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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 June 30, 2024
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 August 1, 2024 there were 137,565,966 shares issued and 130,485,099 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 36,957 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 June 30, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited)
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (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
June 30, 2024 (Unaudited) and December 31, 2023
(Dollars in Thousands)
 
June 30, 2024December 31, 2023
ASSETS
Cash and due from banks$290,528 $180,241 
Short-term investments33 14 
Total cash and cash equivalents290,561 180,255 
Available for sale debt securities, at fair value2,626,783 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 value19,250 1,270 
Federal Home Loan Bank stock100,068 79,217 
Loans held for sale4,450 1,785 
Loans held for investment18,759,330 10,871,916 
Less allowance for credit losses188,331 107,200 
Net loans18,575,449 10,766,501 
Foreclosed assets, net11,119 11,651 
Banking premises and equipment, net127,396 70,998 
Accrued interest receivable93,843 58,966 
Intangible assets851,507 457,942 
Bank-owned life insurance404,605 243,050 
Other assets619,358 287,768 
Total assets$24,070,467 $14,210,810 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand deposits$13,526,094 $8,020,889 
Savings deposits1,745,158 1,175,683 
Certificates of deposit of $250,000 or more871,842 218,549 
Other time deposits2,210,150 877,393 
Total deposits18,353,244 10,292,514 
Mortgage escrow deposits50,694 36,838 
Borrowed funds2,302,058 1,970,033 
Subordinated debentures412,766 10,695 
Other liabilities396,059 210,134 
Total liabilities21,514,821 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 capital1,868,643 989,058 
Retained earnings957,979 974,542 
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 plans2,398 2,694 
Total stockholders’ equity2,555,646 1,690,596 
Total liabilities and stockholders’ equity$24,070,467 $14,210,810 
See accompanying notes to unaudited consolidated financial statements.
3



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
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,
2024202320242023
Interest and dividend income:
Real estate secured loans$156,318 $99,302 $263,774 $195,290 
Commercial loans58,532 31,426 94,632 60,109 
Consumer loans8,351 4,431 12,874 8,673 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock20,394 11,432 32,724 22,862 
Held to maturity debt securities2,357 2,357 4,625 4,725 
Due from banks, Federal funds sold and other short-term investments1,859 948 3,041 1,793 
Total interest income247,811 149,896 411,670 293,452 
Interest expense:
Deposits81,058 36,447 133,592 63,957 
Borrowed funds20,566 14,088 37,949 21,564 
Subordinated debt4,681 255 4,953 501 
Total interest expense106,305 50,790 176,494 86,022 
Net interest income141,506 99,106 235,176 207,430 
Provision charge for credit losses69,705 9,750 69,385 16,490 
Net interest income after provision charge for credit losses71,801 89,356 165,791 190,940 
Non-interest income:
Fees8,699 5,775 14,611 12,162 
Wealth management income7,769 6,919 15,257 13,834 
Insurance agency income4,488 3,847 9,281 7,950 
Bank-owned life insurance3,323 1,534 5,140 3,018 
Net (loss) gain on securities transactions(2,973)29 (2,974)24 
Other income969 1,283 1,766 4,552 
Total non-interest income22,275 19,387 43,081 41,540 
Non-interest expense:
Compensation and employee benefits54,888 35,283 94,936 74,021 
Net occupancy expense11,142 7,949 19,662 16,360 
Data processing expense8,433 5,716 15,217 11,224 
FDIC insurance3,100 2,125 5,372 4,061 
Amortization of intangibles6,483 749 7,188 1,511 
Advertising and promotion expense1,171 1,379 2,137 2,589 
Merger-related expenses18,915 1,960 21,117 3,060 
Other operating expenses11,262 9,949 21,592 21,032 
Total non-interest expense115,394 65,110 187,221 133,858 
(Loss) Income before income tax expense(21,318)43,633 21,651 98,622 
Income tax (benefit) expense(9,833)11,630 1,055 26,083 
Net (loss) income$(11,485)$32,003 $20,596 $72,539 
Basic earnings per share$(0.11)$0.43 $0.23 $0.97 
Weighted average basic shares outstanding102,957,521 74,823,272 89,108,775 74,734,795 
Diluted earnings per share$(0.11)$0.43 $0.23 $0.97 
Weighted average diluted shares outstanding102,957,521 74,830,187 89,116,590 74,766,848 

