PFS 10-Q Quarterly Report Sept. 30, 2025

PROVIDENT FINANCIAL SERVICES INC

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pfs-20250930

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


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the transition period from to

Commission File Number: 001-31566

PROVIDENT FINANCIAL SERVICES, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware			42-1547151
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

239 Washington Street	Jersey City	New Jersey	07302
(Address of Principal Executive Offices)	(City)	(State)	(Zip Code)

( 732 ) 590-9200

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Symbol(s)

Name of each exchange on which registered

Common

PFS

New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý NO ¨

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

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ý

As of 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.

PROVIDENT FINANCIAL SERVICES, INC.

INDEX TO FORM 10-Q


Item Number		Page Number

PART I—FINANCIAL INFORMATION

1	Financial Statements:

	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

	Notes to Unaudited Consolidated Financial Statements	10

2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48

3	Quantitative and Qualitative Disclosures About Market Risk	62

4	Controls and Procedures	63

PART II—OTHER INFORMATION

1	Legal Proceedings	64

1A.	Risk Factors	64

2	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	64

3	Defaults Upon Senior Securities	64

4	Mine Safety Disclosures	64

5	Other Information	64

6	Exhibits	65

Signatures		66

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, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	301,614	$	205,939


Available for sale debt securities, at fair value	3,141,320		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 value	19,682		19,110
Federal Home Loan Bank stock	119,551		112,767
Loans held for sale	14,329		162,453
Loans held for investment	19,286,067		18,659,370
Less allowance for credit losses	186,969		193,432
Net loans	19,113,427		18,628,391
Foreclosed assets, net	2,015		9,473
Banking premises and equipment, net	113,098		119,622
Accrued interest receivable	94,647		91,160
Intangible assets	790,729		819,230
Bank-owned life insurance	412,253		405,893
Other assets	432,307		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 deposits	1,577,946		1,679,667
Certificates of deposit of $250,000 or more	886,137		789,342
Other time deposits	2,478,253		2,378,813
Total deposits	19,096,244		18,623,813
Mortgage escrow deposits	46,255		42,247
Borrowed funds	2,209,310		2,020,435
Subordinated debentures	405,340		401,608
Other liabilities	308,579		362,515
Total liabilities	22,065,728		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 capital	1,841,920		1,834,495
Retained earnings	1,102,269		989,111
Accumulated other comprehensive (loss) income	( 87,243 )		( 135,355 )
Treasury stock	( 91,287 )		( 88,420 )



Total stockholders’ equity	2,767,035		2,601,207
Total liabilities and stockholders’ equity	$	24,832,763	$	24,051,825

See accompanying notes to unaudited consolidated financial statements.

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,
	2025		2024		2025		2024
Interest and dividend income:
Real estate secured loans	$	197,252	$	197,857	$	577,097	$	461,632
Commercial loans	81,943		81,183		236,616		175,815
Consumer loans	10,847		12,947		31,470		25,820
Available for sale debt securities, equity securities and Federal Home Loan Bank stock	33,578		25,974		94,666		58,698
Held to maturity debt securities	1,897		2,136		5,859		6,761
Due from banks, Federal funds sold and other short-term investments	764		2,425		2,227		5,466
Total interest income	326,281		322,522		947,935		734,192
Interest expense:
Deposits	102,094		110,009		295,771		243,602
Borrowed funds	21,307		19,923		63,555		57,871
Subordinated debt	8,548		8,889		25,455		13,842
Total interest expense	131,949		138,821		384,781		315,315
Net interest income	194,332		183,701		563,154		418,877
Provision charge for credit losses	7,044		9,299		4,794		78,684
Net interest income after provision for credit losses	187,288		174,402		558,360		340,193
Non-interest income:
Fees	11,336		9,816		31,727		24,426
Wealth management income	7,349		7,620		21,625		22,878
Insurance agency income	3,852		3,631		14,445		12,912
Bank-owned life insurance	2,662		4,308		7,340		9,448
Net gain (loss) on securities transactions	67		2		153		( 2,972 )
Other income	2,153		1,478		6,234		3,245
Total non-interest income	27,419		26,855		81,524		69,937
Non-interest expense:
Compensation and employee benefits	63,202		63,468		188,817		158,404
Net occupancy expense	12,773		12,790		39,711		32,452
Data processing expense	9,102		10,481		28,305		25,698
FDIC insurance	3,418		4,180		10,144		9,553
Amortization of intangibles	9,497		12,231		28,496		19,420
Advertising and promotion expense	1,640		1,524		4,124		3,661
Merger-related expenses	—		15,567		—		36,684
Other operating expenses	13,460		15,761		44,376		37,352
Total non-interest expense	113,092		136,002		343,973		323,224
Income before income tax expense	101,615		65,255		295,911		86,906
Income tax expense	29,895		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 outstanding	130,506,517		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 outstanding	130,553,819		130,004,870		130,479,443		102,845,261

See accompanying notes to unaudited consolidated financial statements.

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,
	2025		2024		2025		2024
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 period	19,948		53,122		55,880		54,726
Reclassification adjustment for (gains) losses on securities sales included in net income	—		—		( 63 )		2,056
Total	19,948		53,122		55,817		56,782
Unrealized gains and losses on derivatives:
Net unrealized gains (losses) arising during the period	441		( 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 income	16,527		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.

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 STOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED OTHER COMPREHENSIVE LOSS		TREASURY STOCK		TOTAL 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	COMMONSTOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED 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.

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 STOCK		ADDITIONAL PAID-IN CAPITAL		RETAINED EARNINGS		ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME		TREASURYSTOCK		UNALLOCATED ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL 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	COMMONSTOCK		ADDITIONAL PAID-IN CAPITAL		RETAINEDEARNINGS		ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME		TREASURYSTOCK		UNALLOCATED ESOP SHARES		COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS		DEFERRED COMPENSATION PLANS		TOTAL 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 acquisition	544		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.


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,
	2025		2024
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 intangibles	39,379		28,225
Provision charge for credit losses on loans and securities	2,180		75,838
Provision charge for credit losses on off-balance sheet credit exposures	2,614		2,846
Deferred tax expense (benefit)	13,892		( 1,020 )
Amortization of operating lease right-of-use assets	10,367		9,539

Income on Bank-owned life insurance	( 7,340 )		( 9,448 )
Net amortization of premiums and discounts on securities	12,435		4,939
Accretion of net deferred loan fees	( 4,844 )		( 5,219 )
Amortization of premiums on purchased loans, net	187		204
Originations of loans held for sale	( 62,331 )		( 34,343 )
Proceeds from sales of loans held for sale	186,079		31,222
ESOP expense	—		2,284
Allocation of stock award expense	7,408		6,039
Allocation of stock option expense	17		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 assets	11		( 204 )
Increase in accrued interest receivable	( 3,487 )		( 3,658 )
Decrease (increase) in other assets	26,515		( 10,591 )
(Decrease) increase in other liabilities	( 53,936 )		21,258
Net cash provided by operating activities	373,316		187,093
Cash flows from investing activities:
Net increase in loans	( 601,121 )		( 28,540 )
Purchases of loans	( 321 )		—
Proceeds from sales of foreclosed assets	5,779		426
Proceeds from maturities, calls and paydowns of held to maturity debt securities	48,386		43,083
Purchases of investment securities held to maturity	( 13,494 )		( 16,338 )
Proceeds from sales of available for sale debt securities	1,670		568,360
Proceeds from maturities, calls and paydowns of available for sale debt securities	346,553		238,642
Purchases of available for sale debt securities	( 622,765 )		( 182,960 )
Proceeds from redemption of Federal Home Loan Bank stock	269,086		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 received	906		3,076


Proceeds from sales of premises and equipment	2,348		—
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:


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,
	2025		2024
Net increase (decrease) in deposits	472,431		( 539,253 )
Increase in mortgage escrow deposits	4,008		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 borrowings	554,500		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 activities	567,876		( 923,751 )
Net increase in cash and cash equivalents	95,675		63,834
Cash and cash equivalents at beginning of period	205,869		180,185
Restricted cash at beginning of period	70		70
Total cash, cash equivalents and restricted cash at beginning of period	205,939		180,255
Cash and cash equivalents at end of period	299,193		244,019
Restricted cash at end of period	2,421		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.

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,
	2025					2024
	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 shares			47,302					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


	Nine months ended September 30,
	2025					2024
	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 shares			39,909					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.

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

$ 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 securities	1,585,993

Federal Home Loan Bank stock	46,113
Loans held for sale	1,494
Loans held for investment	7,906,326
Allowance for credit losses on PCD loans	( 17,188 )
Loans, net	7,889,138
Bank-owned life insurance	160,646
Banking premises and equipment	60,578
Accrued interest receivable	27,241
Goodwill	180,446
Other intangibles assets	209,915

Other assets	236,481
Total assets acquired	$	10,592,593

Liabilities assumed:
Deposits	$	8,622,924
Mortgage escrow deposits	5,532
Borrowed funds	785,927
Subordinated debentures	166,366
Other liabilities	135,066
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.

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 obligations	36,095		899	( 89 )	36,905
Mortgage-backed securities	2,653,196		20,731	( 127,083 )	2,546,844
Asset-backed securities	43,673		497	( 261 )	43,909
State and municipal obligations	119,277		984	( 8,346 )	111,915
Corporate obligations	89,837		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 obligations	105,965		1,461	( 191 )	107,235
Mortgage-backed securities	2,243,725		4,982	( 186,548 )	2,062,159
Asset-backed securities	47,203		645	( 285 )	47,563
State and municipal obligations	126,766		243	( 10,092 )	116,917
Corporate obligations	103,415		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 years	251,448		243,212
Due after five years through ten years	106,243		107,707
Due after ten years	66,899		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

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 obligations	284,895		186	( 7,663 )	277,418
Corporate obligations	2,844		—	( 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 obligations	311,118		689	( 14,133 )	297,674
Corporate obligations	6,520		—	( 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 years	155,363		154,478
Due after five years through ten years	78,199		74,039
Due after ten years	12,208		9,791
	$	292,139	284,574

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 Portfolio	AAA		AA	A	BBB	Not Rated	Total

Government-agency obligations	$	4,400	—	—	—	—	4,400

State and municipal obligations	44,117		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 Portfolio	AAA		AA	A	BBB	Not Rated	Total

Government-agency obligations	$	9,999	—	—	—	—	9,999

State and municipal obligations	44,821		234,212	28,735	—	3,350	311,118
Corporate obligations	501		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.

