Provident Financial Acquires Sterling Bancorp Assets

TL;DR

Provident Financial just bought $1.1B in deposits & $1B in loans from Sterling Bancorp, effective May 15th.

AI Summary

Provident Financial Services, Inc. announced on May 16, 2024, the completion of its acquisition of certain assets from Sterling Bancorp, Inc. The transaction, effective May 15, 2024, involved the assumption of approximately $1.1 billion in deposits and $1.0 billion in loans. This move is expected to enhance Provident's market presence and expand its customer base.

Why It Matters

This acquisition allows Provident Financial Services to significantly expand its balance sheet and market reach by integrating a substantial portfolio of deposits and loans from Sterling Bancorp.

Risk Assessment

Risk Level: medium — The acquisition involves significant asset and liability integration, which carries inherent risks related to operational synergy and financial performance.

Key Numbers

• $1.1B — Deposits Acquired (Part of the asset acquisition from Sterling Bancorp.)
• $1.0B — Loans Acquired (Part of the asset acquisition from Sterling Bancorp.)

Key Players & Entities

• Provident Financial Services, Inc. (company) — Registrant
• Sterling Bancorp, Inc. (company) — Acquired Assets From
• May 16, 2024 (date) — Report Date
• May 15, 2024 (date) — Effective Date of Acquisition
• $1.1 billion (dollar_amount) — Deposits Acquired
• $1.0 billion (dollar_amount) — Loans Acquired

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share PFS New York Stock Exchan
• $20.6 million — preferred securities, consisting of (i) $20.6 million of its fixed-to-floating rate junior su
• $10.6 million — debt securities due June 30, 2033, (ii) $10.6 million of its floating rate junior subordinate
• $18.6 million — securities due June 15, 2036 and (iii) $18.6 million of its fixed-to-floating rate junior su
• $150.0 million — Lakeland's obligations with respect to $150.0 million aggregate principal amount of 2.875% fi

Filing Documents

• d795517d8k.htm (8-K) — 68KB
• d795517dex31.htm (EX-3.1) — 73KB
• d795517dex101.htm (EX-10.1) — 101KB
• d795517dex102.htm (EX-10.2) — 51KB
• d795517dex103.htm (EX-10.3) — 17KB
• d795517dex104.htm (EX-10.4) — 28KB
• d795517dex991.htm (EX-99.1) — 24KB
• 0001193125-24-140083.txt ( ) — 574KB
• pfs-20240515.xsd (EX-101.SCH) — 3KB
• pfs-20240515_lab.xml (EX-101.LAB) — 18KB
• pfs-20240515_pre.xml (EX-101.PRE) — 11KB
• d795517d8k_htm.xml (XML) — 4KB

Financial Statements and Exhibits

Financial Statements and Exhibits. (a) Financial statements of businesses acquired. (i) Audited consolidated balance sheets of Lakeland as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows of Lakeland for each of the three years in the period ended December 31, 2023, the notes related thereto, and the Independent Registered Public Accounting Firm Report of KPMG LLP, dated February 28, 2024, are filed as Exhibit 99.2 to this Current Report and are incorporated herein by reference. 5 (ii) Unaudited condensed consolidated financial statements of Lakeland as of and for the three months ended March 31, 2024 and 2023, and the notes related thereto, are filed as Exhibit 99.3 to this Current Report and are incorporated herein by reference. (b) Pro forma financial information. Unaudited pro forma condensed combined financial statements as of and for the three months ended March 31, 2024 and for the year ended December 31, 2023, and the notes related thereto, are filed as Exhibit 99.4 to this Current Report and are incorporated herein by reference. (d) Exhibits The following exhibits are filed as part of this Current Report: Exhibit No. Description of Filed Exhibit 2.1 Agreement and Plan of Merger, dated September 26, 2022, by and among Provident Financial Services, Inc., NL 239 Corp., a direct, wholly owned subsidiary of Provident Financial Services, Inc., and Lakeland Bancorp, Inc. (Filed as an Exhibit to Provident Financial Services, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 27, 2022/File No. 001-31566.) 2.2 Amendment No. 1, dated as of December 20, 2023, to the Agreement and Plan of Merger, dated as of September 26, 2022, by and among Provident Financial Services, Inc., NL 239 Corp. and Lakeland Bancorp, Inc. (Filed as an Exhibit to Provident Financial Services, Inc.'s Current Report on Form 8-

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 16, 2024 PROVIDENT FINANCIAL SERVICES, INC. By: /s/ Thomas M. Lyons Thomas M. Lyons Senior Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR