What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 410 added, 234 removed, 1002 unchanged (39% of the section changed)

3 unchanged sentences

Consolidated Statements of Financial Condition

March 31, 2026 (Unaudited) and December 31, 2025

June 30, 2026 (Unaudited) and December 31, 2025

(Dollars in Thousands)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Cash and cash equivalents $ 228,293 $ 211,484

Available for sale debt securities, at fair value 3,286,456 3,164,756

Held to maturity debt securities, (net of $ 15,000 allowance as of March 31, 2026 and $ 16,000 allowance as of December 31, 2025)

Held to maturity debt securities, (net of $ 22,000 allowance as of June 30, 2026 (unaudited) and $ 16,000 allowance as of December 31, 2025)

266,224 282,127

Equity securities, at fair value 20,108 19,875

Federal Home Loan Bank and other stock 132,510 115,687

Federal Home Loan Bank stock 130,672 115,687

Loans held for sale 5,478 14,710

22 unchanged sentences

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 130,311,796 shares outstanding as of March 31, 2026 and 130,619,949 outstanding as of December 31, 2025

Common stock, $ 0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,423,051 shares outstanding as of June 30, 2026 and 130,619,949 outstanding as of December 31, 2025

Additional paid-in capital 1,850,121 1,844,949

8 unchanged sentences

Consolidated Statements of Income

Three months ended March 31, 2026 and 2025 (Unaudited)

Three and six months ended June 30, 2026 and 2025 (Unaudited)

(Dollars in Thousands, except per share data)

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Interest and dividend income:

2 unchanged sentences

Consumer loans 9,953 10,464 19,852 20,623

Available for sale debt securities and Federal Home Loan Bank stock 33,282 29,644

Available for sale debt securities, equity securities and Federal Home Loan Bank stock 35,975 31,444 69,258 61,088

Held to maturity debt securities 1,778 1,966 3,572 3,962

Deposits, Federal funds sold and other short-term investments 686 675

Due from banks, Federal funds sold and other short-term investments 751 788 1,437 1,463

Total interest and dividend income 326,595 316,308 641,661 621,654

5 unchanged sentences

Net interest income 202,680 187,094 396,423 368,822

Provision for credit losses ( 2,116 ) 638

Provision charge for credit losses 9,334 ( 2,888 ) 7,218 ( 2,250 )

Net interest income after provision for credit losses 193,346 189,982 389,205 371,072

4 unchanged sentences

Bank-owned life insurance 3,798 2,585 7,833 4,678

Net gain on securities transactions — 87

Net gain (loss) on securities transactions ( 309 ) — ( 309 ) 87

Gain on sale of SBA loans 945 647 1,690 1,310

Other income 2,317 1,217 4,275 2,771

7 unchanged sentences

Advertising and promotion expense 1,513 1,429 2,451 2,489

Core system conversion expense 1,508 — 1,508 —

Other operating expenses 15,382 14,488 29,355 30,911

11 unchanged sentences

Consolidated Statements of Comprehensive Income

Three months ended March 31, 2026 and 2025 (Unaudited)

Three and six months ended June 30, 2026 and 2025 (Unaudited)

(Dollars in Thousands)

Three months ended March 31,

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $ 78,147 $ 71,981 $ 157,565 $ 136,009

Other comprehensive income (loss), net of tax:

Other comprehensive income, net of tax:

Unrealized gains and losses on available for sale debt securities:

Net unrealized gains (losses) arising during the period ( 12,689 ) 26,786

Reclassification adjustment for gains included in net income — ( 62 )

Net unrealized gains arising during the period ( 8,570 ) 9,145 ( 21,259 ) 35,931

Reclassification adjustment for losses (gains) on securities sales included in net income 581 — 581 ( 62 )

Total ( 7,989 ) 9,145 ( 20,678 ) 35,869

Unrealized gains and losses on derivatives:

Net unrealized gains arising during the period 2,533 106

Net unrealized gains (losses) arising during the period 2,647 ( 699 ) 5,180 ( 594 )

