.4 million and $78.5 million as of September 30, 2025 and December 31, 2024, 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):
September 30, 2025
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans
Receivable		Non-accrual loans with no related allowance
Mortgage loans:
Commercial$956 4,314 39,036 — 44,306 7,274,419 7,318,725 33,285 
Multi-family— 879 424 — 1,303 3,533,448 3,534,751 424 
Construction— — 19,220 — 19,220 700,741 719,961 19,220 
Residential8,085 6,180 7,858 — 22,123 1,955,360 1,977,483 7,858 
Total mortgage loans9,041 11,373 66,538 — 86,952 13,463,968 13,550,920 60,787 
Commercial loans729 1,390 32,483 — 34,602 5,095,465 5,130,067 28,351 
Consumer loans2,739 299 1,388 — 4,426 610,557 614,983 1,388 
Total gross loans$12,509 13,062 100,409 — 125,980 19,169,990 19,295,970 90,526 
December 31, 2024
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing		Total Past
Due 		CurrentTotal Loans ReceivableNon-accrual loans with no related allowance
Mortgage loans:
Commercial$8,538 3,954 20,883 — 33,375 7,194,703 7,228,078 13,575 
Multi-family— — 7,498 — 7,498 3,375,435 3,382,933 7,498 
Construction— — 13,246 — 13,246 810,257 823,503 13,246 
Residential6,388 5,049 4,535 — 15,972 1,994,665 2,010,637 4,535 
Total mortgage loans14,926 9,003 46,162 — 70,091 13,375,060 13,445,151 38,854 
Commercial loans3,026 1,117 24,243 — 30,868 4,577,732 4,608,600 15,164 
Consumer loans3,152 856 1,656 — 5,664 608,155 613,819 1,656 
Total gross loans$21,104 10,976 72,061 — 106,623 18,560,947 18,667,570 55,674 
There were no non-accrual or past due loans held for sale as of September 30, 2025. As of December 31, 2024, total non-accrual loans held for sale, which are not in the tables above, totaled $2.4 million. Additionally, as of December 31, 2024, total past due loans held for sale, including non-accrual loans held for sale, totaled $4.8 million. Included in loans held for investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial
16

condition of the borrowers. The principal amounts of these non-accrual loans were $100.4 million and $72.1 million as of September 30, 2025 and December 31, 2024, respectively. Included in non-accrual loans were $41.8 million and $24.6 million of loans which were less than 90 days past due as of September 30, 2025 and December 31, 2024, respectively. There were no loans 90 days or greater past due and still accruing interest as of September 30, 2025 and December 31, 2024.
The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):
Three months ended September 30,Mortgage loansCommercial loansConsumer loansTotal
2025
Balance at beginning of period$131,447 51,228 5,196 187,871 
Provision charge (benefit) to operations3,251 1,257 (8)4,500 
Recoveries of loans previously charged-off77 60 181 318 
Loans charged-off(1,199)(4,368)(153)(5,720)
Balance at end of period$133,576 48,177 5,216 186,969 
2024
Balance at beginning of period$135,312 48,003 5,016 188,331 
Provision charge (benefit) to operations855 8,973 (228)9,600 
Recoveries of loans previously charged-off16 513 139 668 
Loans charged-off(808)(6,495)(121)(7,424)
Balance at end of period$135,375 50,994 4,806 191,175 
Nine months ended September 30,Mortgage loansCommercial loansConsumer loansTotal
2025
Balance at beginning of period$144,587 43,642 5,203 193,432 
Provision (benefit) charge to operations(8,803)11,015 (37)2,175 
Recoveries of loans previously charged-off924 414 485 1,823 
Loans charged-off(3,132)(6,894)(435)(10,461)
Balance at end of period$133,576 48,177 5,216 186,969 
2024
Balance at beginning of period$73,407 31,475 2,318 107,200 
Provision charge to operations52,066 21,935 1,853 75,854 
Initial allowance on credit loans related to PCD loans10,628 6,070 490 17,188 
Recoveries of loans previously charged-off82 2,025 419 2,526 
Loans charged-off(808)(10,511)(274)(11,593)
Balance at end of period$135,375 50,994 4,806 191,175 
For the three and nine months ended September 30, 2025, the Company recorded a $4.5 million and a $2.2 million provision for credit losses on loans, respectively. The provision for credit losses on loans for the three and nine months ended September 30, 2025 was primarily attributable to overall growth in the loan portfolio, combined with a weakened economic forecast compared to the prior periods. The provision for credit losses on loans for the nine months ended September 30, 2024 was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger. For the three and nine months ended September 30, 2025, net charge-offs totaled $5.4 million and $8.6 million, respectively.


17

The following table summarizes the Company's gross charge-offs recorded during the three months ended September 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — — — 540 540 
Multi-family— — 520 — — 139 659 
Total mortgage loans— — 520 — — 679 1,199 
Commercial loans— — — — — 4,368 4,368 
Consumer loans (1)
2 25 8 — — 2 37 
Total gross loans$2 25 529 — — 5,049 5,604 
(1) During the three months ended September 30, 2025, charge-offs on consumer overdraft accounts totaled $116,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the nine months ended September 30, 2025 by year of origination (in thousands):
20252024202320222021Prior to 2021Total Loans
Mortgage loans:
Commercial$— — — 358 — 2,047 2,406 
Multi-family— — 520 — — 206 726 
Total mortgage loans— — 520 358 — 2,253 3,132 
Commercial loans— — 39 2,362 126 4,368 6,894 
Consumer loans (1)
20 38 20 3 — 39 120 
Total gross loans$20 38 580 2,723 126 6,660 10,146 
(1) During the nine months ended September 30, 2025, charge-offs on consumer overdraft accounts totaled $315,000, which are not included in the table above.
The following table summarizes the Company's gross charge-offs recorded during the three months ended September 30, 2024 by year of origination (in thousands):
20242023202220212020Prior to 2020Total Loans
Mortgage loans:
Commercial$— — — — — 801 801 
Residential— — 7 — — — 7 
Total mortgage loans— — 7 — — 801 808 
Commercial loans— 42 — 6,453 — — 6,495 
Consumer loans (1)
7 — — 4 — 7 19 
Total gross loans$7 42 7 6,457 — 808 7,321 
(1) During the three months ended September 30, 2024, charge-offs on consumer overdraft accounts totaled $103,000, which are not included in the table above.



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The following table summarizes the Company's gross charge-offs recorded during the nine months ended September 30, 2024 by year of origination (in thousands):
20242023202220212020Prior to 2020Total Loans
Mortgage loans:
Commercial$— — — — — 801 801 
Residential— — 7 — — — 7 
Total mortgage loans— — 7 — — 801 808 
Commercial loans— 42 157 8,500 1,606 206 10,511 
Consumer loans (1)
20 — — 5 — 9 34 
Total gross loans$20 42 164 8,505 1,606 1,016 11,353 
(1) During the nine months ended September 30, 2024, charge-offs on consumer overdraft accounts totaled $240,000, 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 September 30, 2025, there were 28 loans totaling $85.4 million, compared to 26 loans totaling $55.4 million as of December 31, 2024, 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 not been any significant time lapses since the receipt of the most recent appraisals.
For loans deemed collateral-dependent as defined above, the fair value is based on the underlying collateral. As of September 30, 2025 and December 31, 2024, the Company had collateral-dependent loans with fair values of $76.3 million and $11.0 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:
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Loan ClassesModification types
CommercialTerm extension, interest rate reductions, 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 EquityForbearance 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 InstallmentTerm extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 (in thousands):
For the three months ended September 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Commercial loans$— —7,000 0.14 %
Total gross loans$— —7,000 0.04 %
For the nine months ended September 30, 2025
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$2,984 —11,945 0.20 %
Total mortgage loans2,984 —11,945 0.11 %
Commercial loans1,302 —7,603 0.17 %
Total gross loans$4,286 —19,548 0.12 %
The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024 (in thousands):
For the three months ended September 30, 2024
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$— 1,045—0.01 %
Multi-family— 1,297—0.04 %
Total mortgage loans— 2,342—0.02 %
Commercial loans— 5,7439620.14 %
Total gross loans$— 8,0859620.05 %

20

For the nine months ended September 30, 2024
Term ExtensionInterest Rate ReductionInterest Rate Reduction and Term Extension% of Total Class of Loans
Mortgage loans:
Commercial$— 1,045— 0.01 %
Multi-family— 1,297— 0.04 %
Total mortgage loans— 2,342— 0.02 %
Commercial loans— 5,7439,759 0.33 %
Total gross loans$— 8,0859,759 0.09 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial0— %
Total mortgage loans0— %
Commercial loans110.25 %
Total gross loans110.25 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial180.44 %
Total mortgage loans180.44 %
Commercial loans12(0.21)%
Total gross loans140.05 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended September 30, 2024 (in thousands):
Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial24.41 %
Multi-family05.00 %
Total mortgage loans24.41 %
Commercial loans3— %
Total gross loans31.23 %
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the nine months ended September 30, 2024 (in thousands):
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Weighted Average Months of Term ExtensionWeighted Average Rate Change
Mortgage loans:
Commercial24.41 %
Multi-family05.00 %
Total mortgage loans24.41 %
Commercial loans00.81 %
Total gross loans01.05 %
There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three and nine months ended September 30, 2025 and September 30, 2024, respectively.
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended September 30, 2025 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$11,907 — 2,642 — — 14,549 
Multi-family281 — — 450 — 731 
Total mortgage loans12,188 — 2,642 450 — 15,280 
Commercial loans8,169 — — — 243 8,412 
Total gross loans$20,357 — 2,642 450 243 23,692 
The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended September 30, 2024 (in thousands):
Current30-59 Days Past Due60-89 Days Past Due90 days or more Past DueNon- AccrualTotal
Mortgage loans:
Commercial$1,045 — — — — 1,045 
Multi-family481 94 402 320 — 1,297 
Total mortgage loans1,526 94 402 320 — 2,342 
Commercial loans9,562 — — 88 5,852 15,502 
Total gross loans$11,088 94 402 408 5,852 17,844 
Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as Purchase Credit Deteriorated ("PCD") loans. As of September 30, 2025, the balance of PCD loans totaled $522.4 million with a related allowance for credit losses of $12.9 million. The balance of PCD loans as of December 31, 2024 was $620.4 million with a related allowance for credit losses of $15.2 million.
In connection with the Lakeland merger, the Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 59 days past due. 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.
Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts
22

inclusive of related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, Lakeland and peer banks. A $17.2 million allowance for credit losses was recorded on PCD loans acquired from Lakeland. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield or straight line method over the expected life of the loans.
The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands):

