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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q | | | | | |
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| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| |
| For the quarterly period ended September 30, 2023 |
or | | | | | |
☐
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
| |
| For the transition period from to
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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 Street | Jersey City | New Jersey | 07302 |
(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 filer | | ☒ | | Accelerated Filer | ☐ | |
Non-Accelerated Filer | | ☐ | | Smaller 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, 2023 there were 83,209,012 shares issued and 75,606,533 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 65,745 shares held by the First Savings Bank Directors’ Deferred Fee Plan not otherwise considered outstanding under U.S. generally accepted accounting principles.
PROVIDENT FINANCIAL SERVICES, INC.
INDEX TO FORM 10-Q
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Item Number | Page Number |
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1 | | |
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| Consolidated Statements of Financial Condition as of September 30, 2023 (unaudited) and December 31, 2022 | |
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| Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited) | |
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| Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited) | |
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| Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited) | |
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| Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited) | |
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2 | | |
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3 | | |
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4 | | |
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1 | | |
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1A. | | |
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2 | | |
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3 | Defaults Upon Senior Securities | |
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4 | | |
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5 | | |
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6 | Exhibits | |
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PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2023 (Unaudited) and December 31, 2022
(Dollars in Thousands)
| | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
ASSETS | | | | |
Cash and due from banks | | $ | 188,573 | | | $ | 186,490 | |
Short-term investments | | 696 | | | 18 | |
Total cash and cash equivalents | | 189,269 | | | 186,508 | |
Available for sale debt securities, at fair value | | 1,656,305 | | | 1,803,548 | |
Held to maturity debt securities, net (fair value of $343,082 at September 30, 2023 (unaudited) and $373,468 at December 31, 2022) | | 370,416 | | | 387,923 | |
Equity securities, at fair value | | 1,210 | | | 1,147 | |
Federal Home Loan Bank stock | | 101,250 | | | 68,554 | |
Loans | | 10,667,612 | | | 10,248,883 | |
Less allowance for credit losses | | 107,563 | | | 88,023 | |
Net loans | | 10,560,049 | | | 10,160,860 | |
Foreclosed assets, net | | 16,487 | | | 2,124 | |
Banking premises and equipment, net | | 71,453 | | | 79,794 | |
Accrued interest receivable | | 55,741 | | | 51,903 | |
Intangible assets | | 458,663 | | | 460,892 | |
Bank-owned life insurance | | 241,406 | | | 239,040 | |
Other assets | | 364,576 | | | 341,143 | |
Total assets | | $ | 14,086,825 | | | $ | 13,783,436 | |
| | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
Deposits: | | | | |
Demand deposits | | $ | 7,872,901 | | | $ | 8,373,005 | |
Savings deposits | | 1,200,377 | | | 1,438,583 | |
Certificates of deposit of $100,000 or more | | 699,880 | | | 504,627 | |
Other time deposits | | 368,241 | | | 246,809 | |
Total deposits | | 10,141,399 | | | 10,563,024 | |
Mortgage escrow deposits | | 41,319 | | | 35,705 | |
Borrowed funds | | 2,022,249 | | | 1,337,370 | |
Subordinated debentures | | 10,646 | | | 10,493 | |
Other liabilities | | 248,242 | | | 239,141 | |
Total liabilities | | 12,463,855 | | | 12,185,733 | |
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 75,531,884 shares outstanding at September 30, 2023 and 76,169,196 outstanding at December 31, 2022 | | 832 | | | 832 | |
