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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 3/31/2022
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 May 2, 2022 there were 83,209,012 shares issued and 75,443,160 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 123,321 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 March 31, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 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
March 31, 2022 (Unaudited) and December 31, 2021
(Dollars in Thousands)
 
March 31, 2022December 31, 2021
ASSETS
Cash and due from banks$330,814 $506,270 
Short-term investments102,332 206,193 
Total cash and cash equivalents433,146 712,463 
Available for sale debt securities, at fair value2,072,337 2,057,851 
Held to maturity debt securities, net (fair value of $417,664 and $449,709 at March 31, 2022 and December 31, 2021, respectively).
421,958 436,150 
Equity securities, at fair value1,256 1,325 
Federal Home Loan Bank stock23,973 34,290 
Loans9,662,882 9,581,624 
Less allowance for credit losses76,275 80,740 
Net loans9,586,607 9,500,884 
Foreclosed assets, net8,578 8,731 
Banking premises and equipment, net82,987 80,559 
Accrued interest receivable41,033 41,990 
Intangible assets463,325 464,183 
Bank-owned life insurance237,808 236,630 
Other assets244,006 206,146 
Total assets$13,617,014 $13,781,202 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$9,183,808 $9,080,956 
Savings deposits1,490,624 1,460,541 
Certificates of deposit of $100,000 or more391,321 368,277 
Other time deposits300,334 324,238 
Total deposits11,366,087 11,234,012 
Mortgage escrow deposits40,184 34,440 
Borrowed funds399,606 626,774 
Subordinated debentures10,336 10,283 
Other liabilities179,670 178,597 
Total liabilities11,995,883 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 75,881,889 shares outstanding at March 31, 2022, and 83,209,012 shares issued and 76,969,999 shares outstanding at December 31, 2021, respectively.
832 832 
Additional paid-in capital972,552 969,815 
Retained earnings839,807 814,533 
Accumulated other comprehensive (loss) income (67,946)6,863 
Treasury stock(109,581)(79,603)
Unallocated common stock held by the Employee Stock Ownership Plan(14,533)(15,344)
Common stock acquired by the Directors' Deferred Fee Plan ("DDFP")(3,844)(3,984)
Deferred Compensation - Directors' Deferred Fee Plan3,844 3,984 
Total stockholders’ equity1,621,131 1,697,096 
Total liabilities and stockholders’ equity$13,617,014 $13,781,202 
See accompanying notes to unaudited consolidated financial statements.
3



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2022 and 2021 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended March 31,
20222021
Interest income:
Real estate secured loans$63,835 $62,016 
Commercial loans22,821 26,143 
Consumer loans3,139 3,492 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock7,951 5,612 
Held to maturity debt securities2,596 2,784 
Deposits, Federal funds sold and other short-term investments647 484 
Total interest income100,989 100,531 
Interest expense:
Deposits5,187 7,417 
Borrowed funds1,168 2,809 
Subordinated debt108 305 
Total interest expense6,463 10,531 
Net interest income94,526 90,000 
Provision benefit for credit losses(6,405)(15,001)
Net interest income after provision for credit losses100,931 105,001 
Non-interest income:
Fees6,889 7,192 
Wealth management income7,466 7,134 
Insurance agency income3,420 2,727 
Bank-owned life insurance1,179 2,567 
Net gains on securities transactions16 197 
Other income1,178 1,820 
Total non-interest income20,148 21,637 
Non-interest expense:
Compensation and employee benefits37,067 35,312 
Net occupancy expense9,330 9,301 
Data processing expense5,344 4,393 
FDIC insurance1,205 1,770 
Amortization of intangibles859 972 
Advertising and promotion expense1,104 877 
Credit loss benefit for off-balance sheet credit exposures(2,390)(875)
Other operating expenses9,367 10,103 
Total non-interest expense61,886 61,853 
Income before income tax expense59,193 64,785 
Income tax expense15,231 16,226 
Net income$43,962 $48,559 
Basic earnings per share$0.58 $0.63 
Weighted average basic shares outstanding75,817,971 76,516,543 
Diluted earnings per share$0.58 $0.63 
Weighted average diluted shares outstanding75,914,079 76,580,862 

See accompanying notes to unaudited consolidated financial statements.
4



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three months ended March 31, 2022 and 2021 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20222021
Net income$43,962 $48,559 
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized losses arising during the period(84,971)(9,019)
Reclassification adjustment for gains included in net income (171)
Total(84,971)(9,190)
Unrealized gains on derivatives 10,438 4,621 
Amortization related to post-retirement obligations(276)(109)
Total other comprehensive loss(74,809)(4,678)
Total comprehensive (loss) income$(30,847)$43,881 

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 months ended March 31, 2021 (Unaudited)
(Dollars in Thousands)
For the three months ended March 31, 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 December 31, 2020$832 $962,453 $718,090 $17,655 $(59,018)$(20,215)$(4,549)$4,549 $1,619,797 
Net income— — 48,559 — — — — — 48,559 
Other comprehensive loss, net of tax— — — (4,678)— — — — (4,678)
Cash dividends paid— — (18,075)— — — — — (18,075)
Distributions from DDFP— 28 — — — — 168 (168)28 
Purchases of treasury stock— — — — (48)— — — (48)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (915)— — — (915)
Shares issued dividend reinvestment plan— — — — — — — —  
Stock option exercises— (82)— — 720 — — — 638 
Allocation of ESOP shares— 145 — — — 768 — — 913 
Allocation of Stock Award Plan ("SAP") shares— 959 — — — — — — 959 
Allocation of stock options— 53 — — — — — — 53 
Balance at March 31, 2021$832 $963,556 $748,574 $12,977 $(59,261)$(19,447)$(4,381)$4,381 $1,647,231 
See accompanying notes to unaudited consolidated financial statements.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three months ended March 31, 2022 (Unaudited)
(Dollars in Thousands)
For the three months ended March 31, 2022
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2021832 969,815 814,533 6,863 (79,603)(15,344)(3,984)3,984 1,697,096 
Net income— — 43,962 — — — — — 43,962 
Other comprehensive loss, net of tax— — — (74,809)— — — — (74,809)
Cash dividends paid— — (18,688)— — — — — (18,688)
Distributions from DDFP— 45 — — — — 140 (140)45 
Purchases of treasury stock— — — — (29,025)— — — (29,025)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (953)— — — (953)
Shares issued dividend reinvestment plan— — — — — — — —  
Stock option exercises— — — — — — — —  
Allocation of ESOP shares— 332 — — — 811 — — 1,143 
Allocation of SAP shares— 2,311 — — — — — — 2,311 
Allocation of stock options— 49 — — — — — — 49 
Balance at March 31, 2022$832 $972,552 $839,807 $(67,946)$(109,581)$(14,533)$(3,844)$3,844 $1,621,131 

See accompanying notes to unaudited consolidated financial statements.
6



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Three months ended March 31, 2022 and 2021 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20222021
Cash flows from operating activities:
Net income$43,962 $48,559 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles3,247 3,264 
Provision benefit for credit losses on loans and securities(6,405)(15,001)
Credit loss benefit for off-balance sheet credit exposure(2,390)(875)
Deferred tax expense 10,625 6,271 
Amortization of operating lease right-of-use assets2,807 2,812 
Income on Bank-owned life insurance(1,179)(2,567)
Net amortization of premiums and discounts on securities3,844 3,110 
Accretion of net deferred loan fees(2,438)(5,487)
Amortization of premiums on purchased loans, net71 190 
Net increase in loans originated for sale (14,492)
Proceeds from sales of loans originated for sale 15,260 
Proceeds from sales and paydowns of foreclosed assets200 569 
ESOP expense1,143 913 
Allocation of stock award shares2,311 959 
Allocation of stock options49 53 
Net gain on sale of loans  (768)
Net gain on securities transactions(16)(197)
Net gain on sale of premises and equipment(8)(15)
Net gain on sale of foreclosed assets (170)
Decrease (increase) in accrued interest receivable957 (2,567)
(Increase) decrease in other assets(6,718)41,160 
Increase (decrease) in other liabilities1,073 (44,565)
Net cash provided by operating activities51,135 36,416 
Cash flows from investing activities:
Proceeds from maturities, calls and paydowns of held to maturity debt securities16,694 10,236 
Purchases of held to maturity debt securities(2,941)(7,541)
Proceeds from sales of securities 9,442 
Proceeds from maturities and paydowns of available for sale debt securities84,128 90,807 
Purchases of available for sale debt securities(218,082)(226,417)
Proceeds from redemption of Federal Home Loan Bank stock10,317 12,147 
Purchases of Federal Home Loan Bank stock (1,656)
Purchases of loans2,610  
Net (increase) decrease in loans(76,328)24,217 
Proceeds from sales of premises and equipment8 15 
Purchases of premises and equipment(8,843)(1,846)
Net cash used in investing activities(192,437)(90,596)
Cash flows from financing activities:
Net increase in deposits132,075 459,684 
Increase in mortgage escrow deposits5,744 3,474 
Cash dividends paid to stockholders(18,688)(18,075)
Purchase of treasury stock$(29,025)$(48)
7


