Exhibit 99.1


UNAUDITED PRO FORMA COMBINED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION RELATING TO THE SB ONE MERGER

The following unaudited pro forma combined condensed consolidated financial information has been prepared using the acquisition method of accounting, giving effect to the proposed Merger. The unaudited pro forma combined condensed consolidated statement of financial condition combines the historical financial information of Provident Financial and SB One as of December 31, 2019 and assumes that the Merger was completed on that date. The unaudited pro forma combined condensed consolidated statement of income for the year ended December 31, 2019 combines the historical financial information of Provident Financial and SB One and gives effect to the Merger as if it had been completed as of January 1, 2019. The unaudited pro forma combined condensed consolidated financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations or financial condition had the Merger been completed on the dates described above, nor is it necessarily indicative of the results of operations in future periods or the future financial position of the combined entities. Certain reclassifications have been made to SB One’s historical financial information in order to conform to Provident Financial’s presentation of financial information.
The actual value of Provident Financial common stock to be recorded as consideration in the Merger will be based on the closing price of Provident Financial common stock at the time of the Merger completion date. The proposed Merger is expected to be completed in the third quarter of 2020, but there can be no assurance that the Merger will be completed as anticipated. For purposes of the pro forma financial information, the fair value of Provident Financial common stock to be issued in connection with the Merger was based on Provident Financial’s closing price of $15.01 as of April 9, 2020.
The pro forma financial information includes estimated adjustments, including adjustments to record assets and liabilities of SB One at their fair value, and represents the pro forma estimates by Provident Financial based on available fair value information as of the date of the Merger Agreement.
The pro forma adjustments included herein are subject to change depending on changes in interest rates and the components of assets and liabilities, and as additional information becomes available and additional analyses are performed. The final allocation of the purchase price for the Merger will be determined after it is completed and after completion of thorough analyses to determine the fair value of SB One’s tangible and identifiable intangible assets and liabilities as of the date the Merger is completed. Increases or decreases in the estimated fair values of the net assets as compared with the information shown in the unaudited pro forma combined condensed consolidated financial information may change the amount of the purchase price allocated to goodwill and other assets and liabilities and may impact Provident Financial’s statement of income due to adjustments in yield and/or amortization of the adjusted assets or liabilities. Any changes to SB One’s shareholders’ equity, including results of operations from December 31, 2019 through the date the Merger is completed, will also change the purchase price allocation, which may include the recording of a lower or higher amount of goodwill. The final adjustments may be materially different from the unaudited pro forma adjustments presented herein.
Provident Financial anticipates that the Merger will provide the combined company with financial benefits that include reduced operating expenses. These cost savings are not included in these pro forma statements and there can be no assurance that expected cost savings will be realized. The pro forma information, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected cost savings or opportunities to earn additional revenue and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had our companies been combined during the period.
The unaudited pro forma combined condensed consolidated financial information has been derived from and should be read in conjunction with the historical consolidated financial statements and the related notes of Provident Financial, which are incorporated in this Proxy Statement/Prospectus by reference, and of SB One, which are included in the Proxy Statement/Prospectus.

The unaudited pro forma shareholders’ equity and net income are qualified by the statements set forth above and should not be considered indicative of the market value of Provident Financial common stock or the actual or future results of operations of Provident Financial for any period. Actual results may be materially different than the pro forma information presented.

Unaudited Pro Forma Condensed Combined Consolidated Statement of Financial Condition
as of December 31, 2019
(in thousands)
 
                                 
 
  
Provident
Financial
 
 
SB One
 
 
Pro Forma
Adjustments
 
 
Pro Forma
Provident
Financial
 
Assets
  
      
 
      
 
      
 
      
Cash and due from banks
  
$
131,555
 
 
$
9,525
 
 
$
(18,490
)(1) 
 
$
122,590
 
Short-term investments
  
 
55,193
 
 
 
34,161
 
 
      
 
 
89,354
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total cash and cash equivalents
  
 
186,748
 
 
 
43,686
 
 
 
(18,490
) 
 
 
211,944
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale debt securities, at fair value
  
 
976,919
 
 
 
200
 
 
      
 
 
977,119
 
Held to maturity debt securities
  
 
453,629
 
 
 
212,181
 
 
 
(900
)(2) 
 
 
664,910
 
Equity securities, at fair value
  
 
825
 
 
 
4,012
 
 
      
 
 
4,837
 
Federal Home Loan Bank and other bank stock
  
 
57,298
 
 
 
12,498
 
 
      
 
 
69,796
 
Loans
  
 
7,332,885
 
 
 
1,628,846
 
 
 
1,600
(3) 
 
 
8,963,331
 
Less: Allowance for loan losses
  
 
55,525
 
 
 
10,267
 
 
 
(10,267
)(3) 
 
 
55,525
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loans
  
 
7,277,360
 
 
 
1,618,579
 
 
 
11,867
 
 
 
8,907,806
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreclosed assets, net
  
 
2,715
 
 
 
3,793
 
 
      
 
 
6,508
 
Banking premises and equipment, net
  
 
55,210
 
 
 
19,080
 
 
      
 
 
74,290
 
Right of use assets, net
  
 
—  
 
 
 
4,644
 
 
      
 
 
4,644
 
Accrued interest receivable
  
 
29,031
 
 
 
6,175
 
 
      
 
 
35,206
 
Goodwill
  
 
420,562
 
 
 
27,322
 
 
 
(12,447
)(4) 
 
 
435,437
 
Core deposit intangible
  
 
1,753
 
 
 
1,717
 
 
 
7,983
(5) 
 
 
11,453
 
Other intangible assets
  
 
14,142
 
 
 
—  
 
 
 
—  
 
 
 
14,142
 
Mortgage servicing rights
  
 
562
 
 
 
—  
 
 
 
—  
 
 
 
562
 
Bank-owned life insurance
  
 
195,533
 
 
 
37,209
 
 
      
 
 
232,742
 
Other assets
  
 
136,291
 
 
 
10,561
 
 
 
(448
)(6) 
 
 
146,404
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
  
$
9,808,578
 
 
$
2,001,657
 
 
$
(12,436
) 
 
$
11,797,799
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
  
      
 
      
 
      
 
      
Deposits:
  
      
 
      
 
      
 
      
Demand deposits
  
$
5,384,868
 
 
$
747,995
 
 
      
 
$
5,602,214
 
Savings deposits
  
 
983,714
 
 
 
217,346
 
 
      
 
 
1,731,709
 
Certificates of deposit of $100,000 or more
  
 
438,551
 
 
 
237,686
 
 
 
779
(7) 
 
 
677,016
 
Other time deposits
  
 
295,476
 
 
 
315,702
 
 
      
 
 
611,178
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total deposits
  
 
7,102,609
 
 
 
1,518,729
 
 
 
779
 
 
 
8,622,117
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage escrow deposits
  
 
26,804
 
 
 
6,312
 
 
 
—  
 
 
 
33,116
 
Borrowed funds
  
 
1,125,146
 
 
 
233,114
 
 
 
17
(8) 
 
 
1,358,277
 
Other liabilities
  
 
140,179
 
 
 
16,404
 
 
      
 
 
156,583
 
Subordinated debentures
  
 
—  
 
 
 
27,869
 
 
 
(2,075
)(9) 
 
 
25,794
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
  
 
8,394,738
 
 
 
1,802,428
 
 
 
(1,279
) 
 
 
10,195,887
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
  
      
 
      
 
      
 
      
Preferred stock
  
 
—  
 
 
 
—  
 
 
      
 
 
—  
 
Common stock
  
 
832
 
 
 
151,165
 
 
 
(151,038
)(10) 
 
 
959
 
Additional paid-in capital
  
 
1,007,303
 
 
 
—  
 
 
 
190,482
(11) 
 
 
1,197,785
 
Retained earnings
  
 
695,273
 
 
 
54,706
 
 
 
(57,243
)(12) 
 
 
692,736
 
Accumulated other comprehensive income (loss)
  
 
3,821
 
 
 
(1,510
) 
 
 
1,510
(12) 
 
 
3,821
 
Treasury stock
  
 
(268,504
) 
 
 
(5,132
) 
 
 
5,132
(12) 
 
 
(268,504
) 
Unallocated common stock held by Employee Stock Ownership Plan
  
 
(24,885
) 
 
 
—  
 
 
      
 
 
(24,885
) 
Deferred compensation obligation under Rabbi Trust
  
 
—  
 
 
 
1,852
 
 
 
(1,852
)(12) 
 
 
—  
 
Stock held by Rabbi Trust
  
 
—  
 
 
 
(1,852
) 
 
 
1,852
(12) 
 
 
—  
 
Common stock acquired by the Directors’ Deferred Fee Plan
  
 
(3,833
) 
 
 
—  
 
 
 
—  
 
 
 
(3,833
) 
Deferred compensation—Directors Deferred Fee Plan
  
 
3,833
 
 
 
—  
 
 
 
—  
 
 
 
3,833
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
  
 
1,413,840
 
 
 
199,229
 
 
 
(11,157
) 
 
 
1,601,912
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and stockholders’ equity
  
$
9,808,578
 
 
$
2,001,657
 
 
$
(12,436
) 
 
$
11,797,799
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Unaudited Pro Forma Condensed Combined Consolidated Statement of Financial Condition
As of December 31, 2019
Footnotes to Financial Statements
 
                 
(1)   Adjustment to record combined merger related expenses and cash-out of SB One options
  
      
 
 
(18,490
) 
(2)   Adjustment to record held to maturity securities at fair value
  
      
 
 
(900
) 
(3)   Adjustment to record loans at fair value
  
      
 
      
Interest rate adjustment to record loans at fair value
  
 
15,300
 
 
      
Gross credit mark on loans
  
 
(13,700
) 
 
      
 
  
 
 
 
 
      
Adjustment to loans
  
      
 
 
1,600
 
Eliminate existing SB One allowance for loan loss
  
 
10,267
 
 
      
 
  
 
 
 
 
      
Adjustments to allowance for loan losses
  
      
 
 
10,267
 
 
  
      
 
 
 
 
Fair value adjustment to net loans
  
      
 
 
11,867
 
 
  
      
 
 
 
 
(4)   Excess of purchase price less SB One tangible equity, elimination of existing SB One goodwill, net fair value adjustments and creation of core deposit intangible (“CDI”). SB One tangible equity:
    
Total stockholders’ equity
  
 
199,229
 
 
      
CDI
  
 
(1,717
) 
 
      
Goodwill
  
 
(27,322
) 
 
      
 
  
 
 
 
 
      
Tangible equity
  
      
 
$
170,190
 
 
  
      
 
 
 
 
Purchase price
  
 
190,609
 
 
      
Tangible equity of SB One
  
 
(170,190
) 
 
      
 
  
 
 
 
 
      
Excess of purchase price over tangible equity of SB One
  
 
20,419
 
 
      
Net fair value adjustments
  
 
(5,544
) 
 
      
 
  
 
 
 
 
      
Preliminary pro forma goodwill resulting from merger
  
      
 
 
14,875
 
SB One goodwill
  
      
 
 
27,322
 
 
  
      
 
 
 
 
Net adjustment to goodwill
  
      
 
$
(12,447
) 
(5)   Adjustment to record CDI
  
      
 
      
Estimated CDI at 1% of non-time deposits
  
      
 
$
9,700
 
SB One CDI
  
      
 
 
(1,717
) 
Net adjustment to CDI
  
      
 
$
7,983
 
(6)   Current/deferred income taxes created as a result of transaction costs and purchase accounting adjustments—assumed 25.78% tax rate.
    
Combined merger related expenses and cash out of SB One options
  
 
(18,490
) 
 
      
Securities fair value adjustment
  
 
(900
) 
 
      
Loan fair value adjustment
  
 
11,867
 
 
      
CDI (net of existing SB One CDI)
  
 
7,983
 
 
      
Time deposit fair value adjustment
  
 
(779
) 
 
      
Borrowed funds fair value adjustment
  
 
(17
) 
 
      
Subordinated debt fair value adjustment
  
 
2,075
 
 
      
 
  
 
 
 
 
      
Net fair value adjustments and transaction costs
  
 
1,739
 
 
      
 
  
 
 
 
 
      
Current/deferred income taxes at 25.78%
  
      
 
 
(448
) 
 
  
      
 
 
 
 
         
(7)   Adjustment to record time deposits at fair value
  
 
(779
) 
(8)   Adjustment to record borrowed funds at fair value.
  
 
(17
) 
(9)   Adjustment to record subordinated debt at fair value.
  
 
2,075
 
(10)  Elimination of SB One’s common stock and issuance of a 12,698,798 shares of Provident Financial common stock, $0.01 par value, as consideration.
   
Shares issued based on 9,357,994 SB One shares outstanding as of December 31, 2019 and an exchange ratio of 1.357x
 
Common stock, par value $0.01 issued as consideration
  
 
127
 
Eliminate existing of SB One common stock
  
 
(151,165
) 
 
  
 
 
 
Adjustment to common stock, par value $0.01
  
 
(151,038
) 
 
  
 
 
 
(11)  Record Provident Financial paid in capital issued in consideration
  
 
190,482
 
(12)  Eliminate SB One capital accounts and record Provident Financial’s after-tax transaction expenses equal to $2,537 million in retained earnings
  
      

Unaudited Pro Forma Condensed Combined Consolidated Statement of Income
For the Year Ended December 31, 2019
(in thousands)
 
                                 
 
  
Provident
Financial
 
  
SB One
 
  
Effect of
Merger
 
 
Pro Forma
Provident
Financial
 
Interest income:
  
      
  
      
  
      
 
      
Loans receivable, including fees
  
$
324,480
 
  
$
75,537
 
  
$
(5,100
)(1) 
 
$
394,917
 
Securities, deposits, federal funds sold and other short-term investments
  
 
46,990
 
  
 
6,772
 
  
 
225
(2) 
 
 
53,987
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total interest income
  
 
371,470
 
  
 
82,309
 
  
 
(4,875
) 
 
 
448,904
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Interest Expense:
  
      
  
      
  
      
 
      
Deposits
  
 
45,494
 
  
 
17,595
 
  
$
(779
)(3) 
 
$
62,310
 
Borrowed funds
  
 
28,003
 
  
 
4,388
 
  
 
(17
)(4) 
 
 
32,374
 
Subordinated debentures and trust preferred securities
  
 
—  
 
  
 
1,266
 
  
 
55
(5) 
 
 
1,321
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total interest expense
  
 
73,497
 
  
 
23,249
 
  
 
(741
) 
 
 
96,005
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Net interest income
  
 
297,973
 
  
 
59,060
 
  
 
(4,134
) 
 
 
352,899
 
Provision for loan losses
  
 
13,100
 
  
 
2,531
 
  
 
—  
 
 
 
15,631
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Net interest income after provision for loan losses
  
 
284,873
 
  
 
56,529
 
  
 
(4,134
) 
 
 
337,268
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Non-interest Income
  
      
  
      
  
      
 
      
Fees
  
 
28,321
 
  
 
2,478
 
  
 
—  
 
 
$
30,799
 
Wealth management income
  
 
22,503
 
  
 
—  
 
  
 
—  
 
 
 
