Provident Financial Services, Inc · NYSE:PFS
Provident Financial Services — IPO Roadshow (August 2026)
38 slides from Provident Financial Services's IPO roadshow presentation, Aug 20, 2026
Slide 1: Fixed Income Investor Presentation August 2026
Fixed Income Investor Presentation August 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained herein are “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 , Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended
Slide 3: Terms of the Proposed Offering
Terms of the Proposed Offering 3 Provident Financial Services, Inc. (NYSE: PFS) Issuer: Fixed - to - Floating Rate Subordinated Notes Due 2036 Security Offered: BBB by Kroll Bond Rating Agency (Stable Outlook) Rating 1 : $175 million Offering Size: SEC Registered Format: 10 Years Term: 5 Years Call:
Slide 4: Table of Contents
Company Overview Loan Portfolio and Asset Quality Financial Overview Securities Portfolio and Other Funding Capital Position Appendix Table of Contents
Slide 5: Company Overview
Company Overview =Provident Financial Services, Inc.
Slide 6: Executive Management Biographies
Adriano M. Duarte, Executive Vice President and Chief Financial Officer Adriano M. Duarte has served as Chief Financial Officer since June 2026, and as Executive Vice President since April 2023. He has been with the Company for 5 years and previously served as Chief Accounting Officer from April 202
Slide 7: Executive Management Biographies (continued)
George Lista, President and Chief Executive Officer of Provident Protection Plus George Lista has served as President and Chief Executive Officer of Provident Protection Plus, Inc. since 2001. He has been with the Company for 25 years and previously served as Chief Operating Officer of SB One Insura
Slide 8: Provident Bank: Building a Premier Banking Franchise
Provident Bank; Building a Premier Banking Franchise Total Assets $25.7BN Total Loans $20.0BN Total Deposits $19.5BN YTD ROAA 1.26% YTD ROATCE ¹ 16.2% • Founded in 1839, longest tenured bank headquartered in New Jersey • 135 branches serving New Jersey, eastern Pennsylvania, and Orange, Queens, and
Slide 9: Investment Highlights
Investment Highlights 9 Highly experienced and stable management team effectively executing a relationship banking strategy, delivering high quality ban king services across customer base Long - standing commitments to serving the local community, employee engagement, and diversity and inclusion Rob
Slide 10: Well Positioned in Highly Attractive Markets
Well Positioned in Highly Attractive Markets 10 Rank Institution Deposits ($MM)¹ Share (%)¹ 1 Valley National Bancorp $29,584 19.4% 2 Provident Financial Services Inc. 17,936 11.8 3 Columbia Financial Inc. 10,001 6.6 4 OceanFirst Financial Corp. 9,712 6.4 5 Fulton Financial Corp. 8,966 5.9 6 Connect
Slide 11: Growth Achieved Through an Organic Strategy Augmented by Disciplined M&A
Growth Achieved Through an Organic Strategy Augmented by Disciplined M&A 11 • Consistent organic growth has been supplemented by select, opportunistic whole bank acquisitions that have been conservatively priced and modeled • Wealth management has been a key priority in last decade, resulting in str
Slide 12: Loan Portfolio and Asset Quality
Loan Portfolio and Asset Quality 12
Slide 13: Loan Underwriting Policy and Disciplined Credit Culture
Loan Underwriting Policy and Disciplined Credit Culture 13 Striking a Balance Between: In Our Decision Making and Responsiveness to Customers Prudence Disciplined Underwriting Portfolio Management / Analytics • Provident employs a conservative lending approach with processes that allow for the promp
Slide 14: Diversified Loan Portfolio
Diversified Loan Portfolio 14 ϭϬ й ϭϵ й ϯϳ й Ϯϲ й Total Loans: $20.0bn 2Q 26 Yield: 5.90% Reserves / Gross Loans: 0.92% CRE (Excl. Multi - Family) / Total RBC: 291% CRE (Incl. Multi - Family) / Total RBC: 428% C&D / Total RBC: 26% 2Q 26 L OAN C OMPOSITION B ANK L EVEL P ORTFOLIO C HARACTERISTICS CRE
Slide 15: Overview of CRE Portfolio and Concentrations
Overview of CRE Portfolio and Concentrations 15 ϯϰ й Ϯϳ й Ϯϱ й Ϯϱ й ϯϲ й Ϯϴ й Ϯϲ й Ϯϲ й ϮϬϮϰ ϮϬϮϱ ϭ Y Ζ Ϯϲ Ϯ Y Ζ Ϯϲ Holding company Bank - level Holding company Bank - level 10 Largest CRE Relationships as a % of CRE Portfolio: 4.0% Adjusted ADC Concentration Ratio ³ : 24% Average Loan Size Outstand
Slide 16: CRE Deep Dive
9% 51% 40% CRE Deep Dive 16 Total Multifamily Portfolio: $3.8bn Total NY Multi: $655mm ¹ Manhattan Other New York City Boroughs Other New York N EW Y ORK O RIGINATIONS T OTAL M ULTI O RIGINATIONS $191mm $94mm $112mm $37mm $140mm $80mm 2021 or Prior 2022 2023 2024 2025 2026 $1.8bn $570mm $478mm $261m
Slide 17: History of Prudent Credit Management Across Cycles
History of Prudent Credit Management Across Cycles 17 NPA T RENDS ($MM) $59.1 $84.5 $97.3 $122.5 $99.0 $76.7 $53.9 $44.4 $42.4 $34.9 $25.7 $40.2 $87.1 $48.0 $58.5 $49.6 $72.1 $78.4 $136.9 $1.1 $7.6 $38.9 $58.4 $58.2 $54.8 $26.0 $29.9 $31.7 $35.7 $42.6 $23.7 $21.9 $19.5 $3.4 $6.4 $2.9 $12.8 $12.5 $5.