Gross amortized cost basis as of May 16, 2024$564,147 
Charge-offs on PCD Loans at acquisition(4,364)
Interest component of expected cash flows (accretable difference)(33,365)
Allowance for credit losses on PCD loans(17,188)
Net PCD loans$509,230 
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.
The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2025 and December 31, 2024 (in thousands):
Gross Loans Held for Investment by Year of Origination
as of September 30, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$6,013 — 3,738 24,365 48,765 33,722 223 — 116,826 
Substandard 8,904 — 64 658 11,104 75,723 4,238 — 100,691 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified14,917 — 3,802 25,023 59,869 109,445 4,461 — 217,517 
Pass/Watch549,332 334,137 839,354 1,493,261 895,948 2,791,614 188,596 8,966 7,101,208 
Total Commercial Mortgage$564,249 334,137 843,156 1,518,284 955,817 2,901,059 193,057 8,966 7,318,725 
Multi-family
Special mention$— — — — — 33,081 — — 33,081 
Substandard— — — — — 7,838 — — 7,838 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — — — 40,919 — — 40,919 
Pass/Watch399,639 325,794 470,071 701,835 354,732 1,226,743 13,493 1,525 3,493,832 
Total Multi-Family$399,639 325,794 470,071 701,835 354,732 1,267,662 13,493 1,525 3,534,751 
Construction
Special mention$— — — 6,639 — — — — 6,639 
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Gross Loans Held for Investment by Year of Origination
as of September 30, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Substandard— — 11,539 — 7,701 — — — 19,240 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — 11,539 6,639 7,701 — — — 25,879 
Pass/Watch70,305 205,912 272,041 124,251 16,046 5,527 — — 694,082 
Total Construction$70,305 205,912 283,580 130,890 23,747 5,527 — — 719,961 
Residential (1)
Special mention$— — 2,162 559 104 2,797 — — 5,622 
Substandard— 1,086 1,471 1,383 930 2,076 — — 6,946 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,086 3,633 1,942 1,034 4,873 — — 12,568 
Pass/Watch95,389 129,026 311,292 372,383 294,415 762,410 — — 1,964,915 
Total Residential$95,389 130,112 314,925 374,325 295,449 767,283 — — 1,977,483 
Total Mortgage
Special mention$6,013 — 5,900 31,563 48,869 69,600 223 — 162,168 
Substandard8,904 1,086 13,074 2,041 19,735 85,637 4,238 — 134,715 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified14,917 1,086 18,974 33,604 68,604 155,237 4,461 — 296,883 
Pass/Watch1,114,665 994,869 1,892,758 2,691,730 1,561,141 4,786,294 202,089 10,491 13,254,037 
Total Mortgage$1,129,582 995,955 1,911,732 2,725,334 1,629,745 4,941,531 206,550 10,491 13,550,920 
Commercial
Special mention$179 9,941 7,306 13,508 9,593 36,879 13,977 2,958 94,341 
Substandard1,095 1,721 6,146 67,922 34,082 42,591 36,028 1,782 191,367 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified1,274 11,662 13,452 81,430 43,675 79,470 50,005 4,740 285,708 
Pass/Watch621,214 656,059 350,881 626,200 346,162 1,027,706 1,156,893 59,244 4,844,359 
Total Commercial$622,488 667,721 364,333 707,630 389,837 1,107,176 1,206,898 63,984 5,130,067 
Consumer (1)
Special mention$— — — — — 9 266 92 367 
Substandard— — — — — 375 549 179 1,103 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— — — — — 384 815 271 1,470 
Pass/Watch31,142 27,962 34,524 49,029 33,486 90,937 330,512 15,921 613,513 
Total Consumer$31,142 27,962 34,524 49,029 33,486 91,321 331,327 16,192 614,983 
Total Loans
24

Gross Loans Held for Investment by Year of Origination
as of September 30, 2025
20252024202320222021Prior to 2021Revolving LoansRevolving loans to term loansTotal Loans
Special mention$6,192 9,941 13,206 45,071 58,462 106,488 14,466 3,050 256,876 
Substandard9,999 2,807 19,220 69,963 53,817 128,603 40,815 1,961 327,185 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified16,191 12,748 32,426 115,034 112,279 235,091 55,281 5,011 584,061 
Pass/Watch1,767,021 1,678,890 2,278,163 3,366,959 1,940,789 5,904,937 1,689,494 85,656 18,711,909 
Total Gross Loans$1,783,212 1,691,638 2,310,589 3,481,993 2,053,068 6,140,028 1,744,775 90,667 19,295,970 
(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, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Commercial Mortgage
Special mention$262 4,377 10,150 9,127 14,569 69,525 4,461 — 112,471 
Substandard3,044 73 10,952 — 21,051 50,870 — — 85,990 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,306 4,450 21,102 9,127 35,620 120,395 4,461 — 198,461 
Pass/Watch417,991 904,924 1,623,911 997,658 884,295 2,063,646 126,297 10,895 7,029,617 
Total Commercial Mortgage$421,297 909,374 1,645,013 1,006,785 919,915 2,184,041 130,758 10,895 7,228,078 
Multi-family
Special mention$— — — — — 16,472 — — 16,472 
Substandard— 1,560 — 1,043 — 5,439 — — 8,042 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,560 — 1,043 — 21,911 — — 24,514 
Pass/Watch363,254 478,184 701,811 460,979 460,161 882,291 10,181 1,558 3,358,419 
Total Multi-Family$363,254 479,744 701,811 462,022 460,161 904,202 10,181 1,558 3,382,933 
Construction
Special mention$— 1,064 — — — — — — 1,064 
Substandard— — — 12,346 — — — — 12,346 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 1,064 — 12,346 — — — — 13,410 
Pass/Watch104,009 309,034 260,190 110,100 24,017 2,743 — — 810,093 
25

Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Total Construction$104,009 310,098 260,190 122,446 24,017 2,743 — — 823,503 
Residential (1)
Special mention$403 1,356 344 — — 2,836 — — 4,939 
Substandard— 764 689 1,119 — 1,963 — — 4,535 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified403 2,120 1,033 1,119 — 4,799 — — 9,474 
Pass/Watch140,382 348,493 428,269 333,150 276,703 474,166 — — 2,001,163 
Total Residential$140,785 350,613 429,302 334,269 276,703 478,965 — — 2,010,637 
Total Mortgage
Special mention$665 6,797 10,494 9,127 14,569 88,833 4,461 — 134,946 
Substandard3,044 2,397 11,641 14,508 21,051 58,272 — — 110,913 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified3,709 9,194 22,135 23,635 35,620 147,105 4,461 — 245,859 
Pass/Watch1,025,636 2,040,635 3,014,181 1,901,887 1,645,176 3,422,846 136,478 12,453 13,199,292 
Total Mortgage$1,029,345 2,049,829 3,036,316 1,925,522 1,680,796 3,569,951 140,939 12,453 13,445,151 
Commercial
Special mention$298 2,612 3,084 5,804 9,493 26,924 20,030 4,761 73,006 
Substandard6,887 5,023 62,028 28,208 23,130 21,170 31,787 1,746 179,979 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified7,185 7,635 65,112 34,012 32,623 48,094 51,817 6,507 252,985 
Pass/Watch747,299 427,445 697,899 390,770 256,421 678,154 1,089,408 68,219 4,355,615 
Total Commercial$754,484 435,080 763,011 424,782 289,044 726,248 1,141,225 74,726 4,608,600 
Consumer (1)
Special mention$— — 3 — 124 109 725 — 961 
Substandard— 95 — 9 — 321 950 — 1,375 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total criticized and classified— 95 3 9 124 430 1,675 — 2,336 
Pass/Watch31,975 45,605 59,669 40,080 9,433 83,728 327,107 13,886 611,483 
Total Consumer$31,975 45,700 59,672 40,089 9,557 84,158 328,782 13,886 613,819 
Total Loans
Special mention$963 9,409 13,581 14,931 24,186 115,866 25,216 4,761 208,913 
Substandard9,931 7,515 73,669 42,725 44,181 79,763 32,737 1,746 292,267 
Doubtful— — — — — — — — — 
26