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, 2025		December 31, 2024
Mortgage loans:
Commercial	$	7,318,725	7,228,078
Multi-family	3,534,751		3,382,933
Construction	719,961		823,503
Residential	1,977,483		2,010,637
Total mortgage loans	13,550,920		13,445,151




Commercial loans	5,130,067		4,608,600
Consumer loans	614,983		613,819

Total gross loans	19,295,970		18,667,570
Premiums on purchased loans	1,362		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 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Commercial	$	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
Residential	8,085		6,180	7,858	—	22,123	1,955,360	1,977,483	7,858
Total mortgage loans	9,041		11,373	66,538	—	86,952	13,463,968	13,550,920	60,787
Commercial loans	729		1,390	32,483	—	34,602	5,095,465	5,130,067	28,351
Consumer loans	2,739		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 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no related allowance
Mortgage loans:
Commercial	$	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
Residential	6,388		5,049	4,535	—	15,972	1,994,665	2,010,637	4,535
Total mortgage loans	14,926		9,003	46,162	—	70,091	13,375,060	13,445,151	38,854
Commercial loans	3,026		1,117	24,243	—	30,868	4,577,732	4,608,600	15,164
Consumer loans	3,152		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

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 loans		Commercial loans	Consumer loans	Total
2025
Balance at beginning of period	$	131,447	51,228	5,196	187,871

Provision charge (benefit) to operations	3,251		1,257	( 8 )	4,500
Recoveries of loans previously charged-off	77		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 operations	855		8,973	( 228 )	9,600

Recoveries of loans previously charged-off	16		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 loans		Commercial loans	Consumer loans	Total
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-off	924		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 operations	52,066		21,935	1,853	75,854
Initial allowance on credit loans related to PCD loans	10,628		6,070	490	17,188
Recoveries of loans previously charged-off	82		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.

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):


	2025		2024	2023	2022	2021	Prior to 2021	Total 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):


	2025		2024	2023	2022	2021	Prior to 2021	Total 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):


	2024		2023	2022	2021	2020	Prior to 2020	Total 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.

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):


	2024		2023	2022	2021	2020	Prior to 2020	Total 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:


Loan Classes						Modification types
Commercial						Term 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 Equity						Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.

Direct Installment						Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.

The following 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 Extension		Interest Rate Reduction	Interest 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 Extension		Interest Rate Reduction	Interest Rate Reduction and Term Extension	% of Total Class of Loans

Mortgage loans:
Commercial	$	2,984	—	11,945	0.20	%



Total mortgage loans	2,984		—	11,945	0.11	%
Commercial loans	1,302		—	7,603	0.17	%

Total gross loans	$	4,286	—	19,548	0.12	%


	For the three months ended September 30, 2024
	Term Extension		Interest Rate Reduction	Interest 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	—		5,743	962	0.14	%

Total gross loans	$	—	8,085	962	0.05	%


	For the nine months ended September 30, 2024
	Term Extension		Interest Rate Reduction	Interest 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	—		5,743	9,759	0.33	%

Total gross loans	$	—	8,085	9,759	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 Extension	Weighted Average Rate Change
Mortgage loans:
Commercial	0	—	%



Total mortgage loans	0	—	%
Commercial loans	11	0.25	%

Total gross loans	11	0.25	%

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 Extension	Weighted Average Rate Change
Mortgage loans:
Commercial	18	0.44	%



Total mortgage loans	18	0.44	%
Commercial loans	12	( 0.21 )	%

Total gross loans	14	0.05	%

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 Extension	Weighted Average Rate Change
Mortgage loans:
Commercial	2	4.41	%
Multi-family	0	5.00	%


Total mortgage loans	2	4.41	%
Commercial loans	3	—	%

Total gross loans	3	1.23	%

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):


	Weighted Average Months of Term Extension	Weighted Average Rate Change
Mortgage loans:
Commercial	2	4.41	%
Multi-family	0	5.00	%


Total mortgage loans	2	4.41	%
Commercial loans	0	0.81	%

Total gross loans	0	1.05	%

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):


	Current		30-59 Days Past Due	60-89 Days Past Due	90 days or more Past Due	Non- Accrual	Total

Mortgage loans:
Commercial	$	11,907	—	2,642	—	—	14,549
Multi-family	281		—	—	450	—	731


Total mortgage loans	12,188		—	2,642	450	—	15,280
Commercial loans	8,169		—	—	—	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):