Three months ended March 31,
20222021
Purchase of employee restricted shares to fund statutory tax withholding(953)(915)
Stock options exercised 638 
Proceeds from long-term borrowings 400,000 
Payments on long-term borrowings(229,111)(619,265)
Net increase (decrease) in short-term borrowings1,943 (16,096)
Net cash (used in) provided by financing activities(138,015)209,397 
Net (decrease) increase in cash and cash equivalents(279,317)155,217 
Cash and cash equivalents at beginning of period685,163 418,083 
Restricted cash at beginning of period27,300 114,270 
Total cash, cash equivalents and restricted cash at beginning of period712,463 532,353 
Cash and cash equivalents at end of period428,326 644,940 
Restricted cash at end of period4,820 42,630 
Total cash, cash equivalents and restricted cash at end of period$433,146 $687,570 
Cash paid during the period for:
Interest on deposits and borrowings$7,084 $10,399 
Income taxes$560 $270 
Non-cash investing activities:
Transfer of loans receivable to foreclosed assets$47 $434 
See accompanying notes to unaudited consolidated financial statements.
8



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. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).
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 and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are estimates that are particularly susceptible to change.
The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for all of 2022.
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2021 Annual Report to Stockholders on Form 10-K.
B. Earnings Per Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2022 and 2021 (dollars in thousands, except per share amounts):
Three months ended March 31,
20222021
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net income$43,962 $48,559 
Basic earnings per share:
Income available to common stockholders$43,962 75,817,971 $0.58 $48,559 76,516,543 $0.63 
Dilutive shares96,108 64,319 
Diluted earnings per share:
Income available to common stockholders$43,962 75,914,079 $0.58 $48,559 76,580,862 $0.63 
Anti-dilutive stock options and awards at March 31, 2022 and 2021, totaling 971,452 shares and 1.2 million shares, respectively, were excluded from the earnings per share calculations.
C. Loans Receivable and Allowance for Credit Losses
The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three months ended March 31, 2022, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 3 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans.
9




D. Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. As of March 31, 2022, it is not more likely than not that the fair value of Provident Financial Services, Inc., the reporting unit, is below its carrying amount and therefore a test for impairment between annual tests is not required at this time.
Note 2. Investment Securities
At March 31, 2022, the Company had $2.07 billion and $422.0 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at March 31, 2022 totaled 489, compared with 166 at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022 was due to higher current market interest rates compared to rates at December 31, 2021.
Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:
Agency obligations;
Mortgage-backed securities;
State and municipal obligations; and
Corporate obligations.

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at March 31, 2022 and the Company had one security rated BBB by Moody’s Investors Service.
Available for Sale Debt Securities
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
U.S. Treasury obligations$274,876  (14,711)260,165 
Mortgage-backed securities1,767,392 1,132 (98,060)1,670,464 
Asset-backed securities43,895 1,139 (98)44,936 
State and municipal obligations68,453 31 (4,638)63,846 
Corporate obligations34,088 239 (1,401)32,926 
$2,188,704 2,541 (118,908)2,072,337 
10


December 31, 2021
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
U.S. Treasury obligations$196,897 298 (866)196,329 
Mortgage-backed securities1,711,312 14,082 (16,563)1,708,831 
Asset-backed securities45,115 1,687 (5)46,797 
State and municipal obligations68,702 1,127 (122)69,707 
Corporate obligations36,109 425 (347)36,187 
$2,058,135 17,619 (17,903)2,057,851 
The amortized cost and fair value of available for sale debt securities at March 31, 2022, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2022
Amortized
cost
Fair
value
Due in one year or less$997 1,005 
Due after one year through five years137,234 130,466 
Due after five years through ten years174,136 164,946 
Due after ten years65,050 60,520 
$377,417 356,937 
Investments which pay principal on a periodic basis totaling $1.81 billion at amortized cost and $1.72 billion at fair value are excluded from the table above, as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.
For the three months ended March 31, 2022, no securities were sold or called from the available for sale debt securities portfolio. For the three months ended March 31, 2021, proceeds from calls on securities in the available for sale debt securities portfolio totaled $9.4 million, with gains of $230,000 and no loss recognized.
The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
U.S. Treasury obligations$260,165 (14,711)