Slide 18: History of Prudent Credit Management Across Cycles (cont'd)
0.19% 0.39% 0.64% 0.52% 0.43% 0.22% 0.13% 0.07% 0.07% 0.10% 0.39% 0.18% 0.06% (0.04%) 0.01% 0.08% 0.09% 0.07% 0.05% 1.44% 2.65% 2.66% 1.63% 1.12% 0.69% 0.49% 0.42% 0.46% 0.47% 0.46% 0.49% 0.49% 0.25% 0.26% 0.49% 0.65% 0.61% 0.57% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 19: Financial Overview
Financial Overview =Provident Financial Services, Inc. 9
Slide 20: Historical Balance Sheet Trends
Historical Balance Sheet Trends 20 T OTAL A SSETS ($BN) G ROSS L OANS HFI ($BN) T ANG . C OMMON E QUITY / T ANG . A SSETS ¹ (%) T OTAL D EPOSITS ($BN) $24.1 $25.0 $25.7 2024 2025 2Q'26 $18.6 $19.3 $19.5 2024 2025 2Q'26 $18.7 $19.5 $20.0 2024 2025 2Q'26 7.7% 8.5% 8.6% 2024 2025 2Q'26 1) Non - GAAP fi
Slide 21: Track Record of Strong Performance
Track Record of Strong Performance 21 R ETURN ON A VERAGE A SSETS (%) R ETURN ON A VERAGE T ANG . C OMMON E QUITY ¹ (%) D ILUTED E ARNINGS PER S HARE ($) E FFICIENCY R ATIO ¹ (%) 0.6% 0.8%² 1.2% 1.3% 2024 2025 YTD 2Q'26 8.6% 16.2% 11.3%² 16.6% 2024 2025 YTD 2Q'26 58% 52% 51% 55% 49% 48% 2024 2025 YT
Slide 22: Expanding Net Interest Margin
Expanding Net Interest Margin 22 Securities Net loans Interest - earning assets A SSET Y IELDS L IABILITY C OSTS L OAN R EPRICING T RENDS N ET I NTEREST M ARGIN Loan Pricing 2Q'26 Total ($BN) 2Q'26 % of Total Fixed $14.4 72% Repricing in next four quarters 6.1 31% Floating 5.5 28% Total $20.0 100% 3
Slide 23: Granular and Relationship Focused Funding Model
Ψ ϭϴ ͘ ϲ Ψ ϭϵ ͘ ϯ Ψ ϭϵ ͘ ϭ Ψ ϭϵ ͘ ϱ ϮϮϲ ďƉƐ ϭϵϮ ďƉƐ ϱϭϰ ďƉƐ ϯϲϯ ďƉƐ ϮϬϮϰ z ϮϬϮϱ z ϭ Y Ζ Ϯϲ Ϯ Y Ζ Ϯϲ d E Granular and Relationship Focused Funding Model 23 ϱϰ й Ϯϵ й ϱ й ϭϮ й ϴϴ ͘ ϵ й ϴϴ ͘ ϯ й ϴϴ ͘ ϲ й ϴϳ ͘ ϲ й ϮϬϮϰ z ϮϬϮϱ z ϭ Y Ζ Ϯϲ Ϯ Y Ζ Ϯϲ Stable Core Deposit Base 3 2 • Strategic build out of trea
Slide 24: Emphasis on Growing Fee Income
Emphasis on Growing Fee Income 24 PFS R EVENUE C OMPOSITION (LTM 2Q 2026¹) ($MM) PFS I NSURANCE A GENCY F EE I NCOME ($MM) PFS W EALTH M ANAGEMENT F EE I NCOME ($MM) • Beacon Trust remains focused on retention and growth of its platform. Chief Wealth Officer Annamaria Vitelli joined the team in Sept
Slide 25: Securities Portfolio and Other Funding
Securities Portfolio and Other Funding 25
Slide 26: Investment Portfolio
Investment Portfolio 26 Total Investment Portfolio¹ = $3.55 Billion As of June 30, 2026, the portfolio had a modified duration of 4 .1 years and weighted average life of 5.0 years As of June 30, 2026, the allowance for credit losses on held to maturity securities totaled $22 ,000 AFS Investment Port
Slide 27: Maintaining Strong Liquidity Profile
Maintaining Strong Liquidity Profile 27 $8.3 billion available liquid funds and borrowing capacity Stable insured deposit base, brokered deposits only 6.5% of total deposits as of June 30, 2026 Total insured and collateralized deposits as of 06/30/26, totaled $13.7BN or 70.1% of our total deposit po