	Current		30-59 Days Past Due	60-89 Days Past Due	90 days or more Past Due	Non- Accrual	Total

Mortgage loans:
Commercial	$	1,045	—	—	—	—	1,045
Multi-family	481		94	402	320	—	1,297


Total mortgage loans	1,526		94	402	320	—	2,342
Commercial loans	9,562		—	—	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

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
	2025		2024	2023	2022	2021	Prior to 2021	Revolving Loans	Revolving loans to term loans	Total 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 classified	14,917		—	3,802	25,023	59,869	109,445	4,461	—	217,517
Pass/Watch	549,332		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/Watch	399,639		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


	Gross Loans Held for Investment by Year of Origination as of September 30, 2025
	2025		2024	2023	2022	2021	Prior to 2021	Revolving Loans	Revolving loans to term loans	Total Loans
Substandard	—		—	11,539	—	7,701	—	—	—	19,240
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	11,539	6,639	7,701	—	—	—	25,879
Pass/Watch	70,305		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/Watch	95,389		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
Substandard	8,904		1,086	13,074	2,041	19,735	85,637	4,238	—	134,715
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	14,917		1,086	18,974	33,604	68,604	155,237	4,461	—	296,883
Pass/Watch	1,114,665		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
Substandard	1,095		1,721	6,146	67,922	34,082	42,591	36,028	1,782	191,367
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,274		11,662	13,452	81,430	43,675	79,470	50,005	4,740	285,708
Pass/Watch	621,214		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/Watch	31,142		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


	Gross Loans Held for Investment by Year of Origination as of September 30, 2025
	2025		2024	2023	2022	2021	Prior to 2021	Revolving Loans	Revolving loans to term loans	Total Loans
Special mention	$	6,192	9,941	13,206	45,071	58,462	106,488	14,466	3,050	256,876
Substandard	9,999		2,807	19,220	69,963	53,817	128,603	40,815	1,961	327,185
Doubtful	—		—	—	—	—	—	—	—	—

Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	16,191		12,748	32,426	115,034	112,279	235,091	55,281	5,011	584,061
Pass/Watch	1,767,021		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
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total Loans
Commercial Mortgage
Special mention	$	262	4,377	10,150	9,127	14,569	69,525	4,461	—	112,471
Substandard	3,044		73	10,952	—	21,051	50,870	—	—	85,990
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	3,306		4,450	21,102	9,127	35,620	120,395	4,461	—	198,461
Pass/Watch	417,991		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/Watch	363,254		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/Watch	104,009		309,034	260,190	110,100	24,017	2,743	—	—	810,093


	Gross Loans Held for Investment by Year of Origination as of December 31, 2024
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total 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 classified	403		2,120	1,033	1,119	—	4,799	—	—	9,474
Pass/Watch	140,382		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
Substandard	3,044		2,397	11,641	14,508	21,051	58,272	—	—	110,913
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	3,709		9,194	22,135	23,635	35,620	147,105	4,461	—	245,859
Pass/Watch	1,025,636		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
Substandard	6,887		5,023	62,028	28,208	23,130	21,170	31,787	1,746	179,979
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	7,185		7,635	65,112	34,012	32,623	48,094	51,817	6,507	252,985
Pass/Watch	747,299		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/Watch	31,975		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
Substandard	9,931		7,515	73,669	42,725	44,181	79,763	32,737	1,746	292,267
Doubtful	—		—	—	—	—	—	—	—	—


	Gross Loans Held for Investment by Year of Origination as of December 31, 2024
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total Loans
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	10,894		16,924	87,250	57,656	68,367	195,629	57,953	6,507	501,180
Pass/Watch	1,804,910		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, 2025		December 31, 2024
Savings	$	1,577,946	1,679,667
Money market	3,509,094		3,364,564
Negotiable Order of Withdrawal ("NOW") (1)	6,893,267		6,622,642
Non-interest bearing	3,751,547		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, 2025		December 31, 2024
Securities sold under repurchase agreements	$	102,146	113,224
FHLBNY line of credit	634,000		385,000
FHLBNY advances	1,470,635		1,518,497
Purchase accounting adjustment on borrowed funds	2,529		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):


	2025
Due in one year or less	$	1,500,135
Due after one year through two years	454,500
Due after two years through three years	—
Due after three years through four years	—
Due after four years through five years	150,000
Thereafter	—
Purchase accounting adjustment on borrowed funds	2,529
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 borrowings	704,000		314,620	4.96
FHLBNY advances	2,368,897		1,715,636	3.99

December 31, 2024
Securities sold under repurchase agreements	$	117,323	102,043	2.03	%
FHLBNY overnight borrowings	567,000		115,902	5.45
FHLBNY advances	1,518,497		1,290,836	3.41
FRBNY BTFP Borrowing	550,000		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

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 benefits			Other post-retirement benefits		Pension benefits			Other post-retirement benefits
	2025		2024	2025	2024	2025		2024	2025	2024
Service cost	$	—	—	1	2	$	—	—	3	8
Interest cost	299		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.

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

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):


	Fair Value Measurements at Reporting Date Using:
	September 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	308,269	308,269	—	—
Government-agency obligations	36,905		—	36,905	—
Mortgage-backed securities	2,546,844		—	2,546,844	—
Asset-backed securities	43,909		—	43,909	—
State and municipal obligations	111,915		—	111,915	—
Corporate obligations	93,478		—	93,478	—
Total available for sale debt securities	3,141,320		308,269	2,833,051	—
Equity securities	19,682		19,682	—	—
Derivative assets	111,618		—	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 assets	2,015		—	—	2,015
	$	78,274	—	—	78,274


	Fair Value Measurements at Reporting Date Using:
	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Available for sale debt securities:
U.S. Treasury obligations	$	330,598	330,598	—	—
Government-agency obligations	107,235		—	107,235	—
Mortgage-backed securities	2,062,159		—	2,062,159	—
Asset-backed securities	47,563		—	47,563	—
State and municipal obligations	116,917		—	116,917	—
Corporate obligations	104,443		—	104,443	—
Total available for sale debt securities	2,768,915		330,598	2,438,317	—
Equity Securities	19,110		19,110	—	—
Derivative assets	188,940		—	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 assets	9,473		—	—	9,473
	$	20,496	—	—	20,496

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.

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.


			Fair Value Measurements as of September 30, 2025 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	301,614	301,614	301,614	—	—
Available for sale debt securities:
U.S. Treasury obligations	$	308,269	308,269	308,269	—	—
Government-agency obligations	36,905		36,905	—	36,905	—
Mortgage-backed securities	2,546,844		2,546,844	—	2,546,844	—
Asset-backed securities	43,909		43,909	—	43,909	—
State and municipal obligations	111,915		111,915	—	111,915	—
Corporate obligations	93,478		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 obligations	4,400		4,346	—	4,346	—

State and municipal obligations	284,877		277,418	—	277,418	—
Corporate obligations	2,843		2,810	—	2,810	—
Total held to maturity debt securities, net of allowance for credit losses	$	292,120	284,574	—	284,574	—
FHLBNY stock	119,551		119,551	119,551	—	—
Equity securities	19,682		19,682	19,682	—	—
Loans, net of allowance for credit losses	19,113,427		19,168,498	—	—	19,168,498
Derivative assets	111,618		111,618	—	111,618	—

Financial liabilities:
Deposits other than certificates of deposits	$	15,731,854	15,731,854	15,731,854	—	—
Certificates of deposit	3,364,390		3,363,873	—	3,363,873	—
Total deposits	$	19,096,244	19,095,727	15,731,854	3,363,873	—
Borrowings	2,209,310		2,210,904	—	2,210,904	—
Subordinated debentures	405,340		429,310	—	429,310	—
Derivative liabilities	114,239		114,239	—	114,239	—


			Fair Value Measurements as of December 31, 2024 Using:
(Dollars in thousands)	Carrying value		Fair value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	205,939	205,939	205,939	—	—
Available for sale debt securities:
U.S. Treasury obligations	$	330,598	330,598	330,598	—	—
Government-agency obligations	107,235		107,235	—	107,235	—
Mortgage-backed securities	2,062,159		2,062,159	—	2,062,159	—
Asset-backed securities	47,563		47,563	—	47,563	—
State and municipal obligations	116,917		116,917	—	116,917	—
Corporate obligations	104,443		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 obligations	9,999		9,707	—	9,707	—

State and municipal obligations	311,106		297,674	—	297,674	—
Corporate obligations	6,518		6,352	—	6,352	—
Total held to maturity debt securities	$	327,623	313,733	—	313,733	—
FHLBNY stock	112,767		112,767	112,767	—	—
Equity securities	19,110		19,110	19,110	—	—
Loans, net of allowance for credit losses	18,628,391		18,442,167	—	—	18,442,167
Derivative assets	188,940		188,940	—	188,940	—

Financial liabilities:
Deposits other than certificates of deposits	$	15,455,658	15,455,658	15,455,658	—	—
Certificates of deposit	3,168,155		3,168,216	—	3,168,216	—
Total deposits	$	18,623,813	18,623,874	15,455,658	3,168,216	—
Borrowings	2,020,435		2,017,013	—	2,017,013	—
Subordinated debentures	401,608		423,675	—	423,675	—
Derivative liabilities	172,601		172,601	—	172,601	—

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,
	2025				2024
	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

Total	27,957		( 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 period	615		( 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,
	2025				2024
	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
Total	88,045		( 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

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,
	2025					2024
	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,
	2025					2024
	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 )

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
	2025		2024
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
	2025		2024
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.

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).