See accompanying notes to unaudited consolidated financial statements.
4



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and six months ended June 30, 2024 and 2023 (Unaudited)
(Dollars in Thousands)
 
Three months ended June 30,Six months ended June 30,
2024202320242023
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 period11,561 (14,726)1,604 6,138 
Reclassification adjustment for losses included in net income2,056  2,056  
Total13,617 (14,726)3,660 6,138 
Unrealized gains and losses on derivatives:
Net unrealized gains arising during the period941 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 

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 six months ended June 30, 2023 (Unaudited)
(Dollars in Thousands)
For the three months ended June 30, 2023
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOMETREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL 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
COMMONSTOCKADDITIONAL
PAID-IN CAPITAL
RETAINEDEARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURYSTOCKUNALLOCATED
 ESOP SHARES
COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL
STOCKHOLDERS’ 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 

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 six months ended June 30, 2024 (Unaudited)
(Dollars in Thousands)
For the three months ended June 30, 2024
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE LOSSTREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL 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 acquisition544 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
COMMONSTOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED EARNINGSACCUMULATED
OTHER
COMPREHENSIVE
LOSS
TREASURY
STOCK
UNALLOCATED
ESOP
SHARES
COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL 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 acquisition544 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 

See accompanying notes to unaudited consolidated financial statements.
7



 
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,
20242023
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 intangibles12,346 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 assets6,398 5,257 
Income on Bank-owned life insurance(5,140)(3,018)
Net amortization of premiums and discounts on securities694 4,012 
Accretion of net deferred loan fees(3,611)(4,691)
Amortization of premiums on purchased loans, net100 120 
Originations of loans held for sale(5,285)(11,490)
Proceeds from sales of loans originated for sale3,005 11,938 
ESOP expense1,442 1,866 
Allocation of stock award expense3,425 4,830 
Allocation of stock option expense44 77 
Net gain on sale of loans (385)(972)
Net loss (gain) on securities transactions2,974 (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 liabilities48,748 (17,719)
Net cash provided by operating activities117,911 85,398 
Cash flows from investing activities:
Net decrease (increase) in loans5,236 (285,500)
Purchases of loans (3,394)
Proceeds from sales of foreclosed assets426 3,485 
Proceeds from maturities, calls and paydowns of held to maturity debt securities22,908 17,545 
Purchases of investment securities held to maturity(15,122)(9,130)
Proceeds from sales of available for sale debt securities568,360  
Proceeds from maturities, calls and paydowns of available for sale debt securities122,363 92,681 
Purchases of available for sale debt securities(60,338)(34,802)
Proceeds from redemption of Federal Home Loan Bank stock121,738 112,279 
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 received1,356 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 activities817,373 (244,441)
Cash flows from financing activities:
Net decrease in deposits(562,194)(301,904)
8


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,
20242023
Increase in mortgage escrow deposits8,324 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 debentures221,243 — 
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 equivalents110,306 22,364 
Cash and cash equivalents at beginning of period180,185 186,438 
Restricted cash at beginning of period70 70 
Total cash, cash equivalents and restricted cash at beginning of period180,255 186,508 
Cash and cash equivalents at end of period290,491 208,802 
Restricted cash at end of period70 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 sale1,494 
Loans held for investment7,889,138  
Bank-owned life insurance160,646  
Goodwill and other intangible assets400,773  
Bank premises and equipment60,578  
Other assets269,251  
Total non-cash assets acquired at fair value$10,413,987 $ 
Liabilities assumed
Deposits$8,622,924 $ 
Borrowings785,927  
Subordinated debentures180,198  
Other Liabilities142,708  
Total liabilities assumed$9,731,757 $ 
Common stock issued for acquisitions$876,778 $ 
See accompanying notes to unaudited consolidated financial statements.
9



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
A. Basis of Financial Statement Presentation
The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries.
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition an