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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 9/30/2022
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to

Commission File Number: 001-31566
PROVIDENT FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)  
Delaware
42-1547151
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
239 Washington StreetJersey CityNew Jersey07302
(Address of Principal Executive Offices)
(City)(State)
(Zip Code)
(732) 590-9200
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Symbol(s)
Name of each exchange on which registered
Common
PFS
New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  ý
As of November 1, 2022 there were 83,209,012 shares issued and 75,275,038 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 104,129 shares held by the First Savings Bank Directors’ Deferred Fee Plan not otherwise considered outstanding under U.S. generally accepted accounting principles.
1



PROVIDENT FINANCIAL SERVICES, INC.
INDEX TO FORM 10-Q
 
Item Number
Page Number
1
Consolidated Statements of Financial Condition as of September 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)
2
3
4
1
1A.
2
3
Defaults Upon Senior Securities
4
5
6
Exhibits



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2022 (Unaudited) and December 31, 2021
(Dollars in Thousands)
 
September 30, 2022December 31, 2021
ASSETS
Cash and due from banks$183,929 $506,270 
Short-term investments939 206,193 
Total cash and cash equivalents184,868 712,463 
Available for sale debt securities, at fair value1,829,309 2,057,851 
Held to maturity debt securities, net (fair value of $368,668 at September 30, 2022 (unaudited) and $449,709 at December 31, 2021)
393,069 436,150 
Equity securities, at fair value1,059 1,325 
Federal Home Loan Bank stock55,717 34,290 
Loans10,046,529 9,581,624 
Less allowance for credit losses88,633 80,740 
Net loans9,957,896 9,500,884 
Foreclosed assets, net2,053 8,731 
Banking premises and equipment, net80,770 80,559 
Accrued interest receivable45,120 41,990 
Intangible assets461,673 464,183 
Bank-owned life insurance237,590 236,630 
Other assets354,722 206,146 
Total assets$13,603,846 $13,781,202 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$8,503,639 $9,080,956 
Savings deposits1,501,857 1,460,541 
Certificates of deposit of $100,000 or more410,003 368,277 
Other time deposits270,106 324,238 
Total deposits10,685,605 11,234,012 
Mortgage escrow deposits39,623 34,440 
Borrowed funds1,063,602 626,774 
Subordinated debentures10,442 10,283 
Other liabilities253,589 178,597 
Total liabilities12,052,861 12,084,106 
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, 83,209,012 shares issued and 75,162,357 shares outstanding at September 30, 2022 and 76,969,999 outstanding at December 31, 2021
832 832 
Additional paid-in capital978,363 969,815 
Retained earnings886,332 814,533 
Accumulated other comprehensive (loss) income (174,487)6,863 
Treasury stock(127,145)(79,603)
Unallocated common stock held by the Employee Stock Ownership Plan(12,910)(15,344)
Common stock acquired by deferred compensation plans(3,537)(3,984)
Deferred compensation plans3,537 3,984 
Total stockholders’ equity1,550,985 1,697,096 
Total liabilities and stockholders’ equity$13,603,846 $13,781,202 
See accompanying notes to unaudited consolidated financial statements.
3



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2022 and 2021 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended September 30,Nine months ended September 30,
2022202120222021
Interest income:
Real estate secured loans$80,273 $62,470 $213,181 $187,363 
Commercial loans25,201 24,454 70,385 75,770 
Consumer loans3,785 3,345 10,268 10,249 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock9,560 5,877 25,966 17,211 
Held to maturity debt securities2,416 2,638 7,501 8,122 
Deposits, Federal funds sold and other short-term investments496 810 1,705 1,954 
Total interest income121,731 99,594 329,006 300,669 
Interest expense:
Deposits9,560 6,295 20,322 20,495 
Borrowed funds2,518 1,768 4,790 7,130 
Subordinated debt164 303 403 912 
Total interest expense12,242 8,366 25,515 28,537 
Net interest income109,489 91,228 303,491 272,132 
Provision charge (benefit) for credit losses8,413 969 5,004 (24,736)
Net interest income after provision for credit losses101,076 90,259 298,487 296,868 
Non-interest income:
Fees7,203 6,963 21,516 22,623 
Wealth management income6,785 7,921 21,274 22,914 
Insurance agency income2,865 2,433 9,135 8,009 
Bank-owned life insurance1,237 1,880 3,978 5,970 
Net (losses) gains on securities transactions(3)27 154 257 
Other income (1)
10,358 4,138 13,466 6,383 
Total non-interest income28,445 23,362 69,523 66,156 
Non-interest expense:
Compensation and employee benefits38,079 37,554 112,582 107,737 
Net occupancy expense8,452 7,950 26,262 25,158 
Data processing expense5,599 4,827 16,575 14,629 
FDIC insurance1,400 1,575 3,955 4,915 
Amortization of intangibles779 883 2,511 2,773 
Advertising and promotion expense1,366 783 3,692 2,586 
Credit loss (benefit) expense for off-balance sheet credit exposures1,575 980 (1,788)2,155 
Other operating expenses12,193 8,888 31,384 28,036 
Total non-interest expense69,443 63,440 195,173 187,989 
Income before income tax expense60,078 50,181 172,837 175,035 
Income tax expense16,657 12,913 46,224 44,417 
Net income$43,421 $37,268 $126,613 $130,618 
Basic earnings per share$0.58 $0.49 $1.69 $1.71 
Weighted average basic shares outstanding74,297,237 76,604,653 74,808,358 76,588,549 
Diluted earnings per share$0.58 $0.49 $1.69 $1.70 
Weighted average diluted shares outstanding74,393,380 76,685,206 74,896,493 76,673,563 
(1) Included in other income, for the three and nine months ended September 30, 2022, is an $8.6 million gain realized on the sale of a foreclosed commercial office property.

See accompanying notes to unaudited consolidated financial statements.
4



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2022 and 2021 (Unaudited)
(Dollars in Thousands)
 
Three months ended September 30,Nine months ended September 30,
2022202120222021
Net income$43,421 $37,268 $126,613 $130,618 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized losses arising during the period(67,293)(7,990)(197,997)(14,569)
Reclassification adjustment for gains included in net income  (42)(171)
Total(67,293)(7,990)(198,039)(14,740)
Unrealized gains on derivatives 4,841 1,768 17,437 5,165 
Amortization related to post-retirement obligations(236)(103)(748)(323)
Total other comprehensive loss(62,688)(6,325)(181,350)(9,898)
Total comprehensive (loss) income$(19,267)$30,943 $(54,737)$120,720 

See accompanying notes to unaudited consolidated financial statements.

5



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2021 (Unaudited)
(Dollars in Thousands)
For the three months ended September 30, 2021
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2021$832 $965,470 $775,235 $14,082 $(59,307)$(18,678)$(4,213)$4,213 $1,677,634 
Net income— — 37,268 — — — — — 37,268 
Other comprehensive loss, net of tax— — — (6,325)— — — — (6,325)
Cash dividends paid— — (17,790)— — — — — (17,790)
Distributions from deferred comp plans— 38 — — — — 89 (89)38 
Purchases of treasury stock— — — — (13,865)— — — (13,865)
Allocation of ESOP shares— 225 — — — 769 — — 994 
Allocation of Stock Award Plan ("SAP") shares— 1,421 — — — — — — 1,421 
Allocation of stock options— 49 — — — — — — 49 
Balance at September 30, 2021$832 $967,203 $794,713 $7,757 $(73,172)$(17,909)$(4,124)$4,124 $1,679,424 

For the nine months ended September 30, 2021
COMMONSTOCKADDITIONAL
PAID-IN CAPITAL
RETAINEDEARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURYSTOCKUNALLOCATED
 ESOP SHARES
COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL
STOCKHOLDERS’ EQUITY
Balance at December 31, 2020$832 $962,453 $718,090 $17,655 $(59,018)$(20,215)$(4,549)$4,549 $1,619,797 
Net income— — 130,618 — — — — — 130,618 
Other comprehensive loss, net of tax— — — (9,898)— — — — (9,898)
Cash dividends paid— — (53,995)— — — — — (53,995)
Distributions from deferred comp plans— 107 — — — — 425 (425)107 
Purchases of treasury stock— — — — (13,913)— — — (13,913)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (961)— — — (961)
Stock option exercises— (82)— — 720 — — — 638 
Allocation of ESOP shares— 687 — — — 2,306 — — 2,993 
Allocation of SAP shares— 3,887 — — — — — — 3,887 
Allocation of stock options— 151 — — — — — — 151 
Balance at September 30, 2021$832 $967,203 $794,713 $7,757 $(73,172)$(17,909)$(4,124)$4,124 $1,679,424 

See accompanying notes to unaudited consolidated financial statements.









6



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2022 (Unaudited)
(Dollars in Thousands)
For the three months ended September 30, 2022
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS)TREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2022832 976,067 860,977 (111,799)(127,091)(13,721)(3,705)3,705 1,585,265 
Net income— — 43,421 — — — — — 43,421 
Other comprehensive loss, net of tax— — — (62,688)— — — — (62,688)
Cash dividends paid— — (18,066)— — — — — (18,066)
Distributions from deferred comp plans— 47 — — — — 168 (168)47 
Purchases of treasury stock— — — — — — — —  
Purchase of employee restricted shares to fund statutory tax withholding— — — — (54)— — — (54)
Stock option exercises— — — — — — — —  
Allocation of ESOP shares— 296 — — — 811 — — 1,107 
Allocation of SAP shares— 1,904 — — — — — — 1,904 
Allocation of stock options— 49 — — — — — — 49 
Balance at September 30, 2022$832 $978,363 $886,332 $(174,487)$(127,145)$(12,910)$(3,537)$3,537 $1,550,985 
For the nine months ended September 30, 2022
COMMONSTOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED EARNINGSACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
TREASURY
STOCK
UNALLOCATED
ESOP
SHARES
COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2021$832 $969,815 $814,533 $6,863 $(79,603)$(15,344)$(3,984)$3,984 $1,697,096 
Net income— — 126,613 — — — — — 126,613 
Other comprehensive loss, net of tax— — — (181,350)— — — — (181,350)
Cash dividends paid— — (54,814)— — — — — (54,814)
Distributions from deferred comp plans— 133 — — — — 447 (447)133 
Purchases of treasury stock— — — — (46,529)— — — (46,529)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (1,013)— — — (1,013)
Stock option exercises— — — — — — — —  
Allocation of ESOP shares— 878 — — — 2,434 — — 3,312 
Allocation of SAP shares— 7,389 — — — — — — 7,389 
Allocation of stock options— 148 — — — — — — 148 
Balance at September 30, 2022$832 $978,363 $886,332 $(174,487)$(127,145)$(12,910)$(3,537)$3,537 $1,550,985 

See accompanying notes to unaudited consolidated financial statements.