Additional paid-in capital | | 988,001 | | | 981,138 | |
Retained earnings | | 964,802 | | | 918,158 | |
Accumulated other comprehensive (loss) income | | (195,056) | | | (165,045) | |
Treasury stock | | (127,818) | | | (127,154) | |
Unallocated common stock held by the Employee Stock Ownership Plan | | (7,791) | | | (10,226) | |
Common stock acquired by deferred compensation plans | | (3,013) | | | (3,427) | |
Deferred compensation plans | | 3,013 | | | 3,427 | |
Total stockholders’ equity | | 1,622,970 | | | 1,597,703 | |
Total liabilities and stockholders’ equity | | $ | 14,086,825 | | | $ | 13,783,436 | |
See accompanying notes to unaudited consolidated financial statements.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2023 and 2022 (Unaudited)
(Dollars in Thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Interest income: | | | | | | | | |
Real estate secured loans | | $ | 104,540 | | | $ | 80,273 | | | $ | 299,830 | | | $ | 213,181 | |
Commercial loans | | 33,806 | | | 25,201 | | | 93,915 | | | 70,385 | |
Consumer loans | | 4,746 | | | 3,785 | | | 13,419 | | | 10,268 | |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | | 11,886 | | | 9,560 | | | 34,748 | | | 25,966 | |
Held to maturity debt securities | | 2,334 | | | 2,416 | | | 7,059 | | | 7,501 | |
Deposits, Federal funds sold and other short-term investments | | 885 | | | 496 | | | 2,678 | | | 1,705 | |
Total interest income | | 158,197 | | | 121,731 | | | 451,649 | | | 329,006 | |
Interest expense: | | | | | | | | |
Deposits | | 44,923 | | | 9,560 | | | 108,880 | | | 20,322 | |
Borrowed funds | | 16,765 | | | 2,518 | | | 38,329 | | | 4,790 | |
Subordinated debt | | 273 | | | 164 | | | 774 | | | 403 | |
Total interest expense | | 61,961 | | | 12,242 | | | 147,983 | | | 25,515 | |
Net interest income | | 96,236 | | | 109,489 | | | 303,666 | | | 303,491 | |
Provision charge for credit losses | | 11,009 | | | 8,413 | | | 27,407 | | | 5,004 | |
Net interest income after provision charge for credit losses | | 85,227 | | | 101,076 | | | 276,259 | | | 298,487 | |
Non-interest income: | | | | | | | | |
Fees | | 6,132 | | | 7,203 | | | 18,294 | | | 21,516 | |
Wealth management income | | 6,992 | | | 6,785 | | | 20,826 | | | 21,274 | |
Insurance agency income | | 3,224 | | | 2,865 | | | 11,175 | | | 9,135 | |
Bank-owned life insurance | | 1,820 | | | 1,237 | | | 4,838 | | | 3,978 | |
Net gains on securities transactions | | 13 | | | (3) | | | 37 | | | 154 | |
Other income | | 1,139 | | | 10,358 | | | 5,691 | | | 13,466 | |
Total non-interest income | | 19,320 | | | 28,445 | | | 60,861 | | | 69,523 | |
Non-interest expense: | | | | | | | | |
Compensation and employee benefits | | 35,702 | | | 38,079 | | | 109,724 | | | 112,582 | |
Net occupancy expense | | 8,113 | | | 8,452 | | | 24,474 | | | 26,262 | |
Data processing expense | | 5,312 | | | 5,575 | | | 16,536 | | | 16,551 | |
FDIC insurance | | 1,628 | | | 1,400 | | | 5,688 | | | 3,955 | |
Amortization of intangibles | | 720 | | | 779 | | | 2,231 | | | 2,511 | |
Advertising and promotion expense | | 1,133 | | | 1,366 | | | 3,722 | | | 3,692 | |
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | | 1,532 | | | 1,575 | | | 1,624 | | | (1,788) | |
Merger-related expenses | | 2,289 | | | 2,886 | | | 5,349 | | | 2,886 | |
Other operating expenses | | 10,728 | | | 9,331 | | | 31,761 | | | 28,522 | |
Total non-interest expense | | 67,157 | | | 69,443 | | | 201,109 | | | 195,173 | |
Income before income tax expense | | 37,390 | | | 60,078 | | | 136,011 | | | 172,837 | |
Income tax expense | | 8,843 | | | 16,657 | | | 34,925 | | | 46,224 | |
Net income | | $ | 28,547 | | | $ | 43,421 | | | $ | 101,086 | | | $ | 126,613 | |
Basic earnings per share | | $ | 0.38 | | | $ | 0.58 | | | $ | 1.35 | | | $ | 1.69 | |
Weighted average basic shares outstanding | | 74,909,083 | | | 74,297,237 | | | 74,793,530 | | | 74,808,358 | |
Diluted earnings per share | | $ | 0.38 | | | $ | 0.58 | | | $ | 1.35 | | | $ | 1.69 | |
Weighted average diluted shares outstanding | | 74,914,205 | | | 74,393,380 | | | 74,816,606 | | | 74,896,493 | |
| | | | | | | | |
See accompanying notes to unaudited consolidated financial statements.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2023 and 2022 (Unaudited)
(Dollars in Thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 28,547 | | | $ | 43,421 | | | $ | 101,086 | | | $ | 126,613 | |