Gross Loans Held for Investment by Year of Origination
as of December 31, 2024
20242023202220212020Prior to 2020Revolving LoansRevolving loans to term loansTotal Loans
Loss— — — — — — — — — 
Total criticized and classified10,894 16,924 87,250 57,656 68,367 195,629 57,953 6,507 501,180 
Pass/Watch1,804,910 2,513,685 3,771,749 2,332,737 1,911,030 4,184,728 1,552,993 94,558 18,166,390 
Total Gross Loans $1,815,804 2,530,609 3,858,999 2,390,393 1,979,397 4,380,357 1,610,946 101,065 18,667,570 
(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.
Note 5. Deposits
Deposits as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
September 30, 2025December 31, 2024
Savings$1,577,946 1,679,667 
Money market3,509,094 3,364,564 
Negotiable Order of Withdrawal ("NOW") (1)
6,893,267 6,622,642 
Non-interest bearing3,751,547 3,788,785 
Certificates of deposit (2)
3,364,390 3,168,155 
Total deposits$19,096,244 18,623,813 
(1) Our insured cash sweep product totaled $1.10 billion and $1.16 billion as of September 30, 2025 and December 31, 2024, respectively, and are reported within NOW accounts.
(2) Time deposits equal to or in excess of $250,000, were $886.1 million and $789.0 million as of September 30, 2025 and December 31, 2024, respectively. Additionally, reciprocal Certificate of Deposit Account Registry Service product totaled $2.4 million and $3.5 million as of September 30, 2025 and December 31, 2024, respectively.
Within total deposits, brokered deposits totaled $805.9 million and $255.0 million as of September 30, 2025 and December 31, 2024, respectively.
Note 6. Borrowed Funds
Borrowed funds as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
September 30, 2025December 31, 2024
Securities sold under repurchase agreements$102,146 113,224 
FHLBNY line of credit634,000 385,000 
FHLBNY advances
1,470,635 1,518,497 
Purchase accounting adjustment on borrowed funds2,529 3,714 
Total borrowed funds$2,209,310 2,020,435 
Total long-term borrowings totaled $604.5 million and $513.9 million as of September 30, 2025 and December 31, 2024, respectively, while total short-term borrowings totaled $1.60 billion and $1.51 billion for the same periods.
As of September 30, 2025, FHLBNY advances were at fixed rates and mature between October 2025 and August 2030, and as of December 31, 2024, FHLBNY advances were at fixed rates with maturities between January 2025 and September 2027. 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 merger as of September 30, 2025 are as follows (in thousands):
27

 2025
Due in one year or less$1,500,135 
Due after one year through two years454,500 
Due after two years through three years— 
Due after three years through four years— 
Due after four years through five years150,000 
Thereafter— 
Purchase accounting adjustment on borrowed funds2,529 
Total FHLBNY advances and overnight borrowings$2,107,164 
Scheduled maturities of securities sold under repurchase agreements as of September 30, 2025 are as follows (in thousands):
 2025
Due in one year or less$102,146 
Thereafter— 
Total securities sold under repurchase agreements$102,146 
The following tables set forth certain information as to borrowed funds for the nine and twelve month periods ended September 30, 2025 and December 31, 2024 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
September 30, 2025
Securities sold under repurchase agreements$117,946 103,125 2.44 %
FHLBNY overnight borrowings704,000 314,620 4.96 
FHLBNY advances2,368,897 1,715,636 3.99 
December 31, 2024
Securities sold under repurchase agreements$117,323 102,043 2.03 %
FHLBNY overnight borrowings567,000 115,902 5.45 
FHLBNY advances1,518,497 1,290,836 3.41 
FRBNY BTFP Borrowing550,000 472,077 4.78 
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 September 30, 2025 and December 31, 2024, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $2.41 billion and $1.12 billion, respectively.
Interest expense on borrowings for the three and nine months ended September 30, 2025 amounted to $21.6 million and $64.7 million, respectively, while amortization expense related to purchase accounting adjustments for the three and nine months ended September 30, 2025 amounted to a benefit of $316,000 and $1.2 million, respectively. Interest expense on borrowings for the three and nine months ended September 30, 2024 amounted to $20.5 million and $58.7 million, respectively, while amortization expense related to purchase accounting for the three and nine months ended September 30, 2024 amounted to a benefit of $558,000 and $865,000, respectively.
Note 7. Components of Net Periodic Benefit Cost
The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial.
In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of
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December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006.
Net periodic benefit costs for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2025 and 2024 includes the following components (in thousands):
Three months ended September 30,Nine months ended September 30,
Pension benefitsOther post-retirement benefitsPension benefitsOther post-retirement benefits
20252024202520242025202420252024
Service cost$— — 1 2 $— — 3 8 
Interest cost299 288 148 135 897 866 444 405 
Expected return on plan assets(825)(778)— — (2,475)(2,334)— — 
Amortization of the net loss (gain)— 15 (459)(529)— 43 (1,377)(1,589)
Net periodic (decrease) in benefit cost$(526)(475)(310)(392)$(1,578)(1,425)(930)(1,176)
In its consolidated financial statements for the year ended December 31, 2024, the Company previously disclosed that it does not expect to contribute to the pension plan in 2025. As of September 30, 2025, 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 and nine months ended September 30, 2025 were calculated using the January 1, 2025 pension and other post-retirement benefits actuarial valuations.
Note 8. Impact of Recent Accounting Pronouncements
Accounting Pronouncements Adopted in 2025
In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024, with early adoption in the interim period permitted. The adoption of ASU No. 2023-09 did not have a significant impact on the Company's consolidated financial statements, other than enhanced annual disclosures.
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 9. 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 September 30, 2025, $2.1 million was recorded in total contingent litigation reserves.

Note 10. 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 that may default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors.
29

For the three and nine months ended September 30, 2025, the Company recorded a $2.5 million and a $2.6 million provision charge for credit losses for off-balance sheet credit exposures, respectively. For the three and nine months ended September 30, 2024, the Company recorded a $300,000 provision benefit and a $2.8 million provision charge for credit losses for off-balance sheet credit exposures, respectively.
The allowance for credit losses for off-balance sheet credit exposures was $10.0 million as of September 30, 2025 and $7.4 million as of December 31, 2024, and is included in other liabilities on the Consolidated Statements of Financial Condition.
Note 11. 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:
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 September 30, 2025 and December 31, 2024.
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 by benchmarking 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 have generally not resulted in an
30

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 a loan related transaction 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.
The fair value of the Company's derivatives is determined by 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 September 30, 2025 and December 31, 2024.
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 September 30, 2025 or December 31, 2024.
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2025 and December 31, 2024, by level within the fair value hierarchy (in thousands):
31

Fair Value Measurements at Reporting Date Using:
September 30, 2025Quoted 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$308,269 308,269 — — 
Government-agency obligations36,905 — 36,905 — 
Mortgage-backed securities2,546,844 — 2,546,844 — 
Asset-backed securities43,909 — 43,909 — 
State and municipal obligations111,915 — 111,915 — 
Corporate obligations93,478 — 93,478 — 
Total available for sale debt securities3,141,320 308,269 2,833,051 — 
Equity securities19,682 19,682 — — 
Derivative assets111,618 — 111,618 — 
$3,272,620 327,951 2,944,669 — 
Derivative liabilities$114,239 — 114,239 — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$76,259 — — 76,259 
Foreclosed assets2,015 — — 2,015 
$78,274 — — 78,274 

Fair Value Measurements at Reporting Date Using:
December 31, 2024Quoted 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$330,598 330,598 — — 
Government-agency obligations107,235 — 107,235 — 
Mortgage-backed securities2,062,159 — 2,062,159 — 
Asset-backed securities47,563 — 47,563 — 
State and municipal obligations116,917 — 116,917 — 
Corporate obligations104,443 — 104,443 — 
Total available for sale debt securities2,768,915 330,598 2,438,317 — 
Equity Securities19,110 19,110 — — 
Derivative assets188,940 — 188,940 — 
$2,976,965 349,708 2,627,257 — 
Derivative liabilities$172,601 — 172,601 — 
Measured on a non-recurring basis:
Loans measured for impairment based on the fair value of the underlying collateral$11,023 — — 11,023 
Foreclosed assets9,473 — — 9,473 
$20,496 — — 20,496 
32

There were no transfers into or out of Level 3 during the three and nine months ended September 30, 2025.
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 September 30, 2025 and December 31, 2024, $2.4 million and $70,000, respectively, were 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 by benchmarking 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 have 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 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.
Federal Home Loan Bank of New York 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, net of cost to sell. 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.
33

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.
Subordinated Debentures
The fair value of borrowed funds was estimated based on bid/ask prices from brokers for similar types of instruments 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 September 30, 2025 and December 31, 2024. Fair values are presented by level within the fair value hierarchy.
34

Fair Value Measurements as of September 30, 2025 Using:
(Dollars in thousands)Carrying valueFair valueQuoted 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$301,614 301,614 301,614 — — 
Available for sale debt securities:
U.S. Treasury obligations$308,269 308,269 308,269 — — 
Government-agency obligations36,905 36,905 — 36,905 — 
Mortgage-backed securities2,546,844 2,546,844 — 2,546,844 — 
Asset-backed securities43,909 43,909 — 43,909 — 
State and municipal obligations111,915 111,915 — 111,915 — 
Corporate obligations93,478 93,478 — 93,478 — 
Total available for sale debt securities$3,141,320 3,141,320 308,269 2,833,051 — 
Held to maturity debt securities, net of allowance for credit losses:
Government-agency obligations4,400 4,346 — 4,346 — 
State and municipal obligations284,877 277,418 — 277,418 — 
Corporate obligations2,843 2,810 — 2,810 — 
Total held to maturity debt securities, net of allowance for credit losses$292,120 284,574 — 284,574 — 
FHLBNY stock119,551 119,551 119,551 — — 
Equity securities19,682 19,682 19,682 — — 
Loans, net of allowance for credit losses19,113,427 19,168,498 — — 19,168,498 
Derivative assets111,618 111,618 — 111,618 — 
Financial liabilities:
Deposits other than certificates of deposits$15,731,854 15,731,854 15,731,854 — — 
Certificates of deposit3,364,390 3,363,873 — 3,363,873 — 
Total deposits$19,096,244 19,095,727 15,731,854 3,363,873 — 
Borrowings2,209,310 2,210,904 — 2,210,904 — 
Subordinated debentures405,340 429,310 — 429,310 — 
Derivative liabilities114,239 114,239 — 114,239 — 
35

Fair Value Measurements as of December 31, 2024 Using:
(Dollars in thousands)Carrying valueFair valueQuoted 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$205,939 205,939 205,939 — — 
Available for sale debt securities:
U.S. Treasury obligations$330,598 330,598 330,598 — — 
Government-agency obligations107,235 107,235 — 107,235 — 
Mortgage-backed securities2,062,159 2,062,159 — 2,062,159 — 
Asset-backed securities47,563 47,563 — 47,563 — 
State and municipal obligations116,917 116,917 — 116,917 — 
Corporate obligations104,443 104,443 — 104,443 — 
Total available for sale debt securities$2,768,915 2,768,915 330,598 2,438,317 — 
Held to maturity debt securities:
Government-agency obligations9,999 9,707 — 9,707 — 
State and municipal obligations311,106 297,674 — 297,674 — 
Corporate obligations6,518 6,352 — 6,352 — 
Total held to maturity debt securities$327,623 313,733 — 313,733 — 
FHLBNY stock112,767 112,767 112,767 — — 
Equity securities19,110 19,110 19,110 — — 
Loans, net of allowance for credit losses18,628,391 18,442,167 — — 18,442,167 
Derivative assets188,940 188,940 — 188,940 — 
Financial liabilities:
Deposits other than certificates of deposits$15,455,658 15,455,658 15,455,658 — — 
Certificates of deposit3,168,155 3,168,216 — 3,168,216 — 
Total deposits$18,623,813 18,623,874 15,455,658 3,168,216 — 
Borrowings2,020,435 2,017,013 — 2,017,013 — 
Subordinated debentures401,608 423,675 — 423,675 — 
Derivative liabilities172,601 172,601 — 172,601 — 

36

Note 12. Other Comprehensive Income (Loss)
The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three months ended September 30,
20252024
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$27,957 (8,009)19,948 75,987 (22,865)53,122 
Total27,957 (8,009)19,948 75,987 (22,865)53,122 
Unrealized gains and losses on derivatives (cash flow hedges):
Net unrealized gains (losses) arising during the period615 (174)441 (4,856)1,461 (3,395)
Reclassification adjustment for (gains) included in net income(2,056)582 (1,474)(3,504)1,054 (2,450)
Total(1,441)408 (1,033)(8,360)2,515 (5,845)
Amortization related to post-retirement obligations(3,332)944 (2,388)(518)156 (362)
Total other comprehensive income (loss) $23,184 (6,657)16,527 67,109 (20,194)46,915 
Nine months ended September 30,
20252024
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 $88,132 (32,252)55,880 79,141 (24,415)54,726 
Reclassification adjustment for (gains) losses on securities sales included in net income(87)24 (63)2,973 (917)2,056 
Total88,045 (32,228)55,817 82,114 (25,332)56,782 
Unrealized gains and losses on derivatives (cash flow hedges):
Net unrealized (losses) gains arising during the period(214)61 (153)1,159 (349)810 
Reclassification adjustment for (gains) included in net income(6,285)1,780 (4,505)(11,414)3,434 (7,980)
Total(6,499)1,841 (4,658)(10,255)3,085 (7,170)
Amortization related to post-retirement obligations(4,251)1,204 (3,047)(2,212)666 (1,546)
Total other comprehensive income (loss)$77,295 (29,183)48,112 69,647 (21,581)48,066 
37

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax
for the three months ended September 30,
20252024
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
June 30,		$(108,692)5,488 (566)(103,770)(150,829)2,753 8,112 (139,964)
Current - period other comprehensive income (loss)19,948 (2,388)(1,033)16,527 53,122 (362)(5,845)46,915 
Balance as of September 30,$(88,744)3,100 (1,599)(87,243)(97,707)2,391 2,267 (93,049)
Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax
for the nine months ended September 30,
20252024
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,$(144,561)6,147 3,059 (135,355)(154,489)3,937 9,437 (141,115)
Current - period other comprehensive income (loss)55,817 (3,047)(4,658)48,112 56,782 (1,546)(7,170)48,066 
Balance as of September 30,$(88,744)3,100 (1,599)(87,243)(97,707)2,391 2,267 (93,049)
38

The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
Amount reclassified from AOCI for the three months ended September 30,Affected line item in the Consolidated
Statement of Income
20252024
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale$— — Net gain (loss) on securities transactions
— — Income tax expense
$— — Net of tax
Cash flow hedges:
Realized net gains (losses) on derivatives$2,056 (3,504)Interest expense
(582)1,054 Income tax expense
$1,474 (2,450)
Post-retirement obligations:
Amortization of actuarial gains$(459)(518)
Compensation and employee benefits (1)
130 156 Income tax expense
$(329)(362)Net of tax
Total reclassifications$1,145 (2,812)Net of tax
Reclassifications From Accumulated Other Comprehensive Income
Amount reclassified from AOCI for the nine months ended September 30,Affected line item in the Consolidated
Statement of Income
20252024
Details of AOCI:
Available for sale debt securities:
Realized net gains (losses) on the sale of securities available for sale$87 (2,973)Net gain (loss) on securities transactions
(24)917 Income tax expense
$63 (2,056)Net of tax
Cash flow hedges:
Realized net gains (losses) on derivatives$6,285 (11,414)Interest expense
(1,780)3,434 Income tax expense
$4,505 (7,980)
Post-retirement obligations:
Amortization of actuarial gains$(1,377)(2,212)
Compensation and employee benefits (1)
390 666 Income tax expense
$(987)(1,546)Net of tax
Total reclassifications$3,581 (11,582)Net of tax
(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.
39


40

Note 13. 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 September 30, 2025 and December 31, 2024, the Company had 454 and 482 loan related interest rate swaps with aggregate notional amounts of $4.27 billion and $4.54 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 September 30, 2025, it was not required to post collateral against the potential risk of default by the borrower under these agreements. For September 30, 2025 and December 31, 2024, the Company had 10 and 9 credit derivatives, respectively, with aggregate notional amounts of $132.7 million and $79.2 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. As of September 30, 2025 and December 31, 2024, 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 its 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 and nine months ended September 30, 2025 and 2024, such derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits.
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 $147,000 will be reclassified as an increase to interest expense. As of September 30, 2025, the Company had 8 outstanding interest rate derivatives with an aggregate notional amount of $600.0 million that were each designated as a cash flow hedge of interest rate risk, compared to six outstanding interest rate derivatives with an aggregate notional amount of $300.0 million, as of December 31, 2024.
The Company is a 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 September 30, 2025 and December 31, 2024 (in thousands).
41

Fair Values of Derivative Instruments as of September 30, 2025
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,133,707 Other assets$111,850 $2,133,707 Other liabilities$112,076 
Credit contracts33,456 Other assets11 99,228 Other liabilities— 
Total derivatives not designated as a hedging instrument111,861 112,076 
Derivatives designated as a hedging instrument:
Interest rate products175,000 Other assets354 425,000 Other liabilities2,225 
Total gross derivative amounts recognized on the balance sheet112,215 114,301 
Netting Adjustments 103 2,525 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$112,112 $111,776 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$8,342 $8,342 
Cash collateral - institutional counterparties96,563 — 
Net derivatives not offset$7,207 $103,434 
42

Fair Values of Derivative Instruments as of December 31, 2024
Asset DerivativesLiability Derivatives
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Notional AmountConsolidated Statements of Financial Condition
Fair
 value (1)
Derivatives not designated as a hedging instrument:
Interest rate products$2,272,162 Other assets$174,196 $2,272,162 Other liabilities$174,344 
Credit contracts11,662 Other assets— 67,560 Other liabilities— 
Total derivatives not designated as a hedging instrument174,196 174,344 
Derivatives designated as a hedging instrument:
Interest rate products225,000 Other assets5,136 75,000 Other liabilities204 
Total gross derivative amounts recognized on the balance sheet179,332 174,548 
Gross amounts offset on the balance sheet— — 
Net derivative amounts presented on the balance sheet$179,332 $174,548 
Gross amounts not offset on the balance sheet:
Financial instruments - institutional counterparties$2,255 $2,255 
Cash collateral - institutional counterparties174,904 — 
Net derivatives not offset$2,173 $172,293 
(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 September 30, 2025 and December 31, 2024.
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2025 and 2024 (in thousands).
Gain (loss) recognized in income on derivatives for the three months ended
Consolidated Statements of IncomeSeptember 30, 2025September 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate productsOther income$32 115 
Credit contractsOther (loss) income(3)50 
Total$29 165 
Derivatives designated as a hedging instrument:
Interest rate productsInterest benefit$(2,056)(3,504)
Total$(2,056)(3,504)
43

Gain (loss) recognized in income on derivatives for the nine months ended
Consolidated Statements of IncomeSeptember 30, 2025September 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate productsOther (loss) income$(78)232 
Credit contractsOther (loss) income(122)41 
Total$(200)273 
Derivatives designated as a hedging instrument:
Interest rate productsInterest benefit$(6,285)(11,414)
Total$(6,285)(11,414)
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 September 30, 2025, the Company had six dealer counterparties, of which, the Company was in a net asset position with respect to five of its counterparties.
44

Note 14. 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 both the three and nine months ended September 30, 2025, the out-of-scope revenue related to financial instruments was 92.2% and 92.1% of the Company's total revenue, compared to 92.3% and 91.3% for the three and nine months ended September 30, 2024, 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 and nine months ended September 30, 2025 and 2024 (in thousands):
Three months ended September 30,Nine months ended September 30,
2025202420252024
Non-interest income
In-scope of Topic 606:
Wealth management fees$7,349 7,620 21,625 22,878 
Insurance agency income3,852 3,631 14,445 12,912 
Banking service charges and other fees:
Service charges on deposit accounts5,366 5,089 15,325 12,612 
Debit card and ATM fees1,159 1,510 3,719 3,371 
Total banking service charges and other fees6,525 6,599 19,044 15,983 
Total in-scope non-interest income17,726 17,850 55,114 51,773 
Total out-of-scope non-interest income9,693 9,005 26,410 18,164 
Total non-interest income$27,419 26,855 81,524 69,937 
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. 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
45