	Fair Values of Derivative Instruments as of September 30, 2025
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	2,133,707	Other assets	$	111,850	$	2,133,707	Other liabilities	$	112,076
Credit contracts	33,456		Other assets	11		99,228		Other liabilities	—
Total derivatives not designated as a hedging instrument				111,861					112,076

Derivatives designated as a hedging instrument:
Interest rate products	175,000		Other assets	354		425,000		Other liabilities	2,225

Total gross derivative amounts recognized on the balance sheet				112,215					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 counterparties				96,563					—
Net derivatives not offset				$	7,207				$	103,434


	Fair Values of Derivative Instruments as of December 31, 2024
	Asset Derivatives					Liability Derivatives
	Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)		Notional Amount		Consolidated Statements of Financial Condition	Fair value (1)
Derivatives not designated as a hedging instrument:
Interest rate products	$	2,272,162	Other assets	$	174,196	$	2,272,162	Other liabilities	$	174,344
Credit contracts	11,662		Other assets	—		67,560		Other liabilities	—
Total derivatives not designated as a hedging instrument				174,196					174,344

Derivatives designated as a hedging instrument:
Interest rate products	225,000		Other assets	5,136		75,000		Other liabilities	204

Total gross derivative amounts recognized on the balance sheet				179,332					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 counterparties				174,904					—
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 Income	September 30, 2025		September 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate products	Other income	$	32	115
Credit contracts	Other (loss) income	( 3 )		50
Total		$	29	165

Derivatives designated as a hedging instrument:
Interest rate products	Interest benefit	$	( 2,056 )	( 3,504 )
Total		$	( 2,056 )	( 3,504 )


		Gain (loss) recognized in income on derivatives for the nine months ended
	Consolidated Statements of Income	September 30, 2025		September 30, 2024
Derivatives not designated as a hedging instrument:
Interest rate products	Other (loss) income	$	( 78 )	232
Credit contracts	Other (loss) income	( 122 )		41
Total		$	( 200 )	273

Derivatives designated as a hedging instrument:
Interest rate products	Interest 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 .

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,
	2025		2024	2025	2024
Non-interest income
In-scope of Topic 606:
Wealth management fees	$	7,349	7,620	21,625	22,878
Insurance agency income	3,852		3,631	14,445	12,912
Banking service charges and other fees:
Service charges on deposit accounts	5,366		5,089	15,325	12,612
Debit card and ATM fees	1,159		1,510	3,719	3,371
Total banking service charges and other fees	6,525		6,599	19,044	15,983
Total in-scope non-interest income	17,726		17,850	55,114	51,773
Total out-of-scope non-interest income	9,693		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

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):


	Classification	September 30, 2025		December 31, 2024
Lease Right-of-Use Assets:
Operating lease right-of-use assets	Other assets	$	54,976	62,258
Lease Liabilities:
Operating lease liabilities	Other 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, 2025		Three 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, 2025		Nine months ended September 30, 2024
Lease Costs
Operating lease cost	$	10,367	9,539

Variable lease cost	3,158		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, 2025		Nine months ended September 30, 2024

Operating cash flows from operating leases	$	10,175	9,341

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
2026	12,046
2027	10,514
2028	8,985
2029	7,673
Thereafter	22,279
Total future minimum lease payments	64,794
Amounts representing interest	6,945
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):


	Three months ended September 30,			Nine months ended September 30,
	2025		2024	2025		2024
Interest income on loans	$	290,042	291,987	$	845,183	663,267
Interest income on cash and debt securities	36,239		30,535	102,752		70,925
Total interest income	326,281		322,522	947,935		734,192
Total interest expense	131,949		138,821	384,781		315,315
Net interest income	194,332		183,701	563,154		418,877

Provision for credit losses	7,044		9,299	4,794		78,684
Net interest income after provision	187,288		174,402	558,360		340,193

Non-interest income:
Wealth management income	7,349		7,620	21,625		22,878
Insurance Agency Income	3,852		3,631	14,445		12,912
Other non-interest income (1)	16,218		15,604	45,454		34,147
Total non-interest income	27,419		26,855	81,524		69,937

Non-interest expense:
Compensation and employee benefits	63,202		63,468	188,817		158,404
Net occupancy expense	12,773		12,790	39,711		32,452
Data processing expense	9,102		10,481	28,305		25,698
Other non-interest expense (2)	28,015		49,263	87,140		106,670
Total non-interest expense	113,092		136,002	343,973		323,224

Income tax expense	29,895		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.

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

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

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:


	September 30, 2025		December 31, 2024


Mortgage loans:
Commercial	$	7,318,725	7,228,078
Multi-family	3,534,751		3,382,933
Construction	719,961		823,503
Residential	1,977,483		2,010,637
Total mortgage loans	13,550,920		13,445,151




Commercial loans (1)	4,837,934		4,608,600
Mortgage warehouse lines	292,133		160,928
Consumer loans	614,983		613,819

Total gross loans	19,295,970		18,667,570
Premiums on purchased loans	1,362		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):


	Amount		Percentage of Total
Multi-family	$	3,937,340	33.7	%
Retail	2,634,608		22.5
Industrial	2,260,331		19.3
Mixed	911,205		7.8
Office	798,909		6.8
Special use property	634,434		5.4
Residential	312,405		2.7
Hotel	135,487		1.2
Land	75,743		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):


	Amount		Percentage of Total
New Jersey	$	7,192,517	61.5	%
New York	1,826,859		15.6
Pennsylvania	1,520,191		13.0
Other states	1,160,895		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.

