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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 March 31, 2024
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to

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

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

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

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  ý
As of April 19, 2024 there were 83,209,012 shares issued and 75,984,175 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 56,149 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, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)
2
3
4
1
1A.
2
3
Defaults Upon Senior Securities
4
5
6
Exhibits



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
March 31, 2024 (Unaudited) and December 31, 2023
(Dollars in Thousands)
 
March 31, 2024December 31, 2023
ASSETS
Cash and due from banks$158,306 $180,241 
Short-term investments46 14 
Total cash and cash equivalents158,352 180,255 
Available for sale debt securities, at fair value1,666,306 1,690,112 
Held to maturity debt securities, net (fair value of $341,459 as of March 31, 2024 and $352,601 as of December 31, 2023)
354,671 363,080 
Equity securities, at fair value1,341 1,270 
Federal Home Loan Bank stock77,750 79,217 
Loans10,842,707 10,873,701 
Less allowance for credit losses106,429 107,200 
Net loans10,736,278 10,766,501 
Foreclosed assets, net11,324 11,651 
Banking premises and equipment, net69,487 70,998 
Accrued interest receivable58,677 58,966 
Intangible assets457,239 457,942 
Bank-owned life insurance243,513 243,050 
Other assets295,980 287,768 
Total assets$14,130,918 $14,210,810 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$7,905,961 $8,020,889 
Savings deposits1,160,951 1,175,683 
Certificates of deposit of $250,000 or more223,639 218,549 
Other time deposits808,341 877,393 
Total deposits10,098,892 10,292,514 
Mortgage escrow deposits43,881 36,838 
Borrowed funds2,058,098 1,970,033 
Subordinated debentures10,744 10,695 
Other liabilities224,141 210,134 
Total liabilities12,435,756 12,520,214 
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued
  
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 75,928,193 shares outstanding as of March 31, 2024 and 75,537,186 outstanding as of December 31, 2023
832 832 
Additional paid-in capital990,582 989,058 
Retained earnings988,480 974,542 
Accumulated other comprehensive loss(151,585)(141,115)
Treasury stock(129,062)(127,825)
Unallocated common stock held by the Employee Stock Ownership Plan(4,085)(4,896)
Common stock acquired by deferred compensation plans(2,546)(2,694)
Deferred compensation plans2,546 2,694 
Total stockholders’ equity1,695,162 1,690,596 
Total liabilities and stockholders’ equity$14,130,918 $14,210,810 
See accompanying notes to unaudited consolidated financial statements.
3



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2024 and 2023 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended March 31,
20242023
Interest and dividend income:
Real estate secured loans$107,456 $95,988 
Commercial loans36,100 28,683 
Consumer loans4,523 4,242 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock12,330 11,430 
Held to maturity debt securities2,268 2,368 
Deposits, Federal funds sold and other short-term investments1,182 845 
Total interest and dividend income163,859 143,556 
Interest expense:
Deposits52,534 27,510 
Borrowed funds17,383 7,476 
Subordinated debt272 246 
Total interest expense70,189 35,232 
Net interest income93,670 108,324 
Provision charge for credit losses186 6,001 
Net interest income after provision charge for credit losses93,484 102,323 
Non-interest income:
Fees5,912 6,387 
Wealth management income7,488 6,915 
Insurance agency income4,793 4,102 
Bank-owned life insurance1,817 1,484 
Net loss on securities transactions(1)(5)
Other income798 3,269 
Total non-interest income20,807 22,152 
Non-interest expense:
Compensation and employee benefits40,048 38,737 
Net occupancy expense8,520 8,410 
Data processing expense6,783 5,508 
FDIC insurance2,272 1,937 
Amortization of intangibles705 762 
Advertising and promotion expense966 1,232 
Provision charge (benefit) for credit losses on off-balance sheet credit exposures(506)739 
Merger-related expenses2,202 1,100 
Other operating expenses10,331 11,060 
Total non-interest expense71,321 69,485 
Income before income tax expense42,970 54,990 
Income tax expense10,888 14,454 
Net income$32,082 $40,536 
Basic earnings per share$0.43 $0.54 
Weighted average basic shares outstanding75,260,029 74,645,336 
Diluted earnings per share$0.43 $0.54 
Weighted average diluted shares outstanding75,275,660 74,702,527 

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, 2024 and 2023 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20242023
Net income$32,082 $40,536 
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period(9,957)20,864 
Reclassification adjustment for gains included in net income  
Total(9,957)20,864 
Unrealized gains and losses on derivatives:
Net unrealized gains (losses) arising during the period3,385 (616)
Reclassification adjustment for gains included in net income(3,069)(3,080)
Total316 (3,696)
Amortization related to post-retirement obligations(829)(269)
Total other comprehensive (loss) income(10,470)16,899 
Total comprehensive income$21,612 $57,435 

See accompanying notes to unaudited consolidated financial statements.

5



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended March 31, 2023 (Unaudited)
(Dollars in Thousands)
For the three months ended March 31, 2023
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOMETREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2022$832 $981,138 $918,158 $(165,045)$(127,154)$(10,226)$(3,427)$3,427 $1,597,703 
Net income— — 40,536 — — — — — 40,536 
Other comprehensive income net of tax— — — 16,899 — — — — 16,899 
Cash dividends paid— — (18,594)— — — — — (18,594)
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02, net of tax— — 433 — — — — — 433 
Distributions from deferred comp plans— 47 — — — — 138 (138)47 
Purchase of employee restricted shares to fund statutory tax withholding— — — — (1,667)— — — (1,667)
Stock option exercises— (217)— — 1,007 — — — 790 
Allocation of ESOP shares— 244 — — — 812 — — 1,056 
Allocation of Stock Award Plan ("SAP") shares— 2,833 — — — — — — 2,833 
Treasury shares issued due to acquisition— — — — — — — —  
Allocation of stock options— 44 — — — — — — 44 
Balance as of March 31, 2023$832 $984,089 $940,533 $(148,146)$(127,814)$(9,414)$(3,289)$3,289 $1,640,080 
See accompanying notes to unaudited consolidated financial statements.
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
Three months ended March 31, 2024 (Unaudited)
(Dollars in Thousands)
For the three months ended March 31, 2024
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE LOSSTREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance as of December 31, 2023832 989,058 974,542 (141,115)(127,825)(4,896)(2,694)2,694 1,690,596 
Net income— — 32,082 — — — — — 32,082 
Other comprehensive loss, net of tax— — — (10,470)— — — — (10,470)
Cash dividends paid— — (18,144)— — — — — (18,144)
Distributions from deferred comp plans— 33 — — — — 148 (148)33 
Purchase of employee restricted shares to fund statutory tax withholding— — — — (1,237)— — — (1,237)
Stock option exercises— — — — — — — —  
Allocation of ESOP shares— (58)— — — 811 — — 753 
Allocation of SAP shares— 1,521 — — — — — — 1,521 
Allocation of stock options— 28 — — — — — — 28 
Balance as of March 31, 2024$832 $990,582 $988,480 $(151,585)$(129,062)$(4,085)$(2,546)$2,546 $1,695,162 

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, 2024 and 2023 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20242023
Cash flows from operating activities:
Net income$32,082 $40,536 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles2,801 3,044 
Provision charge for credit losses on loans and securities186 6,001 
Provision (benefit) charge for credit losses on off-balance sheet credit exposures(506)739 
Deferred tax expense4,419 357 
Amortization of operating lease right-of-use assets2,627 2,628 
Income on Bank-owned life insurance(1,817)(1,484)
Net amortization of premiums and discounts on securities1,824 1,824 
Accretion of net deferred loan fees(1,866)(2,739)
Amortization of premiums on purchased loans, net50 48 
Originations of loans held for sale(2,169)(6,776)
Proceeds from sales of loans originated for sale645 9,377 
ESOP expense753 1,056 
Allocation of stock award expense1,521 2,833 
Allocation of stock option expense28 44 
Net gain on sale of loans (45)(778)
Net loss on securities transactions1 5 
Net gain on sale of premises and equipment (62)
Net gain on sale of foreclosed assets(42)(2,280)
Decrease (increase) in accrued interest receivable289 (137)
(Increase) decrease in other assets(13,379)40,019 
Increase (decrease) in other liabilities14,007 (36,189)
Net cash provided by operating activities41,409 58,066 
Cash flows from investing activities:
Net decrease in loans34,378 14,278 
Purchases of loans (1,026)
Proceeds from sales of foreclosed assets98 2,946 
Proceeds from maturities, calls and paydowns of held to maturity debt securities13,983 12,164 
Purchases of investment securities held to maturity(5,743)(6,006)
Proceeds from maturities, calls and paydowns of available for sale debt securities40,891 43,081 
Purchases of available for sale debt securities(30,775)(34,802)
Proceeds from redemption of Federal Home Loan Bank stock28,792 70,285 
Purchases of Federal Home Loan Bank stock(27,325)(82,252)
BOLI claim benefits received820 1,397 
Proceeds from sales of premises and equipment 62 
Purchases of premises and equipment(536)(613)
Net cash provided by investing activities54,583 19,514 
Cash flows from financing activities:
Net decrease in deposits(193,622)(265,667)
Increase in mortgage escrow deposits7,043 7,455 
Cash dividends paid to stockholders(18,144)(18,594)
7


Three months ended March 31,
20242023
Purchase of employee restricted shares to fund statutory tax withholding(1,237)(1,667)
Stock options exercised 790 
Proceeds from long-term borrowings 482,445 
Payments on long-term borrowings (13,500)
Net increase (decrease) in short-term borrowings88,065 (221,497)
Net cash used in financing activities(117,895)(30,235)
Net (decrease) increase in cash and cash equivalents(21,903)47,345 
Cash and cash equivalents at beginning of period180,185 186,438 
Restricted cash at beginning of period70 70 
Total cash, cash equivalents and restricted cash at beginning of period180,255 186,508 
Cash and cash equivalents at end of period158,282 233,783 
Restricted cash at end of period70 70 
Total cash, cash equivalents and restricted cash at end of period$158,352 $233,853 
Cash paid during the period for:
Interest on deposits and borrowings$65,911 $33,809 
Income taxes$1,317 $960 
Transfer of loans receivable to foreclosed assets$ $12,285 
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. (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 months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for all of 2024.
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, 2023 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, 2024 and 2023 (dollars in thousands, except per share amounts):
Three months ended March 31,
20242023
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net income$32,082 $40,536 
Basic earnings per share:
Income available to common stockholders$32,082 75,260,029 $0.43 $40,536 74,645,336 $0.54 
Dilutive shares15,631 57,191 
Diluted earnings per share:
Income available to common stockholders$32,082 75,275,660 $0.43 $40,536 74,702,527 $0.54 
Anti-dilutive stock options and awards as of March 31, 2024 and 2023, totaling 1.4 million shares and 984,877 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, 2024, an increase in specific reserves on impaired credits, partially offset by an improved
9


economic forecast for the current quarter within our CECL model, led to a provisions charge for credit losses, while a decrease in loans approved and awaiting closing led to a provision benefit for credit losses on 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. As of March 31, 2024, the Company performed a qualitative analysis of goodwill and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required.
Note 2. Business Combinations
Lakeland Bancorp, Inc. - Merger Agreement
The Company received all regulatory approvals for its previously announced acquisition of Lakeland Bancorp, Inc. ("Lakeland"), subject to certain conditions and commitments (referred to as the “Regulatory Conditions”). The Regulatory Conditions include, but are not limited to: prior to consummation of the merger, the Company must complete the issuance of $200.0 million of Tier 2 qualifying subordinated debt; for three years following consummation of the merger, Provident Bank must maintain regulatory capital ratios at or above 8.50% for Tier 1 Leverage Capital and 11.25% for Total Risk Based Capital; and Provident Bank must maintain its commercial real estate concentrations (as a percent of capital and reserves) at levels at or below those forecasted in the pro forma financial projections that Provident Bank submitted to the FDIC. In connection with the acquisition, Lakeland Bank, a wholly owned subsidiary of Lakeland, will be merged with and into Provident Bank, a wholly owned subsidiary of the Company. As of March 31, 2024, Lakeland had, on a consolidated basis, $11.00 billion in total assets, which included $8.30 billion in total loans and $8.50 billion in total deposits, and operated 67 full-service banking offices in New Jersey. Under the merger agreement, each share of Lakeland common stock will be exchanged for 0.8319 shares, or approximately 55 million shares, of the Company's common stock plus cash in lieu of fractional shares. Provident stockholders will own approximately 58% and Lakeland shareholders will own approximately 42% of the combined company.
Merger-related expenses, which is a separate line in non-interest expense on the Consolidated Statements of Income, totaled $2.2 million for the three months ended March 31, 2024 compared with $1.1 million for the three months ended March 31, 2023.
Note 3. Investment Securities
As of March 31, 2024, the Company had $1.67 billion and $354.7 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, changes in interest rates, 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 as of March 31, 2024 totaled 954, compared with 808 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of March 31, 2024 was due to higher current market interest rates compared to rates as of December 31, 2023.
10


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 as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
U.S. Treasury obligations$276,863  (24,476)252,387 
Agency-guaranteed obligations22,392 1,126  23,518 
Mortgage-backed securities1,446,173 119 (186,411)1,259,881 
Asset-backed securities29,978 702 (163)30,517 
State and municipal obligations64,211  (8,446)55,765 
Corporate obligations50,425  (6,187)44,238 
$1,890,042 1,947 (225,683)1,666,306 
December 31, 2023
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
U.S. Treasury obligations$276,618  (22,740)253,878 
Agency-guaranteed obligations26,310 1,188  27,498 
Mortgage-backed securities1,462,159 377 (176,927)1,285,609 
Asset-backed securities31,809 594 (168)32,235 
State and municipal obligations64,454  (7,870)56,584 
Corporate obligations40,448  (6,140)34,308 
$1,901,798 2,159 (213,845)1,690,112 
Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $5.2 million and $4.9 million as of March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
The amortized cost and fair value of available for sale debt securities as of March 31, 2024, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2024
Amortized
cost
Fair
value
Due in one year or less$  
Due after one year through five years296,461 271,230 
Due after five years through ten years63,414 58,083 
Due after ten years83,994 77,112 
$443,869 406,425 
Investments which pay principal on a periodic basis totaling $1.50 billion at amortized cost and $1.31 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, 2024 and March 31, 2023, no securities were sold or called from the available for sale debt securities portfolio.
The number of available for sale debt securities in an unrealized loss position as of March 31, 2024 totaled 434, compared with 436 as of December 31, 2023. All securities in an unrealized loss position were investment grade as of March 31, 2024.
11


