PROVIDENT FINANCIAL SERVICES INC
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
PFS$23.29+1.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements:
Consolidated Statements of Financial Condition
June 30, 2024 (Unaudited) and December 31, 2023
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Cash and due from banks | $290,528 | $180,241 |
| Short-term investments | 33 | 14 |
| Total cash and cash equivalents | 290,561 | 180,255 |
| Available for sale debt securities, at fair value | 2,626,783 | 1,690,112 |
| Held to maturity debt securities, net (fair value of $332,691 as of June 30, 2024 (unaudited) and $352,601 as of December 31, 2023) | 350,528 | 363,080 |
| Equity securities, at fair value | 19,250 | 1,270 |
| Federal Home Loan Bank stock | 100,068 | 79,217 |
| Loans held for sale | 4,450 | 1,785 |
| Loans held for investment | 18,759,330 | 10,871,916 |
| Less allowance for credit losses | 188,331 | 107,200 |
| Net loans | 18,575,449 | 10,766,501 |
| Foreclosed assets, net | 11,119 | 11,651 |
| Banking premises and equipment, net | 127,396 | 70,998 |
| Accrued interest receivable | 93,843 | 58,966 |
| Intangible assets | 851,507 | 457,942 |
| Bank-owned life insurance | 404,605 | 243,050 |
| Other assets | 619,358 | 287,768 |
| Total assets | $24,070,467 | $14,210,810 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Deposits: | ||
| Demand deposits | $13,526,094 | $8,020,889 |
| Savings deposits | 1,745,158 | 1,175,683 |
| Certificates of deposit of $250,000 or more | 871,842 | 218,549 |
| Other time deposits | 2,210,150 | 877,393 |
| Total deposits | 18,353,244 | 10,292,514 |
| Mortgage escrow deposits | 50,694 | 36,838 |
| Borrowed funds | 2,302,058 | 1,970,033 |
| Subordinated debentures | 412,766 | 10,695 |
| Other liabilities | 396,059 | 210,134 |
| Total liabilities | 21,514,821 | 12,520,214 |
| Stockholders’ Equity: | ||
| 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 130,380,393 shares outstanding as of June 30, 2024 and 75,537,186 outstanding as of December 31, 2023 | 1,376 | 832 |
| Additional paid-in capital | 1,868,643 | 989,058 |
| Retained earnings | 957,979 | 974,542 |
| Accumulated other comprehensive (loss) income | (139,964) | (141,115) |
| Treasury stock | (129,115) | (127,825) |
| Unallocated common stock held by the Employee Stock Ownership Plan | (3,273) | (4,896) |
| Common stock acquired by deferred compensation plans | (2,398) | (2,694) |
| Deferred compensation plans | 2,398 | 2,694 |
| Total stockholders’ equity | 2,555,646 | 1,690,596 |
| Total liabilities and stockholders’ equity | $24,070,467 | $14,210,810 |
Consolidated Statements of Income
Three and six months ended June 30, 2024 and 2023 (Unaudited)
(Dollars in Thousands, except per share data)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Interest and dividend income: | ||||
| Real estate secured loans | $156,318 | $99,302 | $263,774 | $195,290 |
| Commercial loans | 58,532 | 31,426 | 94,632 | 60,109 |
| Consumer loans | 8,351 | 4,431 | 12,874 | 8,673 |
| Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 20,394 | 11,432 | 32,724 | 22,862 |
| Held to maturity debt securities | 2,357 | 2,357 | 4,625 | 4,725 |
| Due from banks, Federal funds sold and other short-term investments | 1,859 | 948 | 3,041 | 1,793 |
| Total interest income | 247,811 | 149,896 | 411,670 | 293,452 |
| Interest expense: | ||||
| Deposits | 81,058 | 36,447 | 133,592 | 63,957 |
| Borrowed funds | 20,566 | 14,088 | 37,949 | 21,564 |
| Subordinated debt | 4,681 | 255 | 4,953 | 501 |
| Total interest expense | 106,305 | 50,790 | 176,494 | 86,022 |
| Net interest income | 141,506 | 99,106 | 235,176 | 207,430 |
| Provision charge for credit losses | 69,705 | 9,750 | 69,385 | 16,490 |
| Net interest income after provision charge for credit losses | 71,801 | 89,356 | 165,791 | 190,940 |
| Non-interest income: | ||||
| Fees | 8,699 | 5,775 | 14,611 | 12,162 |
| Wealth management income | 7,769 | 6,919 | 15,257 | 13,834 |
| Insurance agency income | 4,488 | 3,847 | 9,281 | 7,950 |
| Bank-owned life insurance | 3,323 | 1,534 | 5,140 | 3,018 |
| Net (loss) gain on securities transactions | (2,973) | 29 | (2,974) | 24 |
| Other income | 969 | 1,283 | 1,766 | 4,552 |
| Total non-interest income | 22,275 | 19,387 | 43,081 | 41,540 |
| Non-interest expense: | ||||
| Compensation and employee benefits | 54,888 | 35,283 | 94,936 | 74,021 |
| Net occupancy expense | 11,142 | 7,949 | 19,662 | 16,360 |
| Data processing expense | 8,433 | 5,716 | 15,217 | 11,224 |
| FDIC insurance | 3,100 | 2,125 | 5,372 | 4,061 |
| Amortization of intangibles | 6,483 | 749 | 7,188 | 1,511 |
| Advertising and promotion expense | 1,171 | 1,379 | 2,137 | 2,589 |
| Merger-related expenses | 18,915 | 1,960 | 21,117 | 3,060 |
| Other operating expenses | 11,262 | 9,949 | 21,592 | 21,032 |
| Total non-interest expense | 115,394 | 65,110 | 187,221 | 133,858 |
| (Loss) Income before income tax expense | (21,318) | 43,633 | 21,651 | 98,622 |
| Income tax (benefit) expense | (9,833) | 11,630 | 1,055 | 26,083 |
| Net (loss) income | $(11,485) | $32,003 | $20,596 | $72,539 |
| Basic earnings per share | $(0.11) | $0.43 | $0.23 | $0.97 |
| Weighted average basic shares outstanding | 102,957,521 | 74,823,272 | 89,108,775 | 74,734,795 |
| Diluted earnings per share | $(0.11) | $0.43 | $0.23 | $0.97 |
| Weighted average diluted shares outstanding | 102,957,521 | 74,830,187 | 89,116,590 | 74,766,848 |
Consolidated Statements of Comprehensive Income
Three and six months ended June 30, 2024 and 2023 (Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income | $(11,485) | $32,003 | $20,596 | $72,539 |
| Other comprehensive income, net of tax: | ||||
| Unrealized gains and losses on available for sale debt securities: | ||||
| Net unrealized gains (losses) arising during the period | 11,561 | (14,726) | 1,604 | 6,138 |
| Reclassification adjustment for losses included in net income | 2,056 | — | 2,056 | — |
| Total | 13,617 | (14,726) | 3,660 | 6,138 |
| Unrealized gains and losses on derivatives: | ||||
| Net unrealized gains arising during the period | 941 | 3,650 | 4,144 | 3,033 |
| Reclassification adjustment for (gains) included in net income | (2,582) | (3,010) | (5,469) | (6,089) |
| Total | (1,641) | 640 | (1,325) | (3,056) |
| Amortization related to post-retirement obligations | (355) | (261) | (1,184) | (530) |
| Total other comprehensive income (loss) | 11,621 | (14,347) | 1,151 | 2,552 |
| Total comprehensive income | $136 | $17,656 | $21,747 | $75,091 |
Consolidated Statements of Changes in Stockholders’ Equity
For the three and six months ended June 30, 2023 (Unaudited)
| For the three months ended June 30, 2023 | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS | TOTAL STOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of March 31, 2023 | $832 | $984,089 | $940,533 | $(148,146) | $(127,814) | $(9,414) | $(3,289) | $3,289 | $1,640,080 |
| Net income | — | — | 32,003 | — | — | — | — | — | 32,003 |
| Other comprehensive loss, net of tax | — | — | — | (14,347) | — | — | — | — | (14,347) |
| Cash dividends paid | — | — | (18,133) | — | — | — | — | — | (18,133) |
| Distributions from deferred comp plans | — | 32 | — | — | — | — | 139 | (139) | 32 |
| Purchases of treasury stock | — | — | — | — | — | — | — | — | — |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (4) | — | — | — | (4) |
| Stock option exercises | — | — | — | — | — | — | — | — | — |
| Allocation of ESOP shares | — | (1) | — | — | — | 811 | — | — | 810 |
| Allocation of Stock Award Plan ("SAP") shares | — | 1,997 | — | — | — | — | — | — | 1,997 |
| Allocation of stock options | — | 33 | — | — | — | — | — | — | 33 |
| Balance as of June 30, 2023 | $832 | $986,150 | $954,403 | $(162,493) | $(127,818) | $(8,603) | $(3,150) | $3,150 | $1,642,471 |
| For the six months ended June 30, 2023 | COMMONSTOCK | ADDITIONALPAID-IN CAPITAL | RETAINEDEARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS | TOTALSTOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2022 | $832 | $981,138 | $918,158 | $(165,045) | $(127,154) | $(10,226) | $(3,427) | $3,427 | $1,597,703 |
| Net income | — | — | 72,539 | — | — | — | — | — | 72,539 |
| Other comprehensive loss, net of tax | — | — | — | 2,552 | — | — | — | — | 2,552 |
| Cash dividends paid | — | — | (36,727) | — | — | — | — | — | (36,727) |
| Effect of adopting Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02, net of tax | — | — | 433 | — | — | — | — | — | 433 |
| Distributions from deferred comp plans | — | 79 | — | — | — | — | 277 | (277) | 79 |
| Purchases of treasury stock | — | — | — | — | — | — | — | — | — |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (1,671) | — | — | — | (1,671) |
| Stock option exercises | — | (217) | — | — | 1,007 | — | — | — | 790 |
| Allocation of ESOP shares | — | 243 | — | — | — | 1,623 | — | — | 1,866 |
| Allocation of SAP shares | — | 4,830 | — | — | — | — | — | — | 4,830 |
| Allocation of stock options | — | 77 | — | — | — | — | — | — | 77 |
| Balance as of June 30, 2023 | $832 | $986,150 | $954,403 | $(162,493) | $(127,818) | $(8,603) | $(3,150) | $3,150 | $1,642,471 |
Consolidated Statements of Changes in Stockholders’ Equity
For the three and six months ended June 30, 2024 (Unaudited)
| For the three months ended June 30, 2024 | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS | TOTAL STOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of March 31, 2024 | $832 | $990,582 | $988,480 | $(151,585) | $(129,062) | $(4,085) | $(2,546) | $2,546 | $1,695,162 |
| Net income | — | — | (11,485) | — | — | — | — | — | (11,485) |
| Other comprehensive loss, net of tax | — | — | — | 11,621 | — | — | — | — | 11,621 |
| Cash dividends paid | — | — | (19,016) | — | — | — | — | — | (19,016) |
| Distributions from deferred comp plans | — | 30 | — | — | — | — | 148 | (148) | 30 |
| Purchases of treasury stock | — | — | — | — | — | — | — | — | — |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (53) | — | — | — | (53) |
| Stock option exercises | — | — | — | — | — | — | — | — | — |
| Allocation of ESOP shares | — | (123) | — | — | — | 812 | — | — | 689 |
| Allocation of SAP shares | — | 1,904 | — | — | — | — | — | — | 1,904 |
| Shares issued due to acquisition | 544 | 876,234 | — | — | — | — | — | — | 876,778 |
| Allocation of stock options | — | 16 | — | — | — | — | — | — | 16 |
| Balance as of June 30, 2024 | $1,376 | $1,868,643 | $957,979 | $(139,964) | $(129,115) | $(3,273) | $(2,398) | $2,398 | $2,555,646 |
| For the six months ended June 30, 2024 | COMMONSTOCK | ADDITIONALPAID-INCAPITAL | RETAINED EARNINGS | ACCUMULATEDOTHERCOMPREHENSIVELOSS | TREASURYSTOCK | UNALLOCATEDESOPSHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS | TOTAL STOCKHOLDERS’ EQUITY |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2023 | $832 | $989,058 | $974,542 | $(141,115) | $(127,825) | $(4,896) | $(2,694) | $2,694 | $1,690,596 |
| Net income | — | — | 20,596 | — | — | — | — | — | 20,596 |
| Other comprehensive loss, net of tax | — | — | — | 1,151 | — | — | — | — | 1,151 |
| Cash dividends paid | — | — | (37,159) | — | — | — | — | — | (37,159) |
| Distributions from deferred comp plans | — | 63 | — | — | — | — | 296 | (296) | 63 |
| Purchase of employee restricted shares to fund statutory tax withholding | — | — | — | — | (1,290) | — | — | — | (1,290) |
| Stock option exercises | — | — | — | — | — | — | — | — | — |
| Allocation of ESOP shares | — | (181) | — | — | — | 1,623 | — | — | 1,442 |
| Allocation of SAP shares | — | 3,425 | — | — | — | — | — | — | 3,425 |
| Shares issued due to acquisition | 544 | 876,234 | — | — | — | — | — | — | 876,778 |
| Allocation of stock options | — | 44 | — | — | — | — | — | — | 44 |
| Balance as of June 30, 2024 | $1,376 | $1,868,643 | $957,979 | $(139,964) | $(129,115) | $(3,273) | $(2,398) | $2,398 | $2,555,646 |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY | ||
|---|---|---|
| Consolidated Statements of Cash Flows | ||
| Six months ended June 30, 2024 and 2023 (Unaudited) | ||
| (Dollars in Thousands) | ||
| Six months ended June 30, | ||
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $20,596 | $72,539 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization of intangibles | 12,346 | 5,953 |
| Provision charge for credit losses | 69,385 | 16,490 |
| Deferred tax benefit | (1,020) | (2,332) |
| Amortization of operating lease right-of-use assets | 6,398 | 5,257 |
| Income on Bank-owned life insurance | (5,140) | (3,018) |
| Net amortization of premiums and discounts on securities | 694 | 4,012 |
| Accretion of net deferred loan fees | (3,611) | (4,691) |
| Amortization of premiums on purchased loans, net | 100 | 120 |
| Originations of loans held for sale | (5,285) | (11,490) |
| Proceeds from sales of loans originated for sale | 3,005 | 11,938 |
| ESOP expense | 1,442 | 1,866 |
| Allocation of stock award expense | 3,425 | 4,830 |
| Allocation of stock option expense | 44 | 77 |
| Net gain on sale of loans | (385) | (972) |
| Net loss (gain) on securities transactions | 2,974 | (24) |
| Net gain on sale of premises and equipment | — | (197) |
| Net gain on sale of foreclosed assets | (203) | (2,789) |
| Increase in accrued interest receivable | (7,634) | (1,942) |
| (Increase) decrease in other assets | (27,968) | 7,490 |
| Increase (decrease) in other liabilities | 48,748 | (17,719) |
| Net cash provided by operating activities | 117,911 | 85,398 |
| Cash flows from investing activities: | ||
| Net decrease (increase) in loans | 5,236 | (285,500) |
| Purchases of loans | — | (3,394) |
| Proceeds from sales of foreclosed assets | 426 | 3,485 |
| Proceeds from maturities, calls and paydowns of held to maturity debt securities | 22,908 | 17,545 |
| Purchases of investment securities held to maturity | (15,122) | (9,130) |
| Proceeds from sales of available for sale debt securities | 568,360 | — |
| Proceeds from maturities, calls and paydowns of available for sale debt securities | 122,363 | 92,681 |
| Purchases of available for sale debt securities | (60,338) | (34,802) |
| Proceeds from redemption of Federal Home Loan Bank stock | 121,738 | 112,279 |
| Purchases of Federal Home Loan Bank stock | (142,589) | (137,055) |
| Cash received, net of cash consideration paid for acquisition | 194,548 | — |
| BOLI claim benefits received | 1,356 | 2,347 |
| Proceeds from sales of premises and equipment | — | 62 |
| Purchases of premises and equipment | (1,513) | (2,959) |
| Net cash provided by (used in) investing activities | 817,373 | (244,441) |
| Cash flows from financing activities: | ||
| Net decrease in deposits | (562,194) | (301,904) |
| PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY | ||
|---|---|---|
| Consolidated Statements of Cash Flows | ||
| Six months ended June 30, 2024 and 2023 (Unaudited) | ||
| (Dollars in Thousands) | ||
| Six months ended June 30, | ||
| 2024 | 2023 | |
| Increase in mortgage escrow deposits | 8,324 | 8,575 |
| Cash dividends paid to stockholders | (37,159) | (36,727) |
| Purchase of treasury stock | — | — |
| Purchase of employee restricted shares to fund statutory tax withholding | (1,290) | (1,671) |
| Stock options exercised | — | 790 |
| Proceeds from subordinated debentures | 221,243 | — |
| Proceeds from long-term borrowings | — | 446,531 |
| Payments on long-term borrowings | — | (32,500) |
| Net (decrease) increase in short-term borrowings | (453,902) | 98,313 |
| Net cash (use in) provided by financing activities | (824,978) | 181,407 |
| Net increase in cash and cash equivalents | 110,306 | 22,364 |
| Cash and cash equivalents at beginning of period | 180,185 | 186,438 |
| Restricted cash at beginning of period | 70 | 70 |
| Total cash, cash equivalents and restricted cash at beginning of period | 180,255 | 186,508 |
| Cash and cash equivalents at end of period | 290,491 | 208,802 |
| Restricted cash at end of period | 70 | 70 |
| Total cash, cash equivalents and restricted cash at end of period | $290,561 | $208,872 |
| Cash paid during the period for: | ||
| Interest on deposits and borrowings | $137,204 | $81,490 |
| Income taxes | $18,419 | $26,591 |
| Non-cash investing activities: | ||
| Initial recognition of operating lease right-of-use assets | $14,742 | $— |
| Initial recognition of operating lease liabilities | $14,742 | $— |
| Transfer of loans receivable to foreclosed assets | $— | $12,341 |
| Acquisitions: | ||
| Non-cash assets acquired at fair value: | ||
| Investment securities | $1,632,107 | $— |
| Loans held for sale | 1,494 | |
| Loans held for investment | 7,889,138 | — |
| Bank-owned life insurance | 160,646 | — |
| Goodwill and other intangible assets | 400,773 | — |
| Bank premises and equipment | 60,578 | — |
| Other assets | 269,251 | — |
| Total non-cash assets acquired at fair value | $10,413,987 | $— |
| Liabilities assumed | ||
| Deposits | $8,622,924 | $— |
| Borrowings | 785,927 | — |
| Subordinated debentures | 180,198 | — |
| Other Liabilities | 142,708 | — |
| Total liabilities assumed | $9,731,757 | $— |
| Common stock issued for acquisitions | $876,778 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.