Provident Financial Services Inc. Files 10-Q for Q1 2024

TL;DR

<b>Provident Financial Services Inc. has filed its Q1 2024 10-Q report detailing financial positions and equity components.</b>

AI Summary

PROVIDENT FINANCIAL SERVICES INC (PFS) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Filing is a 10-Q for Provident Financial Services Inc. for the period ending March 31, 2024. The company is classified under SIC code 6035: Savings Institution, Federally Chartered. Incorporated in Delaware, with fiscal year ending December 31. Business address is 830 Bergen Avenue, Jersey City, NJ. Filing includes data related to common stock, additional paid-in capital, retained earnings, and treasury stock as of various dates in 2022, 2023, and 2024.

Why It Matters

For investors and stakeholders tracking PROVIDENT FINANCIAL SERVICES INC, this filing contains several important signals. This filing provides a quarterly update on the company's financial health and equity structure, crucial for investors assessing performance and stability. As a federally chartered savings institution, the details within this 10-Q are important for understanding its regulatory standing and operational framework.

Risk Assessment

Risk Level: low — PROVIDENT FINANCIAL SERVICES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate indicators of significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and equity changes within the 10-Q to understand Provident Financial Services Inc.'s Q1 2024 performance and financial position.

Key Numbers

• 20240331 — Period of Report (Quarterly filing)
• 20240426 — Filing Date (Date of submission)
• 0001178970 — Central Index Key (Company identifier)
• 6035 — SIC Code (Savings Institution, Federally Chartered)

Key Players & Entities

• PROVIDENT FINANCIAL SERVICES INC (company) — Filer name
• PFS (company) — Ticker symbol
• 20240331 (date) — Period of report
• 20240426 (date) — Filing date
• 0001178970 (company) — Central Index Key
• 6035 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 830 Bergen Avenue (address) — Business street address

FAQ

Industry Context

Provident Financial Services Inc. operates as a savings institution, federally chartered, indicating its role within the financial services sector focused on deposit-taking and lending activities.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations governing financial institutions, including capital requirements and consumer protection laws.

What Investors Should Do

1. Analyze the balance sheet and equity sections for changes in financial structure.
2. Review any footnotes or disclosures related to financial instruments or regulatory matters.
3. Compare key financial data points with previous filings to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from previous filings which would include the 2023 10-K and prior quarterly reports.

Key Financial Figures

• $0.01 — he Registrant's Common Stock, par value $0.01 per share, including 56,149 shares held
• $250,000 — 1 1,175,683 Certificates of deposit of $250,000 or more 223,639 218,549 Other time dep

Filing Documents

• pfs-20240331.htm (10-Q) — 2769KB
• exhibit31103312024.htm (EX-31.1) — 12KB
• exhibit31203312024.htm (EX-31.2) — 12KB
• exhibit32003312024.htm (EX-32) — 8KB
• 0001628280-24-018502.txt (&nbsp;) — 15802KB
• pfs-20240331.xsd (EX-101.SCH) — 61KB
• pfs-20240331_cal.xml (EX-101.CAL) — 163KB
• pfs-20240331_def.xml (EX-101.DEF) — 375KB
• pfs-20240331_lab.xml (EX-101.LAB) — 828KB
• pfs-20240331_pre.xml (EX-101.PRE) — 662KB
• pfs-20240331_htm.xml (XML) — 3852KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Financial Statements: Consolidated Statements of Financial Condition as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7 Notes to Unaudited Consolidated Financial Statements 9 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 40 3 Quantitative and Qualitative Disclosures About Market Risk 51 4 Controls and Procedures 53

—OTHER INFORMATION

PART II—OTHER INFORMATION 1 Legal Proceedings 53 1A.

Risk Factors

Risk Factors 53 2 Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 54 3 Defaults Upon Senior Securities 54 4 Mine Safety Disclosures 54 5 Other Information 54 6 Exhibits 55

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

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, 2024 December 31, 2023 ASSETS Cash and due from banks $ 158,306 $ 180,241 Short-term investments 46 14 Total cash and cash equivalents 158,352 180,255 Available for sale debt securities, at fair value 1,666,306 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 value 1,341 1,270 Federal Home Loan Bank stock 77,750 79,217 Loans 10,842,707 10,873,701 Less allowance for credit losses 106,429 107,200 Net loans 10,736,278 10,766,501 Foreclosed assets, net 11,324 11,651 Banking premises and equipment, net 69,487 70,998 Accrued interest receivable 58,677 58,966 Intangible assets 457,239 457,942 Bank-owned life insurance 243,513 243,050 Other assets 295,980 287,768 Total assets $ 14,130,918 $ 14,210,810 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand deposits $ 7,905,961 $ 8,020,889 Savings deposits 1,160,951 1,175,683 Certificates of deposit of $250,000 or more 223,639 218,549 Other time deposits 808,341 877,393 Total deposits 10,098,892 10,292,514 Mortgage escrow deposits 43,881 36,838 Borrowed funds 2,058,098 1,970,033 Subordinated debentures 10,744 10,695 Other liabilities 224,141 210,134 Total liabilities 12,435,756 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 capital 990,582 989,058 Retained earnings 988,480 974,542 Accumulated other comprehensive loss ( 151,585 ) ( 141,115 ) Treasury stock ( 129,062 )

View Full Filing

View this 10-Q filing on SEC EDGAR