Provident Financial Services Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Provident Financial Services Inc. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

PROVIDENT FINANCIAL SERVICES INC (PFS) filed a Annual Report (10-K) with the SEC on February 28, 2024. Provident Financial Services Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is a federally chartered savings institution, SIC code 6035. The filing was submitted on February 28, 2024. The company's principal business address is 830 Bergen Avenue, Jersey City, NJ.

Why It Matters

For investors and stakeholders tracking PROVIDENT FINANCIAL SERVICES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Provident Financial Services Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess the company's stability and growth prospects. As a federally chartered savings institution, the company's performance is closely tied to the broader economic environment and regulatory landscape affecting the financial sector, making this report essential for understanding its market position and potential risks.

Risk Assessment

Risk Level: medium — PROVIDENT FINANCIAL SERVICES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific financial data within the report.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to assess Provident Financial Services Inc.'s performance and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 153 — Public Document Count (Number of documents in the filing)
• 001-31566 — SEC File Number (SEC registration number)

Key Players & Entities

• PROVIDENT FINANCIAL SERVICES INC (company) — Filer name
• PFS (company) — Ticker symbol
• 2024-02-28 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 830 Bergen Avenue, Jersey City, NJ (address) — Business address
• 2013331000 (phone) — Business phone
• 0001178970 (company) — Central Index Key
• 6035 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Provident Financial Services Inc. operates as a federally chartered savings institution, a key player in the financial services sector, particularly in banking and lending.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations from federal banking authorities, impacting its operations, capital requirements, and lending practices.

What Investors Should Do

1. Analyze the financial statements within the 10-K to understand revenue streams, expenses, and profitability for FY2023.
2. Examine the risk factors section for potential challenges and mitigation strategies employed by Provident Financial Services Inc.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing provided, so a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $0.01 — 0 shares of its common stock, par value $0.01 per share in a subscription offering, a
• $4.8 million — subscription offering, and contributed $4.8 million in cash and 1,920,000 shares of its com
• $567.2 million — ated stock offering, the Company raised $567.2 million in net proceeds, of which $293.2 millio
• $293.2 million — 567.2 million in net proceeds, of which $293.2 million was utilized to acquire all of the outs
• $25 billion — ing institution will have approximately $25 billion in total assets and $20 billion in tota
• $20 billion — imately $25 billion in total assets and $20 billion in total deposits with banking location
• $72.4 million — he Company paid cash dividends totaling $72.4 million and repurchased 71,781 shares of its co
• $23.28 — its common stock at an average cost of $23.28 per share, which totaled $1.7 million,
• $1.7 m — cost of $23.28 per share, which totaled $1.7 million, all of which were made in connec
• $61.3 million — er 31, 2023, non-performing assets were $61.3 million or 0.43% of total assets, compared to $
• $60.6 million — n or 0.43% of total assets, compared to $60.6 million or 0.44% of total assets as of December
• $9.20 billion — ionships. Core deposit accounts totaled $9.20 billion as of December 31, 2023, representing 8
• $9.81 b — 89.4% of total deposits, compared with $9.81 billion, or 92.9% of total deposits as of
• $79.8 million — t income. Total non-interest income was $79.8 million for the year ended December 31, 2023, c
• $87.8 million — ended December 31, 2023, compared with $87.8 million for the year ended December 31, 2022, o

Filing Documents

• pfs-20231231.htm (10-K) — 5022KB
• pfs-12312023ex1021clawback.htm (EX-10.21) — 23KB
• pfs-12312023ex21.htm (EX-21) — 4KB
• pfs-12312023ex23.htm (EX-23) — 3KB
• pfs-12312023ex311.htm (EX-31.1) — 10KB
• pfs-12312023ex312.htm (EX-31.2) — 10KB
• pfs-12312023ex32.htm (EX-32) — 9KB
• pfs-20231231_g1.jpg (GRAPHIC) — 91KB
• 0001628280-24-007678.txt (&nbsp;) — 25084KB
• pfs-20231231.xsd (EX-101.SCH) — 109KB
• pfs-20231231_cal.xml (EX-101.CAL) — 215KB
• pfs-20231231_def.xml (EX-101.DEF) — 645KB
• pfs-20231231_lab.xml (EX-101.LAB) — 1456KB
• pfs-20231231_pre.xml (EX-101.PRE) — 1081KB
• pfs-20231231_htm.xml (XML) — 5531KB

Forward Looking Statements

Forward Looking Statements Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "project," "intend," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, the effects of any turmoil or negative news in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, the ability to complete, or any delays in completing, the pending merger between the Company and Lakeland Bancorp, Inc. ("Lakeland"); any failure to realize the anticipated benefits of the transaction when expected or at all; certain restrictions during the pendency of the transaction that may impact the Company's ability to pursue certain busin

Business

Item 1. Business Provident Financial Services, Inc. The Company is a Delaware corporation which became the holding company for Provident Bank (the "Bank") on January 15, 2003, following the completion of the Bank's conversion to a New Jersey-chartered capital stock savings bank. On January 15, 2003, the Company issued an aggregate of 59,618,300 shares of its common stock, par value $0.01 per share in a subscription offering, and contributed $4.8 million in cash and 1,920,000 shares of its common stock to The Provident Bank Foundation, a charitable foundation established by the Bank. As a result of the conversion and related stock offering, the Company raised $567.2 million in net proceeds, of which $293.2 million was utilized to acquire all of the outstanding common stock of the Bank. The Company owns all of the outstanding common stock of the Bank, and as such, is a bank holding company subject to regulation by the Federal Reserve Board. On September 26, 2022, the Company, NL 239 Corp., a direct, wholly owned subsidiary of the Company ("Merger Sub"), and Lakeland entered into an Agreement and Plan of Merger (as may be amended, modified or supplemented from time to time in accordance with its terms, the "merger agreement"), pursuant to which the Company and Lakeland have agreed to combine their respective businesses. Under the merger agreement, Merger Sub will merge with and into Lakeland, with Lakeland as the surviving entity (the "merger"), and as soon as reasonably practicable following the merger, Lakeland will merge with and into the Company, with the Company as the surviving entity (the "holdco merger"). At a date and time following the holdco merger as determined by the Company, Lakeland Bank, a New Jersey state-charted commercial bank and a wholly owned subsidiary of Lakeland, will merge with and into the Bank, with the Bank as the surviving bank (the "bank merger" and, together with the merger and the holdco merger, the "mergers"). The Company as the su

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View this 10-K filing on SEC EDGAR