Document
FALSESeptember 30, 20182018Q3PFSPROVIDENT FINANCIAL SERVICES INCLarge Accelerated 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2018 

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 Street, Jersey City, New Jersey
07302
(Address of Principal Executive Offices)
(Zip Code)
(732) 590-9200
(Registrant’s Telephone Number, Including Area Code)
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 Filer
ý
Accelerated Filer
¨
Non-Accelerated Filer
¨
Smaller 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 November 1, 2018 there were 83,209,293 shares issued and 67,085,419 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 257,665 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
Consolidated Statements of Financial Condition as of September 30, 2018 (unaudited) and December 31, 2017
Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2018 and 2017 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)
1A.
Defaults Upon Senior Securities



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2018 (Unaudited) and December 31, 2017 
(Dollars in Thousands)
 
September 30, 2018December 31, 2017
ASSETS 
Cash and due from banks $103,684 $139,557 
Short-term investments 45,440 51,277 
Total cash and cash equivalents 149,124 190,834 
Available for sale debt securities, at fair value 1,042,320 1,037,154 
Held to maturity debt securities (fair value of $469,861 at September 30, 2018 (unaudited) and $485,039 at December 31, 2017)  474,092 477,652 
Equity securities, at fair value 722 658 
Federal Home Loan Bank stock 71,909 81,184 
Loans 7,228,373 7,325,718 
Less allowance for loan losses 53,910 60,195 
Net loans 7,174,463 7,265,523 
Foreclosed assets, net 5,932 6,864 
Banking premises and equipment, net 59,155 63,185 
Accrued interest receivable 29,784 29,646 
Intangible assets 418,674 420,290 
Bank-owned life insurance 192,212 189,525 
Other assets 91,246 82,759 
Total assets $9,709,633 $9,845,274 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
Demand deposits $4,994,862 $4,996,345 
Savings deposits 1,047,021 1,083,012 
Certificates of deposit of $100,000 or more 351,169 316,074 
Other time deposits 326,689 318,735 
Total deposits 6,719,741 6,714,166 
Mortgage escrow deposits 25,513 25,933 
Borrowed funds 1,529,914 1,742,514 
Other liabilities 102,876 64,000 
Total liabilities 8,378,044 8,546,613 
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, 83,209,293 shares issued and 66,857,212 shares outstanding at September 30, 2018 and 66,535,017 outstanding at December 31, 2017 832 832 
Additional paid-in capital 1,019,052 1,012,908 
Retained earnings 627,801 586,132 
Accumulated other comprehensive loss (24,611)(7,465)
Treasury stock (259,760)(259,907)
Unallocated common stock held by the Employee Stock Ownership Plan (31,725)(33,839)
Common stock acquired by the Directors’ Deferred Fee Plan (4,672)(5,175)
Deferred compensation – Directors’ Deferred Fee Plan 4,672 5,175 
Total stockholders’ equity 1,331,589 1,298,661 
Total liabilities and stockholders’ equity $9,709,633 $9,845,274 
See accompanying notes to unaudited consolidated financial statements.
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PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2018 and 2017 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended September 30, Nine months ended September 30, 
2018201720182017
Interest income: 
Real estate secured loans $54,532 $47,692 $158,798 $140,712 
Commercial loans 20,230 18,964 58,706 53,884 
Consumer loans 5,095 5,083 14,945 15,293 
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock 7,805 6,540 22,738 19,651 
Held to maturity debt securities 3,149 3,272 9,447 9,812 
Deposits, Federal funds sold and other short-term investments 450 343 1,273 898 
Total interest income 91,261 81,894 265,907 240,250 
Interest expense: 
Deposits 7,856 4,988 21,087 14,093 
Borrowed funds 7,619 6,694 21,477 19,855 
Total interest expense 15,475 11,682 42,564 33,948 
Net interest income 75,786 70,212 223,343 206,302 
Provision for loan losses 1,000 500 21,900 3,700 
Net interest income after provision for loan losses 74,786 69,712 201,443 202,602 
Non-interest income: 
Fees 7,455 7,680 20,706 20,940 
Wealth management income 4,570 4,592 13,572 13,314 
Bank-owned life insurance 2,083 1,353 4,640 5,291 
Net gain on securities transactions 2 36 3 47 
Other income 1,806 1,451 4,139 2,804 
Total non-interest income 15,916 15,112 43,060 42,396 
Non-interest expense: 
Compensation and employee benefits 27,546 27,328 83,398 81,086 
Net occupancy expense 5,924 6,105 19,052 19,255 
Data processing expense 3,630 3,314 10,862 10,302 
FDIC insurance 967 967 2,920 3,065 
Amortization of intangibles 509 632 1,625 2,079 
Advertising and promotion expense 949 907 2,763 2,709 
Other operating expenses 7,134 7,027 21,755 21,248 
Total non-interest expense 46,659 46,280 142,375 139,744 
Income before income tax expense 44,043 38,544 102,128 105,254 
Income tax expense 8,575 11,969 19,504 30,788 
Net income $35,468 $26,575 $82,624 $74,466 
Basic earnings per share $0.55 $0.41 $1.27 $1.16 
Weighted average basic shares outstanding 65,037,779 64,454,684 64,907,210 64,327,640 
Diluted earnings per share $0.54 $0.41 $1.27 $1.15 
Weighted average diluted shares outstanding 65,183,881 64,645,278 65,078,627 64,519,710 

