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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 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

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

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

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

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  ý
As of November 1, 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.
1



PROVIDENT FINANCIAL SERVICES, INC.
INDEX TO FORM 10-Q
 
Item Number
Page Number
1
Consolidated Statements of Financial Condition as of September 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)
2
3
4
1
1A.
2
3
Defaults Upon Senior Securities
4
5
6
Exhibits



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2023 (Unaudited) and December 31, 2022
(Dollars in Thousands)
 
September 30, 2023December 31, 2022
ASSETS
Cash and due from banks$188,573 $186,490 
Short-term investments696 18 
Total cash and cash equivalents189,269 186,508 
Available for sale debt securities, at fair value1,656,305 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 value1,210 1,147 
Federal Home Loan Bank stock101,250 68,554 
Loans10,667,612 10,248,883 
Less allowance for credit losses107,563 88,023 
Net loans10,560,049 10,160,860 
Foreclosed assets, net16,487 2,124 
Banking premises and equipment, net71,453 79,794 
Accrued interest receivable55,741 51,903 
Intangible assets458,663 460,892 
Bank-owned life insurance241,406 239,040 
Other assets364,576 341,143 
Total assets$14,086,825 $13,783,436 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$7,872,901 $8,373,005 
Savings deposits1,200,377 1,438,583 
Certificates of deposit of $100,000 or more699,880 504,627 
Other time deposits368,241 246,809 
Total deposits10,141,399 10,563,024 
Mortgage escrow deposits41,319 35,705 
Borrowed funds2,022,249 1,337,370 
Subordinated debentures10,646 10,493 
Other liabilities248,242 239,141 
Total liabilities12,463,855 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 capital988,001 981,138 
Retained earnings964,802 918,158 
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 plans3,013 3,427 
Total stockholders’ equity1,622,970 1,597,703 
Total liabilities and stockholders’ equity$14,086,825 $13,783,436 
See accompanying notes to unaudited consolidated financial statements.
3



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2023 and 2022 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended September 30,Nine months ended September 30,
2023202220232022
Interest income:
Real estate secured loans$104,540 $80,273 $299,830 $213,181 
Commercial loans33,806 25,201 93,915 70,385 
Consumer loans4,746 3,785 13,419 10,268 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock11,886 9,560 34,748 25,966 
Held to maturity debt securities2,334 2,416 7,059 7,501 
Deposits, Federal funds sold and other short-term investments885 496 2,678 1,705 
Total interest income158,197 121,731 451,649 329,006 
Interest expense:
Deposits44,923 9,560 108,880 20,322 
Borrowed funds16,765 2,518 38,329 4,790 
Subordinated debt273 164 774 403 
Total interest expense61,961 12,242 147,983 25,515 
Net interest income96,236 109,489 303,666 303,491 
Provision charge for credit losses11,009 8,413 27,407 5,004 
Net interest income after provision charge for credit losses85,227 101,076 276,259 298,487 
Non-interest income:
Fees6,132 7,203 18,294 21,516 
Wealth management income6,992 6,785 20,826 21,274 
Insurance agency income3,224 2,865 11,175 9,135 
Bank-owned life insurance1,820 1,237 4,838 3,978 
Net gains on securities transactions13 (3)37 154 
Other income1,139 10,358 5,691 13,466 
Total non-interest income19,320 28,445 60,861 69,523 
Non-interest expense:
Compensation and employee benefits35,702 38,079 109,724 112,582 
Net occupancy expense8,113 8,452 24,474 26,262 
Data processing expense5,312 5,575 16,536 16,551 
FDIC insurance1,628 1,400 5,688 3,955 
Amortization of intangibles720 779 2,231 2,511 
Advertising and promotion expense1,133 1,366 3,722 3,692 
Provision charge (benefit) for credit losses on off-balance sheet credit exposures1,532 1,575 1,624 (1,788)
Merger-related expenses2,289 2,886 5,349 2,886 
Other operating expenses10,728 9,331 31,761 28,522 
Total non-interest expense67,157 69,443 201,109 195,173 
Income before income tax expense37,390 60,078 136,011 172,837 
Income tax expense8,843 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 outstanding74,909,083 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 outstanding74,914,205 74,393,380 74,816,606 74,896,493 

See accompanying notes to unaudited consolidated financial statements.
4



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2023 and 2022 (Unaudited)
(Dollars in Thousands)
 
Three months ended September 30,Nine months ended September 30,
2023202220232022
Net income$28,547 $43,421 $101,086 $126,613 
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) arising during the period(31,224)(67,293)(25,086)(197,997)
Reclassification adjustment for gains included in net income   (42)
Total(31,224)(67,293)(25,086)(198,039)
Unrealized gains and losses on derivatives:
Net unrealized gains arising during the period2,352 5,998 5,385 18,225 
Reclassification adjustment for (gains) included in net income(3,430)(1,157)(9,519)(788)
Total(1,078)4,841 (4,134)17,437 
Amortization related to post-retirement obligations(261)(236)(791)(748)
Total other comprehensive (loss)(32,563)(62,688)(30,011)(181,350)
Total comprehensive (loss) income$(4,016)$(19,267)$71,075 $(54,737)

See accompanying notes to unaudited consolidated financial statements.

5



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2022 (Unaudited)
(Dollars in Thousands)
For the three months ended September 30, 2022
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOMETREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL 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
COMMONSTOCKADDITIONAL
PAID-IN CAPITAL
RETAINEDEARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURYSTOCKUNALLOCATED
 ESOP SHARES
COMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL
STOCKHOLDERS’ EQUITY
Balance at December 31, 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.









6



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 STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE LOSSTREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2023832 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
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 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.
7



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,
20232022
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 intangibles8,835 9,845 
Provision charge for credit losses on loans and securities27,407 5,004 
Provision charge (benefit) for credit losses on off-balance sheet credit exposures1,624 (1,788)
Deferred tax benefit(2,332)(222)
Amortization of operating lease right-of-use assets7,890 8,006 
Income on Bank-owned life insurance(4,838)(3,978)
Net amortization of premiums and discounts on securities6,088 10,465 
Accretion of net deferred loan fees(6,653)(7,095)
Amortization of premiums on purchased loans, net170 234 
Originations of loans held for sale(12,227)(18,467)
Proceeds from sales of loans originated for sale13,056 16,978 
ESOP expense2,654 3,312 
Allocation of stock award expense6,635 7,389 
Allocation of stock option expense111 148 
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 activities127,079 157,870 
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 assets3,485 16,188 
Proceeds from maturities, calls and paydowns of held to maturity debt securities28,576 62,597 
Purchases of investment securities held to maturity(11,978)(20,665)
Proceeds from maturities, calls and paydowns of available for sale debt securities146,965 227,975 
Purchases of available for sale debt securities(40,089)(279,395)
Proceeds from redemption of Federal Home Loan Bank stock151,472 89,244 
Purchases of Federal Home Loan Bank stock(184,168)(110,671)
BOLI claim benefits received2,347  
Proceeds from sales of premises and equipment62 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 deposits5,614 5,183 
Cash dividends paid to stockholders(54,875)(54,814)
8


Nine months ended September 30,
20232022
Purchase of treasury stock (46,529)
Purchase of employee restricted shares to fund statutory tax withholding(1,671)(1,013)
Stock options exercised790  
Proceeds from long-term borrowings508,805 2,274,000 
Payments on long-term borrowings(58,443)(1,826,556)
Net increase (decrease) in short-term borrowings234,517 (10,616)
Net cash provided by (used in) financing activities213,112 (208,752)
Net increase (decrease) in cash and cash equivalents2,761 (527,595)
Cash and cash equivalents at beginning of period186,438 685,163 
Restricted cash at beginning of period70 27,300 
Total cash, cash equivalents and restricted cash at beginning of period186,508 712,463 
Cash and cash equivalents at end of period189,199 183,068 
Restricted cash at end of period70 1,800 
Total cash, cash equivalents and restricted cash at end of period$189,269 $184,868 
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:
Transfer of loans receivable to foreclosed assets$15,131 $1,120 
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 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):
Three months ended September 30,
20232022
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 shares5,122 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 
10


Nine months ended September 30,
20232022
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 shares23,076 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