Held to Maturity Debt Securities
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Treasury Obligations$5,767   5,767 
Agency-sponsored obligations11,058  (633)10,425 
State and municipal obligations331,292 93 (12,315)319,070 
Corporate obligations6,571  (374)6,197 
$354,688 93 (13,322)341,459 
December 31, 2023
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Treasury Obligations$5,146 1  5,147 
Agency-sponsored obligations11,058  (652)10,406 
State and municipal obligations339,816 244 (9,700)330,360 
Corporate obligations7,091  (403)6,688 
$363,111 245 (10,755)352,601 
The allowance for credit losses on held to maturity debt securities as of March 31, 2024 and December 31, 2023 was $17,000 and $31,000, respectively, and are excluded from amortized cost in the tables above.
Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $2.4 million and $3.1 million as of March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $1.2 million. As to these calls on securities, for the three months ended March 31, 2024, there were no gross gains and gross losses of $1,200. For the three months ended March 31, 2023, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $3.1 million with no gross gains and gross losses of $5,000.
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio as of March 31, 2024 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, 2024
Amortized
cost
Fair
value
Due in one year or less$34,403 34,210 
Due after one year through five years181,204 177,227 
Due after five years through ten years114,993 110,547 
Due after ten years24,088 19,475 
$354,688 341,459 
The allowance for credit losses on held to maturity debt securities as of March 31, 2024 and December 31, 2023 was $17,000 and $31,000, respectively, and are excluded from amortized cost in the table above.
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The number of held to maturity debt securities in an unrealized loss position as of March 31, 2024 totaled 520, compared with 372 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of March 31, 2024, was due to higher current market interest rates compared to rates as of December 31, 2023.
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-sponsored 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 credit ratings from the rating agencies as of March 31, 2024, that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s Investors Service.
Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Total PortfolioAAAAAABBBNot RatedTotal
Treasury obligations$5,767     5,767 
Agency-sponsored obligations11,058     11,058 
State and municipal obligations45,728 252,805 30,211  2,548 331,292 
Corporate obligations503 2,497 3,546  25 6,571 
$63,056 255,302 33,757  2,573 354,688 
December 31, 2023
Total PortfolioAAAAAABBBNot RatedTotal
Treasury obligations$5,146     5,146 
Agency-sponsored obligations$11,058     11,058 
State and municipal obligations43,749 156,438 137,231  2,398 339,816 
Corporate obligations504 2,510 4,052  25 7,091 
$60,457 158,948 141,283  2,423 363,111 
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of March 31, 2024, the held to maturity debt securities portfolio was comprised of 18% rated AAA, 72% rated AA, 10% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. Government mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security.
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Note 4. Loans Receivable and Allowance for Credit Losses
Loans receivable as of March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
March 31, 2024December 31, 2023
Mortgage loans:
Commercial$4,353,799 4,512,411 
Multi-family1,825,888 1,812,500 
Construction711,417 653,246 
Residential1,152,185 1,164,956 
Total mortgage loans8,043,289 8,143,113 
Commercial loans2,514,550 2,442,406 
Consumer loans295,125 299,164 
Total gross loans10,852,964 10,884,683 
Premiums on purchased loans1,439 1,474 
Net deferred fees(11,696)(12,456)
Total loans$10,842,707 10,873,701 
Accrued interest on loans totaled $51.0 million and $50.9 million as of March 31, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition.
The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):
March 31, 2024
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing
Total Past
Due
CurrentTotal Loans
Receivable
Non-accrual loans with no related allowance
Mortgage loans:
Commercial$5,052 1,148 5,938  12,138 4,341,661 4,353,799 5,938 
Multi-family12,069  2,355  14,424 1,811,464 1,825,888 2,355 
Construction     711,417 711,417  
Residential3,568 804 1,647  6,019 1,146,166 1,152,185 1,647 
Total mortgage loans20,689 1,952 9,940  32,581 8,010,708 8,043,289 9,940 
Commercial loans4,493 332 36,892  41,717 2,472,833 2,514,550 25,989 
Consumer loans803 755 760  2,318 292,807 295,125 760 
Total gross loans$25,985 3,039 47,592  76,616 10,776,348 10,852,964 36,689 
December 31, 2023
30-59 Days60-89 DaysNon-accrualRecorded
Investment
> 90 days
accruing
Total Past
Due
CurrentTotal Loans ReceivableNon-accrual loans with no related allowance
Mortgage loans:
Commercial$825  5,151  5,976 4,506,435 4,512,411 5,151 
Multi-family3,815 1,635 744  6,194 1,806,306 1,812,500 744 
Construction  771  771 652,475 653,246 771 
Residential3,429