4 unchanged sentences
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.
−Removed: 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.
+Added: 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 and the availability of and costs associated with sources of liquidity.
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.
1 unchanged sentence
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.
−Removed: Lakeland Bancorp, Inc.
−Removed: On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc.
−Removed: ("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.
−Removed: 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.
−Removed: 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.
−Removed: The total consideration paid for the acquisition of Lakeland was $876.8 million.
−Removed: In connection with the acquisition, Lakeland Bank, a wholly-owned subsidiary of Lakeland, was merged with and into the Bank.
−Removed: The acquisition was accounted for under the acquisition method of accounting.
−Removed: 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.
−Removed: The excess of consideration paid over the estimated fair value of the net assets acquired totaled $190.9 million and was recorded as goodwill.
−Removed: 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).
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Merger-related expense is a separate line in non-interest expense on the Consolidated Statements of Income.
−Removed: 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
3 unchanged sentences
These assumptions, estimates and judgments made by management can be influenced by a number of factors, including the general economic environment.
−Removed: The Company has identified the allowance for credit losses on loans as a critical accounting policy.
+Added: The Company has identified the allowance for credit losses on loans and the acquisition method of accounting as critical accounting policies.
The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio.
6 unchanged sentences
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
−Removed: deviate from that of the wider industry.
+Added: deviates 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.
15 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, 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.
+Added: The allowance estimation process resulted in a total recapture of previous provisions on loans of $4.7 million for the three months ended March 31, 2026, and an overall coverage ratio of 90 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.
−Removed: 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.
1 unchanged sentence
The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled.
−Removed: As of September 30, 2025, the portfolio and class segments for the Company’s loan portfolio were:
+Added: As of March 31, 2026, the portfolio and class segments for the Company’s loan portfolio were:
• Mortgage Loans – Residential, Commercial Real Estate, Multi-Family and Construction
−Removed: • Commercial Loans – Commercial Owner-Occupied and Commercial & Industrial Loans
+Added: • Commercial Loans – Commercial Owner-Occupied and Commercial Non-Real Estate Secured
• Consumer Loans – First Lien Home Equity and Other Consumer
6 unchanged sentences
Loans acquired that have experienced more-than-insignificant deterioration in credit quality since their origination are considered PCD loans.
−Removed: The Company evaluates acquired loans for deterioration in credit quality based on any of, but not
−Removed: limited to, the following:
+Added: 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;
−Removed: (3) risk ratings of special mention, substandard or doubtful;
+Added: (3) risk ratings of special mention, substandard or
(4) watchlist credits;
1 unchanged sentence
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.
−Removed: 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.
+Added: 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 on loans.
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.
15 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
−Removed: COMPARISON OF FINANCIAL CONDITION AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
−Removed: Total assets as of September 30, 2025 were $24.83 billion, a $780.9 million increase from December 31, 2024.
−Removed: 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.
−Removed: 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.
−Removed: The loan portfolio consisted of the following:
−Removed: September 30, 2025 December 31, 2024
+Added: Pursuant to ASC 740, Income Taxes, the Company recognized the effects of the OBBB in the third fiscal quarter of 2025, the period in which the legislation was enacted.
+Added: The Company evaluated the potential impact of the OBBB on its financial statements and, based on its assessment, the legislation has not had a material impact on its financial statements.
+Added: COMPARISON OF FINANCIAL CONDITION AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
+Added: Total assets as of March 31, 2026 were $25.20 billion, a $221.0 million increase from December 31, 2025.
+Added: The increase in total assets was primarily due to a $143.6 million increase in total loans and a $60.9 million increase in total investments.
+Added: The Company’s loans held for investment portfolio increased $143.6 million to $19.65 billion as of March 31, 2026, from $19.50 billion as of December 31, 2025.
+Added: The loan portfolio consists of the following (in thousands):
+Added: March 31, 2026 December 31, 2025
Mortgage loans:
6 unchanged sentences
5,301,113 5,200,517
−Removed: Mortgage warehouse lines 292,133 160,928
Consumer loans 608,016 612,431
1 unchanged sentence
Premiums on purchased loans 1,700 1,524
−Removed: Net deferred fees and unearned discounts (11,265) (9,538)
−Removed: Total loans held for investment $ 19,286,067 18,659,370
−Removed: (1) Commercial loans consist of owner-occupied real estate and commercial & industrial loans.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Net deferred fees (12,805) (12,976)
+Added: Total loans $ 19,647,702 19,504,061
+Added: (1) Commercial loans consist of owner-occupied real estate, commercial & industrial loans and mortgage warehouse lines.