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.
Note 15. 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 September 30, 2025 and December 31, 2024 (in thousands):
ClassificationSeptember 30, 2025December 31, 2024
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$54,976 62,258 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$57,849 65,226 
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 September 30, 2025, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 6.9 years and 3.23%, 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 September 30, 2025Three months ended September 30, 2024
Lease Costs
Operating lease cost $3,353 3,141 
Variable lease cost 1,117 778 
Total lease cost$4,470 3,919 

Nine months ended September 30, 2025Nine months ended September 30, 2024
Lease Costs
Operating lease cost$10,367 9,539 
Variable lease cost3,158 2,269 
Total lease cost$13,525 11,808 

Cash paid for amounts included in the measurement of lease liabilities:Nine months ended September 30, 2025Nine months ended September 30, 2024
Operating cash flows from operating leases$10,175 9,341 

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Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2025, were as follows (in thousands):
Operating leases
Twelve months ended:
Remainder of 2025$3,297 
202612,046 
202710,514 
20288,985 
20297,673 
Thereafter22,279 
Total future minimum lease payments64,794 
Amounts representing interest6,945 
Present value of net future minimum lease payments$57,849 
Note 16. 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 Company's Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM 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 and nine months ended September 30, 2025 and 2024 (in thousands):
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Three months ended September 30,Nine months ended
September 30,
2025202420252024
Interest income on loans$290,042 291,987 $845,183 663,267 
Interest income on cash and debt securities36,239 30,535 102,752 70,925 
Total interest income326,281 322,522 947,935 734,192 
Total interest expense131,949 138,821 384,781 315,315 
Net interest income194,332 183,701 563,154 418,877 
Provision for credit losses7,044 9,299 4,794 78,684 
Net interest income after provision187,288 174,402 558,360 340,193 
Non-interest income:
Wealth management income7,349 7,620 21,625 22,878 
Insurance Agency Income3,852 3,631 14,445 12,912 
Other non-interest income (1)
16,218 15,604 45,454 34,147 
Total non-interest income27,419 26,855 81,524 69,937 
Non-interest expense:
Compensation and employee benefits63,202 63,468 188,817 158,404 
Net occupancy expense12,773 12,790 39,711 32,452 
Data processing expense9,102 10,481 28,305 25,698 
Other non-interest expense (2)
28,015 49,263 87,140 106,670 
Total non-interest expense113,092 136,002 343,973 323,224 
Income tax expense29,895 18,850 88,182 19,905 
Net income$71,720 46,405 $207,729 67,001 
(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 17. Subsequent Events
The Company has evaluated any additional 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, the availability of and costs associated with sources of liquidity, and the impact of the current federal government shutdown.
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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.
Lakeland Bancorp, Inc. Merger
On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. ("Lakeland"), which added $10.59 billion to total assets, $7.91 billion to total loans, $8.62 billion to total deposits and 68 full-service banking offices in New Jersey and New York. The Company closed 13 of the acquired Lakeland banking offices and nine legacy Bank branches in the third quarter of 2024 due to geographic overlap.
Under the merger agreement, each share of Lakeland common stock was converted into the right to receive 0.8319 shares of the Company's common stock, a total of 54,356,954 shares converted, plus cash in lieu of fractional shares. The total consideration paid for the acquisition of Lakeland was $876.8 million. In connection with the acquisition, Lakeland Bank, a wholly-owned subsidiary of Lakeland, was merged with and into the Bank.
The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $190.9 million and was recorded as goodwill. ASC 805 provides for a period of time during which the acquirer may adjust the provisional amounts recognized at the acquisition date to their subsequently determined acquisition-date fair values, referred to as the "measurement period." Adjustments during the measurement period are not limited to just those relating to assets acquired and liabilities assumed but apply to all aspects of business combination accounting (e.g., the consideration transferred). Measurement-period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Prior period information is not revised, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. In accordance with ASC 805, during 2024 the Company recorded a measurement period adjustment and decreased goodwill by $10.5 million to $180.4 million, related to finalizing the valuation.
While there were no merger-related expenses with Lakeland for the 2025 period, these costs totaled $15.6 million and $36.7 million for the three and nine months ended September 30, 2024. Merger-related expense is a separate line in non-interest expense on the Consolidated Statements of Income. Additionally, an initial CECL provision for credit losses of $60.1 million was recorded as part of the Lakeland merger, for the nine months ended September 30, 2024.
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 as a critical accounting policy.
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
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deviate from that of the wider industry. 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 September 30, 2025, 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 provision of $4.5 million and $2.2 million for the three and nine months ended September 30, 2025, and an overall coverage ratio of 97 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. If the Company used a more severe outlook, the provision would have risen by approximately $23.1 million, leading to an overall coverage ratio of approximately 109 basis points.
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 September 30, 2025, 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 & Industrial Loans
•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
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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. 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.
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 will recognize 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 does not have a material impact on its financial statements.
COMPARISON OF FINANCIAL CONDITION AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
Total assets as of September 30, 2025 were $24.83 billion, a $780.9 million increase from December 31, 2024. The increase in total assets was primarily due to a $626.7 million increase in loans held for investment and a $344.3 million increase in total investments, partially offset by a $148.1 million decrease in loans held for sale, and decreases in intangibles and other assets.
The Company’s loans held for investment portfolio totaled $19.29 billion as of September 30, 2025 and $18.66 billion as of December 31, 2024. The loan portfolio consisted of the following:
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September 30, 2025December 31, 2024
Mortgage loans:
Commercial$7,318,725 7,228,078 
Multi-family3,534,751 3,382,933 
Construction719,961 823,503 
Residential1,977,483 2,010,637 
Total mortgage loans13,550,920 13,445,151 
Commercial loans (1)
4,837,934 4,608,600 
Mortgage warehouse lines292,133 160,928 
Consumer loans614,983 613,819 
Total gross loans19,295,970 18,667,570 
Premiums on purchased loans1,362 1,338 
Net deferred fees and unearned discounts(11,265)(9,538)
Total loans held for investment$19,286,067 18,659,370 
(1) Commercial loans consist of owner-occupied real estate and commercial & industrial loans.
During the three months ended September 30, 2025, the loans held for investment portfolio had net increases of $149.0 million of commercial loans, $52.0 million of mortgage warehouse lines, $17.2 million of multi-family loans and $4.8 million of commercial mortgage loans, partially offset by net decreases of $32.0 million of construction loans, $7.9 million of residential mortgage loans and $2.2 million of consumer loans. Total commercial loans, including mortgage warehouse lines, commercial mortgage, multi-family and construction loans, represented 86.6% of the loan portfolio as of September 30, 2025, compared to 85.9% as of December 31, 2024.
The Bank’s lending activities, though concentrated in the communities surrounding its offices, extend predominantly throughout New Jersey, eastern Pennsylvania and Orange, Nassau and Queens Counties, 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 are evaluated by management as part of its risk management program.
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 September 30, 2025, our portfolio of commercial real estate loans, including multi-family and construction loans, totaled $11.57 billion, or 60.0% of total gross 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, based on the collateral securing the loans, as of September 30, 2025 (in thousands):
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AmountPercentage of Total
Multi-family$3,937,340 33.7 %
Retail2,634,608 22.5 
Industrial2,260,331 19.3 
Mixed911,205 7.8 
Office798,909 6.8 
Special use property634,434 5.4 
Residential312,405 2.7 
Hotel135,487 1.2 
Land75,743 0.7 
Total CRE, multi-family and construction loans$11,700,462 100.0 %
The determination of collateral value is critically important when financing real estate. As a result, obtaining current and objectively prepared appraisals is a major 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 on a gross basis, not including any purchase accounting adjustments as of September 30, 2025, as segregated by the geographic region in which the property is located (dollars in thousands):
AmountPercentage of Total
New Jersey$7,192,517 61.5 %
New York1,826,859 15.6 
Pennsylvania1,520,191 13.0 
Other states1,160,895 9.9 
Total CRE, multi-family and construction loans$11,700,462 100.0 %
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 $171.3 million and $88.4 million, respectively, as of September 30, 2025, compared to $168.4 million and $86.8 million, respectively, as of December 31, 2024.
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The following table sets forth information regarding the Company’s non-performing assets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Mortgage loans:
Commercial$39,036 $20,883 
Multi-family424 7,498 
Construction19,220 13,246 
Residential7,858 4,535 
Total mortgage loans66,538 46,162 
Commercial loans (1)
32,483 24,243 
Consumer loans1,388 1,656 
Total non-performing loans100,409 72,061 
Foreclosed assets2,015 9,473 
Total non-performing assets$102,424 81,534 
(1) Includes $2.4 million of total non-accrual loans held for sale as of December 31, 2024.
The following table sets forth information regarding the Company’s 60-89 day delinquent loans as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Mortgage loans:
Residential$6,180 5,049 
Commercial4,314 3,954 
Multi-family879 — 
Construction — — 
Total mortgage loans11,373 9,003 
Commercial loans (1)
1,390 2,377 
Consumer loans299 856 
Total 60-89 day delinquent loans$13,062 12,236 
1) Includes $2.4 million of 60-89 day delinquent loans held for sale as of December 31, 2024.
As of September 30, 2025, the Company’s allowance for credit losses related to the loan portfolio was 0.97% of total loans, compared to 1.04% and 1.02% as of December 31, 2024 and September 30, 2024, respectively. The Company recorded a provision for credit losses on loans of $4.5 million and $2.2 million for the three and nine months ended September 30, 2025, respectively, compared with provisions of $9.6 million and $75.9 million for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2025, the Company had net charge-offs of $5.4 million and $8.6 million, respectively, compared to net charge-offs of $6.8 million and $9.1 million, respectively, for the same periods in 2024. The allowance for credit losses decreased $6.5 million to $187.0 million as of September 30, 2025 from $193.4 million as of December 31, 2024. The decrease in the allowance for credit losses on loans as of September 30, 2025 compared to December 31, 2024 was due to net charge-offs of $8.7 million, partially offset by a $2.2 million provision for credit losses on loans.
Total non-performing loans were $100.4 million, or 0.52% of total loans as of September 30, 2025, compared to $72.1 million, or 0.39% of total loans as of December 31, 2024. The $28.3 million increase in non-performing loans consisted of an $18.2 million increase in non-performing commercial mortgage loans, an $8.2 million increase in non-performing commercial loans, a $6.0 million increase in non-performing construction loans and a $3.3 million increase in non-performing residential mortgage loans, partially offset by a $7.1 million decrease in non-performing multi-family loans and a $268,000 decrease in non-performing consumer loans.
As of September 30, 2025 and December 31, 2024, the Company held foreclosed assets of $2.0 million and $9.5 million, respectively. During the nine months ended September 30, 2025, there was a write-down of one foreclosed commercial property of $2.7 million based on a contracted sales price. The sale of this property closed in the second quarter of 2025, which reduced foreclosed assets by an additional $5.8 million. During the three and nine months ended September 30, 2025, there was one addition to foreclosed assets with an aggregate carrying value of $1.0 million. Foreclosed assets as of September 30,
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2025 were comprised of two commercial properties. Total non-performing assets as of September 30, 2025 increased $20.9 million to $102.4 million, or 0.41% of total assets, from $81.5 million, or 0.34% of total assets as of December 31, 2024.
Total investment securities were $3.57 billion as of September 30, 2025, a $344.3 million increase from December 31, 2024. 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 increased $472.4 million during the nine months ended September 30, 2025, to $19.10 billion. Total time deposits increased $196.2 million to $3.36 billion as of September 30, 2025, while total savings and demand deposit accounts increased $276.2 million to $15.73 billion as of September 30, 2025. The increase in time deposits consisted of a $204.3 million increase in brokered time deposits, partially offset by an $7.9 million decrease in retail time deposits. The increase in savings and demand deposits was largely attributable to a $101.7 million decrease in savings deposits and a $37.2 million decrease in non-interest bearing demand deposits, partially offset by a $144.5 million increase in money market deposits and a $270.6 million increase in interest bearing demand deposits.
The Company uses brokered deposits as an alternative source of wholesale funding to cover funding gaps created by asset growth. Within total deposits, brokered deposits totaled $805.9 million and $255.0 million as of September 30, 2025 and December 31, 2024, respectively. Our total estimated uninsured and uncollateralized deposits as of September 30, 2025, were $4.81 billion.
Borrowed funds increased $188.9 million during the nine months ended September 30, 2025, to $2.21 billion. Borrowed funds represented 8.9% of total assets as of September 30, 2025, an increase from 8.4% as of December 31, 2024.
Stockholders’ equity increased $165.8 million during the nine months ended September 30, 2025, to $2.77 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. For the three and nine months ended September 30, 2025, common stock repurchases totaled 55,826 shares at an average cost of $17.83 per share and 156,570 shares at an average cost of $18.07 per share, respectively, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of September 30, 2025, approximately 816,000 shares remained eligible for repurchase under the current stock repurchase 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 securities and the ability to borrow funds from 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 nine months ended September 30, 2025 and 2024, loan repayments totaled $6.31 billion and $2.09 billion, respectively.

