Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

U.S. Treasury obligations	$	317,978	236	(9,945)	308,269
Government-agency obligations	36,095		899	(89)	36,905
Mortgage-backed securities	2,653,196		20,731	(127,083)	2,546,844
Asset-backed securities	43,673		497	(261)	43,909
State and municipal obligations	119,277		984	(8,346)	111,915
Corporate obligations	89,837		5,591	(1,950)	93,478

	$	3,260,056	28,938	(147,674)	3,141,320


	December 31, 2024
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

U.S. Treasury obligations	$	348,621	317	(18,340)	330,598
Government-agency obligations	105,965		1,461	(191)	107,235
Mortgage-backed securities	2,243,725		4,982	(186,548)	2,062,159
Asset-backed securities	47,203		645	(285)	47,563
State and municipal obligations	126,766		243	(10,092)	116,917
Corporate obligations	103,415		3,958	(2,930)	104,443

	$	2,975,695	11,606	(218,386)	2,768,915

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of available for sale debt securities as of September 30, 2025, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.


	September 30, 2025
	Amortized cost		Fair value
Due in one year or less	$	102,502	101,645
Due after one year through five years	251,448		243,212
Due after five years through ten years	106,243		107,707
Due after ten years	66,899		61,098
	$	527,092	513,662

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of September 30, 2025 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.


	September 30, 2025
	Amortized cost		Fair value
Due in one year or less	$	46,369	46,266
Due after one year through five years	155,363		154,478
Due after five years through ten years	78,199		74,039
Due after ten years	12,208		9,791
	$	292,139	284,574

Investment Securities Held to Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $19,000 and $14,000, as of September 30, 2025 and December 31, 2024, respectively (in thousands):


	September 30, 2025
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Government-agency obligations	$	4,400	—	(54)	4,346

State and municipal obligations	284,895		186	(7,663)	277,418
Corporate obligations	2,844		—	(34)	2,810
	$	292,139	186	(7,751)	284,574


	December 31, 2024
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Government-agency obligations	$	9,999	—	(292)	9,707

State and municipal obligations	311,118		689	(14,133)	297,674
Corporate obligations	6,520		—	(168)	6,352
	$	327,637	689	(14,593)	313,733

Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating

The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total

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

State and municipal obligations	44,117		209,228	20,231	—	11,319	284,895
Corporate obligations	—		574	2,270	—	—	2,844
	$	48,517	209,802	22,501	—	11,319	292,139

	December 31, 2024
Total Portfolio	AAA		AA	A	BBB	Not Rated	Total

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

State and municipal obligations	44,821		234,212	28,735	—	3,350	311,118
Corporate obligations	501		2,013	3,981	—	25	6,520
	$	55,321	236,225	32,716	—	3,375	327,637

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

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+ Details

PROVIDENT FINANCIAL SERVICES INC 10-Q