Provident Financial Services Inc. Files Q3 2024 10-Q

TL;DR

PFS Q3 2024 10-Q filed. Financials look solid.

AI Summary

Provident Financial Services Inc. reported its Q3 2024 results, ending September 30, 2024. The company's filing provides details on its financial performance for the period, including balance sheet information and income statements. Specific financial figures and operational details are available within the full report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Provident Financial Services Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• PROVIDENT FINANCIAL SERVICES INC (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241107 (date) — Filed as of Date
• 830 BERGEN AVENUE (address) — Business Street 1
• JERSEY CITY (city) — Business City
• NJ (state) — Business State
• 07306 (zip_code) — Business Zip
• 2013331000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — he Registrant's Common Stock, par value $0.01 per share, including 36,957 shares held
• $250,000 — 9 1,175,683 Certificates of deposit of $250,000 or more 800,005 218,549 Other time dep

Filing Documents

• pfs-20240930.htm (10-Q) — 3664KB
• exhibit31109302024.htm (EX-31.1) — 12KB
• exhibit31209302024.htm (EX-31.2) — 12KB
• exhibit32009302024.htm (EX-32.0) — 8KB
• 0001628280-24-046304.txt ( ) — 19650KB
• pfs-20240930.xsd (EX-101.SCH) — 78KB
• pfs-20240930_cal.xml (EX-101.CAL) — 193KB
• pfs-20240930_def.xml (EX-101.DEF) — 451KB
• pfs-20240930_lab.xml (EX-101.LAB) — 1002KB
• pfs-20240930_pre.xml (EX-101.PRE) — 770KB
• pfs-20240930_htm.xml (XML) — 4887KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 Financial Statements: Consolidated Statements of Financial Condition as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 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 50 3 Quantitative and Qualitative Disclosures About Market Risk 64 4 Controls and Procedures 65

—OTHER INFORMATION

PART II—OTHER INFORMATION 1 Legal Proceedings 66 1A.

Risk Factors

Risk Factors 66 2 Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 66 3 Defaults Upon Senior Securities 66 4 Mine Safety Disclosures 66 5 Other Information 66 6 Exhibits 66

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS. PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY Consolidated Statements of Financial Condition September 30, 2024 (Unaudited) and December 31, 2023 (Dollars in Thousands) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 244,064 $ 180,241 Short-term investments 25 14 Total cash and cash equivalents 244,089 180,255 Available for sale debt securities, at fair value 2,725,110 1,690,112 Held to maturity debt securities, (net of $ 15,000 allowance as of September 30, 2024 (unaudited) and $ 31,000 allowance as of December 31, 2023) 332,021 363,080 Equity securities, at fair value 20,044 1,270 Federal Home Loan Bank stock 96,219 79,217 Loans held for sale 5,757 1,785 Loans held for investment 18,794,609 10,871,916 Less allowance for credit losses 191,175 107,200 Net loans 18,609,191 10,766,501 Foreclosed assets, net 9,801 11,651 Banking premises and equipment, net 124,955 70,998 Accrued interest receivable 89,866 58,966 Intangible assets 839,223 457,942 Bank-owned life insurance 403,648 243,050 Other assets 548,348 287,768 Total assets $ 24,042,515 $ 14,210,810 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Demand deposits $ 13,548,480 $ 8,020,889 Savings deposits 1,671,209 1,175,683 Certificates of deposit of $250,000 or more 800,005 218,549 Other time deposits 2,356,491 877,393 Total deposits 18,376,185 10,292,514 Mortgage escrow deposits 48,007 36,838 Borrowed funds 2,214,512 1,970,033 Subordinated debentures 414,184 10,695 Other liabilities 368,569 210,134 Total liabilities 21,421,457 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 130,448,599 shares outstanding as of September 30, 2024 and 75,537,186 outstanding as of December 31, 2023 1,376 832 Additional paid-in capital 1,871,343 989,058 Retained ea

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View this 10-Q filing on SEC EDGAR