22,503
 
Bank-owned life insurance
  
 
6,297
 
  
 
931
 
  
 
—  
 
 
 
7,228
 
Insurance commissions and fees
  
 
—  
 
  
 
8,017
 
  
 
—  
 
 
 
8,017
 
Net gain on securities transactions
  
 
72
 
  
 
2,055
 
  
 
—  
 
 
 
2,127
 
Other income
  
 
6,601
 
  
 
864
 
  
 
—  
 
 
 
7,465
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total non-interest income
  
 
63,794
 
  
 
14,345
 
  
$
—  
 
 
$
78,139
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Non-interest expense
  
      
  
      
  
      
 
      
Compensation and employee benefits
  
 
116,849
 
  
 
24,934
 
  
 
—  
 
 
$
141,783
 
Net occupancy expense
  
 
25,895
 
  
 
3,383
 
  
 
—  
 
 
 
29,278
 
Data processing expense
  
 
16,836
 
  
 
3,992
 
  
 
—  
 
 
 
20,828
 
FDIC Insurance
  
 
1,316
 
  
 
706
 
  
 
—  
 
 
 
2,022
 
Advertising and promotion expense
  
 
4,115
 
  
 
545
 
  
 
—  
 
 
 
4,660
 
Amortization of intangibles
  
 
2,740
 
  
 
406
 
  
 
1,358
(6) 
 
 
4,504
 
Other operating expenses
  
 
33,828
 
  
 
7,269
 
  
 
—  
 
 
 
41,097
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total non-interest expense
  
 
201,579
 
  
 
41,235
 
  
 
1,358
 
 
$
244,172
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Income before tax expense
  
 
147,088
 
  
 
29,639
 
  
 
(5,492
) 
 
 
171,235
 
Income tax expense
  
 
34,455
 
  
 
7,096
 
  
 
(1,416
)(7) 
 
 
40,135
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Net income
  
$
112,633
 
  
$
22,543
 
  
$
(4,076
) 
 
 
131,100
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
  
      
  
      
  
      
 
 
—  
 
Basic earnings per share
  
$
1.74
 
  
$
2.41
 
  
      
 
$
1.70
 
Average basic shares outstanding
  
 
64,604,224
 
  
 
9,349,907
 
  
 
3,348,891
(8) 
 
 
77,303,022
 
Diluted earnings per share
  
$
1.74
 
  
$
2.40
 
  
      
 
$
1.69
 
Average diluted shares outstanding
  
 
64,734,591
 
  
 
9,381,577
 
  
 
3,317,221
(8) 
 
 
77,433,389
 

                             
Unaudited Pro Forma Condensed Combined Consolidated Statement of Income
For the Year Ended December 31, 2019
Footnotes to the Pro forma Financial Statements
 
(1)   Estimated loan interest yield adjustment amortization.
 
      
 
      
 
      
 
  
(2)   Estimated investment securities fair value adjustment amortization.
 
      
 
      
 
      
 
  
(3)   Estimated time deposit fair value adjustment amortization.
 
      
 
      
 
      
 
  
(4)   Estimated borrowed funds fair value adjustment amortization.
 
      
 
      
 
      
 
  
(5)   Estimated subordinated debt fair value adjustment amortization.
 
      
 
 
Amount
 
 
      
 
  
(6)   CDI intangible amortization.
 
      
 
      
 
      
 
  
Reverse existing amortization
 
      
 
 
(406
) 
 
      
 
  
Adjustment to CDI amortization
 
      
 
 
1,764
 
 
      
 
  
 
 
      
 
 
 
 
 
      
 
  
Net adjustment
 
      
 
 
1,358
 
 
      
 
  
(7)   Tax effect on the pro forma adjustments at an assumed 25.78% effective combined federal and state tax rate.
    
 
  
(8)   Reflects the issuance of 12,698,798 shares of Provident Financial common stock in consideration for the outstanding shares of SB One.