Q2 2024 RESULTS PRESENTATION
NYSE: PFS Forward Looking Statements Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, 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, any failure to realize the anticipated benefits of the merger transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events, potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement. 2
NYSE: PFS Corporate Profile (At or for the Quarter Ended 06/30/24) 3 1839Bank founded: PFS (NYSE)Stock symbol: 162 serving New Jersey, eastern Pennsylvania, and Orange, Queens, and Nassau Counties, New York Branches: $1.35 Billion as of 7/22/2024Market capitalization: $24.1 Billion in Total Assets $18.7 Billion in Net Loans $18.3 Billion in Total Deposits Balance sheet: 227 bps cost of deposits Strong core funding: 2.02%: Annualized adjusted non- interest expenses / average assets(1) 57.86%: Efficiency Ratio(1)Efficient operator: Beacon Trust Company $4.2 Billion AUMWealth management business: Provident Protection Plus, Inc. YTD 2024 revenues ~ $9.3MillionInsurance business: (1) See Appendix for a reconciliation of GAAP and non-GAAP financial measures.
NYSE: PFS 4 Q2 2024 Financial Highlights $70.1 M PTPP Income $0.68 PTPP Diluted EPS 1.47% PTPP ROAA 13.26% PTPP ROAE 19.21% PTPP ROATE Key Metrics Highlights • The Company's annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity(1) were 1.47%, 13.26% and 19.21% for the quarter ended June 30, 2024, compared to 1.28%, 10.62% and 14.54% for the quarter ended March 31, 2024. • The Company’s loans held for investment totaled $18.76 billion as of June 30, 2024, from $10.84 billion as of March 31, 2024 • The Company's deposits totaled $18.35 billion as of June 30, 2024, from $10.10 billion as of March 31, 2024. Excluding municipal and brokered deposits, organic deposits increased $123.0 million during the quarter. • Net interest income increased $47.8 million to $141.5 million for the three months ended June 30, 2024, from $93.7 million for the trailing quarter primarily due to the net assets acquired from Lakeland, including accretion of purchase accounting adjustments. • The net interest margin increased 34 basis points to 3.21% for the quarter ended June 30, 2024, from 2.87% for the trailing quarter. • As of June 30, 2024, the Company's loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.67 billion, with a weighted average interest rate of 7.53%, compared to $1.08 billion, with a weighted average interest rate of 7.42%, as of March 31, 2024. The increase in pipeline was primarily attributable to the addition of Lakeland's pipeline. • Wealth Management and Insurance Agency income increased 12.3% and 16.7%, respectively, versus the same period in 2023 • On May 9, 2024, the Company issued $225.0 million of 9.00% Fixed-to-Floating Rate subordinated notes due 2034, resulting in net proceeds of $221.0 million. • Non-performing loans to total loans as of June 30, 2024 decreased to 0.36%, compared to 0.44% as of March 31, 2024. • As of June 30, 2024, the Bank's leverage (Tier 1) capital and total risk-based capital ratios were 9.36% and 11.66%, respectively. Our level of CRE Loans equaled 476.6% of total risk-based capital as of June 30, 2024.