Slide 28: Interest Rate Sensitivity
Interest Rate Sensitivity 28 Calculated Increase (Decrease) in Projected Annual Net Interest Income ($000) June 30, 2026 June 30, 2025 Change in Interest Rates $ Change % Change $ Change % Change +200 bps ($15,471) (1.8%) ($5,573) (0.7%) +100 bps ($7,626) (0.9%) ($2,540) (0.3%) -100 bps $5,715 0.7%
Slide 29: Capital Position
Capital Position =Provident Financial Services, Inc.
Slide 30: Historical Capital Strength
Historical Capital Strength 30 ϴ ͘ ϱ й ϵ ͘ Ϭ й ϵ ͘ ϭ й ϵ ͘ Ϯ й ϵ ͘ ϳ й ϭϬ ͘ ϰ й ϭϬ ͘ ϱ й ϭϬ ͘ ϱ й ϮϬϮϰ z ϮϬϮϱ z Y ϭ Ζ Ϯϲ Y Ϯ Ζ Ϯϲ ϭϬ ͘ Ϭ й ϭϬ ͘ ϱ й ϭϬ ͘ ϲ й ϭϬ ͘ ϲ й ϭϭ ͘ ϰ й ϭϮ ͘ Ϯ й ϭϮ ͘ ϯ й ϭϮ ͘ ϭ й ϮϬϮϰ z ϮϬϮϱ z Y ϭ Ζ Ϯϲ Y Ϯ Ζ Ϯϲ ϭϯ ͘ Ϯ й ϭϯ ͘ ϲ й ϭϯ ͘ ϲ й ϭϯ ͘ ϱ й ϭϮ ͘ ϰ й ϭϯ ͘ ϭ й ϭϯ ͘ Ϯ й ϭϯ
Slide 31: Pro Forma Capital Ratios
($ in thousands) 2Q26 Actual 2Q26 Pro Forma ¹ Capital Ratios Leverage Ratio 9.2% 9.2% CET1 Ratio 10.6% 10.6% Tier 1 Ratio 10.6% 10.6% Total RBC Ratio 13.5% 13.5% Bank-Level CRE / Total RBC 428% 428% Pro Forma Capital Ratios 31 1) Reflects the issuance of $175 million aggregate principal amount of su
Slide 32: Double Leverage & Interest Coverage
Double Leverage & Interest Coverage 32 For the Twelve Months Ended Dec. 31, Year-to-Date Offering Pro Forma for ($ in thousands) 2024 2025 2Q26 Adjustments ¹ Debt Raise Total Investment in Subsidiaries $2,944,899 $3,216,486 $3,272,961 -- $3,272,961 Consolidated Equity 2,601,207 2,833,212 2,906,985 -
Slide 33: Appendix
Appendix =Provident Financial Services, Inc.
Slide 34: Summary of Outstanding Debt Securities
Summary of Outstanding Debt Securities 34 1) Three - Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262% Issue Entity Rank Maturity Call Amount ($000s) Front-End Coupon Back-End Coupon Subordinated Debt 2034 Sub Notes (10NC5) HoldCo Subordinated 5/15/2034 5/15/2029 $
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non - GAAP Financial Measures 35 Note : The Company has presented the following non - GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company s resu
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non - GAAP Financial Measures 36 Note : The Company has presented the following non - GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company s resu
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non - GAAP Financial Measures 37 Note : The Company has presented the following non - GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company s resu
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non - GAAP Financial Measures 38 Note : The Company has presented the following non - GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company s resu
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