The Company continues to monitor and focus on depositor behavior and borrowing capacity with FHLBNY and FRBNY, with current borrowing capacity of $4.52 billion and $3.02 billion, respectively, as of September 30, 2025. Our estimated uninsured and uncollateralized deposits as of September 30, 2025 totaled $4.81 billion, or 25.2% of deposits. Our total estimated uninsured deposits, including collateralized deposits as of September 30, 2025, were $10.28 billion. Within time deposits, approximately $691.6 million, or 20.6% was uninsured as of September 30, 2025.
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 $2.04 billion for the nine months ended September 30, 2025, compared to $1.12 billion for the same period in 2024. Purchases for the investment portfolio totaled $647.1 million for the nine months ended September 30, 2025, compared to $422.4 million for the year ended December 31, 2024. As of September 30, 2025, the Bank had outstanding loan commitments to borrowers of $3.82 billion, including undisbursed home equity lines and personal credit lines of $681.9 million.
Total deposits increased $472.4 million during the nine months ended September 30, 2025, to $19.10 billion. 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 $3.25 billion as of September 30, 2025. 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.
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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.
As of September 30, 2025, the Bank and the Company exceeded all current minimum regulatory capital requirements as follows:
September 30, 2025
RequiredRequired with Capital Conservation BufferActual
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
Bank:(1) (2)
Tier 1 leverage capital$955,772 4.00 %955,772 4.00 %2,453,320 10.27 %
Common equity Tier 1 risk-based capital927,416 4.50 1,442,647 7.00 2,453,320 11.90 
Tier 1 risk-based capital1,236,555 6.00 1,751,786 8.50 2,453,320 11.90 
Total risk-based capital1,648,740 8.00 2,163,971 10.50 2,650,315 12.86 
Company:
Tier 1 leverage capital$955,772 4.00 %955,772 4.00 %2,114,167 8.85 %
Common equity Tier 1 risk-based capital927,157 4.50 1,442,244 7.00 2,114,167 10.26 
Tier 1 risk-based capital1,236,209 6.00 1,751,296 8.50 2,114,167 10.26 
Total risk-based capital1,648,279 8.00 2,163,366 10.50 2,311,162 11.22 
(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 AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
General. The Company reported net income of $71.7 million, or $0.55 per basic and diluted share for the three months ended September 30, 2025, compared to $72.0 million, or $0.55 per basic and diluted share, for the three months ended June 30, 2025 and net income of $46.4 million, or $0.36 per basic and diluted share, for the three months ended September 30, 2024. For the nine months ended September 30, 2025, net income totaled $207.7 million, or $1.59 per basic and diluted share, compared to $67.0 million, or $0.65 per basic and diluted share, for the nine months ended September 30, 2024.
While there were no transaction costs related to our merger with Lakeland Bancorp, Inc. (“Lakeland”) during 2025, for the three and nine months ended September 30, 2024, these costs totaled $15.6 million and $96.8 million, respectively, including an initial Current Expected Credit Loss ("CECL") provision for credit losses of $60.1 million recorded as part of the Lakeland merger.
The following tables sets forth certain information for the three and nine months ended September 30, 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
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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.
For the three months ended
September 30, 2025September 30, 2024
Average BalanceInterestAverage
Yield/Cost		Average BalanceInterestAverage
Yield/Cost
(Dollars in Thousands) (Unaudited)
Interest Earning Assets:
Deposits$79,471 $764 3.82 %179,313 2,425 5.38 %
Available for sale debt securities3,070,080 30,9524.03 2,644,26224,6083.71 
Held to maturity debt securities, net (1)
299,506 1,8972.53 342,2172,1362.50 
Equity securities, at fair value19,457 120 2.47 19,654276 5.62 
Federal Home Loan Bank stock116,788 2,5068.58 91,8411,0904.75 
Net loans: (2)
Total mortgage loans13,390,032 197,2525.85 13,363,265197,8575.83 
Total commercial loans4,908,131 81,9436.63 4,546,08881,1837.05 
Total consumer loans608,600 10,8477.07 622,58612,9478.27 
Total net loans18,906,763 290,0426.09 18,531,939291,9876.21 
Total interest earning assets$22,492,065 $326,281 5.76 %21,809,226 322,522 5.84 %
Non-Interest Earning Assets:
Cash and due from banks154,859 341,505 
Other assets1,871,366 2,097,307 
Total assets$24,518,290 24,248,038 
Interest Bearing Liabilities:
Demand deposits$10,280,314 $70,584 2.72 %9,942,053 74,864 3.00 %
Savings deposits1,596,072 8960.22 1,711,502 1,0060.23 
Time deposits3,287,241 30,6143.69 3,112,598 34,1394.36 
Total deposits15,163,627 102,0942.67 14,766,153 110,0092.96 
Borrowed funds2,136,111 21,3073.96 2,125,149 19,9233.73 
Subordinated debentures404,548 8,548 8.38 413,267 8,889 8.56 
Total interest bearing liabilities$17,704,286 131,9492.96 %17,304,569 138,8213.19 %
Non-Interest Bearing Liabilities:
Non-interest bearing deposits$3,725,645 3,741,160 
Other non-interest bearing liabilities349,945 541,839 
Total non-interest bearing liabilities4,075,590 4,282,999 
Total liabilities21,779,876 21,587,568 
Stockholders' equity2,738,414 2,660,470 
Total liabilities and stockholders' equity$24,518,290 24,248,038 
Net interest income$194,332 183,701 
Net interest rate spread2.80 %2.65 %
Net interest-earning assets$4,787,779 4,504,657 
Net interest margin (3)
3.43 %3.31 %
Ratio of interest-earning assets to total interest-bearing liabilities1.27x1.26x
(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 non-accrual loans.
(3)Annualized net interest income divided by average interest-earning assets.

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For the nine months ended
September 30, 2025September 30, 2024
Average BalanceInterestAverage
Yield/Cost		Average BalanceInterestAverage
Yield/Cost
(Dollars in Thousands) (Unaudited)
Interest Earning Assets:
Deposits$78,434 $2,227 4.21 %39,280 5,466 5.38 %
Available for sale debt securities2,952,923 87,5303.95 2,189,671 52,2773.18 
Held to maturity debt securities, net (1)
311,507 5,8592.51 350,529 6,7612.57 
Equity securities, at fair value19,294 469 3.24 10,050 276 3.67 
Federal Home Loan Bank stock119,503 6,6677.48 84,845 6,1459.66 
Net loans: (2)
Total mortgage loans13,362,561 577,0975.77 10,682,974 461,6325.70 
Total commercial loans4,803,599 236,6166.59 3,487,600 175,8156.69 
Total consumer loans609,979 31,4706.90 460,497 25,8207.49 
Total net loans18,776,139 845,1836.02 14,631,071 663,2675.99 
Total interest earning assets$22,257,800 947,935 5.69 %17,305,446 734,192 5.61 %
Non-Interest Earning Assets:
Cash and due from banks146,568 229,336 
Other assets1,908,122 1,663,331 
Total assets$24,312,490 19,198,113 
Interest Bearing Liabilities:
Demand deposits$10,084,036 $200,819 2.66 %7,931,251 174,609 2.94 %
Savings deposits1,641,821 27200.22 1,444,135 2,4760.23 
Time deposits3,228,399 92,2323.82 2,091,806 66,5174.25 
Total deposits14,954,256 295,7712.64 11,467,192 243,6022.84 
Borrowed funds2,182,319 63,5553.89 2,074,958 57,8713.73 
Subordinated debentures403,299 25,455 8.44 215,745 13,842 8.57 
Total interest bearing liabilities$17,539,874 384,7812.93 %13,757,895 315,3153.06 %
Non-Interest Bearing Liabilities:
Non-interest bearing deposits$3,715,008 2,896,453 
Other non-interest bearing liabilities370,224 379,909 
Total non-interest bearing liabilities4,085,232 3,276,362 
Total liabilities21,625,106 17,034,257 
Stockholders' equity2,687,384 2,163,856 
Total liabilities and stockholders' equity$24,312,490 19,198,113 
Net interest income$563,154 418,877 
Net interest rate spread2.76 %2.55 %
Net interest-earning assets$4,717,926 3,547,551 
Net interest margin (3)
3.38 %3.18 %
Ratio of interest-earning assets to total interest-bearing liabilities1.27x1.26x
(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 non-accrual loans.
(3)Annualized net interest income divided by average interest-earning assets.

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Net Interest Income. Net interest income increased $10.6 million to $194.3 million for the three months ended September 30, 2025, from $183.7 million for same period in 2024. Net interest income increased $144.3 million to $563.2 million for the nine months ended September 30, 2025, from $418.9 million for same period in 2024. The increase in net interest income was primarily due to favorable repricing of deposits, combined with originations of loans at favorable market rates, partially offset by an increase in borrowings. The increase in net interest income for the nine months ended September 30, 2025 was largely driven by growth in average earning assets and net assets added in the May 16, 2024 acquisition of Lakeland and related accretion of purchase accounting adjustments.
The net interest margin increased 12 basis points to 3.43% for the quarter ended September 30, 2025, compared to 3.31% for the quarter ended September 30, 2024. The weighted average yield on interest-earning assets decreased eight basis points to 5.76% for the quarter ended September 30, 2025, compared to 5.84% for the quarter ended September 30, 2024, while the weighted average cost of interest-bearing liabilities decreased 23 basis points for the quarter ended September 30, 2025, to 2.96%, compared to 3.19% for the quarter ended September 30, 2024. The average cost of interest-bearing deposits for the quarter ended September 30, 2025, was 2.67%, compared to 2.96% for the same period last year. Average non-interest-bearing demand deposits totaled $3.73 billion for the quarter ended September 30, 2025, compared to $3.74 billion for the quarter ended September 30, 2024. The average cost of total deposits, including non-interest-bearing deposits, was 2.14% for the quarter ended September 30, 2025, compared with 2.36% for the quarter ended September 30, 2024. The average cost of borrowed funds for the quarter ended September 30, 2025, was 3.96%, compared to 3.73% for the same period last year.
For the nine months ended September 30, 2025, the net interest margin increased 20 basis points to 3.38%, compared to 3.18% for the nine months ended September 30, 2024. The weighted average yield on interest-earning assets increased eight basis points to 5.69% for the nine months ended September 30, 2025, compared to 5.61% for the nine months ended September 30, 2024, while the weighted average cost of interest-bearing liabilities decreased 13 basis points to 2.93% for the nine months ended September 30, 2025, compared to 3.06% for the same period last year. The average cost of interest-bearing deposits decreased 20 basis points to 2.64% for the nine months ended September 30, 2025, compared to 2.84% for the same period last year. Average non-interest-bearing demand deposits totaled $3.72 billion for the nine months ended September 30, 2025, compared with $2.90 billion for the nine months ended September 30, 2024. The average cost of total deposits, including non-interest-bearing deposits, was 2.12% for the nine months ended September 30, 2025, compared with 2.27% for the nine months ended September 30, 2024. The average cost of borrowings for the nine months ended September 30, 2025, was 3.89%, compared to 3.73% for the same period last year.
Interest income on loans secured by real estate decreased $605,000 to $197.3 million for the three months ended September 30, 2025, from $197.9 million for the three months ended September 30, 2024. Commercial loan interest income increased $760,000 to $81.9 million for the three months ended September 30, 2025, from $81.2 million for the three months ended September 30, 2024. Consumer loan interest income decreased $2.1 million to $10.8 million for the three months ended September 30, 2025, from $12.9 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, the average balance of total loans increased $374.8 million to $18.91 billion, compared to the same period in 2024. The average yield on total loans for the three months ended September 30, 2025, decreased 12 basis points to 6.09%, from 6.21% for the same period in 2024.
Interest income on loans secured by real estate increased $115.5 million to $577.1 million for the nine months ended September 30, 2025, from $461.6 million for the nine months ended September 30, 2024. Commercial loan interest income increased $60.8 million to $236.6 million for the nine months ended September 30, 2025, from $175.8 million for the nine months ended September 30, 2024. Consumer loan interest income increased $5.7 million to $31.5 million for the nine months ended September 30, 2025, from $25.8 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the average balance of total loans increased $4.15 billion to $18.78 billion, compared with $14.63 billion for the same period in 2024. The average yield on total loans for the nine months ended September 30, 2025, increased three basis points to 6.02%, from 5.99% for the same period in 2024.
Interest income on held to maturity debt securities totaled $1.9 million for the three months ended September 30, 2025, compared to $2.1 million for the same period last year. Average held to maturity debt securities decreased $42.7 million to $299.5 million for the three months ended September 30, 2025, from $342.2 million for the same period last year. Interest income on held to maturity debt securities decreased $902,000 to $5.9 million for the nine months ended September 30, 2025, compared to the same period in 2024. Average held to maturity debt securities decreased $39.0 million to $311.5 million for the nine months ended September 30, 2025, from $350.5 million for the same period last year.
Interest income on available for sale debt securities increased $6.1 million to $31.0 million for the three months ended September 30, 2025, from $24.9 million for the three months ended September 30, 2024. The average balance of available for sale debt securities increased $425.8 million to $3.07 billion for the three months ended September 30, 2025, compared to the
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same period in 2024. Interest income on available for sale debt securities increased $35.3 million to $87.5 million for the nine months ended September 30, 2025, from $52.3 million for the same period last year. The average balance of available for sale debt securities increased $763.3 million to $2.95 billion for the nine months ended September 30, 2025.
Dividend income on FHLBNY stock increased $1.4 million to $2.5 million for the three months ended September 30, 2025, from $1.1 million for the three months ended September 30, 2024. The average balance of FHLBNY stock increased $24.9 million to $116.8 million for the three months ended September 30, 2025, compared to the same period in 2024. Dividend income on FHLBNY stock increased $36.0 million to $94.7 million for the nine months ended September 30, 2025, from $58.7 million for the same period last year. The average balance of FHLBNY stock increased $34.7 million to $119.5 million for the nine months ended September 30, 2025.
The average yield on total securities increased to 3.89% for the three months ended September 30, 2025, compared with 3.58% for the same period in 2024. For the nine months ended September 30, 2025, the average yield on total securities increased to 3.81%, compared with 3.10% for the same period in 2024.
Interest expense on deposit accounts decreased $7.9 million to $102.1 million for the three months ended September 30, 2025, compared with $110.0 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, interest expense on deposit accounts increased $52.2 million to $295.8 million, from $243.6 million for the same period last year. The average cost of interest-bearing deposits improved to 2.67% and 2.64% for the three and nine months ended September 30, 2025, respectively, from 2.96% and 2.84% for the three and nine months ended September 30, 2024, respectively. The average balance of interest-bearing core deposits, which consist of total savings and demand deposits, for the three months ended September 30, 2025, increased $222.8 million to $11.88 billion. For the nine months ended September 30, 2025, average interest-bearing core deposits increased $2.35 billion, to $11.73 billion, from $9.38 billion for the same period in 2024. Average time deposit account balances increased $174.6 million to $3.29 billion for the three months ended September 30, 2025, from $3.11 billion for the three months ended September 30, 2024. For the nine months ended September 30, 2025, average time deposit account balances increased $1.14 billion to $3.23 billion, from $2.09 billion for the same period in 2024.
Interest expense on borrowed funds increased $1.4 million to $21.3 million for the three months ended September 30, 2025, from $19.9 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, interest expense on borrowed funds increased $5.7 million to $63.6 million, from $57.9 million for the nine months ended September 30, 2024. The average cost of borrowings increased to 3.96% for the three months ended September 30, 2025, from 3.73% for the three months ended September 30, 2024. The average cost of borrowings increased to 3.89% for the nine months ended September 30, 2025, from 3.73% for the same period last year. Average borrowings increased $11.0 million to $2.14 billion for the three months ended September 30, 2025, from $2.13 billion for the three months ended September 30, 2024. For the nine months ended September 30, 2025, average borrowings increased $107.4 million to $2.18 billion, compared to $2.07 billion for the nine months ended September 30, 2024.
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 as necessary.
The Company recorded provisions for credit losses on loans of $4.5 million and $2.2 million for the three and nine months ended September 30, 2025, respectively, compared with provisions of $9.6 million and $75.9 million for the three and nine months ended September 30, 2024, respectively. The provision for credit losses on loans for the three and nine months ended September 30, 2025 was primarily attributable to overall growth in the loan portfolio, combined with a weakened economic forecast compared to the prior periods. The provision for credit losses on loans for the nine months ended September 30, 2024 was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger.
Non-Interest Income. Non-interest income totaled $27.4 million for the quarter ended September 30, 2025, an increase of $564,000, compared to the same period in 2024. Fee income increased $1.5 million to $11.3 million for the three months ended September 30, 2025, compared to the prior year quarter, primarily due to increases in loan prepayment fee income and deposit fee income. Additionally, other income increased $675,000 to $2.2 million for the three months ended September 30, 2025, compared to the quarter ended September 30, 2024, primarily due to increases in gains on the sale of SBA loans, combined with a recovery of a prior-year charge-off. Within other non-interest income, gains on the sale of SBA loans totaled $512,000 for the
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three months ended September 30, 2025. Insurance agency income increased $221,000 to $3.9 million for the three months ended September 30, 2025, compared to the quarter ended September 30, 2024, largely due to an increase in business activity. Partially offsetting these increases to non-interest income, BOLI income decreased $1.6 million to $2.7 million for the three months ended September 30, 2025, compared to the prior year quarter, primarily due to a decrease in benefit claims recognized, while wealth management fees decreased $271,000 to $7.3 million for the three months ended September 30, 2025, compared to the quarter ended September 30, 2024, mainly due to a decrease in the average market value of assets under management during the period.
For the nine months ended September 30, 2025, non-interest income totaled $81.5 million, an increase of $11.6 million compared to the same period in 2024. Fee income increased $7.3 million to $31.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to increases in deposit fee income, loan prepayment fee income and debit and credit card related fee income. Net gains on securities transactions increased $3.1 million for the nine months ended September 30, 2025, primarily due to a prior year $2.8 million loss on the sale of subordinated debt issued by Lakeland from the Provident investment portfolio prior to the merger. Other income increased $3.0 million to $6.2 million for the nine months ended September 30, 2025, compared to $3.2 million for the same period in 2024, primarily due to an increase in gains on sales of SBA and mortgage loans, an increase in profit on fixed asset sales and a recovery of a prior-year charge-off. Within other non-interest income, gains on the sale of SBA loans totaled $1.8 million for the nine months ended September 30, 2025. Additionally, insurance agency income increased $1.5 million to $14.4 million for the nine months ended September 30, 2025, compared to $12.9 million for the same period in 2024, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, BOLI income decreased $2.1 million to $7.3 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a decrease in benefit claims recognized, combined with lower equity valuations, while wealth management income decreased $1.3 million to $21.6 million for the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to a decrease in the average market value of assets under management during the period.
Non-Interest Expense. For the three months ended September 30, 2025, non-interest expense totaled $113.1 million, a decrease of $22.9 million, compared to the three months ended September 30, 2024. Merger-related expenses decreased $15.6 million for the three months ended September 30, 2025, compared to the same period in 2024. Amortization of intangibles decreased $2.7 million to $9.5 million for the three months ended September 30, 2025, compared to $12.2 million for the same period in 2024, largely due to a decrease in the core deposit intangible amortization related to the Lakeland merger in the current year. Additionally, other operating expenses decreased $2.3 million to $13.5 million for the three months ended September 30, 2025, compared to $15.8 million for the same period in 2024, primarily due to a prior year write-down on a foreclosed property, combined with decreases in legal and professional service expenses. Data processing expenses decreased $1.4 million to $9.1 million for three months ended September 30, 2025, compared to $10.5 million for the same period in 2024, primarily due to core processing system expenses in the prior year related to the addition of Lakeland.
Non-interest expense totaled $344.0 million for the nine months ended September 30, 2025, an increase of $20.7 million, compared to $323.2 million for the nine months ended September 30, 2024. Compensation and benefits expense increased $30.4 million to $188.8 million for the nine months ended September 30, 2025, compared to $158.4 million for the nine months ended September 30, 2024, primarily attributable to the addition of Lakeland personnel. Amortization of intangibles increased $9.1 million to $28.5 million for the nine months ended September 30, 2025, compared to $19.4 million for the nine months ended September 30, 2024, largely due to core deposit intangible amortization related to Lakeland. Net occupancy expense increased $7.3 million to $39.7 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $7.0 million to $44.4 million for the three months ended September 30, 2025, compared to $37.4 million for the same period in 2024, primarily due to a $2.7 million write-down on a foreclosed property, combined with additional expenses due to the addition of Lakeland. Data processing expense increased $2.6 million to $28.3 million for the nine months ended September 30, 2025, compared to $25.7 million for the nine months ended September 30, 2024, primarily due to the addition of Lakeland, while FDIC insurance increased $591,000 to $10.1 million for the nine months ended September 30, 2025, primarily due to the addition of Lakeland. Partially offsetting these increases to non-interest expense, merger-related expenses decreased $36.7 million for the nine months ended September 30, 2025.
Income Tax Expense. For the three months ended September 30, 2025, the Company's income tax expense was $29.9 million with an effective tax rate of 29.4%, compared with $18.9 million with an effective tax rate of 28.9% for the three months ended September 30, 2024. The increase in tax expense and the effective tax rate for the three months ended September 30, 2025, compared with the same period last year was largely due to an increase in pre-taxable income in the quarter.
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For the nine months ended September 30, 2025, the Company's income tax expense was $88.2 million with an effective tax rate of 29.8%, compared with income tax expense of $19.9 million for the nine months ended September 30, 2024. The increase in tax expense for the nine months ended September 30, 2025 compared with the same period last year was largely due to an increase in taxable income, combined with a prior year $5.3 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024. Additionally, prior year pre-taxable income was negatively impacted by the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations from the Lakeland merger.
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 FHLBNY during periods of pricing dislocation.
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.
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The following table sets forth the results of a twelve-month net interest income projection model as of September 30, 2025 (dollars in thousands):
Change in interest rates (basis points) - Rate RampNet Interest Income
Dollar AmountDollar ChangePercent Change
-200778,908 (2,736)(0.4)
-100779,874 (1,770)(0.2)
Static781,644 — — 
+100779,125 (2,519)(0.3)
+200776,294 (5,350)(0.7)
The interest rate risk position of the Company is relatively neutral. As a result, the preceding table indicates that, as of September 30, 2025, 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 0.7%, or $5.4 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 decrease 0.4%, or $2.7 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 September 30, 2025 (dollars in thousands):
  Present Value of EquityPresent Value of Equity as Percent of Present Value of Assets
Change in interest rates (basis points)Dollar AmountDollar ChangePercent
Change		Present Value
 Ratio		Percent
Change
-2003,344,464 (238,942)(6.7)13.0 (10.0)
-1003,484,162 (99,244)(2.8)13.9 (4.5)
Static3,583,406 — — 14.4 — 
+1003,609,204 25,798 0.7 14.8 2.6 
+2003,623,145 39,739 1.1 15.1 5.0 
The preceding table indicates that as of September 30, 2025, in the event of an immediate and sustained 200 basis point increase in interest rates, the present value of equity is projected to increase 1.1%, or $39.7 million. If rates were to decrease 200 basis points, the present value of equity would decrease 6.7%, or $238.9 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 the manner in which actual yields and costs respond to changes in market interest rates. 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.



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PART II—OTHER INFORMATION
 
Item 1.
Legal Proceedings
Information regarding legal proceedings is incorporated by reference from “Contingencies” in Note 9 to our Consolidated Financial Statements (unaudited) set forth in Part I of this report.
Item 1A.
Risk Factors
The risk factors that were previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, have been supplemented by the Company for the quarter ended September 30, 2025, as follows:
Risks Related to the Economy, Financial Markets, and Interest Rates
The recent shutdown of the federal government could adversely affect our results of operations and financial condition.
Risks associated with a U.S. government shutdown include delays in regulatory reviews, approvals, or rulemaking from federal agencies, reduced access to government economic data and reports which could affect our ability to assess risk and make informed investment or risk management decisions, heightened volatility or reduced liquidity in financial markets, credit and counterparty risk exposure in connection with clients or counterparties that rely on government funding or contracts, and diminished investor and consumer confidence which could reduce demand for financial products

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)
(d) Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (1)
July 1, 2025 through July 31, 2025— $— — 815,969 
August 1, 2025 through August 31, 20251,335 18.15 1,335 814,634 
September 1, 2025 through September 30, 2025— — — 814,634 
Total1,335 18.15 1,335 
(1) On December 28, 2021, the Company’s Board of Directors approved the purchase of up to 3,900,000 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.
Item 3.
Defaults Upon Senior Securities.
Not Applicable 
Item 4.
Mine Safety Disclosures
Not Applicable
Item 5.
Other Information.
(a) During the three months ended September 30, 2025, 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.


64

Item 6.
Exhibits.
The following exhibits are filed herewith:
2.1
2.2
2.3
3.1
3.2
4.1
10.1
10.2
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 September 30, 2025, 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.INSXBRL 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.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Labels Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, has been formatted in iXBRL.

65

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:November 6, 2025By:/s/ Anthony J. Labozzetta
Anthony J. Labozzetta
President and Chief Executive Officer (Principal Executive Officer)
Date:November 6, 2025By:/s/ Thomas M. Lyons
Thomas M. Lyons
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:November 6, 2025By:/s/ Adriano M. Duarte
Adriano M. Duarte
Executive Vice President and Chief Accounting Officer

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