Parent-only Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019		December 31, 2018
Assets
Cash and due from banks	$	29,723	7,569
Available for sale debt securities, at fair value	825		635
Investment in subsidiary	1,364,097		1,322,871

ESOP loan	31,113		36,756
Other assets	37		92
Total assets	$	1,425,795	1,367,923
Liabilities and Stockholders’ Equity
Due to subsidiary—SAP	$	11,741	7,996
Other liabilities	214		947
Total stockholders’ equity	1,413,840		1,358,980
Total liabilities and stockholders’ equity	$	1,425,795	1,367,923

(Dollars in Thousands)


	For the Years Ended December 31,
	2019		2018	2017
Dividends from subsidiary	$	72,809	53,604	59,980
Interest income	1,470		1,657	1,839
Investment gain	162		2,294	17
Total income	74,441		57,555	61,836
Non-interest expense	1,192		1,049	1,021
Total expense	1,192		1,049	1,021
Income before income tax expense	73,249		56,506	60,815
Income tax expense	127		692	312
Income before undistributed net income of subsidiary	73,122		55,814	60,503
Earnings in excess of dividends (equity in undistributed net income) of subsidiary	39,511		62,573	33,446
Net income	$	112,633	118,387	93,949

(Dollars in Thousands)


	For the Years Ended December 31,
	2019		2018	2017
Cash flows from operating activities:
Net income	$	112,633	118,387	93,949
Adjustments to reconcile net income to net cash provided by operating activities
Earnings in excess of dividends (equity in undistributed net income) of subsidiary	(39,511)		(62,573)	(33,446)
ESOP allocation	4,533		4,516	4,600
SAP allocation	6,671		6,046	4,963
Stock option allocation	181		190	203
Increase in due to subsidiary—SAP	3,745		3,577	1,415
Decrease (increase) in other assets	21,285		(18,598)	(34,919)
(Decrease) increase in other liabilities	(734)		396	(114)
Net cash provided by operating activities	108,803		51,941	36,651
Cash flows from investing activities:


Net decrease in ESOP loan	5,643		4,663	4,552
Net cash provided by investing activities	5,643		4,663	4,552
Cash flows from financing activities:
Purchases of treasury stock	(19,867)		(13,172)	(443)
Purchase of employee restricted shares to fund statutory tax withholding	(1,985)		(1,896)	(778)
Cash dividends paid	(72,809)		(53,604)	(59,980)
Shares issued dividend reinvestment plan	2,230		1,709	2,114
Stock options exercised	139		1,007	2,954
Net cash used in financing activities	(92,292)		(65,956)	(56,133)
Net increase (decrease) in cash and cash equivalents	22,154		(9,352)	(14,930)
Cash and cash equivalents at beginning of period	7,569		16,921	31,851
Cash and cash equivalents at end of period	$	29,723	7,569	16,921