NYSE: PFS Savings deposits 11.4% Money market accounts 22.5% NOW accounts 35.3% Non-interest bearing deposits 20.3% Certificates of deposit 10.4% Stable Core Funding Base Cost of Interest-Bearing Deposits: 2.60% Total Cost of Deposits: 2.07% AVERAGE DEPOSIT COMPOSITION 5 Savings deposits 10.1% Money market accounts 19.8% NOW accounts 35.5% Non-interest bearing deposits 20.0% Certificates of deposit 14.5% March 31, 2024 June 30, 2024 Cost of Interest-Bearing Deposits 2.84% Total Cost of Deposits 2.27% Deposits by Lakeland/Provident % Variance$ Variance Provident Reported 3/31/24 Lakeland 5/16/24 at Fair Value Reported 6/30/2024 ($'s in thousands) (0.1)%$ (2,609)$ 2,046,674 $ 1,666,775 $ 3,710,840Non-interest bearing deposits 0.9%70,3404,965,316 2,918,227 7,953,883Interest bearing core deposits -10.6%(428,281)1,965,021 2,085,048 3,621,788 Municipal deposits 2.0%55,310926,636 1,820,097 2,802,043Certificates of deposit -16.0%(50,600)195,245 120,045 264,690Wholesale deposits -1.9%$ (353,231)$ 10,098,892 $ 8,610,192 $ 18,353,244 Total
NYSE: PFS Diversified Loan Portfolio As of 6/30/24 6 $18.77BTotal Gross Loans 6.05%Q2 2024 Avg Net Loan Yield Residential Mortgage Loans 11% Commercial Mortgage 39% Multi-family Loans 17% Commercial Construction Loans 5% Commercial Loans 25% Consumer Loans 3% Residential Mortgage Loans 11% Commercial Mortgage 40% Multi-family Loans 17% Commercial Construction Loans 6% Commercial Loans 23% Consumer Loans 3% As of 3/31/24 $10.85BTotal Gross Loans 5.51%Q1 2024 Avg Net Loan Yield Loans by Lakeland/Provident % Variance$ Variance Provident Reported 3/31/24 Lakeland 5/16/24 at Fair Value Reported 6/30/2024 ($'s in thousands) Mortgage loans: -0.4%$ (31,838)$ 4,353,799 $ 3,015,781 $ 7,337,742 Commercial 0.5%15,893 1,825,888 1,348,027 3,189,808 Multi-family -5.8%(59,458)711,417 318,285 970,244 Construction -0.8%(16,485)1,152,185 888,327 2,024,027 Residential -0.7%$ (91,888)$ 8,043,289 $ 5,570,420 $ 13,521,821 Total mortgage loans 2.0%90,443 2,514,550 2,012,239 4,617,232 Total commercial loans 0.7%4,631 295,125 326,260 626,016 Consumer loans 0.0%$ 3,186 $ 10,852,964 $ 7,908,919 $ 18,765,069 Total gross loans
NYSE: PFS CRE Investment Portfolio by Property type 7 As of 6/30/24 MULTI- FAMILY 30.4% RETAIL 23.8% INDUSTRIAL 19.0% OFFICE 10.0% MIXED USE 8.3% SPECIAL USE 3.2% RESIDENTIAL 3.1% HOTEL 1.8% LAND 0.4% Portfolio Characteristics 3.65% of CRE Investment Portfolio10 Largest CRE Loans 2.04% of Total Loan Portfolio10 Largest CRE Loans $2,148Average Loan Size Outstanding 3.47Weighted Average Risk Rating 65% of Total Loan PortfolioPortfolio Concentration Limit 550% of Total Regulatory CapitalPortfolio Concentration Limit Total CRE Investment Portfolio = $10.7 Billion
NYSE: PFS Multi-family Composition (NY and Rent Stabilized sectors) 8 OTHER NY BOROUGHS 63% OTHER NY 25% MANHATTAN 12% Total NY Multi-family Loans = $282.3 Million Total multi-family loan portfolio: $3.26Billion • Of the total, 74 Loans on multi-family properties in the five boroughs of NYC, aggregate outstanding $239.2M Rent stabilized loan portfolio: $131.6 Million, (4.04% of multi-family loan portfolio) • Average balance: $3.2M • All performing • Largest loan: $41.9 million with 67% LTV and 1.26x DSCR • 38 loans secured by 754 apartment units, of which 609 are rent stabilized Multi-family balances by origination Year: • NY 2023 loans: $75.9 MM • NY 2022 loans: $113.1 MM • NY 2021 loans: $53.1 MM • NY 2020 and prior loans: $40.2 MM • All Multi-family 2023 loans: $418.8 MM • All Multi-family 2022 loans: $512.2 MM • All Multi-family 2021 loans: $526.5 MM • All Multi-family 2020 and prior loans: $523.8 MM