+Added: During the three months ended March 31, 2026, the loans held for investment portfolio had net increases of $123.1 million of commercial loans, $56.9 million of multi-family loans and $24.9 million of commercial mortgage loans, partially offset by net decreases of $22.5 million of mortgage warehouse lines, $21.2 million of construction loans and $13.5 million of residential mortgage loans.
+Added: Total commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, as well as mortgage warehouse lines, represented 86.9% of the loan portfolio as of March 31, 2026, compared to 86.7% as of December 31, 2025.
+Added: The Bank’s lending activities, though concentrated in the communities surrounding its offices, extend predominantly throughout New Jersey, eastern Pennsylvania and Queens, Nassau and Orange County, New York.
This geographic concentration subjects the Company’s loan portfolio to the general economic conditions within these states.
−Removed: The risks created by this concentration are evaluated by management as part of its risk management program.
+Added: The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for credit losses.
We consider our commercial real estate loans to be higher risk categories in our loan portfolio.
These loans are particularly sensitive to economic conditions.
−Removed: 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.
+Added: As of March 31, 2026, our portfolio of commercial real estate loans, including multi-family and construction loans, totaled $11.79 billion, or 59.97% of total loans.
The Company believes the CRE loans it originates are appropriately collateralized under its credit standards.
3 unchanged sentences
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.
−Removed: 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):
+Added: The table below summarizes the concentrations of CRE loans on a gross basis, not including any purchase accounting adjustments ("PAA"), based on the collateral securing the loans, as of March 31, 2026 (in thousands):
Amount Percentage of Total
5 unchanged sentences
Special use property 568 4.8
−Removed: Residential 312,405 2.7
Hotel 291 2.5
−Removed: Land 75,743 0.7
+Added: Residential 138 1.2
Total CRE, multi-family and construction loans $ 11,810 100.0 %
The determination of collateral value is critically important when financing real estate.
−Removed: As a result, obtaining current and objectively prepared appraisals is a major part of the underwriting process.
+Added: As a result, obtaining current and objectively prepared appraisals is an important 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.
8 unchanged sentences
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.
−Removed: 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):
+Added: The table below summarizes the Company’s commercial real estate portfolio, including multi-family and construction loans as of March 31, 2026, as segregated by the geographic region in which the property is located (dollars in thousands):
Amount Percentage of Total
3 unchanged sentences
Other states 1,290 10.9
−Removed: Total CRE, multi-family and construction loans $ 11,700,462 100.0 %
+Added: Total commercial real estate loans $ 11,810 100.0 %
The Company participates in loans originated by other banks, including participations designated as Shared National Credits (“SNCs”).
−Removed: 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.
−Removed: The following table sets forth information regarding the Company’s non-performing assets as of September 30, 2025 and December 31, 2024 (in thousands):
−Removed: September 30, 2025 December 31, 2024
+Added: The Company’s gross commitments and outstanding balances as a participant in SNCs were $196.9 million and $81.2 million, respectively, as of March 31, 2026, compared to $197.5 million and $65.7 million, respectively, as of December 31, 2025.
+Added: The following table sets forth information regarding the Company’s non-performing assets as of March 31, 2026 and December 31, 2025 (in thousands):
+Added: March 31, 2026 December 31, 2025
Mortgage loans:
3 unchanged sentences
Residential 8,669 9,062
−Removed: Total mortgage loans 66,538 46,162
+Added: Total non-accruing loans 34,199 43,345
Commercial loans 107,398 33,219
−Removed: 32,483 24,243
Consumer loans 1,327 1,856
2 unchanged sentences
Total non-performing assets $ 144,939 80,435
−Removed: (1) Includes $2.4 million of total non-accrual loans held for sale as of December 31, 2024.
−Removed: 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):
−Removed: September 30, 2025 December 31, 2024
+Added: The following table sets forth information regarding the Company’s 60-89 day delinquent loans as of March 31, 2026 and December 31, 2025 (in thousands):
+Added: March 31, 2026 December 31, 2025
Mortgage loans:
−Removed: Residential $ 6,180 5,049
−Removed: Commercial 4,314 3,954
Multi-family $ — 932
−Removed: Construction — —
+Added: Residential 6,893 4,177
Total mortgage loans 6,893 5,109
2 unchanged sentences
Total 60-89 day delinquent loans $ 10,047 6,523
−Removed: 1) Includes $2.4 million of 60-89 day delinquent loans held for sale as of December 31, 2024.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: As of September 30, 2025 and December 31, 2024, the Company held foreclosed assets of $2.0 million and $9.5 million, respectively.