Reclassification adjustment for gains included in net income ( 33 ) ( 1,641 ) ( 100 ) ( 3,031 )

1 unchanged sentence

Amortization related to post-retirement obligations ( 135 ) ( 329 ) ( 152 ) ( 659 )

Total other comprehensive income (loss) ( 10,240 ) 25,109

Total other comprehensive (loss) income ( 5,510 ) 6,476 ( 15,750 ) 31,585

Total comprehensive income $ 72,637 $ 78,457 $ 141,815 $ 167,594

3 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2026 (Unaudited)

For the three and six months ended June 30, 2026 (Unaudited)

(Dollars in Thousands)

For the three months ended March 31, 2026

For the three months ended June 30, 2026

COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE LOSS TREASURY STOCK TOTAL STOCKHOLDERS’ EQUITY

Balance as of March 31, 2026 $ 1,376 $ 1,847,737 $ 1,202,413 $ ( 86,423 ) $ ( 102,234 ) $ 2,862,869

Net income — — 78,147 — — 78,147

Other comprehensive income, net of tax — — — ( 5,510 ) — ( 5,510 )

Cash dividends paid — — ( 30,356 ) — — ( 30,356 )

Purchase of employee restricted shares to fund statutory tax withholding — — — — ( 549 ) ( 549 )

Allocation of SAP shares — 2,384 — — — 2,384

Balance as of June 30, 2026 $ 1,376 $ 1,850,121 $ 1,250,204 $ ( 91,933 ) $ ( 102,783 ) $ 2,906,985

For the six months ended June 30, 2026

COMMONSTOCK ADDITIONAL

CAPITAL RETAINED EARNINGS ACCUMULATED

COMPREHENSIVE

LOSS TREASURY

STOCK TOTAL STOCKHOLDERS’ EQUITY

Balance as of December 31, 2025 $ 1,376 $ 1,844,949 $ 1,154,364 $ ( 76,183 ) $ ( 91,294 ) $ 2,833,212

Net income — — 157,565 — — 157,565

Other comprehensive loss, net of tax — — — ( 10,240 ) — ( 10,240 )

Other comprehensive income, net of tax — — — ( 15,750 ) — ( 15,750 )

Cash dividends paid — — ( 61,725 ) — — ( 61,725 )

3 unchanged sentences

Allocation of SAP shares — 5,115 — — — 5,115

Allocation of Stock options — — — — — —

Balance as of March 31, 2026 $ 1,376 $ 1,847,737 $ 1,202,413 $ ( 86,423 ) $ ( 102,234 ) $ 2,862,869

Balance as of June 30, 2026 $ 1,376 $ 1,850,121 $ 1,250,204 $ ( 91,933 ) $ ( 102,783 ) $ 2,906,985

See accompanying notes to unaudited consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2025 (Unaudited)

For the three and six months ended June 30, 2025 (Unaudited)

(Dollars in Thousands)

For the three months ended March 31, 2025

For the three months ended June 30, 2025

COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TREASURYSTOCK TOTAL STOCKHOLDERS’ EQUITY

Balance as of March 31, 2025 $ 1,376 $ 1,836,665 $ 1,021,266 $ ( 110,246 ) $ ( 90,267 ) $ 2,658,794

Net income — — 71,981 — — 71,981

Other comprehensive income, net of tax — — — 6,476 — 6,476

Cash dividends paid — — ( 31,350 ) — — ( 31,350 )

Purchase of employee restricted shares to fund statutory tax withholding — — — — ( 995 ) ( 995 )

Allocation of SAP shares — 2,649 — — — 2,649

Allocation of stock options — — — — — —

Balance as of June 30, 2025 $ 1,376 $ 1,839,314 $ 1,061,897 $ ( 103,770 ) $ ( 91,262 ) $ 2,707,555