NYSE: PFS CRE Office Composition 9 • Medical Office: approx. 37% of total office portfolio. Maturity or Reprice by Year $257.7 M2024 102.2 M2025 186.5 M2026 193.0 M2027 166.4 M2028 160.8 M2029 & BEYOND $1,067.3 MTotal OFFICE - OUT OF MARKET 3% PENNSYLVANIA 13% OTHER NY 3% OTHER NY BOROUGHS 11% MANHATTAN 1% NEW JERSEY 69% No significant central business district exposure Total CRE Office Portfolio = $1.07 Billion
NYSE: PFS C & I – (Includes owner occupied) Loans by NAICS Sector – 6/30/24 10 Real Estate and Rental and Leasing 21% Health Care and Social Assistance 16% Construction 11% Manufacturing 9% Finance and Insurance 7% Wholesale Trade 7% Retail Trade 5% 13 Diversified Sectors 24% 1. Other Services (except Public Administration) 2. Educational Services 3. Professional, Scientific, and Technical Services 4. Arts, Entertainment, and Recreation 5. Administrative and Support and Waste Management and Remediation Services 6. Accommodation and Food Services 7. Transportation and Warehousing 8. Management of Companies and Enterprises 9. Agriculture, Forestry, Fishing and Hunting 10. Information 11. Public Administration 12. Utilities 13. Mining, Quarrying, and Oil and Gas Extraction
Strong Credit Metrics 11 0.97% 1.01% 0.99% 0.98% 1.00%Total allowance to total loans 0.57% 0.52% 0.56% 0.54% 0.42% Non performing assets to Loans +REO 0.44% 0.37% 0.46% 0.44% 0.36%Total non-performing loans to total loans 0.42% 0.40% 0.43% 0.42% 0.33% Total non-performing assets as a percentage of total assets 0.04% 0.21% 0.03% 0.04% 0.04% Net charge-off ratio Q2 23 Q1 24 Q2 24Q3 23 Q4 23
NYSE: PFS Agency Notes - Fixed 3.96% U.S. Treasury Notes 11.43% Corporate Notes 3.38% Agency MBS - Fixed 40.81%Agency MBS - ARMs 0.29% Agency CMO 16.58% Corporate CMO - Fixed 0.03% Non Agency CMBS 1.47% Municipal Bonds 14.81% Student Loan Pools 1.67% Agency CMBS 5.57% Investment Portfolio 12 Total Investment Portfolio = $3.14 Billion At March 31, 2024, the portfolio had a modified duration of 4.6 years and weighted average life of 5.5 years At June 30, 2024, the portfolio had a modified duration of 4.3 years and weighted average life of 5.3 years At June 30, 2024, the allowance for credit losses on held to maturity securities totaled $15,000 $2.8 million loss related to the sale of subordinated debt issued by Lakeland from Provident’s investment portfolio prior to merger close $550 million restructure sale from the acquired legacy Lakeland portfolio and repayment of overnight borrowings and brokered deposits
NYSE: PFS (1) See Appendix for a reconciliation of GAAP and non-GAAP financial measures. Net Interest Margin Analysis 13 2.53% 2.67% 2.79% 2.87% 3.40% 5.24% 5.37% 5.50% 5.51% 6.05% 4.73% 4.89% 5.04% 5.06% 5.67% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Asset Yields Securities Net Loan Total interest-earning assets 1.85% 2.22% 2.47% 2.60% 2.84% 3.41% 3.74% 3.71% 3.60% 3.83% 2.13% 2.50% 2.71% 2.80% 3.09% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Interest-Bearing Liabilities Total Deposits Total Borrowings Total Interest-Bearing Liabilities 3.11 2.96 2.92 2.87 3.21 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net Interest Margin 2.74 3.12% 3.20% 3.21% 2.40% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% Core Margin +Loans +Securities +Liabilities Core Margin Plus Accretion of Purchase Accounting Adjustments