−Removed: 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.
−Removed: The sale of this property closed in the second quarter of 2025, which reduced foreclosed assets by an additional $5.8 million.
−Removed: 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.
−Removed: Foreclosed assets as of September 30,
−Removed: 2025 were comprised of two commercial properties.
−Removed: 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.
−Removed: Total investment securities were $3.57 billion as of September 30, 2025, a $344.3 million increase from December 31, 2024.
+Added: As of March 31, 2026, the Company’s allowance for credit losses related to the loan portfolio was 0.90% of total loans, compared to 0.95% as of December 31, 2025 and 1.02% as of March 31, 2025, respectively.
+Added: The Company recorded a $4.7 million recapture of provision on loans for the three months ended March 31, 2026, compared with a provision on loans of $325,000 for the three months ended March 31, 2025, respectively.
+Added: For the three months ended March 31, 2026, the Company had net charge-offs of $3.1 million, compared to net charge-offs of $2.0 million for the same period in 2025.
+Added: The allowance for credit losses decreased $7.8 million to $177.0 million as of March 31, 2026, from $184.8 million as of December 31, 2025.
+Added: Total non-performing loans were $142.9 million, or 0.73% of total loans as of March 31, 2026, compared to $78.4 million, or 0.40% of total loans as of December 31, 2025.
+Added: The $64.5 million increase in non-performing loans as of March 31, 2026, compared to the trailing quarter, was primarily driven by the addition of four commercial loans on senior housing properties totaling $82.1 million that are the subject of related bankruptcy filings, partially offset by payoffs.
+Added: These loans have no prior charge-off history and require no specific reserve allocations due to strong collateral values.
+Added: Appraisals received in 2026 reflect loan-to-value ratios for the collateral properties of 32.9%, 51.7%, 61.3%, and 81.9%.
+Added: For both March 31, 2026 and December 31, 2025, the Company held foreclosed assets of $2.0 million.
+Added: Foreclosed assets as of March 31, 2026 were comprised of commercial real estate.
+Added: Total non-performing assets as of March 31, 2026 increased $64.5 million to $144.9 million, or 0.58% of total assets, from $80.4 million, or 0.32% of total assets as of December 31, 2025.
+Added: Total investment securities were $3.53 billion as of March 31, 2026, a $60.9 million increase from December 31, 2025.
This increase was primarily due to purchases of mortgage-backed securities and a decrease in unrealized losses on available for sale debt securities.
−Removed: Total deposits increased $472.4 million during the nine months ended September 30, 2025, to $19.10 billion.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The Company uses brokered deposits as an alternative source of wholesale funding to cover funding gaps created by asset growth.
−Removed: Within total deposits, brokered deposits totaled $805.9 million and $255.0 million as of September 30, 2025 and December 31, 2024, respectively.
−Removed: Our total estimated uninsured and uncollateralized deposits as of September 30, 2025, were $4.81 billion.
−Removed: Borrowed funds increased $188.9 million during the nine months ended September 30, 2025, to $2.21 billion.
−Removed: Borrowed funds represented 8.9% of total assets as of September 30, 2025, an increase from 8.4% as of December 31, 2024.
−Removed: 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.
−Removed: 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.
−Removed: As of September 30, 2025, approximately 816,000 shares remained eligible for repurchase under the current stock repurchase authorization.
+Added: Total deposits decreased $178.4 million during the three months ended March 31, 2026, to $19.10 billion.
+Added: Total savings and demand deposit accounts decreased $80.7 million to $15.91 billion as of March 31, 2026, while total time deposits decreased $97.7 million to $3.19 billion as of March 31, 2026.
+Added: The decrease in savings and demand deposits consisted of a $147.2 decrease in municipal deposits and a $42.8 million decrease in interest-bearing brokered deposits, partially offset a $53.4 million increase in money market deposits, a $12.4 million increase in savings deposits and a $2.3 million increase in non-interest-bearing demand deposits.
+Added: The decrease in municipal deposits was mainly due to seasonal outflows.
