Parent-only Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Statements of Financial Condition

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, 2015			December 31, 2014
Assets
Cash and due from banks	$	22,280		10,475
Securities available for sale, at fair value	519			524
Investment in subsidiary	1,126,616			1,077,624
Due from subsidiary—SAP	(2,539		)	2,794
ESOP loan	49,872			53,438
Other assets	52			34
Total assets	$	1,196,800		1,144,889
Liabilities and Stockholders’ Equity
Other liabilities	735			790
Total stockholders’ equity	1,196,065			1,144,099
Total liabilities and stockholders’ equity	$	1,196,800		1,144,889

Condensed Statements of Operations

Condensed Statements of Operations

(Dollars in Thousands)

	For the Years Ended December 31,
	2015		2014	2013
Dividends from subsidiary	$	41,285	36,118	32,320
Interest income	2,153		2,276	2,390
Investment gain	12		11	9
Total income	43,450		38,405	34,719
Non-interest expense	812		814	891
Total expense	812		814	891
Income before income tax expense	42,638		37,591	33,828
Income tax expense	505		551	563
Income before undistributed net income of subsidiary	42,133		37,040	33,265
Equity in undistributed net income of subsidiary (dividends in excess of earnings)	41,589		36,591	37,269
Net income	$	83,722	73,631	70,534

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(Dollars in Thousands)

	For the Years Ended December 31,
	2015			2014		2013
Cash flows from operating activities:
Net income	$	83,722		73,631		70,534
Adjustments to reconcile net income to net cash provided by operating activities
Dividends in excess of earnings (equity in undistributed net income) of subsidiary	(41,589		)	(36,591	)	(37,269	)
ESOP allocation	2,997			2,654		2,559
SAP allocation	4,625			6,359		4,869
Stock option allocation	272			298		297
Decrease in due from subsidiary—SAP	5,333			3,475		5,814
(Decrease) increase in other assets	(8,406		)	15,454		(6,912	)
Decrease in other liabilities	(55		)	(259	)	(172	)
Net cash provided by operating activities	46,899			65,021		39,720
Cash flows from investing activities:
Cash consideration paid for business acquisition	—			(31,562	)	—
Net decrease in ESOP loan	3,566			3,278		3,034
Net cash provided by (used in) investing activities	3,566			(28,284	)	3,034
Cash flows from financing activities:
Purchases of treasury stock	(1,988		)	(4,420	)	(5,899	)
Cash dividends paid	(41,285		)	(36,118	)	(32,320	)
Shares issued dividend reinvestment plan	1,447			1,336		1,186
Stock options exercised	3,166			144		412
Net cash used in financing activities	(38,660		)	(39,058	)	(36,621	)
Net increase (decrease) in cash and cash equivalents	11,805			(2,321	)	6,133
Cash and cash equivalents at beginning of period	10,475			12,796		6,663
Cash and cash equivalents at end of period	$	22,280		10,475		12,796