PROVIDENT FINANCIAL SERVICES, INC. PFS Income Statement

Provident financial services, inc. (PFS)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Interest income:
Real estate secured loans
223,361	215,231	189,896	180,868	176,714	166,700	152,429	155,078	158,731	160,460	159,094	167,063
Commercial loans
82,540	79,371	72,907	63,022	55,347	50,115	40,428	40,942	42,759	41,427	43,057	42,999
Consumer loans
18,579	19,906	20,301	21,829	22,770	23,755	23,644	25,208	25,793	28,479	31,462	36,727
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock
31,842	30,981	26,445	22,890	23,398	26,475	25,250	29,141	36,157	43,143	45,186	42,590
Held to maturity debt securities
12,424	12,606	13,027	13,208	13,494	12,263	10,987	11,808	12,160	12,778	13,419	14,431
Deposits, Federal funds sold and other short-term investments
2,724	1,734	1,270	498	58	53	39	82	119	247	341	510
Total interest income
371,470	359,829	323,846	302,315	291,781	279,361	252,777	262,259	275,719	286,534	292,559	304,320
Interest expense:
Deposits
45,494	30,693	19,441	16,947	14,521	15,332	18,031	25,348	36,552	47,705	74,555	88,887
Borrowed funds
28,000	28,500	26,200	26,801	27,380	25,140	18,736	19,574	23,177	29,864	36,987	43,364
Total interest expense
73,497	59,153	45,644	43,748	41,901	40,472	36,767	44,922	59,729	77,569	111,542	132,251
Net interest income
297,973	300,676	278,202	258,567	249,880	238,889	216,010	217,337	215,990	208,965	181,017	172,069
Provision for credit losses
13,100	23,700	5,600	5,400	4,350	4,650	5,500	16,000	28,900	35,500	30,250	15,100
Net interest income after credit loss expense
284,873	276,976	272,602	253,167	245,530	234,239	210,510	201,337	187,090	173,465	150,767	156,969
Non-interest income:
Fees
28,321	28,084	27,218	26,047	26,282	21,925	26,033	30,336	25,418	23,679	24,221	23,391
Wealth management income
22,503	17,957	17,604	17,556	16,838	9,420	8,012	-	-	-	-	-
Bank-owned life insurance
6,297	5,514	6,693	5,470	5,345	5,633	6,596	5,276	5,242	-5,948	5,390	5,282
Net gain on securities transactions
72	2,221	57	64	654	251	996	4,497	708	885	1,398	928
Other-than-temporary impairment losses on securities
-	-	-	-	-	-	434	0	1,661	3,116	11,043	1,410
Portion of loss recognized in other comprehensive income (before taxes)
-	-	-	-	-	-	0	0	1,359	2,946	9,012	-
Net impairment losses on securities recognized in earnings
-	-	-	-	-	-	434	0	302	170	2,031	1,410
Other income
6,601	4,900	4,125	6,256	6,103	3,939	2,950	3,504	1,476	1,210	2,474	2,020
Total non-interest income
63,794	58,676	55,697	55,393	55,222	41,168	44,153	43,613	32,542	31,552	31,452	30,211
Non-interest expense:
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	152,502	-
Compensation and employee benefits
116,849	111,496	109,353	106,141	99,689	92,218	83,000	79,814	74,904	69,865	68,738	67,770
Net occupancy expense
25,895	25,056	25,290	24,853	26,032	23,958	20,560	20,487	21,131	19,777	20,170	20,809
Data processing expense
16,836	14,664	13,922	13,228	12,698	13,667	10,550	10,318	9,500	8,984	9,325	9,194
FDIC insurance
1,316	3,482	3,887	4,887	5,036	4,662	4,678	5,095	5,883	7,631	11,778	634
Amortization of intangibles
2,740	2,127	2,670	3,391	4,066	2,757	1,624	2,466	3,030	3,831	5,111	6,077
Impairment of premises and equipment
-	-	-	-	-	-	-	-	807	1,528	-	-
Advertising and promotion expense
4,115	3,836	3,904	3,685	4,226	5,008	3,890	4,139	3,951	4,049	4,291	4,106
Other operating expenses
33,828	31,074	28,796	27,593	28,842	27,721	24,461	26,509	23,240	23,083	25,121	22,011
Total non-interest expense
201,579	191,735	187,822	183,778	180,589	169,991	148,763	148,828	142,446	138,748	297,036	130,601
Income before income tax expense
147,088	143,917	140,477	124,782	120,163	105,416	105,900	96,122	77,186	66,269	-114,817	56,579
Income tax expense
34,455	25,530	46,528	36,980	36,441	31,785	35,366	28,855	19,842	16,564	7,007	14,937
Net income
112,633	118,387	93,949	87,802	83,722	73,631	70,534	67,267	57,344	49,705	-121,824	41,642
Basic earnings per share (usd per share)
1.74	1.82	1.46	1.38	1.33	1.22	1.23	1.18	1.01	0.88	-2.16	0.74
Weighted average basic shares outstanding (in shares)
64,604	64,942	64,384	63,643	62,945	60,388	57,236	57,145	56,856	56,572	56,275	56,031
Diluted earnings per share (usd per share)
1.74	1.82	1.45	1.38	1.33	1.22	1.23	1.18	1.01	0.88	-2.16	0.74
Weighted average diluted shares outstanding (in shares)
64,734	65,103	64,579	63,851	63,114	60,562	57,361	57,199	56,868	56,572	56,275	56,031