NYSE: PFS $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Emphasis on Fee Income Non-Interest Income $ in thousands 14 (1) Durbin Act negative impact starting July 1, 2021 of approximately $1.2 million per quarter and includes incremental revenue as a result of acquisition of SB One. (2) Other income for the quarter ended September 30, 2022 included an $8.6 million gain realized on the sale of a foreclosed commercial office property. Q2 24Q1 24Q4 23Q3 23Q2 23 $ 8,699 $ 5,912 $ 6,102 $ 6,132 $ 5,775 Fees 7,769 7,488 6,843 6,992 6,919 Wealth management income 4,488 4,793 2,759 3,224 3,847 Insurance agency income 3,323 1,817 1,644 1,820 1,534 Bank-owned life insurance 969 798 1,627 1,139 1,283 Other income $ 25,248 $ 20,808 $ 18,975 $ 19,307 $ 19,358 Total non-interest income, excluding gains on securities transactions
NYSE: PFS * Represents interest on lines of credit to Beacon clients, whose investment accounts are pledged as collateral. Advisory 86% Trust & Estate 8% Tax 3% Private Banking 3% Focus on Wealth Management Business 15 $4.2 Billion AUM For 1,032 family relationships 2024 YTD Revenue $ 13,593,512 Advisory $ 1,213,933 Trust & Estate *$ 449,780 Tax $ 547,828 Interest Income $ 15,805,053 Total
NYSE: PFS AVERAGE CLIENT SIZE $4,000,000 As of June 30, 2024, based on AUM of $4.2B for 1,032 family relationships AVERAGE FEE 73 bps EBITDA & NET INCOME EBITDA (YTD June 30, 2024) $ 7,244,714 Net Income (YTD June 30, 2024) $ 5,095,704 CROSSOVER PROVIDENT/BEACON (HOW MANY PROVIDENT CUSTOMERS ARE BEACON CLIENTS) 115 Provident Bank households are also Beacon clients Focus on Wealth Management Business 16
NYSE: PFS • Provident Protection Plus, Inc. provides insurance agency services including business, personal and employee benefits insurance products. • The insurance agency’s primary source of revenue is commission income earned from the sale of business and personal property and casualty insurance coverage for its customers with various insurance underwriters. • The insurance agency places property and casualty, life and health, and other coverage with about 25 different insurance carriers licensed in 37 states. Provident Protection Plus, Inc. 17 $1,953 $1,446 $2,334 $1,730 Q1 2023 Q2 2023 Q1 2024 Q2 2024 Insurance Services Income Before Tax ($ in thousands)
NYSE: PFS 1.60% 1.48% 1.25% 1.28% 1.47% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Core PTPP ROAA (Annualized Core PTPP earnings/average assets) CORE PTPP ROAA(1) (1) See Appendix for a reconciliation of GAAP and non-GAAP financial measures. Strong Core Performance 18 18.59% 15.09% 14.87% 14.54% 19.21% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Core PTPP ROATE (Annualized Core net income/average tangible stockholders' equity) CORE PTPP ROATE(1) 13.42% 10.90% 10.72% 10.62% 13.26% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Core PTPP ROAE (Annualized Core net income/average stockholders' equity) CORE PTPP ROAE (1)
NYSE: PFS Performance Ratios – Bank Capital 19 9. 84 9. 84 9. 84 9. 91 9. 36 11 .2 0 11 .1 3 11 .1 2 11 .5 10 .7 6 11 .2 0 11 .1 3 11 .1 2 11 .5 10 .7 612 .0 0 11 .9 8 11 .9 5 12 .3 6 11 .6 6 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Tier 1 leverage capital Common equity Tier 1 risk-based capital Tier 1 risk-based capital Total risk-based capital
NYSE: PFS Guideline is 300% of Regulatory Capital CRE to Total Risk-Based Capital 20 477.8% 484.8% 485.9% 472.1% 476.6% 0.00% 100.00% 200.00% 300.00% 400.00% 500.00% 600.00% 06/30/23 09/30/23 12/31/23 3/31/2024 6/30/2024
