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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 |
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| For the quarterly period ended 3/31/2022 |
or
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| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| 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 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.
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 March 31, 2022 (unaudited) and December 31, 2021 | |
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| Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 (unaudited) | |
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| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited) | |
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| Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited) | |
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| Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (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
March 31, 2022 (Unaudited) and December 31, 2021
(Dollars in Thousands)
| | | | | | | | | | | | | | |
| | March 31, 2022 | | December 31, 2021 |
ASSETS | | | | |
Cash and due from banks | | $ | 330,814 | | | $ | 506,270 | |
Short-term investments | | 102,332 | | | 206,193 | |
Total cash and cash equivalents | | 433,146 | | | 712,463 | |
Available for sale debt securities, at fair value | | 2,072,337 | | | 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 value | | 1,256 | | | 1,325 | |
Federal Home Loan Bank stock | | 23,973 | | | 34,290 | |
Loans | | 9,662,882 | | | 9,581,624 | |
Less allowance for credit losses | | 76,275 | | | 80,740 | |
Net loans | | 9,586,607 | | | 9,500,884 | |
Foreclosed assets, net | | 8,578 | | | 8,731 | |
Banking premises and equipment, net | | 82,987 | | | 80,559 | |
Accrued interest receivable | | 41,033 | | | 41,990 | |
Intangible assets | | 463,325 | | | 464,183 | |
Bank-owned life insurance | | 237,808 | | | 236,630 | |
Other assets | | 244,006 | | | 206,146 | |
Total assets | | $ | 13,617,014 | | | $ | 13,781,202 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
Deposits: | | | | |
Demand deposits | | $ | 9,183,808 | | | $ | 9,080,956 | |
Savings deposits | | 1,490,624 | | | 1,460,541 | |
Certificates of deposit of $100,000 or more | | 391,321 | | | 368,277 | |
Other time deposits | | 300,334 | | | 324,238 | |
Total deposits | | 11,366,087 | | | 11,234,012 | |
Mortgage escrow deposits | | 40,184 | | | 34,440 | |
Borrowed funds | | 399,606 | | | 626,774 | |
Subordinated debentures | | 10,336 | | | 10,283 | |
Other liabilities | | 179,670 | | | 178,597 | |
Total liabilities | | 11,995,883 | | | 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 capital | | 972,552 | | | 969,815 | |
Retained earnings | | 839,807 | | | 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 Plan | | 3,844 | | | 3,984 | |
Total stockholders’ equity | | 1,621,131 | | | 1,697,096 | |
Total liabilities and stockholders’ equity | | $ | 13,617,014 | | | $ | 13,781,202 | |
See accompanying notes to unaudited consolidated financial statements.
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, | | |
| | 2022 | | 2021 | | | | |
Interest income: | | | | | | | | |
Real estate secured loans | | $ | 63,835 | | | $ | 62,016 | | | | | |
Commercial loans | | 22,821 | | | 26,143 | | | | | |
Consumer loans | | 3,139 | | | 3,492 | | | | | |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | | 7,951 | | | 5,612 | | | | | |
Held to maturity debt securities | | 2,596 | | | 2,784 | | | | | |
Deposits, Federal funds sold and other short-term investments | | 647 | | | 484 | | | | | |
Total interest income | | 100,989 | | | 100,531 | | | | | |
Interest expense: | | | | | | | | |
Deposits | | 5,187 | | | 7,417 | | | | | |
Borrowed funds | | 1,168 | | | 2,809 | | | | | |
Subordinated debt | | 108 | | | 305 | | | | | |
Total interest expense | | 6,463 | | | 10,531 | | | | | |
Net interest income | | 94,526 | | | 90,000 | | | | | |
Provision benefit for credit losses | | (6,405) | | | (15,001) | | | | | |
Net interest income after provision for credit losses | | 100,931 | | | 105,001 | | | | | |
Non-interest income: | | | | | | | | |
Fees | | 6,889 | | | 7,192 | | | | | |
Wealth management income | | 7,466 | | | 7,134 | | | | | |
Insurance agency income | | 3,420 | | | 2,727 | | | | | |
Bank-owned life insurance | | 1,179 | | | 2,567 | | | | | |
Net gains on securities transactions | | 16 | | | 197 | | | | | |
Other income | | 1,178 | | | 1,820 | | | | | |
Total non-interest income | | 20,148 | | | 21,637 | | | | | |
Non-interest expense: | | | | | | | | |
Compensation and employee benefits | | 37,067 | | | 35,312 | | | | | |
Net occupancy expense | | 9,330 | | | 9,301 | | | | | |
Data processing expense | | 5,344 | | | 4,393 | | | | | |
FDIC insurance | | 1,205 | | | 1,770 | | | | | |
Amortization of intangibles | | 859 | | | 972 | | | | | |
Advertising and promotion expense | | 1,104 | | | 877 | | | | | |
Credit loss benefit for off-balance sheet credit exposures | | (2,390) | | | (875) | | | | | |
Other operating expenses | | 9,367 | | | 10,103 | | | | | |
Total non-interest expense | | 61,886 | | | 61,853 | | | | | |
Income before income tax expense | | 59,193 | | | 64,785 | | | | | |
Income tax expense | | 15,231 | | | 16,226 | | | | | |
Net income | | $ | 43,962 | | | $ | 48,559 | | | | | |
Basic earnings per share | | $ | 0.58 | | | $ | 0.63 | | | | | |
Weighted average basic shares outstanding | | 75,817,971 | | | 76,516,543 | | | | | |
Diluted earnings per share | | $ | 0.58 | | | $ | 0.63 | | | | | |
Weighted average diluted shares outstanding | | 75,914,079 | | | 76,580,862 | | | | | |
See accompanying notes to unaudited consolidated financial statements.
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, | | |
| | 2022 | | 2021 | | | | |
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.
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 STOCK | | ADDITIONAL PAID-IN CAPITAL | | RETAINED EARNINGS | | 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, 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 STOCK | | ADDITIONAL PAID-IN CAPITAL | | RETAINED EARNINGS | | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | | TREASURY STOCK | | 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 | | — | | | — | | | 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.
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, |
| | 2022 | | 2021 |
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 intangibles | | 3,247 | | | 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 assets | | 2,807 | | | 2,812 | |
| | | | |
Income on Bank-owned life insurance | | (1,179) | | | (2,567) | |
Net amortization of premiums and discounts on securities | | 3,844 | | | 3,110 | |
Accretion of net deferred loan fees | | (2,438) | | | (5,487) | |
Amortization of premiums on purchased loans, net | | 71 | | | 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 assets | | 200 | | | 569 | |
ESOP expense | | 1,143 | | | 913 | |
Allocation of stock award shares | | 2,311 | | | 959 | |
Allocation of stock options | | 49 | | | 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 receivable | | 957 | | | (2,567) | |
(Increase) decrease in other assets | | (6,718) | | | 41,160 | |
Increase (decrease) in other liabilities | | 1,073 | | | (44,565) | |
Net cash provided by operating activities | | 51,135 | | | 36,416 | |
Cash flows from investing activities: | | | | |
Proceeds from maturities, calls and paydowns of held to maturity debt securities | | 16,694 | | | 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 securities | | 84,128 | | | 90,807 | |
Purchases of available for sale debt securities | | (218,082) | | | (226,417) | |
Proceeds from redemption of Federal Home Loan Bank stock | | 10,317 | | | 12,147 | |
Purchases of Federal Home Loan Bank stock | | — | | | (1,656) | |
| | | | |
| | | | |
Purchases of loans | | 2,610 | | | — | |
Net (increase) decrease in loans | | (76,328) | | | 24,217 | |
| | | | |
Proceeds from sales of premises and equipment | | 8 | | | 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 deposits | | 132,075 | | | 459,684 | |
Increase in mortgage escrow deposits | | 5,744 | | | 3,474 | |
Cash dividends paid to stockholders | | (18,688) | | | (18,075) | |
| | | | |
Purchase of treasury stock | | $ | (29,025) | | | $ | (48) | |
| | | | | | | | | | | | | | |
| | Three months ended March 31, |
| | 2022 | | 2021 |
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 borrowings | | 1,943 | | | (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 period | | 685,163 | | | 418,083 | |
Restricted cash at beginning of period | | 27,300 | | | 114,270 | |
Total cash, cash equivalents and restricted cash at beginning of period | | 712,463 | | | 532,353 | |
Cash and cash equivalents at end of period | | 428,326 | | | 644,940 | |
Restricted cash at end of period | | 4,820 | | | 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: | | | | |
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Transfer of loans receivable to foreclosed assets | | $ | 47 | | | $ | 434 | |
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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. 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, | |
| | 2022 | | 2021 | |
| | 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 shares | | | | 96,108 | | | | | | | 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.
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 |
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U.S. Treasury obligations | | $ | 274,876 | | | — | | | (14,711) | | | 260,165 | |
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Mortgage-backed securities | | 1,767,392 | | | 1,132 | | | (98,060) | | | 1,670,464 | |
Asset-backed securities | | 43,895 | | | 1,139 | | | (98) | | | 44,936 | |
State and municipal obligations | | 68,453 | | | 31 | | | (4,638) | | | 63,846 | |
Corporate obligations | | 34,088 | | | 239 | | | (1,401) | | | 32,926 | |
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| | $ | 2,188,704 | | | 2,541 | | | (118,908) | | | 2,072,337 | |
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| | December 31, 2021 |
| | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value |
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U.S. Treasury obligations | | $ | 196,897 | | | 298 | | | (866) | | | 196,329 | |
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Mortgage-backed securities | | 1,711,312 | | | 14,082 | | | (16,563) | | | 1,708,831 | |
Asset-backed securities | | 45,115 | | | 1,687 | | | (5) | | | 46,797 | |
State and municipal obligations | | 68,702 | | | 1,127 | | | (122) | | | 69,707 | |
Corporate obligations | | 36,109 | | | 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 years | | 137,234 | | | 130,466 | |
Due after five years through ten years | | 174,136 | | | 164,946 | |
Due after ten years | | 65,050 | | | 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 months | | 12 months or longer | | Total |
| | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses | | Fair value | | Gross unrealized losses |
| | | | | | | | | | | | |
U.S. Treasury obligations | | $ | 260,165 | | | (14,711) | | | — | | | — | | | |