PROVIDENT FINANCIAL SERVICES, INC. PFS Income Statement

Provident financial services, inc. (PFS)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Interest income:
Real estate secured loans
54,441	56,310	56,402	55,643	55,006	56,433	54,532	52,756	51,510	49,184	47,692	47,009	46,011	46,457	45,262	44,916	44,233	45,290	44,541	43,594	43,289	43,930	43,837	40,381	38,552	38,271	38,238	37,585	38,335	38,903	38,544	38,672	38,959	39,306	39,466	39,669	40,290	40,100	40,426	40,220	39,714	39,286	39,675
Commercial loans
18,672	18,752	20,104	23,174	20,510	20,665	20,230	19,350	19,126	19,023	18,964	18,100	16,820	16,603	16,093	15,374	14,952	14,472	13,767	13,669	13,439	14,059	13,961	11,548	10,547	10,310	10,092	10,055	9,971	10,125	10,242	10,205	10,370	10,892	11,010	10,775	10,082	10,463	10,457	10,170	10,337	11,108	10,570
Consumer loans
4,172	4,363	4,648	4,785	4,783	4,961	5,095	4,945	4,905	5,008	5,083	5,196	5,014	5,172	5,627	5,394	5,636	5,536	5,646	5,794	5,794	6,118	6,106	5,869	5,662	5,894	5,918	5,875	5,957	6,241	6,343	6,335	6,289	6,348	6,436	6,490	6,519	6,992	7,085	7,126	7,276	7,722	7,923
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock
7,069	7,258	7,918	8,257	8,409	8,243	7,805	7,682	7,251	6,794	6,540	6,548	6,563	5,816	5,576	5,718	5,780	5,690	5,672	5,735	6,301	6,320	6,410	6,663	7,082	6,905	6,033	6,120	6,192	6,398	6,599	7,812	8,332	7,689	9,174	9,800	9,494	9,494	10,683	11,205	11,761	11,497	10,668
Held to maturity debt securities
2,940	3,016	3,075	3,171	3,162	3,159	3,149	3,154	3,144	3,215	3,272	3,292	3,248	3,197	3,349	3,331	3,331	3,344	3,368	3,386	3,396	3,364	3,323	2,906	2,670	2,687	2,694	2,767	2,839	2,912	2,987	2,991	2,918	2,991	3,045	3,031	3,093	3,145	3,166	3,218	3,249	3,327	3,343
Deposits, Federal funds sold and other short-term investments
875	686	879	618	541	461	450	428	395	372	343	298	257	246	138	72	42	17	19	10	12	9	15	19	10	9	9	11	10	24	42	4	12	38	26	46	9	25	80	72	70	99	133
Total interest income
88,169	90,385	93,026	95,648	92,411	93,922	91,261	88,315	86,331	83,596	81,894	80,443	77,913	77,491	76,045	74,805	73,974	74,349	73,013	72,188	72,231	73,800	73,652	67,386	64,523	64,076	62,984	62,413	63,304	64,603	64,757	66,019	66,880	67,264	69,157	69,811	69,487	70,219	71,897	72,011	72,407	73,039	72,312
Interest expense:
Deposits
10,958	11,554	11,730	11,716	10,494	9,606	7,856	6,996	6,235	5,348	4,988	4,653	4,452	4,550	4,441	4,135	3,821	3,670	3,639	3,624	3,588	3,853	4,054	3,687	3,738	4,114	4,354	4,607	4,956	5,688	6,155	6,503	7,002	8,113	8,984	9,625	9,830	10,364	11,571	12,264	13,506	18,807	19,759
Borrowed funds
5,190	5,945	7,768	7,377	6,910	7,023	7,619	7,039	6,819	6,345	6,694	6,735	6,426	6,324	6,633	6,760	7,084	6,948	6,827	6,890	6,715	6,629	6,629	6,298	5,584	5,255	4,633	4,395	4,453	4,708	4,887	4,938	5,041	5,240	5,717	6,010	6,210	6,834	7,291	7,606	8,133	8,922	9,388
Total interest expense
16,148	17,502	19,498	19,093	17,404	16,589	15,475	14,035	13,054	11,696	11,682	11,388	10,878	10,874	11,074	10,895	10,905	10,618	10,466	10,514	10,303	10,482	10,683	9,985	9,322	9,369	8,987	9,002	9,409	10,396	11,042	11,441	12,043	13,353	14,701	15,635	16,040	17,198	18,862	19,870	21,639	27,729	29,147
Net interest income
72,021	72,883	73,528	76,555	75,007	77,333	75,786	74,280	73,277	71,900	70,212	69,055	67,035	66,617	64,971	63,910	63,069	63,731	62,547	61,674	61,928	63,318	62,969	57,401	55,201	54,707	53,997	53,411	53,895	54,207	53,715	54,578	54,837	53,911	54,456	54,176	53,447	53,021	53,035	52,141	50,768	45,310	43,165
Provision for credit losses
14,700	2,900	500	9,500	200	1,800	1,000	15,500	5,400	1,900	500	1,700	1,500	1,200	1,000	1,700	1,500	1,250	1,400	1,100	600	1,250	1,500	1,500	400	1,800	1,200	1,000	1,500	4,000	3,500	3,500	5,000	6,000	7,500	7,500	7,900	8,900	8,600	9,000	9,000	6,500	5,800
Net interest income after credit loss expense
57,304	69,983	73,028	67,055	74,807	75,533	74,786	58,780	67,877	70,000	69,712	67,355	65,535	65,417	63,971	62,210	61,569	62,481	61,147	60,574	61,328	62,068	61,469	55,901	54,801	52,907	52,797	52,411	52,395	50,207	50,215	51,078	49,837	47,911	46,956	46,676	45,547	44,121	44,435	43,141	41,768	38,810	37,365
Non-interest income:
Fees
6,529	7,704	7,634	6,886	6,097	7,378	7,455	6,612	6,639	6,278	7,680	7,255	6,005	6,738	6,137	6,711	6,461	6,817	6,230	7,181	6,054	5,923	6,126	5,074	4,802	-37	9,792	8,318	7,960	7,318	7,532	7,411	8,075	7,366	6,631	5,859	5,562	6,042	6,017	5,918	5,702	6,652	6,466
Wealth management income
6,251	6,097	6,084	6,243	4,079	4,385	4,570	4,602	4,400	4,290	4,592	4,509	4,213	4,472	4,262	4,511	4,311	4,433	4,750	5,097	2,558	2,436	2,386	2,545	2,053	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bank-owned life insurance
787	2,044	1,272	1,285	1,696	874	2,083	1,293	1,264	1,402	1,353	2,549	1,389	1,387	1,382	1,369	1,332	1,432	1,248	1,317	1,348	1,405	1,349	1,577	1,302	1,241	1,201	2,944	1,210	1,381	1,273	1,260	1,362	3,792	-1,274	1,316	1,408	-10,462	1,288	1,828	1,398	1,438	1,350
Net gain on securities transactions
11	43	0	29	0	2,218	2	0	1	10	36	11	0	10	-43	1	96	4	5	643	2	4	487	110	-350	22	40	423	511	2,015	298	1	2,183	22	658	14	14	52	16	0	817	195	992
Other-than-temporary impairment losses on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,661	-	-	-	3,116	-	701	5,466
Portion of loss recognized in other comprehensive income (before taxes)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,359	-	-	-	2,946	-	-	4,665
Net impairment losses on securities recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	302	-	-	-	170	-	701	801
Other income
3,413	1,837	3,057	1,391	316	761	1,806	1,330	1,003	1,321	1,451	495	858	1,878	2,328	1,232	818	3,181	-123	2,704	341	1,648	961	1,021	309	1,037	697	952	264	1,038	687	671	1,108	45	87	1,156	188	239	482	397	92	1,004	858
Total non-interest income
16,991	17,725	18,047	15,834	12,188	15,616	15,916	13,837	13,307	13,301	15,112	14,819	12,465	14,485	14,066	13,824	13,018	15,867	12,110	16,942	10,303	11,416	11,309	10,327	8,116	9,841	11,730	12,637	9,945	11,752	9,790	9,343	12,728	8,677	8,650	8,043	7,172	7,767	7,803	7,973	8,009	8,588	8,865
Non-interest expense:
Compensation and employee benefits
31,195	30,114	29,376	28,990	28,369	28,098	27,546	27,983	27,869	28,267	27,328	26,910	26,848	27,645	26,725	25,741	26,030	26,290	24,784	24,414	24,201	22,297	24,947	23,581	21,393	20,897	21,106	20,154	20,843	19,269	19,838	20,199	20,508	18,428	19,226	18,767	18,483	17,276	17,764	17,286	17,539	18,257	16,784
Net occupancy expense
6,203	6,266	6,413	6,359	6,857	6,004	5,924	6,383	6,745	6,035	6,105	6,195	6,955	6,124	6,227	6,068	6,434	6,097	6,186	6,577	7,172	6,296	5,950	5,623	6,089	5,238	5,072	5,044	5,206	5,157	5,142	5,162	5,026	5,320	5,286	5,251	5,274	4,835	4,884	4,918	5,140	4,966	4,912
Data processing expense
4,430	4,389	4,114	4,364	3,969	3,802	3,630	3,626	3,606	3,620	3,314	3,531	3,457	3,383	3,328	3,272	3,245	3,273	3,239	3,159	3,027	3,080	5,029	2,761	2,797	2,637	2,644	2,647	2,622	2,556	2,712	2,462	2,588	2,506	2,381	2,349	2,264	2,285	2,174	2,241	2,284	2,354	2,300
FDIC insurance
0	149	0	428	739	562	967	900	1,053	822	967	999	1,099	1,155	1,117	1,293	1,322	1,273	1,273	1,272	1,218	1,241	1,141	1,144	1,136	1,131	1,073	1,224	1,250	1,198	1,277	1,230	1,390	1,400	1,319	1,284	1,880	1,964	1,833	1,735	2,099	2,450	4,934
Amortization of intangibles
744	579	827	844	490	502	509	546	570	591	632	695	752	763	767	856	1,005	1,003	1,012	1,124	927	979	976	519	283	279	318	516	511	498	511	718	739	716	708	766	840	865	842	1,021	1,103	1,115	1,311
Impairment of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	807	-	-	-	-	-	-
Advertising and promotion expense
1,369	1,056	1,098	1,078	883	1,073	949	847	967	1,195	907	945	857	1,118	787	901	879	1,486	598	1,381	761	1,581	1,281	1,081	1,065	1,149	718	1,277	746	1,290	1,036	1,128	685	1,346	823	1,184	598	1,126	1,037	1,216	670	1,117	1,356
Provision for credit losses for off-balance sheet credit exposure
1,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating expenses
9,166	11,178	7,910	7,631	7,109	9,319	7,134	8,521	6,100	7,548	7,027	8,065	6,156	6,965	6,899	7,766	5,963	7,997	6,522	8,192	6,131	6,823	6,509	8,962	5,427	6,209	5,533	6,951	5,768	7,417	6,380	6,857	5,855	6,493	5,210	6,332	5,205	6,095	5,547	5,514	5,927	5,713	6,555
Total non-interest expense
54,107	53,731	49,738	49,694	48,416	49,360	46,659	48,806	46,910	48,078	46,280	47,340	46,124	47,153	45,850	45,897	44,878	47,419	43,614	46,119	43,437	42,297	45,833	43,671	38,190	37,540	36,464	37,813	36,946	37,385	36,896	37,756	36,791	36,209	34,953	35,933	35,351	35,974	34,081	33,931	34,762	35,972	38,152
Income before income tax expense
20,188	33,977	41,337	33,195	38,579	41,789	44,043	23,811	34,274	35,223	38,544	34,834	31,876	32,749	32,187	30,137	29,709	30,929	29,643	31,397	28,194	31,187	26,945	22,557	24,727	25,208	28,063	27,235	25,394	24,574	23,109	22,665	25,774	20,379	20,653	18,786	17,368	15,914	18,157	17,183	15,015	11,426	8,078
Income tax expense
5,257	8,026	9,938	8,802	7,689	6,026	8,575	4,568	6,361	15,740	11,969	10,451	8,368	10,182	9,281	8,781	8,736	9,414	9,034	9,601	8,392	9,968	7,913	6,206	7,698	7,806	11,987	8,007	7,566	7,892	6,955	6,662	7,346	5,509	5,087	4,809	4,437	3,799	4,694	4,243	3,828	2,750	1,733
Net income
14,931	25,951	31,399	24,393	30,890	35,763	35,468	19,243	27,913	19,483	26,575	24,383	23,508	22,567	22,906	21,356	20,973	21,515	20,609	21,796	19,802	21,219	19,032	16,351	17,029	17,402	16,076	19,228	17,828	16,682	16,154	16,003	18,428	14,870	15,566	13,977	12,931	12,115	13,463	12,940	11,187	8,676	6,345
Basic earnings per share (usd per share)
0.23	0.39	0.49	0.38	0.48	0.54	0.55	0.30	0.43	0.30	0.41	0.38	0.37	0.35	0.36	0.34	0.33	0.33	0.33	0.35	0.32	0.34	0.30	0.28	0.30	0.30	0.28	0.34	0.31	0.30	0.28	0.28	0.32	0.26	0.27	0.25	0.23	0.21	0.24	0.23	0.20	0.15	0.11
Weighted average basic shares outstanding (in shares)
64,386	64,252	64,511	64,886	64,766	65,052	65,037	64,911	64,768	64,559	64,454	64,357	64,167	63,941	63,728	63,553	63,351	63,180	63,034	62,894	62,673	62,597	62,440	59,147	57,369	57,332	57,241	57,206	57,167	57,184	57,194	57,152	57,051	56,880	56,926	56,846	56,771	56,688	56,610	56,531	56,457	56,311	56,240
Diluted earnings per share (usd per share)
0.23	0.39	0.49	0.38	0.48	0.55	0.54	0.30	0.43	0.29	0.41	0.38	0.37	0.35	0.36	0.34	0.33	0.33	0.33	0.35	0.32	0.34	0.30	0.28	0.30	0.30	0.28	0.34	0.31	0.30	0.28	0.28	0.32	0.26	0.27	0.25	0.23	0.21	0.24	0.23	0.20	0.15	0.11
Weighted average diluted shares outstanding (in shares)
64,457	64,376	64,632	65,016	64,912	65,179	65,183	65,099	64,949	64,760	64,645	64,541	64,369	64,226	63,934	63,726	63,519	63,374	63,198	63,044	62,840	62,891	62,559	59,269	57,528	57,467	57,357	57,283	57,337	57,290	57,238	57,187	57,082	56,893	56,941	56,867	56,771	56,688	56,610	56,531	56,457	56,311	56,240