NYSE: PFS 2024 Forward Guidance 21 • 2024 rest of the year: 4 to 5% annualized percentage increase expectedLoans • 2024 rest of the year: low single digit percentage increase expectedDeposits • Balances expected to fluctuate based on loan, deposit and securities cash flowsBorrowings • 2024 rest of the year : in the 3.35 to 3.40% rangeNet Interest Margin • Current strong asset quality metrics, provision driven by growth and economic forecastAsset Quality • 2024 rest of the year: $22-$25 million quarterlyNon-interest Income • 2024 rest of the year: Approximately $120 MM for 3Q24 and approximately $107 MM for 4Q2024Non-interest Expense *Based on current forward Treasury curve
APPENDIX
NYSE: PFS CRE Investment Portfolio Loans by NAICS Sector – 6/30/24 23 Exposure ($)Loan CountNAIC Sector2 10,141,657,7574,445Real Estate and Rental and Leasing 205,947,16695Accommodation and Food Services 125,764,867101Construction 93,171,76584Other Services (except Public Administration) 69,640,97921Educational Services 65,206,15951Health Care and Social Assistance 59,466,35911Wholesale Trade 35,792,01849Retail Trade 23,278,08317Finance and Insurance 21,965,01416Manufacturing 19,421,17428Public Administration 11,148,1067Arts, Entertainment, and Recreation 8,184,81922Professional, Scientific, and Technical Services 7,577,22919Administrative and Support and Waste Management and Remediation Services 6,239,6932Information 6,239,6367Transportation and Warehousing 3,425,8725Management of Companies and Enterprises 3,154,4041Utilities 414,0725Agriculture, Forestry, Fishing and Hunting 10,907,695,1734,986Grand Total
NYSE: PFS As of 6/30/24 ($ in thousands) CRE Investment Portfolio by Property Type 24 WARR % OUTSTANDING $ OUTSTANDINGCOUNT PROPERTY TYPE 3.4130.44%3,260,805 1,068Multi-Family 3.3723.78%2,547,069 899Retail 3.4019.04%2,039,912 565Industrial 3.679.96%1,067,398 517Office 3.688.32%891,728 747Mixed 3.343.23%345,954 145Special Use Property 3.843.08%329,776 969Residential 4.041.78%190,465 64Hotel 3.900.37%39,702 14Land 3.47100.00%10,712,8104,988TOTAL PORTFOLIO
NYSE: PFS C & I – (Includes owner occupied) Loans by NAICS Sector – 6/30/24 25 Balance ($)Exposure ($)Loan CountNAIC Sector2 1,037,098,2891,302,679,8711,288Real Estate and Rental and Leasing 836,378,751965,136,134678Health Care and Social Assistance 344,638,036688,286,6311,252Construction 395,322,465564,835,557570Manufacturing 224,872,574454,005,863108Finance and Insurance 316,982,785448,411,215424Wholesale Trade 244,215,145295,826,154459Retail Trade 226,391,135284,220,163530Other Services (except Public Administration) 171,280,184209,932,740184Educational Services 84,794,981201,592,485451Professional, Scientific, and Technical Services 165,296,288187,563,614165Arts, Entertainment, and Recreation 116,786,138166,498,533611Administrative and Support and Waste Management and Remediation Services 135,157,912156,729,194241Accommodation and Food Services 132,129,296156,550,193703Transportation and Warehousing 50,162,92557,493,00318Management of Companies and Enterprises 26,672,78032,031,039132Agriculture, Forestry, Fishing and Hunting 19,486,54025,480,83647Information 11,828,00616,086,38766Public Administration 8,161,28911,011,28919Utilities 8,342,6119,445,16732Mining, Quarrying, and Oil and Gas Extraction 4,555,998,1316,233,816,0697,978Grand Total
NYSE: PFS Construction Loans by NAICS Sector – 6/30/24 26 Balance ($)Exposure ($)Loan CountNAIC Sector2 763,730,8511,208,124,760120Real Estate and Rental and Leasing 95,724,823195,084,92456Construction 68,676,414111,803,99712Health Care and Social Assistance 12,450,19627,024,3233Accommodation and Food Services 11,085,24319,559,6003Educational Services 11,862,25113,455,0002Arts, Entertainment, and Recreation 6,430,0006,500,0001Transportation and Warehousing 1,763,8422,016,8001Other Services (except Public Administration) 1,662,0121,840,0001Retail Trade 1,440,6461,440,6461Manufacturing 0585,0001Professional, Scientific, and Technical Services 974,826,2781,587,435,050201Grand Total
NYSE: PFS Note: The Company has presented the following non-GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its consolidated financial statements in their entirety. Reconciliation of GAAP to Non-GAAP Financial Measures 27 Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023 Core PTPP ROAA: $ (11,485)$ 32,082 $ 27,312 $ 28,547 $ 32,003 Net Income 69,705 (320)(863)12,541 9,750 Add: provision for credit losses (9,833)10,888 12,456 8,843 11,630 Add: income tax expense 18,915 2,202 2,477 2,289 1,960 Add: merger related charges 2,839 Add: Net loss on Lakeland bond sale --3,000 Add: Contingent litigation reserves $ 70,141 $ 44,852 $ 44,382 $ 52,220 $ 55,343 Core PTPP earnings $ 102,957,521 $ 75,275,660 $ 75,041,545 $ 74,914,205 $ 74,830,187 Avg Diluted Shares outstanding $ 0.68 $ 0.60 $ 0.59 $ 0.70 $ 0.74 Core PTPP Earnings per Share $ 282,106 $ 180,394 $ 176,081 $ 207,177 $ 221,980 Annualized Core PTPP earnings $ 19,197,041 $ 14,093,767 $ 14,114,626 $ 13,976,610 $ 13,833,055 Average assets 1.47%1.28%1.25%1.48%1.60%Core PTPP ROAA (Annualized Core PTPP earnings/average assets) Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023 ROATE: $ (11,485)$ 32,082 $ 27,312 $ 28,547 $ 32,003 Net income $ (46,192)$ 129,033 $ 108,357 $ 113,257 $ 128,364 Annualized net income $ 2,127,469 $ 1,698,170 $ 1,642,854 $ 1,654,920 $ 1,653,677 Average stockholders' equity 658,839 457,695 458,410 459,133 459,865 Less: average intangible assets $ 1,468,630 $ 1,240,475 $ 1,184,444 $ 1,195,787 $ 1,193,812 Average tangible stockholders' equity -3.15%10.40%9.15%9.47%10.75%ROATE (Annualized net income/average tangible stockholders' equity) Tangible book value per share: $ 2,555,646 $ 1,695,162 $ 1,690,596 $ 1,622,970 $ 1,642,471 Stockholders' equity 851,507 457,239 457,942 458,663 459,383 Less: intangible assets $ 1,704,139 $ 1,237,923 $ 1,232,654 $ 1,164,307 $ 1,183,088 Tangible stockholders' equity 130,380,393 75,928,193 75,537,186 75,531,884 75,530,425 Shares outstanding $ 13.07 $ 16.30 $ 16.32 $ 15.41 $ 15.66 Tangible book value per share (Tangible stockholders' equity/shares outstanding)
NYSE: PFS Note: The Company has presented the following non-GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its consolidated financial statements in their entirety. ($ in thousands, except per share data) Reconciliation of GAAP to Non-GAAP Financial Measures 28 Three Months EndedAnnualized Adjusted Non-Interest Expense to Average Assets Jun-24 $ 115,394 Reported non-interest expense Adjustments to non-interest expense: -Contingent litigation reserves 18,915 Merger-related transaction costs and COVID-19 expenses $ 96,479 Adjusted non-interest expense $ 388,036 Annualized adjusted non-interest expense 19,197,041 Average assets 2.02%Annualized adjusted non-interest expense/average assets Three Months EndedEfficiency Ratio Calculation Jun-24 $ 141,506 Net Interest income 22,275 Non-interest income Adjustment to non-interest income 2,973 Net loss on securities transactions $ 25,248 Adjusted non-interest income $ 166,754 Total income $ 96,479 Adjusted non-interest expense 57.86%Efficiency ratio (adjusted non-interest expense/income)
Q2 2024 RESULTS PRESENTATION