For the six months ended June 30, 2025

COMMONSTOCK ADDITIONAL

PAID-IN CAPITAL RETAINEDEARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TREASURYSTOCK TOTAL

STOCKHOLDERS’ EQUITY

Balance as of December 31, 2024 $ 1,376 $ 1,834,495 $ 989,111 $ ( 135,355 ) $ ( 88,420 ) $ 2,601,207

5 unchanged sentences

Allocation of stock options — 17 — — — 17

Balance as of March 31, 2025 $ 1,376 $ 1,836,665 $ 1,021,266 $ ( 110,246 ) $ ( 90,267 ) $ 2,658,794

Balance as of June 30, 2025 $ 1,376 $ 1,839,314 $ 1,061,897 $ ( 103,770 ) $ ( 91,262 ) $ 2,707,555

See accompanying notes to unaudited consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Cash Flows

Three months ended March 31, 2026 and 2025 (Unaudited)

Six months ended June 30, 2026 and 2025 (Unaudited)

(Dollars in Thousands)

Three months ended March 31,

Six months ended June 30,

Cash flows from operating activities:

11 unchanged sentences

Originations of loans held for sale ( 24,879 ) ( 36,107 )

Proceeds from sales of loans originated for sale 18,405 10,640

Proceeds from sales of loans held for sale 29,956 170,708

Allocation of stock award expense 5,121 4,802

1 unchanged sentence

Net gain on sale of loans ( 2,070 ) ( 1,760 )

Net (gain) loss on securities transactions — ( 87 )

Net loss (gain) on securities transactions 309 ( 87 )

Net gain on sale of premises and equipment ( 992 ) ( 624 )

Net (gain) loss on sale of foreclosed assets ( 117 ) 11

Increase in accrued interest receivable ( 2,320 ) ( 1,554 )

(Increase) decrease in other assets ( 34,047 ) 25,106

Decrease in other liabilities ( 10,619 ) ( 35,718 )

Increase (decrease) in other liabilities 36,803 ( 60,357 )

Net cash provided by operating activities 203,496 275,282

2 unchanged sentences

Purchases of loans — ( 321 )

Proceeds from sales of foreclosed assets 1,140 —

Proceeds from maturities, calls and paydowns of held to maturity debt securities 25,608 29,424

10 unchanged sentences

Cash flows from financing activities:

Net decrease in deposits ( 178,381 ) ( 174,950 )

Net increase in deposits 266,486 84,711

Increase in mortgage escrow deposits 7,526 8,044

PROVIDENT FINANCIAL SERVICES, INC.

AND SUBSIDIARY

Consolidated Statements of Cash Flows

Six months ended June 30, 2026 and 2025 (Unaudited)

(Dollars in Thousands)

Six months ended June 30,

Cash dividends paid to stockholders ( 61,725 ) ( 63,223 )

1 unchanged sentence

Purchase of employee restricted shares to fund statutory tax withholding ( 2,687 ) ( 2,842 )

Three months ended March 31,

Stock options exercised 1,510 —

26 unchanged sentences

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 months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for all of 2026.

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for all of 2026.

Certain information and note disclosures normally included in financial statements prepared in accordance with U.S.

3 unchanged sentences

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 months ended March 31, 2026 and 2025 (dollars in thousands, except per share amounts):

Three months ended March 31,

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2026 and 2025 (dollars in thousands, except per share amounts):

Three months ended June 30,

Income Weighted

8 unchanged sentences

Income available to common stockholders $ 78,147 130,388,396 $ 0.60 $ 71,981 130,500,143 $ 0.55

Anti-dilutive stock options and awards as of March 31, 2026 and 2025, totaling 671,193 shares and 1.4 million shares, respectively, were excluded from the earnings per share calculations.

Six months ended June 30,

Income Weighted

Outstanding Per

Income Weighted

Common Shares Outstanding Per

Net income $ 157,565 $ 136,009

Basic earnings per share:

Income available to common stockholders $ 157,565 130,421,508 $ 1.21 $ 136,009 130,405,490 $ 1.04

Dilutive shares 67,284 35,468

Diluted earnings per share:

Income available to common stockholders $ 157,565 130,488,792 $ 1.21 $ 136,009 130,440,958 $ 1.04

Anti-dilutive stock options and awards as of June 30, 2026 and 2025, totaling 1.4 million shares and 1.2 million shares, respectively, were excluded from the earnings per share calculations.