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, 2025		December 31, 2024
Mortgage loans:
Commercial	$	39,036	$	20,883
Multi-family	424		7,498
Construction	19,220		13,246
Residential	7,858		4,535
Total mortgage loans	66,538		46,162
Commercial loans (1)	32,483		24,243
Consumer loans	1,388		1,656


Total non-performing loans	100,409		72,061
Foreclosed assets	2,015		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, 2025		December 31, 2024
Mortgage loans:
Residential	$	6,180	5,049
Commercial	4,314		3,954
Multi-family	879		—
Construction	—		—
Total mortgage loans	11,373		9,003
Commercial loans (1)	1,390		2,377
Consumer loans	299		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,

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.

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
	Required				Required with Capital Conservation Buffer			Actual
	Amount		Ratio		Amount	Ratio		Amount	Ratio
	(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 capital	927,416		4.50		1,442,647	7.00		2,453,320	11.90
Tier 1 risk-based capital	1,236,555		6.00		1,751,786	8.50		2,453,320	11.90
Total risk-based capital	1,648,740		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 capital	927,157		4.50		1,442,244	7.00		2,114,167	10.26
Tier 1 risk-based capital	1,236,209		6.00		1,751,296	8.50		2,114,167	10.26
Total risk-based capital	1,648,279		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

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, 2025						September 30, 2024
	Average Balance		Interest		Average Yield/Cost		Average Balance	Interest	Average 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 securities	3,070,080		30,952		4.03		2,644,262	24,608	3.71
Held to maturity debt securities, net (1)	299,506		1,897		2.53		342,217	2,136	2.50
Equity securities, at fair value	19,457		120		2.47		19,654	276	5.62
Federal Home Loan Bank stock	116,788		2,506		8.58		91,841	1,090	4.75
Net loans: (2)
Total mortgage loans	13,390,032		197,252		5.85		13,363,265	197,857	5.83
Total commercial loans	4,908,131		81,943		6.63		4,546,088	81,183	7.05
Total consumer loans	608,600		10,847		7.07		622,586	12,947	8.27
Total net loans	18,906,763		290,042		6.09		18,531,939	291,987	6.21
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 banks	154,859						341,505
Other assets	1,871,366						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 deposits	1,596,072		896		0.22		1,711,502	1,006	0.23
Time deposits	3,287,241		30,614		3.69		3,112,598	34,139	4.36
Total deposits	15,163,627		102,094		2.67		14,766,153	110,009	2.96
Borrowed funds	2,136,111		21,307		3.96		2,125,149	19,923	3.73
Subordinated debentures	404,548		8,548		8.38		413,267	8,889	8.56
Total interest bearing liabilities	$	17,704,286	131,949		2.96	%	17,304,569	138,821	3.19	%
Non-Interest Bearing Liabilities:
Non-interest bearing deposits	$	3,725,645					3,741,160
Other non-interest bearing liabilities	349,945						541,839
Total non-interest bearing liabilities	4,075,590						4,282,999
Total liabilities	21,779,876						21,587,568
Stockholders' equity	2,738,414						2,660,470
Total liabilities and stockholders' equity	$	24,518,290					24,248,038
Net interest income			$	194,332				183,701
Net interest rate spread					2.80	%			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 liabilities	1.27x						1.26x



(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.


	For the nine months ended
	September 30, 2025						September 30, 2024
	Average Balance		Interest		Average Yield/Cost		Average Balance	Interest	Average 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 securities	2,952,923		87,530		3.95		2,189,671	52,277	3.18
Held to maturity debt securities, net (1)	311,507		5,859		2.51		350,529	6,761	2.57
Equity securities, at fair value	19,294		469		3.24		10,050	276	3.67
Federal Home Loan Bank stock	119,503		6,667		7.48		84,845	6,145	9.66
Net loans: (2)
Total mortgage loans	13,362,561		577,097		5.77		10,682,974	461,632	5.70
Total commercial loans	4,803,599		236,616		6.59		3,487,600	175,815	6.69
Total consumer loans	609,979		31,470		6.90		460,497	25,820	7.49
Total net loans	18,776,139		845,183		6.02		14,631,071	663,267	5.99
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 banks	146,568						229,336
Other assets	1,908,122						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 deposits	1,641,821		2720		0.22		1,444,135	2,476	0.23
Time deposits	3,228,399		92,232		3.82		2,091,806	66,517	4.25
Total deposits	14,954,256		295,771		2.64		11,467,192	243,602	2.84
Borrowed funds	2,182,319		63,555		3.89		2,074,958	57,871	3.73
Subordinated debentures	403,299		25,455		8.44		215,745	13,842	8.57
Total interest bearing liabilities	$	17,539,874	384,781		2.93	%	13,757,895	315,315	3.06	%
Non-Interest Bearing Liabilities:
Non-interest bearing deposits	$	3,715,008					2,896,453
Other non-interest bearing liabilities	370,224						379,909
Total non-interest bearing liabilities	4,085,232						3,276,362
Total liabilities	21,625,106						17,034,257
Stockholders' equity	2,687,384						2,163,856
Total liabilities and stockholders' equity	$	24,312,490					19,198,113
Net interest income			$	563,154				418,877
Net interest rate spread					2.76	%			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 liabilities	1.27x						1.26x



(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.