+Added: The decrease in
+Added: time deposits consisted of an $82.5 million decrease in brokered time deposits, combined with a $15.2 million decrease in retail time deposits.
+Added: Borrowed funds increased $371.0 million during the three months ended March 31, 2026, to $2.48 billion.
+Added: The increase in borrowings was largely done to fund seasonal outflows in municipal deposits and replace maturing brokered deposits.
+Added: Borrowed funds represented 9.9% of total assets as of March 31, 2026, an increase from 8.5% as of December 31, 2025.
+Added: Stockholders’ equity increased $29.7 million during the three months ended March 31, 2026, to $2.86 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 and common stock repurchases.
+Added: For the three months ended March 31, 2026, common stock repurchases totaled 588,923 shares at an average cost of $21.04 per share, of which 100,381 shares at an average cost of $21.29 were made in connection with withholding to cover income taxes on the vesting of stock-based compensation.
+Added: As of March 31, 2026, approximately 2.2 million shares remained eligible for repurchase under the current 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.
−Removed: 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.
+Added: Sources of funds include scheduled amortization of loans, loan prepayments, scheduled maturities of unpledged investments, cash flows from mortgage-backed securities and the ability to borrow funds from the 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.
−Removed: For the nine months ended September 30, 2025 and 2024, loan repayments totaled $6.31 billion and $2.09 billion, respectively.
−Removed: 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.
−Removed: Our estimated uninsured and uncollateralized deposits as of September 30, 2025 totaled $4.81 billion, or 25.2% of deposits.
−Removed: Our total estimated uninsured deposits, including collateralized deposits as of September 30, 2025, were $10.28 billion.
−Removed: Within time deposits, approximately $691.6 million, or 20.6% was uninsured as of September 30, 2025.
+Added: For the three months ended March 31, 2026 and 2025, loan repayments totaled $2.27 billion and $1.72 billion, respectively.
+Added: The Company has continued to monitor and focus on depositor behavior and borrowing capacity with the FHLBNY and FRBNY, with current borrowing capacity of $4.17 billion and $2.94 billion, respectively as of March 31, 2026.
+Added: Our estimated uninsured and uncollateralized deposits as of March 31, 2026 totaled $4.90 billion, or 25.6% of deposits.
+Added: Our total estimated uninsured deposits, including collateralized deposits as of March 31, 2026, was $10.61 billion.
+Added: Within time deposits, approximately $752.2 million, or 23.6% was uninsured as of March 31, 2026.
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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Total deposits increased $472.4 million during the nine months ended September 30, 2025, to $19.10 billion.
+Added: Loan originations and purchases totaled $2.42 billion for the three months ended March 31, 2026, compared to $1.93 billion for the same period in 2025.
+Added: Purchases for the investment portfolio totaled $191.3 million for the three months ended March 31, 2026, compared to $802.3 million for the year ended December 31, 2025.
+Added: As of March 31, 2026, the Bank had outstanding loan commitments to borrowers of $3.96 billion, including undisbursed home equity lines and personal credit lines of $657.8 million.
+Added: Total deposits decreased $178.4 million for the three months ended March 31, 2026.
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.
−Removed: Certificate of deposit accounts that are scheduled to mature within one year totaled $3.25 billion as of September 30, 2025.
+Added: Certificate of deposit accounts that are scheduled to mature within one year totaled $3.06 billion as of March 31, 2026.
Based on its current pricing strategy and customer retention experience, the Bank expects to retain a significant share of these accounts.
6 unchanged sentences
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.
−Removed: As of September 30, 2025, the Bank and the Company exceeded all current minimum regulatory capital requirements as follows:
−Removed: September 30, 2025
+Added: As of March 31, 2026, the Bank and the Company exceeded all current minimum regulatory capital requirements as follows:
+Added: March 31, 2026
Required Required with Capital Conservation Buffer Actual
15 unchanged sentences
(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%.
−Removed: COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
−Removed: 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.
−Removed: 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.
−Removed: While there were no transaction costs related to our merger with Lakeland Bancorp, Inc.
−Removed: (“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.
−Removed: The following tables sets forth certain information for the three and nine months ended September 30, 2025.
−Removed: For the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the
−Removed: interest expense on average interest-bearing liabilities is expressed both in dollars and rates.
+Added: COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
+Added: The Company reported net income of $79.4 million, or $0.61 per basic and diluted share for the three months ended March 31, 2026, compared to net income of $64.0 million, or $0.49 per basic and diluted share, for the three months ended March 31, 2025.
+Added: Net income for the three months ended March 31, 2026 was positively impacted by pre-provision, net revenue growth of 13.5%, or $12.9 million, when compared to the three months ended March 31, 2025, driven primarily by expanding net interest income and higher insurance agency income.
+Added: Net income in the current quarter also benefited from a $2.1 million recapture of previous provisions for credit losses.
+Added: The following table sets forth certain information for the three months ended March 31, 2026 and 2025.
+Added: 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.
1 unchanged sentence
For the three months ended
−Removed: September 30, 2025 September 30, 2024
−Removed: Average Balance Interest Average
−Removed: Yield/Cost Average Balance Interest Average
−Removed: (Dollars in Thousands) (Unaudited)
−Removed: Interest Earning Assets:
−Removed: Deposits $ 79,471 $ 764 3.82 % 179,313 2,425 5.38 %
−Removed: Available for sale debt securities 3,070,080 30,952 4.03 2,644,262 24,608 3.71
−Removed: Held to maturity debt securities, net (1)
−Removed: 299,506 1,897 2.53 342,217 2,136 2.50
−Removed: Equity securities, at fair value 19,457 120 2.47 19,654 276 5.62
−Removed: Federal Home Loan Bank stock 116,788 2,506 8.58 91,841 1,090 4.75
−Removed: Total mortgage loans 13,390,032 197,252 5.85 13,363,265 197,857 5.83
−Removed: Total commercial loans 4,908,131 81,943 6.63 4,546,088 81,183 7.05
−Removed: Total consumer loans 608,600 10,847 7.07 622,586 12,947 8.27
−Removed: Total net loans 18,906,763 290,042 6.09 18,531,939 291,987 6.21
−Removed: Total interest earning assets $ 22,492,065 $ 326,281 5.76 % 21,809,226 322,522 5.84 %
−Removed: Non-Interest Earning Assets:
−Removed: Cash and due from banks 154,859 341,505
−Removed: Other assets 1,871,366 2,097,307
−Removed: Total assets $ 24,518,290 24,248,038
−Removed: Interest Bearing Liabilities:
−Removed: Demand deposits $ 10,280,314 $ 70,584 2.72 % 9,942,053 74,864 3.00 %
−Removed: Savings deposits 1,596,072 896 0.22 1,711,502 1,006 0.23
−Removed: Time deposits 3,287,241 30,614 3.69 3,112,598 34,139 4.36
−Removed: Total deposits 15,163,627 102,094 2.67 14,766,153 110,009 2.96
−Removed: Borrowed funds 2,136,111 21,307 3.96 2,125,149 19,923 3.73
−Removed: Subordinated debentures 404,548 8,548 8.38 413,267 8,889 8.56
−Removed: Total interest bearing liabilities $ 17,704,286 131,949 2.96 % 17,304,569 138,821 3.19 %
−Removed: Non-Interest Bearing Liabilities:
−Removed: Non-interest bearing deposits $ 3,725,645 3,741,160
−Removed: Other non-interest bearing liabilities 349,945 541,839
−Removed: Total non-interest bearing liabilities 4,075,590 4,282,999
−Removed: Total liabilities 21,779,876 21,587,568
−Removed: Stockholders' equity 2,738,414 2,660,470
−Removed: Total liabilities and stockholders' equity $ 24,518,290 24,248,038
−Removed: Net interest income $ 194,332 183,701
−Removed: Net interest rate spread 2.80 % 2.65 %
−Removed: Net interest-earning assets $ 4,787,779 4,504,657
−Removed: Net interest margin (3)
−Removed: 3.43 % 3.31 %
−Removed: Ratio of interest-earning assets to total interest-bearing liabilities 1.27x 1.26x
−Removed: (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
−Removed: (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.
−Removed: (3) Annualized net interest income divided by average interest-earning assets.
−Removed: For the nine months ended
−Removed: September 30, 2025 September 30, 2024
+Added: March 31, 2026 March 31, 2025
Average Balance Interest Average
39 unchanged sentences
(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
−Removed: (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.
+Added: (2) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include loans held for sale and non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.
Net Interest Income .
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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
−Removed: same period in 2024.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The average balance of FHLBNY stock increased $34.7 million to $119.5 million for the nine months ended September 30, 2025.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Net interest income increased $12.0 million to $193.7 million for the three months ended March 31, 2026, from $181.7 million for same period in 2025.
+Added: The increase in net interest income was primarily due to originations of new loans, combined with favorable repricing of deposits, partially offset by a decrease in lower-costing deposits.
+Added: The net interest margin increased six basis points to 3.40% for the quarter ended March 31, 2026, compared to 3.34% for the quarter ended March 31, 2025.
+Added: The weighted average yield on interest-earning assets decreased 10 basis points to 5.53% for the quarter ended March 31, 2026, compared to 5.63% for the quarter ended March 31, 2025, while the weighted average cost of interest-bearing liabilities decreased 19 basis points for the quarter ended March 31, 2026, to 2.71%, compared to 2.90% for the quarter ended March 31, 2025.
+Added: The average cost of interest-bearing deposits for the quarter ended March 31, 2026, was 2.39%, compared to 2.64% for the same period last year.
+Added: Average non-interest-bearing demand deposits totaled $3.64 billion for the quarter ended March 31, 2026, compared to $3.72 billion for the quarter ended March 31, 2025.
+Added: The average cost of total deposits, including non-interest-bearing deposits, was 1.94% for the quarter ended March 31, 2026, compared with 2.11% for the quarter ended March 31, 2025.
+Added: The average cost of borrowed funds for the quarter ended March 31, 2026, was 3.90%, compared to 3.76% for the same period last year.
+Added: Interest income on loans secured by real estate increased $4.4 million to $191.5 million for the three months ended March 31, 2026, from $187.1 million for the three months ended March 31, 2025.
+Added: Commercial loan interest income increased $2.1 million to $77.9 million for the three months ended March 31, 2026, from $75.8 million for the three months ended March 31, 2025.
+Added: Consumer loan interest income decreased $258,000 to $9.9 million for the three months ended March 31, 2026, from $10.2 million for the three months ended March 31, 2025.
+Added: For the three months ended March 31, 2026, the average balance of total loans increased $763.7 million to $19.35 billion, compared to the same period in 2025.
+Added: The average yield on total loans for the three months ended March 31, 2026, decreased 10 basis points to 5.85%, from 5.95% for the same period in 2025.
+Added: Interest income on held to maturity debt securities decreased $202,000 to $1.8 million for the three months ended March 31, 2026, compared to the same period last year.
+Added: Average held to maturity debt securities decreased $46.2 million to $273.8 million for the three months ended March 31, 2026, from $320.0 million for the same period in 2025.
+Added: Interest income on available for sale debt securities decreased $4.0 million to $31.5 million for the three months ended March 31, 2026, from $27.5 million for the three months ended March 31, 2025.
+Added: The average balance of available for sale debt securities increased $389.9 million to $3.22 billion for the three months ended March 31, 2026, compared to the same period in 2025.
+Added: Dividend income on FHLBNY stock decreased $319,000 to $1.7 million for the three months ended March 31, 2026, from $2.0 million for the three months ended March 31, 2025.
+Added: The average balance of FHLBNY stock increased $12.8 million to $120.3 million for the three months ended March 31, 2026, compared to the same period in 2025.
+Added: The average yield on total securities increased to 3.80% for the three months ended March 31, 2026, compared with 3.74% for the same period in 2025.
+Added: Interest expense on deposit accounts decreased $5.5 million to $91.9 million for the three months ended March 31, 2026, from $97.4 million for the three months ended March 31, 2025.
+Added: The average cost of interest-bearing deposits decreased to 2.39% for the three months ended March 31, 2026, from 2.64% for the three months ended March 31, 2025.
+Added: The average balance of interest-bearing core deposits, which consist of total savings and demand deposits, for the three months ended March 31, 2026, increased $587.4 million to $12.37 billion.
+Added: Average time deposit account balances increased $31.3 million to $3.23 billion for the three months ended March 31, 2026, from $3.20 billion for the three months ended March 31, 2025.
+Added: Interest expense on borrowed funds increased $3.2 million to $21.0 million for the three months ended March 31, 2026, from $17.8 million for the three months ended March 31, 2025.
+Added: The average cost of borrowings increased to 3.90% for the three months ended March 31, 2026, from 3.76% for the three months ended March 31, 2025.
+Added: Average borrowings increased $266.7 million to $2.18 billion for the three months ended March 31, 2026, from $1.92 billion for the three months ended March 31, 2025.
Provision for Credit Losses.
2 unchanged sentences
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.
−Removed: Management assesses the adequacy of the allowance for credit losses on a quarterly basis and makes provisions for credit losses as necessary.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Management assesses the adequacy of the allowance for credit losses on a quarterly basis and makes provisions for credit losses, if necessary, in order to maintain the valuation of the allowance.
+Added: For the quarter ended March 31, 2026, the Company recorded a $2.1 million recapture of previous provisions for credit losses compared to a $635,000 provision for credit losses for the first quarter of 2025.
+Added: The recapture of provision consisted of a $4.7 million recapture of provision related to loans, partially offset by a $2.5 million provision related to off-balance sheet credit exposures, compared with provisions for credit losses on loans and off-balance sheet credit exposures of $325,000 and $310,000, respectively, for the quarter ended March 31, 2025.
+Added: The recapture of the provision for credit losses on loans in the current quarter was primarily due to a reduction in specific reserves on individually evaluated loans.
Non-Interest Income.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Within other non-interest income, gains on the sale of SBA loans totaled $512,000 for the
−Removed: three months ended September 30, 2025.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Within other non-interest income, gains on the sale of SBA loans totaled $1.8 million for the nine months ended September 30, 2025.
−Removed: 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.
−Removed: 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.
+Added: Non-interest income totaled $31.5 million for the quarter ended March 31, 2026, an increase of $4.4 million, compared to the same period in 2025.
+Added: BOLI income increased $1.9 million to $4.0 million for the three months ended March 31, 2026, compared to the prior year quarter, primarily due to an increase in benefit claims.
+Added: Insurance agency income increased $1.2 million to $6.9 million for the three months ended March 31, 2026, compared to the quarter ended March 31, 2025, largely due to an increase in contingency income and business activity.
+Added: Fee income increased $809,000 to $10.5 million for the three months ended March 31, 2026, compared to the prior year quarter, primarily due to increases in deposit fee income and commercial loan prepayment fees.
+Added: Additionally, other income increased $486,000 to $2.7 million for the three months ended March 31, 2026, compared to the quarter ended March 31, 2025, primarily due to an increase in net gains on the sale of SBA loans, combined with an increase in gain on fixed asset sales, partially offset by a decrease in net fees on loan-level interest rate swap transactions.
Non-Interest Expense .
−Removed: 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.
−Removed: Merger-related expenses decreased $15.6 million for the three months ended September 30, 2025, compared to the same period in 2024.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Partially offsetting these increases to non-interest expense, merger-related expenses decreased $36.7 million for the nine months ended September 30, 2025.
+Added: For the three months ended March 31, 2026, non-interest expense totaled $117.1 million, an increase of $874,000, compared to the three months ended March 31, 2025.
+Added: Compensation and benefits expense increased $3.8 million to $66.2 million for three months ended March 31, 2026, compared to $62.4 million for the same period in 2025.
+Added: The increase was primarily due to an increase in salary expense associated with Company-wide annual merit increases, combined with increases in employee medical benefits and stock-based compensation expenses.
+Added: Net occupancy expense increased $1.1 million to $15.0 million for the three months ended March 31, 2026, compared to the same period in 2025, largely due to increases in snow removal, utilities and other maintenance costs.
+Added: Partially offsetting these increases to non-interest expense, other operating expense decreased $2.5 million to $14.0 million for the three months ended March 31, 2026, compared to $16.4 million for the three months ended March 31, 2025, largely due to a $2.7 million write-down on a foreclosed property in the prior year.
+Added: Additionally, amortization of intangibles decreased $938,000 to $8.6 million for the three months ended March 31, 2026, compared to $9.5 million for 2025, primarily due to a scheduled reduction in the rate of core deposit intangible amortization related to Lakeland, while FDIC insurance expense decreased $544,000 to $2.8 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to a decrease in the assessment rate.
Income Tax Expense.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: For the three months ended March 31, 2026, the Company's income tax expense was $30.8 million with an effective tax rate of 27.9%, compared with $27.8 million with an effective tax rate of 30.3% for the three months ended March 31, 2025.
+Added: The increase in tax expense for the three months ended March 31, 2026, compared with the same period last year, was largely due to an increase in pre-tax income, partially offset by a discrete item related to stock-based compensation.
+Added: The decrease in the effective tax rate was primarily related to ongoing benefits from tax credits recognized in the current quarter, combined with the aforementioned discrete item related to stock-based compensation.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.