Loans Receivable and Allowance for Credit Losses

1 unchanged sentence

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 recapture of the provision for credit losses on loans for the three months ended March 31, 2026, was primarily attributable to a

reduction in specific reserves on individually evaluated loans.

The provision for credit losses on loans for the three and six months ended June 30, 2026 was primarily attributable to overall growth in the loan portfolio, combined with an increase in specific reserves on individually evaluated loans.

See Notes 3 and 9 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures.

5 unchanged sentences

The Company completed its most recent annual goodwill impairment test as of July 1, 2026.

As of March 31, 2026, 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.

As of June 30, 2026, 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.

Investment Securities

As of March 31, 2026, the Company had $ 3.24 billion and $ 267.7 million in available for sale debt securities and held to maturity debt securities, respectively.

As of June 30, 2026, the Company had $ 3.29 billion and $ 266.2 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 March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

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 June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

Treasury obligations $ 200,584 52 ( 6,401 ) 194,235

13 unchanged sentences

$ 3,266,829 31,608 ( 133,681 ) 3,164,756

Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $ 11.4 million and $ 10.9 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026, by contractual maturity, are shown below (in thousands).

Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $ 11.7 million and $ 10.9 million as of June 30, 2026 and December 31, 2025, 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 June 30, 2026, 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.

March 31, 2026

June 30, 2026

Due in one year or less $ 105,564 104,664

6 unchanged sentences

(1) Residential mortgage-backed securities, other asset-backed securities and government-agency obligations are not included in the maturity categories as actual maturities may differ from contractual maturities because the underlying loans may be called or prepaid without penalties.

For the three months ended March 31, 2026, no securities were sold or called from the available for sale debt securities portfolio.

For March 31, 2025, proceeds from sales on securities in the available for sale debt portfolio totaled $ 1.7 million with gross gains of $ 87,000 and no losses recognized, while calls from securities from the available for sale debt portfolio totaled $ 9.6 million with no gross gains and no losses recognized.

The following table shows gross unrealized losses and estimated fair value of available for sale debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

For the three and six months ended June 30, 2026, proceeds from sales on securities in the available for sale debt securities portfolio totaled $ 23.9 million, with no gross gains and $ 806,000 of losses recognized, while proceeds from calls on securities totaled $ 5.4 million with gross gains of $ 494,000 and no gross losses recognized.

For the three months ended June 30, 2025, no securities were sold or called from the available for sale debt securities portfolio.

For the six months ended June 30, 2025, proceeds from sales on securities from the available for sale debt portfolio totaled $ 1.7 million with gross gains of $ 87,000 and

no losses recognized, while proceeds from calls on securities in the available for sale debt securities portfolio totaled $ 9.6 million with no gains and no losses recognized.

The following table shows gross unrealized losses and estimated fair value of available for sale debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

Less Than 12 months 12 Months or More Total

23 unchanged sentences

Total $ 192,957 ( 4,949 ) 1,303,456 ( 128,732 ) 1,496,412 ( 133,681 )

The number of available for sale debt securities in an unrealized loss position as of March 31, 2026 totaled 471 , compared with 406 as of December 31, 2025.

The increase in the number of securities in an unrealized loss position as of March 31, 2026 was due to higher current market interest rates compared to rates as of December 31, 2025.

All securities in an unrealized loss position were investment grade as of March 31, 2026.

The number of available for sale debt securities in an unrealized loss position as of June 30, 2026 totaled 540 , compared with 406 as of December 31, 2025.

The increase in the number of securities in an unrealized loss position as of June 30, 2026, was mainly due to higher current market interest rates compared to rates as of December 31, 2025.

All securities in an unrealized loss position were investment grade as of June 30, 2026.

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 $ 15,000 and $ 16,000 , as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

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 $ 22,000 and $ 16,000 , as of June 30, 2026 and December 31, 2025, respectively (in thousands):

June 30, 2026

Government-agency obligations $ 1,000 — ( 4 ) 996

7 unchanged sentences

$ 282,143 156 ( 7,081 ) 275,218

Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $ 2.5 million and $ 2.6 million as of March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the Consolidated Statements of Financial Condition.

Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $ 2.7 million and $ 2.6 million as of June 30, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $ 2.8 million, with no gross gains and no gross losses.

For the three months ended March 31, 2025, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $ 5.0 million with no gross gains and no gross losses.

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of March 31, 2026 by contractual maturity are shown below (in thousands).

There were no sales of securities from the held to maturity debt securities portfolio for the three and six months ended June 30, 2026 and 2025.

For the three and six months ended June 30, 2026, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $ 1.6 million and $ 4.4 million, respectively.

As to these calls on securities, for the three and six months ended June 30, 2026, there were gross gains of $ 3,000 and no gross losses related to these calls on securities.

For the three and six months ended June 30, 2025, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $ 5.2 million and $ 10.1 million, respectively.

As to these calls on securities, for the three months ended June 30, 2025, there were no gross gains or gross losses, while for the six months ended June 30, 2025, 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 June 30, 2026 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.

The amortized cost and fair value of held to maturity debt securities as of March 31, 2026 by contractual maturity, excluding allowances for credit losses of $ 15,000 as of March 31, 2026 are shown below (in thousands).

The amortized cost and fair value of held to maturity debt securities as of June 30, 2026 by contractual maturity, excluding allowances for credit losses of $ 22,000 as of June 30, 2026 are shown below (in thousands).

Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

March 31, 2026

June 30, 2026

Due in one year or less $ 48,979 48,937

3 unchanged sentences

$ 266,246 259,281

The number of held to maturity debt securities in an unrealized loss position as of March 31, 2026 totaled 216 , compared with 221 as of December 31, 2025.

The decrease in the number of securities in an unrealized loss position as of March 31, 2026, was due to lower current market interest rates compared to rates as of December 31, 2025.

The number of held to maturity debt securities in an unrealized loss position as of June 30, 2026 totaled 185 , compared with 221 as of December 31, 2025.

The decrease in the number of securities in an unrealized loss position as of June 30, 2026, was mainly due to a decline in the number of securities held in the held to maturity portfolio as of June 30, 2026, compared with December 31, 2025.

Management measures expected credit losses on held to maturity debt securities on a collective basis by security type.

8 unchanged sentences

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 March 31, 2026, that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s Ratings ("Moody's").

The majority of the state and municipal and corporate obligations carry credit ratings from the rating agencies as of June 30, 2026 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 March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

The following table provides the amortized cost of held to maturity debt securities by credit rating as of June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

Total Portfolio AAA AA A BBB Not Rated Total

10 unchanged sentences

Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities.

As of March 31, 2026, the held to maturity debt securities portfolio was comprised of 17 % rated AAA, 72 % rated AA, 7 % rated A, and 4 % either below an A rating or not rated by Moody’s or Standard and Poor’s.

The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

As of June 30, 2026, the held to maturity debt securities portfolio was comprised of 17 % rated AAA, 71 % rated AA, 6 % rated A, and less than 6 % either below an A rating or not rated by Moody’s or Standard and Poor’s.

The following table shows gross unrealized losses and estimated fair value of held to maturity debt securities, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

Less Than 12 months 12 Months or More Total

18 unchanged sentences

Loans Receivable and Allowance for Credit Losses

Loans held for investment as of March 31, 2026 and December 31, 2025 are summarized as follows (in thousands):

March 31, 2026 December 31, 2025

Loans held for investment as of June 30, 2026 and December 31, 2025 are summarized as follows (in thousands):

June 30, 2026 December 31, 2025

Mortgage loans:

5 unchanged sentences

Commercial loans (1)

5,565,030 5,200,517

Consumer loans 607,373 612,431

2 unchanged sentences

Net deferred fees ( 15,353 ) ( 12,976 )

Total loans held for investment $ 19,647,702 19,504,061

Accrued interest on loans totaled $ 83.8 million and $ 82.2 million as of March 31, 2026 and December 31, 2025, respectively, and is presented within total accrued interest receivable on the Consolidated Statements of Financial Condition.

Total loans $ 20,045,752 19,504,061

(1) Commercial loans consist of owner-occupied real estate loans, commercial and industrial loans and mortgage warehouse lines.

Accrued interest on loans totaled $ 83.7 million and $ 82.2 million as of June 30, 2026 and December 31, 2025, 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):

March 31, 2026

June 30, 2026

30-59 Days 60-89 Days Non-accrual Recorded

24 unchanged sentences

Total gross loans $ 27,508 6,523 78,420 — 112,451 19,403,062 19,515,513 67,506

The 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.

These loans have no prior charge-off history and required no specific reserve allocations in the first quarter of 2026 due to strong collateral values.

Appraisals received in 2026 reflect loan-to-value ratios for the collateral properties of 32.9 %, 51.7 %, 61.3 %, and 81.9 %.

Included in loans receivable 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 $ 142.9 million and $ 78.4 million as of March 31, 2026 and December 31, 2025, respectively.

Included in non-accrual loans were $ 111.4 million and $ 49.5 million of loans which were less than 90 days past due as of March 31, 2026 and December 31, 2025, respectively.

There were no loans 90 days or greater past due and still accruing interest as of March 31, 2026 and December 31, 2025.

The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total

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 $ 136.9 million and $ 78.4 million as of June 30, 2026 and December 31, 2025, respectively.

Included in non-accrual loans were $ 33.5 million and $ 49.5 million of loans which were less than 90 days past due as of June 30, 2026 and December 31, 2025, respectively.

There were no loans 90 days or greater past due and still accruing interest as of June 30, 2026 and December 31, 2025.

Included in non-performing loans are four commercial loans on senior housing properties totaling $ 81.8 million that are the subject of related bankruptcy filings.

These loans have no prior charge-off history and require no specific reserve allocations due to strong collateral values, which are supported by appraisals received in 2026 and, more recently, initial bids submitted through the ongoing bankruptcy sale process.

The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):

Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total

Balance at beginning of period $ 126,934 45,038 5,025 176,997

Provision (benefit) charge to operations ( 1,252 ) ( 3,472 ) 74 ( 4,650 )

Provision charge (benefit) to operations 2,528 6,861 186 9,575

Recoveries of loans previously charged-off 27 64 160 251

2 unchanged sentences

Balance at beginning of period $ 140,683 45,901 5,186 191,770

Provision charge (benefit) to operations ( 8,233 ) 5,582 1 ( 2,650 )

Recoveries of loans previously charged-off 41 75 113 229

Loans charged-off ( 1,044 ) ( 330 ) ( 104 ) ( 1,478 )

Balance at end of period $ 131,447 51,228 5,196 187,871

Six months ended June 30, Mortgage loans Commercial loans Consumer loans Total

Balance at beginning of period $ 128,601 51,127 5,039 184,767

Provision (benefit) charge to operations 1,277 3,389 259 4,925

2 unchanged sentences

Balance at end of period $ 129,003 50,456 5,197 184,656

For the three months ended March 31, 2026, the Company recorded a $ 4.7 million recapture of provisions for credit losses on loans, compared to a $ 325,000 provision on loans for the same period in 2025.

The recapture of the provision for credit losses on loans was primarily due to a reduction in specific reserves on individually evaluated loans.

For the three months ended March 31, 2026, net charge-offs totaled $ 3.1 million.

The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2026 by year of origination (in thousands):

Balance at beginning of period $ 144,587 43,642 5,203 193,432

Provision charge to operations ( 12,054 ) 9,758 ( 29 ) ( 2,325 )

Initial allowance on credit loans related to PCD loans — — — —

Recoveries of loans previously charged-off 847 354 304 1,505

Loans charged-off ( 1,933 ) ( 2,526 ) ( 282 ) ( 4,741 )

Balance at end of period $ 131,447 51,228 5,196 187,871

For the three and six months ended June 30, 2026, the Company recorded a $ 9.6 million and a $ 4.9 million provision for credit losses on loans, respectively.

For the three and six months ended June 30, 2026, net charge-offs totaled $ 1.9 million and $ 5.0 million, respectively.

The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2026 by year of origination (in thousands):

2026 2025 2024 2023 2022 Prior to 2022 Total Loans

Mortgage loans:

Multi-family — — — — — 486 486

Total mortgage loans — — — — — 486 486

Commercial loans — 1,507 — — — — 1,507

Consumer loans (1)

2 — — 3 — 43 48

Total gross loans $ 2 1,507 — 3 — 530 2,042

(1) During the three months ended June 30, 2026, charge-offs on consumer overdraft accounts totaled $ 126,000 , which are not included in the table above.

The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2026 by year of origination (in thousands):

2026 2025 2024 2023 2022 Prior to 2022 Total Loans

Mortgage loans:

Commercial $ — — — — — 234 234

5 unchanged sentences

Total gross loans $ 11 3,031 — 182 1,336 900 5,459

(1) During the three months ended March 31, 2026, charge-offs on consumer overdraft accounts totaled $ 207,000 , which are not included in the table above.

The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2025 by year of origination (in thousands):

(1) During the six months ended June 30, 2026, charge-offs on consumer overdraft accounts totaled $ 333,000 , which are not included in the table above.

The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2025 by year of origination (in thousands):

2025 2024 2023 2022 2021 Prior to 2021 Total Loans

6 unchanged sentences

Total gross loans $ 6 3 39 231 60 1,054 1,393

(1) During the three months ended March 31, 2025, charge-offs on consumer overdraft accounts totaled $ 115,000 , which are not included in the table above.

(1) During the three months ended June 30, 2025, charge-offs on consumer overdraft accounts totaled $ 85,000 , which are not included in the table above.

The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2025 by year of origination (in thousands):

2025 2024 2023 2022 2021 Prior to 2021 Total Loans

Mortgage loans:

Commercial $ — — — 358 — 1,508 1,866

Total mortgage loans — — — 358 — 1,575 1,933

Commercial loans — — 39 2,362 125 — 2,526

Consumer loans (1)

18 13 12 3 — 37 83

Total gross loans $ 18 13 51 2,723 126 1,611 4,542

(1) During the six months ended June 30, 2025, charge-offs on consumer overdraft accounts totaled $ 199,000 , 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 March 31, 2026, there were 27 loans totaling $ 128.4 million, compared to 28 loans totaling $ 63.3 million as of December 31, 2025, that were individually evaluated for impairment.

As of June 30, 2026, there were 53 loans totaling $ 122.7 million, compared to 28 loans totaling $ 63.3 million as of December 31, 2025, 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.

6 unchanged sentences

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 been no significant time lapses resulting from this process.

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 March 31, 2026 and December 31, 2025, the Company had collateral-dependent loans with fair values of $ 124.0 million and $ 54.5 million secured by commercial real estate, respectively.

As of June 30, 2026 and December 31, 2025, the Company had collateral-dependent loans with fair values of $ 111.8 million and $ 54.5 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.

4 unchanged sentences

Loan Classes Modification types

Commercial Term extension, interest rate modifications, payment delay, or combination thereof.

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.

4 unchanged sentences

These modifications extend the term of the loan, which reduces the monthly payment requirement.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 (in thousands):

For the three months ended March 31, 2026

Term Extension Interest Rate Change Interest Rate Change and Term Extension Change in Payment Type (1) Total of loan modifications % of Total Class of Loans and Leases

The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026 (in thousands):

For the three months ended June 30, 2026

Term Extension Interest Rate Change Interest Rate Change and Term Extension Change in Payment Type Total of loan modifications % of Total Class of Loans

Mortgage loans:

Commercial $ 10,652 — 120 — 10,772 0.14 %

Multi-family — — — — — — %

Construction — — 6,639 — 6,639 1.04 %

Total mortgage loans 10,652 — 6,759 — 17,410 0.13 %

1 unchanged sentence

Total gross loans $ 15,885 — 6,759 — 22,644 0.11 %

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):

For the three months ended March 31, 2025

Term Extension Interest Rate Change Interest Rate Change and Term Extension Total of loan modifications % of Total Class of Loans and Leases

For the six months ended June 30, 2026

Term Extension Interest Rate Change Interest Rate Change and Term Extension Change in Payment Type Total of loan modifications % of Total Class of Loans

Mortgage loans:

Commercial $ 10,652 3,291 120 — 14,063 0.19 %

Multi-family — — — — — — %

Construction — — 6,639 — 6,639 1.04 %

Total mortgage loans 10,652 3,291 6,759 — 20,701 0.15 %

1 unchanged sentence

Total gross loans $ 18,279 3,291 7,233 397 29,199 0.15 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 (in thousands):

Weighted-Average Months of Term Extension Weighted-Average Rate Decrease

The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025 (in thousands):

For the three months ended June 30, 2025

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

Mortgage loans:

3 unchanged sentences

Total gross loans $ 158 — 10,918 0.06 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 (in thousands):

Weighted-Average Months of Term Extension Weighted-Average Rate Increase (Decrease)

For the six months ended June 30, 2025

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

Mortgage loans:

3 unchanged sentences

Total gross loans $ 4,286 — 12,548 0.09 %

There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three months ended March 31, 2026 and three months ended March 31, 2025, respectively.

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2026 (in thousands):

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2026 (in thousands):

Weighted Average Months of Term Extension Weighted Average Rate Change

Mortgage loans:

Commercial 9 0.76 %

Multi-family 0 — %

Construction 1 1.82 %

Total mortgage loans 7 0.97 %

Commercial loans 3 — %

Total gross loans 6 0.61 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2026 (in thousands):

Weighted Average Months of Term Extension Weighted Average Rate Change

Mortgage loans:

Commercial 5 0.40 %

Multi-family 0 — %

Construction 1 1.82 %

Total mortgage loans 4 0.60 %

Commercial loans 10 ( 0.14 ) %

Total gross loans 9 0.19 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2025 (in thousands):

Weighted Average Months of Term Extension Weighted Average Rate Change

Mortgage loans:

Commercial 33 0.13 %

Total mortgage loans 33 0.13 %

Commercial loans 20 — %

Total gross loans 23 0.08 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 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 ( 0.20 ) %

Total gross loans 15 0.08 %

There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three and six months ended June 30, 2026 and June 30, 2025, respectively.

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended June 30, 2026 (in thousands):

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

1 unchanged sentence

Commercial $ 11,737 — — — — 11,737

Multi-family — — — — — —

Construction 6,639 — — — — 6,639

Total mortgage loans 18,375 — — — — 18,375

1 unchanged sentence

Total gross loans $ 45,606 — — — — 45,606

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended March 31, 2025 (in thousands):

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended June 30, 2025 (in thousands):

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

5 unchanged sentences

Total gross loans $ 23,240 — — — 243 23,483

Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as PCD loans.

As of March 31, 2026, the balance of PCD loans totaled $ 492.6 million with a related allowance for credit losses of $ 4.4 million.

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 June 30, 2026, the balance of PCD loans totaled $ 457.8 million with a related allowance for credit losses of $ 4.1 million.

The balance of PCD loans as of December 31, 2025 was $ 509.7 million with a related allowance for credit losses of $ 4.6 million.

7 unchanged sentences

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 March 31, 2026 and December 31, 2025 (in thousands):

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2026 and December 31, 2025 (in thousands):