Provident Financial Services Inc. Q2 2024 10-Q Filing

TL;DR

PFS Q2 2024 10-Q filed. Financials look steady.

AI Summary

Provident Financial Services Inc. reported its financial results for the quarter ending June 30, 2024. The company's filing details its financial position and performance during this period, with specific data points related to its assets, liabilities, and income streams.

Why It Matters

This filing provides investors and analysts with a detailed look into Provident Financial Services Inc.'s financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024.)
• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• PROVIDENT FINANCIAL SERVICES INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• Jersey City, NJ (location) — Business Address

FAQ

Key Financial Figures

• $0.01 — he Registrant's Common Stock, par value $0.01 per share, including 36,957 shares held
• $250,000 — 8 1,175,683 Certificates of deposit of $250,000 or more 871,842 218,549 Other time dep

Filing Documents

• pfs-20240630.htm (10-Q) — 3581KB
• exhibit31106302024.htm (EX-31.1) — 12KB
• exhibit31206302024.htm (EX-31.2) — 12KB
• exhibit32006302024.htm (EX-32.0) — 8KB
• 0001628280-24-036015.txt ( ) — 19147KB
• pfs-20240630.xsd (EX-101.SCH) — 76KB
• pfs-20240630_cal.xml (EX-101.CAL) — 192KB
• pfs-20240630_def.xml (EX-101.DEF) — 433KB
• pfs-20240630_lab.xml (EX-101.LAB) — 991KB
• pfs-20240630_pre.xml (EX-101.PRE) — 753KB
• pfs-20240630_htm.xml (XML) — 4710KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Financial Statements: Consolidated Statements of Financial Condition as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 8 Notes to Unaudited Consolidated Financial Statements 10 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 48 3 Quantitative and Qualitative Disclosures About Market Risk 61 4 Controls and Procedures 63

—OTHER INFORMATION

PART II—OTHER INFORMATION 1 Legal Proceedings 63 1A.

Risk Factors

Risk Factors 63 2 Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 64 3 Defaults Upon Senior Securities 64 4 Mine Safety Disclosures 64 5 Other Information 64 6 Exhibits 64

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS. PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY Consolidated Statements of Financial Condition June 30, 2024 (Unaudited) and December 31, 2023 (Dollars in Thousands) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 290,528 $ 180,241 Short-term investments 33 14 Total cash and cash equivalents 290,561 180,255 Available for sale debt securities, at fair value 2,626,783 1,690,112 Held to maturity debt securities, net (fair value of $ 332,691 as of June 30, 2024 (unaudited) and $ 352,601 as of December 31, 2023) 350,528 363,080 Equity securities, at fair value 19,250 1,270 Federal Home Loan Bank stock 100,068 79,217 Loans held for sale 4,450 1,785 Loans held for investment 18,759,330 10,871,916 Less allowance for credit losses 188,331 107,200 Net loans 18,575,449 10,766,501 Foreclosed assets, net 11,119 11,651 Banking premises and equipment, net 127,396 70,998 Accrued interest receivable 93,843 58,966 Intangible assets 851,507 457,942 Bank-owned life insurance 404,605 243,050 Other assets 619,358 287,768 Total assets $ 24,070,467 $ 14,210,810 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Demand deposits $ 13,526,094 $ 8,020,889 Savings deposits 1,745,158 1,175,683 Certificates of deposit of $250,000 or more 871,842 218,549 Other time deposits 2,210,150 877,393 Total deposits 18,353,244 10,292,514 Mortgage escrow deposits 50,694 36,838 Borrowed funds 2,302,058 1,970,033 Subordinated debentures 412,766 10,695 Other liabilities 396,059 210,134 Total liabilities 21,514,821 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, 137,565,966 shares issued and 130,380,393 shares outstanding as of June 30, 2024 and 75,537,186 outstanding as of December 31, 2023 1,376 832 Additional paid-in capital 1,868,643 989,058 Retained earnings 957,979 974,542 A

View Full Filing

View this 10-Q filing on SEC EDGAR