Other comprehensive (loss) income, net of tax: | | | | | | | | |
Unrealized gains and losses on available for sale debt securities: | | | | | | | | |
Net unrealized (losses) arising during the period | | (31,224) | | | (67,293) | | | (25,086) | | | (197,997) | |
Reclassification adjustment for gains included in net income | | — | | | — | | | — | | | (42) | |
Total | | (31,224) | | | (67,293) | | | (25,086) | | | (198,039) | |
Unrealized gains and losses on derivatives: | | | | | | | | |
Net unrealized gains arising during the period | | 2,352 | | | 5,998 | | | 5,385 | | | 18,225 | |
Reclassification adjustment for (gains) included in net income | | (3,430) | | | (1,157) | | | (9,519) | | | (788) | |
Total | | (1,078) | | | 4,841 | | | (4,134) | | | 17,437 | |
Amortization related to post-retirement obligations | | (261) | | | (236) | | | (791) | | | (748) | |
Total other comprehensive (loss) | | (32,563) | | | (62,688) | | | (30,011) | | | (181,350) | |
Total comprehensive (loss) income | | $ | (4,016) | | | $ | (19,267) | | | $ | 71,075 | | | $ | (54,737) | |
See accompanying notes to unaudited consolidated financial statements.
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 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 at June 30, 2022 | | $ | 832 | | | $ | 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) | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Allocation of ESOP shares | | — | | | 296 | | | — | | | — | | | — | | | 811 | | | — | | | — | | | 1,107 | |
Allocation of Stock Award Plan ("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 | | COMMONSTOCK | | ADDITIONAL PAID-IN CAPITAL | | RETAINEDEARNINGS | | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | | TREASURYSTOCK | | UNALLOCATED ESOP SHARES | | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | | DEFERRED COMPENSATION PLANS | | TOTAL 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.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2023 (Unaudited)
(Dollars in Thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the three months ended September 30, 2023 | | 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 at June 30, 2023 | | 832 | | | 986,150 | | | 954,403 | | | (162,493) | | | (127,818) | | | (8,603) | | | (3,150) | | | 3,150 | | | 1,642,471 | |
Net income | | — | | | — | | | 28,547 | | | — | | | — | | | — | | | — | | | — | | | 28,547 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | (32,563) | | | — | | | — | | | — | | | — | | | (32,563) | |
Cash dividends paid | | — | | | — | | | (18,148) | | | — | | | — | | | — | | | — | | | — | | | (18,148) | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Distributions from deferred comp plans | | — | | | 36 | | | — | | | — | | | — | | | — | | | 137 | | | (137) | | | 36 | |
Purchases of treasury stock | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Purchase of employee restricted shares to fund statutory tax withholding | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | |
Stock option exercises | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Allocation of ESOP shares | | — | | | (24) | | | — | | | — | | | — | | | 812 | | | — | | | — | | | 788 | |
Allocation of SAP shares | | — | | | 1,805 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,805 | |
| | | | | | | | | | | | | | | | | | |
Allocation of stock options | | — | | | 34 | | | — | | | — | | | — | | | — | | | — | | | — | | | 34 | |
Balance at September 30, 2023 | | $ | 832 | | | $ | 988,001 | | | $ | 964,802 | | | $ | (195,056) | | | $ | (127,818) | | | $ | (7,791) | | | $ | (3,013) | | | $ | 3,013 | | | $ | 1,622,970 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the nine months ended September 30, 2023 | | COMMONSTOCK | | 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 at December 31, 2022 | | $ | 832 | | | $ | 981,138 | | | $ | 918,158 | | | $ | (165,045) | | | $ | (127,154) | | | $ | (10,226) | | | $ | (3,427) | | | $ | 3,427 | | | $ | 1,597,703 | |
Net income | | — | | | — | | | 101,086 | | | — | | | — | | | — | | | — | | | — | | | 101,086 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | (30,011) | | | — | | | — | | | — | | | — | | | (30,011) | |
Cash dividends paid | | — | | | — | | | (54,875) | | | — | | | — | | | — | | | — | | | — | | | (54,875) | |
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02, net of tax | | — | | | — | | | 433 | | | — | | | — | | | — | | | — | | | — | | | 433 | |
| | | | | | | | | | | | | | | | | | |
Distributions from deferred comp plans | | — | | | 115 | | | — | | | — | | | — | | | — | | | 414 | | | (414) | | | 115 | |
| | | | | | | | | | | | | | | | | | |
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 | | — | | | 219 | | | — | | | — | | | — | | | 2,435 | | | — | | | — | | | 2,654 | |
Allocation of SAP shares | | — | | | 6,635 | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,635 | |
| | | | | | | | | | | | | | | | | | |
Allocation of stock options | | — | | | 111 | | | — | | | — | | | — | | | — | | | — | | | — | | | 111 | |
Balance at September 30, 2023 | | $ | 832 | | | $ | 988,001 | | | $ | 964,802 | | | $ | (195,056) | | | $ | (127,818) | | | $ | (7,791) | | | $ | (3,013) | | | $ | 3,013 | | | $ | 1,622,970 | |
See accompanying notes to unaudited consolidated financial statements.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Nine months ended September 30, 2023 and 2022 (Unaudited)
(Dollars in Thousands)
| | | | | | | | | | | | | | |
| | Nine months ended September 30, |
| | 2023 | | 2022 |
Cash flows from operating activities: | | | | |
Net income | | $ | 101,086 | | | $ | 126,613 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization of intangibles | | 8,835 | | | 9,845 | |
Provision charge for credit losses on loans and securities | | 27,407 | | | 5,004 | |
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | | 1,624 | | | (1,788) | |
Deferred tax benefit | | (2,332) | | | (222) | |
Amortization of operating lease right-of-use assets | | 7,890 | | | 8,006 | |
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Income on Bank-owned life insurance | | (4,838) | | | (3,978) | |
Net amortization of premiums and discounts on securities | | 6,088 | | | 10,465 | |
Accretion of net deferred loan fees | | (6,653) | | | (7,095) | |
Amortization of premiums on purchased loans, net | | 170 | | | 234 | |
Originations of loans held for sale | | (12,227) | | | (18,467) | |
Proceeds from sales of loans originated for sale | | 13,056 | | | 16,978 | |
ESOP expense | | 2,654 | | | 3,312 | |
Allocation of stock award expense | | 6,635 | | | 7,389 | |
Allocation of stock option expense | | 111 | | | 148 | |
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Net gain on sale of loans | | (1,071) | | | (1,306) | |
Net gain on securities transactions | | (37) | | | (154) | |
Net gain on sale of premises and equipment | | (197) | | | (22) | |
Net gain on sale of foreclosed assets | | (2,789) | | | (8,590) | |
Increase in accrued interest receivable | | (3,838) | | | (3,130) | |
Increase in other assets | | (23,596) | | | (60,364) | |
Increase in other liabilities | | 9,101 | | | 74,992 | |
Net cash provided by operating activities | | 127,079 | | | 157,870 | |
Cash flows from investing activities: | | | | |
Net increase in loans | | (420,331) | | | (449,803) | |
Purchases of loans | | (7,876) | | | (4,326) | |
Proceeds from sales of foreclosed assets | | 3,485 | | | 16,188 | |
Proceeds from maturities, calls and paydowns of held to maturity debt securities | | 28,576 | | | 62,597 | |
Purchases of investment securities held to maturity | | (11,978) | | | (20,665) | |
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Proceeds from maturities, calls and paydowns of available for sale debt securities | | 146,965 | | | 227,975 | |
Purchases of available for sale debt securities | | (40,089) | | | (279,395) | |
Proceeds from redemption of Federal Home Loan Bank stock | | 151,472 | | | 89,244 | |
Purchases of Federal Home Loan Bank stock | | (184,168) | | | (110,671) | |
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BOLI claim benefits received | | 2,347 | | | — | |
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Proceeds from sales of premises and equipment | | 62 | | | 22 | |
Purchases of premises and equipment | | (5,895) | | | (7,879) | |
Net cash used in investing activities | | (337,430) | | | (476,713) | |
Cash flows from financing activities: | | | | |
Net decrease in deposits | | (421,625) | | | (548,407) | |
Increase in mortgage escrow deposits | | 5,614 | | | 5,183 | |
Cash dividends paid to stockholders | | (54,875) | | | (54,814) | |
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| | Nine months ended September 30, |
| | 2023 | | 2022 |
Purchase of treasury stock | | — | | | (46,529) | |
Purchase of employee restricted shares to fund statutory tax withholding | | (1,671) | | | (1,013) | |
Stock options exercised | | 790 | | | — | |
Proceeds from long-term borrowings | | 508,805 | | | 2,274,000 | |
Payments on long-term borrowings | | (58,443) | | | (1,826,556) | |
Net increase (decrease) in short-term borrowings | | 234,517 | | | (10,616) | |
Net cash provided by (used in) financing activities | | 213,112 | | | (208,752) | |
Net increase (decrease) in cash and cash equivalents | | 2,761 | | | (527,595) | |
Cash and cash equivalents at beginning of period | | 186,438 | | | 685,163 | |
Restricted cash at beginning of period | | 70 | | | 27,300 | |
Total cash, cash equivalents and restricted cash at beginning of period | | 186,508 | | | 712,463 | |
Cash and cash equivalents at end of period | | 189,199 | | | 183,068 | |
Restricted cash at end of period | | 70 | | | 1,800 | |
Total cash, cash equivalents and restricted cash at end of period | | $ | 189,269 | | | $ | 184,868 | |
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Cash paid during the period for: | | | | |
Interest on deposits and borrowings | | $ | 143,223 | | | $ | 26,130 | |
Income taxes | | $ | 38,861 | | | $ | 25,650 | |
Non-cash investing activities: | | | | |
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Transfer of loans receivable to foreclosed assets | | $ | 15,131 | | | $ | 1,120 | |
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See accompanying notes to unaudited consolidated financial statements.
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 and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses is a material estimate that is particularly susceptible to near-term 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 and nine months ended September 30, 2023 are not necessarily indicative of the results of operations that may be expected for all of 2023.
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. Additionally, certain comparative balances on the interim unaudited consolidated financial statements have been reclassified to conform to the current year’s presentation.
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2022 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 and nine months ended September 30, 2023 and 2022 (dollars in thousands, except per share amounts):
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| | Three months ended September 30, | |
| | 2023 | | 2022 | |
| | Net Income | | Weighted Average Common Shares Outstanding | | Per Share Amount | | Net Income | | Weighted Average Common Shares Outstanding | | Per Share Amount | |
Net income | | $ | 28,547 | | | | | | | $ | 43,421 | | | | | | |
Basic earnings per share: | | | | | | | | | | | | | |
Income available to common stockholders | | $ | 28,547 | | | 74,909,083 | | | $ | 0.38 | | | $ | 43,421 | | | 74,297,237 | | | $ | 0.58 | | |
Dilutive shares | | | | 5,122 | | | | | | | 96,143 | | | | |
Diluted earnings per share: | | | | | | | | | | | | | |
Income available to common stockholders | | $ | 28,547 | | | 74,914,205 | | | $ | 0.38 | | | $ | 43,421 | | | 74,393,380 | | | $ | 0.58 | | |
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| | Nine months ended September 30, | |
| | 2023 | | 2022 | |
| | Net Income | | Weighted Average Common Shares Outstanding | | Per Share Amount | | Net Income | | Weighted Average Common Shares Outstanding | | Per Share Amount | |
Net income | | $ | 101,086 | | | | | | | $ | 126,613 | | | | | | |
Basic earnings per share: | | | | | | | | | | | | | |
Income available to common stockholders | | $ | 101,086 | | | 74,793,530 | | | $ | 1.35 | | | $ | 126,613 | | | 74,808,358 | | | $ | 1.69 | | |
Dilutive shares | | | | 23,076 | | | | | | | 88,135 | | | | |
Diluted earnings per share: | | | | | | | | | | | | | |
Income available to common stockholders | | $ | 101,086 | | | 74,816,606 | | | $ | 1.35 | | | $ | 126,613 | | | 74,896,493 | | | $ | 1.69 | | |
Anti-dilutive stock options and awards at September 30, 2023 and 2022, totaling 1.2 million shares and 921,834 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 and nine months ended September 30, 2023, a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model led to increases to the provisions for credit losses and off-balance sheet credit exposures. See Notes 4 and 10 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures.
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 at least 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 most recent annual goodwill impairment test as of July 1, 2023. At September 30, 2023, the Company performed an analysis and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required.
Note 2. Business Combinations