Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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, The 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 statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of securities available for sale 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 six months ended June 30, 2014 are not necessarily indicative of the results of operations that may be expected for all of 2014.

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.

These unaudited consolidated financial statements should be read in conjunction with the December 31, 2013 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 six months ended June 30, 2014 and 2013 (dollars in thousands, except per share amounts):

	Three months ended June 30,
	2014					2013
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	16,351				$	19,228
Basic earnings per share:
Income available to common stockholders	$	16,351	59,147,241	$	0.28	$	19,228	57,206,242	$	0.34
Dilutive shares			122,021					77,404
Diluted earnings per share:
Income available to common stockholders	$	16,351	59,269,262	$	0.28	$	19,228	57,283,646	$	0.34

	Six months ended June 30,
	2014					2013
	Net Income		Weighted Average Common Shares Outstanding	Per Share Amount		Net Income		Weighted Average Common Shares Outstanding	Per Share Amount
Net income	$	33,380				$	37,056
Basic earnings per share:
Income available to common stockholders	$	33,380	58,263,052	$	0.57	$	37,056	57,186,828	$	0.65
Dilutive shares			140,701					54,104
Diluted earnings per share:
Income available to common stockholders	$	33,380	58,403,753	$	0.57	$	37,056	57,240,932	$	0.65

Anti-dilutive stock options and awards totaling 1,116,839 shares at June 30, 2014, were excluded from the earnings per share calculations.