Parent-only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below:

Condensed Statements of Financial Condition

(Dollars in Thousands)


	December 31, 2023		December 31, 2022
Assets
Cash and due from banks	$	7,948	10,854
Available for sale debt securities, at fair value	1,084		960
Investment in subsidiary	1,652,767		1,544,518
Due from subsidiary—SAP	28,677		34,439
ESOP loan	6,411		13,228
Other assets	4,571		4,410
Total assets	$	1,701,458	1,608,409
Liabilities and Stockholders’ Equity

Other liabilities	167		213
Subordinated Debentures	10,695		10,493
Total stockholders’ equity	1,690,596		1,597,703
Total liabilities and stockholders’ equity	$	1,701,458	1,608,409

(Dollars in Thousands)


	For the Years Ended December 31,
	2023		2022	2021
Dividends from subsidiary	$	61,213	109,013	102,014
Interest income	529		785	1,022
Investment gain	169		178	167
Total income	61,911		109,976	103,203
Subordinated debentures	1,051		615	1,189
Non-interest expense	2,200		1,451	1,292
Total expense	3,251		2,066	2,481
Income before income tax expense	58,660		107,910	100,722
Income tax expense	247		—	—
Income before undistributed net income of subsidiary	58,413		107,910	100,722
Earnings in excess of dividends (equity in undistributed net income) of subsidiary	69,985		67,738	67,199
Net income	$	128,398	175,648	167,921

(Dollars in Thousands)


	For the Years Ended December 31,
	2023		2022	2021
Cash flows from operating activities:
Net income	$	128,398	175,648	167,921
Adjustments to reconcile net income to net cash provided by operating activities
Earnings in excess of dividends (equity in undistributed net income) of subsidiary	(69,985)		(67,738)	(67,199)
ESOP allocation	3,086		4,140	4,318
SAP allocation	7,569		9,407	5,451
Stock option allocation	144		198	200
Decrease (increase) in due from subsidiary—SAP	5,762		3,847	(4,061)
Increase in other assets	(11,317)		(13,817)	(3,430)
Decrease in other liabilities	(45)		(142)	(12)
Net cash provided by (used in) operating activities	63,612		111,543	103,188
Cash flows from investing activities:

Cash received, net of cash consideration paid for acquisition	—		—	—
Net decrease in ESOP loan	6,817		6,387	5,939
Net cash provided by investing activities	6,817		6,387	5,939
Cash flows from financing activities:
Purchases of treasury stock	—		(46,530)	(20,711)
Purchase of employee restricted shares to fund statutory tax withholding	(1,678)		(1,021)	(961)
Cash dividends paid	(72,447)		(72,023)	(71,478)
Repayment of subordinated debentures	—		—	(15,000)
Shares issued dividend reinvestment plan	—		—	—
Stock options exercised	790		—	887
Net cash used in financing activities	(73,335)		(119,574)	(107,263)
Net increase (decrease) in cash and cash equivalents	(2,906)		(1,644)	1,864
Cash and cash equivalents at beginning of period	10,854		12,498	10,634
Cash and cash equivalents at end of period	$	7,948	10,854	12,498