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

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

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.

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.

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 Ramp	Net Interest Income
	Dollar Amount	Dollar Change	Percent Change

-200	778,908	(2,736)	(0.4)
-100	779,874	(1,770)	(0.2)
Static	781,644	—	—
+100	779,125	(2,519)	(0.3)
+200	776,294	(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 Equity			Present Value of Equity as Percent of Present Value of Assets
Change in interest rates (basis points)	Dollar Amount	Dollar Change	Percent Change	Present Value Ratio	Percent Change

-200	3,344,464	(238,942)	(6.7)	13.0	(10.0)
-100	3,484,162	(99,244)	(2.8)	13.9	(4.5)
Static	3,583,406	—	—	14.4	—
+100	3,609,204	25,798	0.7	14.8	2.6
+200	3,623,145	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.

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, 2025	1,335	18.15		1,335	814,634
September 1, 2025 through September 30, 2025	—	—		—	814,634
Total	1,335	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.


Item 6.			Exhibits.

The following exhibits are filed herewith:


2.1			Agreement and Plan of Merger by and between Provident Financial Services, Inc. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 27, 2022/File No. 001-31566)

2.2			Amendment No. 1 to Agreement and Plan of Merger, dated December 20, 2023, by and among Provident Financial Services, Inc., NL 239 Corp. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 20, 2023/File No. 001-31566)

2.3			Amendment No. 2 to Agreement and Plan of Merger, dated March 29, 2024, by and among Provident Financial Services, Inc., NL 239 Corp. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2024/File No. 001-31566)

3.1			Certificate of Incorporation of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.)

3.2			Amended and Restated Bylaws of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Form 10-K filed with the Securities and Exchange Commission on May 16, 2024/File No. 001-31566.)

4.1			Form of Common Stock Certificate of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.)

10.1			Provident Bank Executive Severance Plan (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on 7/25/25/File No. 001-31566)

10.2			Anthony J. Labozzetta Amended and Restated Agreement (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on 6/27/25/File No. 001-31566)

31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32			Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH			XBRL Taxonomy Extension Schema Document

101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF			XBRL Taxonomy Extension Definition Linkbase Document

101.LAB			XBRL Taxonomy Extension Labels Linkbase Document

101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document

104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, has been formatted in iXBRL.

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, 2025

By:

/s/ Anthony J. Labozzetta

Anthony J. Labozzetta

President and Chief Executive Officer (Principal Executive Officer)

Date:

November 6, 2025

By:

/s/ Thomas M. Lyons

Thomas M. Lyons

Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date:

November 6, 2025

By:

/s/ Adriano M. Duarte

Adriano M. Duarte

Executive Vice President and Chief Accounting Officer

TABLE OF CONTENTS

Part I Financial Information Item 1. Financial Statements Note 1. Summary Of Significant Accounting Policies Note 2. Business Combinations Note 3. Investment Securities Note 4. Loans Receivable and Allowance For Credit Losses Note 5. Deposits Note 6. Borrowed Funds Note 7. Components Of Net Periodic Benefit Cost Note 8. Impact Of Recent Accounting Pronouncements Note 9. Contingencies Note 10. Allowance For Credit Losses on Off-balance Sheet Credit Exposures Note 11. Fair Value Measurements Note 12. Other Comprehensive Income (loss)Note 13. Derivative and Hedging Activities Note 14. Revenue Recognition Note 15. Leases Note 16. Segment Reporting Note 17. Subsequent Events Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities, Use Of Proceeds, and Issuer Purchases Of Equity Securities Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

2.1 Agreement and Plan of Merger by and between Provident Financial Services, Inc. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 27, 2022/File No. 001-31566) 2.2 Amendment No. 1 to Agreement and Plan of Merger, dated December 20, 2023, by and among Provident Financial Services, Inc., NL 239 Corp. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 20, 2023/File No. 001-31566) 2.3 Amendment No. 2 to Agreement and Plan of Merger, dated March 29, 2024, by and among Provident Financial Services, Inc., NL 239 Corp. and Lakeland Bancorp, Inc. (Filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2024/File No. 001-31566) 3.2 Amended and Restated Bylaws of Provident Financial Services, Inc. (Filed as an exhibit to the Companys Form 10-K filed with the Securities and Exchange Commission on May 16, 2024/File No. 001-31566.) 10.1 Provident Bank Executive Severance Plan (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on 7/25/25/File No. 001-31566) 10.2 Anthony J. Labozzetta Amended and Restated Agreement (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on 6/27/25/File No. 001-31566) 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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PFS 10-Q Quarter ended Sept. 30, 2025

Exhibits