See accompanying notes to unaudited consolidated financial statements.
4


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2018 and 2017 (Unaudited)
(Dollars in Thousands)
 
Three months ended September 30, Nine months ended September 30, 
2018201720182017
Net income $35,468 $26,575 $82,624 $74,466 
Other comprehensive (loss) income, net of tax: 
Unrealized gains and losses on available for sale debt securities: 
Net unrealized (losses) gains arising during the period(4,820)479 (17,897)2,478 
Reclassification adjustment for gains included in net income     
Total (4,820)479 (17,897)2,478 
Unrealized gains on derivatives 46 54 724 106 
Amortization related to post-retirement obligations 75 36 211 105 
Total other comprehensive (loss) income(4,699)569 (16,962)2,689 
Total comprehensive income $30,769 $27,144 $65,662 $77,155 

See accompanying notes to unaudited consolidated financial statements.

5


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
Nine months ended September 30, 2018 and 2017 (Unaudited)
(Dollars in Thousands)
 
COMMONSTOCK ADDITIONAL
PAID-IN CAPITAL 
RETAINEDEARNINGS ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS) INCOME 
TREASURYSTOCK UNALLOCATED
ESOP SHARES 
COMMON
STOCK
ACQUIRED
BY DDFP 
DEFERRED
COMPENSATION
DDFP 
TOTAL
STOCKHOLDERS’ EQUITY 
Balance at December 31, 2016 $832 $1,005,777 $550,768 $(3,397)$(264,221)$(37,978)$(5,846)$5,846 $1,251,781 
Net income — — 74,466 — — — — — 74,466 
Other comprehensive income, net of tax — — — 2,689 — — — — 2,689 
Cash dividends paid — — (38,659)— — — — — (38,659)
Distributions from DDFP — 172 — — — — 503 (503)172 
Purchases of treasury stock — — — — (443)— — — (443)
Purchase of employee restricted shares to fund statutory tax withholding — — — — (726)— — — (726)
Shares issued dividend reinvestment plan — 417 — — 922 — — — 1,339 
Stock option exercises — (1,024)— — 3,558 — — — 2,534 
Allocation of ESOP shares — 1,053 — — — 2,114 — — 3,167 
Allocation of SAP shares — 3,702 — — — — — — 3,702 
Allocation of stock options — 150 — — — — — — 150 
Balance at September 30, 2017 $832 $1,010,247 $586,575 $(708)$(260,910)$(35,864)$(5,343)$5,343 $1,300,172 
See accompanying notes to unaudited consolidated financial statements.
















6


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
 Nine months ended September 30, 2018 and 2017 (Unaudited) (Continued)
(Dollars in Thousands)
 
COMMONSTOCK ADDITIONAL
PAID-IN
CAPITAL 
RETAINED EARNINGS ACCUMULATED
OTHER
COMPREHENSIVE
LOSS 
TREASURY
STOCK 
UNALLOCATED
ESOP
SHARES 
COMMON
STOCK
ACQUIRED
BY DDFP 
DEFERRED
COMPENSATION DDFP 
TOTAL STOCKHOLDERS’ EQUITY 
Balance at December 31, 2017 $832 $1,012,908 $586,132 $(7,465)$(259,907)$(33,839)$(5,175)$5,175 $1,298,661 
Net income — — 82,624 — — — — — 82,624 
Other comprehensive loss, net of tax — — — (16,962)— — — — (16,962)
Cash dividends paid — — (41,139)— — — — — (41,139)
Effect of adopting Accounting Standards Update ("ASU") No. 2016-01 — — 184 (184)— — — —  
Distributions from DDFP — 120 — — — — 503 (503)120 
Purchases of treasury stock — — — — (175)— — — (175)
Purchase of employee restricted shares to fund statutory tax withholding — — — — (1,851)— — — (1,851)
Shares issued dividend reinvestment plan — 442 — — 852 — — — 1,294 
Stock option exercises — (347)— — 1,321 — — — 974 
Allocation of ESOP shares — 1,161 — — — 2,114 — — 3,275 
Allocation of SAP shares — 4,627 — — — — — — 4,627 
Allocation of stock options — 141 — — — — — — 141 
Balance at September 30, 2018 $832 $1,019,052 $627,801 $(24,611)$(259,760)$(31,725)$(4,672)$4,672 $1,331,589 
See accompanying notes to unaudited consolidated financial statements.

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PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Nine months ended September 30, 2018 and 2017 (Unaudited)
(Dollars in Thousands)
 
Nine months ended September 30, 
20182017
Cash flows from operating activities: 
Net income $82,624 $74,466 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization of intangibles 7,613 8,864 
Provision for loan losses 21,900 3,700 
Deferred tax (benefit) expense (21,401)640 
Income on Bank-owned life insurance(4,640)(5,291)
Net amortization of premiums and discounts on securities 6,614 7,504 
Accretion of net deferred loan fees (3,844)(3,673)
Amortization of premiums on purchased loans, net 677 800 
Net increase in loans originated for sale (9,310)(18,386)
Proceeds from sales of loans originated for sale 10,184 19,149 
Proceeds from sales and paydowns of foreclosed assets 3,250 4,883 
ESOP expense 3,275 3,167 
Allocation of stock award shares 4,627 3,702 
Allocation of stock options 141 150 
Net gain on sale of loans originated for sale (1,125)(763)
Net gain on securities transactions (3)(47)
Net gain on sale of premises and equipment (25)(8)
Net gain on sale of foreclosed assets (713)(768)
Increase in accrued interest receivable(138)(316)
Increase in other assets(5,825)(2,407)
Increase (decrease) in other liabilities38,876 (4,846)
Net cash provided by operating activities 132,757 90,520 
Cash flows from investing activities: 
Proceeds from maturities, calls and paydowns of held to maturity debt securities 36,726 42,382 
Purchases of held to maturity debt securities (35,107)(38,074)
Proceeds from maturities, calls and paydowns of available for sale debt securities 155,494 160,436 
Purchases of available for sale debt securities (189,669)(149,647)
Proceeds from redemption of Federal Home Loan Bank stock 109,929 96,040 
Purchases of Federal Home Loan Bank stock (100,654)(91,210)
BOLI claim benefits received  4,428 
Purchases of loans (1,344) 
Net decrease (increase) in loans 77,016 (23,888)
Proceeds from loans sold 23,417  
Proceeds from sales of premises and equipment 25 8 
Purchases of premises and equipment (1,958)(1,690)
Net cash provided by (used in) investing activities 73,875 (1,215)
Cash flows from financing activities: 
Net increase in deposits5,575 37,587 
(Decrease) increase in mortgage escrow deposits(420)734 
Cash dividends paid to stockholders(41,139)(38,659)
Shares issued dividend reinvestment plan 1,294 1,339 
Purchase of treasury stock (175)(443)
Purchase of employee restricted shares to fund statutory tax withholding (1,851)(726)
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Nine months ended September 30, 
20182017
Stock options exercised 974 2,534 
Proceeds from long-term borrowings 610,000 248,220 
Payments on long-term borrowings (647,440)(345,387)
Net (decrease) increase in short-term borrowings(175,160)9,982 
Net cash used in financing activities (248,342)(84,819)
Net (decrease) increase in cash and cash equivalents (41,710)4,486 
Cash and cash equivalents at beginning of period 190,834 144,297 
Cash and cash equivalents at end of period $149,124 $148,783 
Cash paid during the period for: 
Interest on deposits and borrowings $42,520 $34,127 
Income taxes $14,819 $27,411 
Non cash investing activities: 
Transfer of loans receivable to foreclosed assets $1,673 $2,195 
See accompanying notes to unaudited consolidated financial statements.
9


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. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).
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 loan losses, the valuation of securities available for sale and the valuation of deferred tax assets are material estimates that are 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 and nine months ended September 30, 2018 are not necessarily indicative of the results of operations that may be expected for all of 2018.
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. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2017 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 and nine months ended September 30, 2018 and 2017 (dollars in thousands, except per share amounts):
Three months ended September 30, 
20182017
Net
Income 
Weighted
Average
Common
Shares
Outstanding 
Per
Share
Amount  
Net
Income 
Weighted
Average
Common
Shares
Outstanding  
Per
Share
Amount  
Net income $35,468 $26,575 
Basic earnings per share: 
Income available to common stockholders $35,468 65,037,779 $0.55 $26,575 64,454,684 $0.41 
Dilutive shares 146,102 190,594 
Diluted earnings per share: 
Income available to common stockholders $35,468 65,183,881 $0.54 $26,575 64,645,278 $0.41 

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Nine months ended September 30, 
20182017
Net
Income 
Weighted
Average
Common
Shares
Outstanding 
Per
Share Amount 
Net
Income 
Weighted
Average
Common Shares Outstanding 
Per Share Amount 
Net income $82,624 $74,466 
Basic earnings per share: 
Income available to common stockholders $82,624 64,907,210 $1.27 $74,466 64,327,640 $1.16 
Dilutive shares