PROVIDENT FINANCIAL SERVICES, INC. PFS Income Statement

Provident financial services, inc. (PFS)

Income statement / TTM

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
222,796	223,361	223,484	221,614	218,727	215,231	207,982	201,142	195,395	189,896	187,169	184,739	182,646	180,868	179,701	178,980	177,658	176,714	175,354	174,650	171,437	166,700	161,041	155,442	152,646	152,429	153,061	153,367	154,454	155,078	155,481	156,403	157,400	158,731	159,525	160,485	161,036	160,460	159,646	158,895	0	0	0
Commercial loans
80,702	82,540	84,453	84,579	80,755	79,371	77,729	76,463	75,213	72,907	70,487	67,616	64,890	63,022	60,891	58,565	56,860	55,347	54,934	55,128	53,007	50,115	46,366	42,497	41,004	40,428	40,243	40,393	40,543	40,942	41,709	42,477	43,047	42,759	42,330	41,777	41,172	41,427	42,072	42,185	0	0	0
Consumer loans
17,968	18,579	19,177	19,624	19,784	19,906	19,953	19,941	20,192	20,301	20,465	21,009	21,207	21,829	22,193	22,212	22,612	22,770	23,352	23,812	23,887	23,755	23,531	23,343	23,349	23,644	23,991	24,416	24,876	25,208	25,315	25,408	25,563	25,793	26,437	27,086	27,722	28,479	29,209	30,047	0	0	0
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock
30,502	31,842	32,827	32,714	32,139	30,981	29,532	28,267	27,133	26,445	25,467	24,503	23,673	22,890	22,764	22,860	22,877	23,398	24,028	24,766	25,694	26,475	27,060	26,683	26,140	25,250	24,743	25,309	27,001	29,141	30,432	33,007	34,995	36,157	37,962	39,471	40,876	43,143	45,146	45,131	0	0	0
Held to maturity debt securities
12,202	12,424	12,567	12,641	12,624	12,606	12,662	12,785	12,923	13,027	13,009	13,086	13,125	13,208	13,355	13,374	13,429	13,494	13,514	13,469	12,989	12,263	11,586	10,957	10,818	10,987	11,212	11,505	11,729	11,808	11,887	11,945	11,985	12,160	12,314	12,435	12,622	12,778	12,960	13,137	0	0	0
Deposits, Federal funds sold and other short-term investments
3,058	2,724	2,499	2,070	1,880	1,734	1,645	1,538	1,408	1,270	1,144	939	713	498	269	150	88	58	50	46	55	53	53	47	39	39	54	87	80	82	96	80	122	119	106	160	186	247	321	374	0	0	0
Total interest income
367,228	371,470	375,007	373,242	365,909	359,829	349,503	340,136	332,264	323,846	317,741	311,892	306,254	302,315	299,173	296,141	293,524	291,781	291,232	291,871	287,069	279,361	269,637	258,969	253,996	252,777	253,304	255,077	258,683	262,259	264,920	269,320	273,112	275,719	278,674	281,414	283,614	286,534	289,354	289,769	0	0	0
Interest expense:
Deposits
45,958	45,494	43,546	39,672	34,952	30,693	26,435	23,567	21,224	19,441	18,643	18,096	17,578	16,947	16,067	15,265	14,754	14,521	14,704	15,119	15,182	15,332	15,593	15,893	16,813	18,031	19,605	21,406	23,302	25,348	27,773	30,602	33,724	36,552	38,803	41,390	44,029	47,705	56,148	64,336	0	0	0
Borrowed funds
26,280	28,000	29,078	28,929	28,591	28,500	27,822	26,897	26,593	26,200	26,179	26,118	26,143	26,801	27,425	27,619	27,749	27,380	27,061	26,863	26,271	25,140	23,766	21,770	19,867	18,736	18,189	18,443	18,986	19,574	20,106	20,936	22,008	23,177	24,771	26,345	27,941	29,864	31,952	34,049	0	0	0
Total interest expense
72,241	73,497	72,584	68,561	63,503	59,153	54,260	50,467	47,820	45,644	44,822	44,214	43,721	43,748	43,492	42,884	42,503	41,901	41,765	41,982	41,453	40,472	39,359	37,663	36,680	36,767	37,794	39,849	42,288	44,922	47,879	51,538	55,732	59,729	63,574	67,735	71,970	77,569	88,100	98,385	0	0	0
Net interest income
294,987	297,973	302,423	304,681	302,406	300,676	295,243	289,669	284,444	278,202	272,919	267,678	262,533	258,567	255,681	253,257	251,021	249,880	249,467	249,889	245,616	238,889	230,278	221,306	217,316	216,010	215,510	215,228	216,395	217,337	217,041	217,782	217,380	215,990	215,100	213,679	211,644	208,965	201,254	191,384	0	0	0
Provision for credit losses
27,600	13,100	12,000	12,500	18,500	23,700	23,800	23,300	9,500	5,600	4,900	5,400	5,400	5,400	5,450	5,850	5,250	4,350	4,350	4,450	4,850	4,650	5,200	4,900	4,400	5,500	7,700	10,000	12,500	16,000	18,000	22,000	26,000	28,900	31,800	32,900	34,400	35,500	33,100	30,300	0	0	0
Net interest income after credit loss expense
267,370	284,873	290,423	292,181	283,906	276,976	271,443	266,369	274,944	272,602	268,019	262,278	257,133	253,167	250,231	247,407	245,771	245,530	245,117	245,439	240,766	234,239	225,078	216,406	212,916	210,510	207,810	205,228	203,895	201,337	199,041	195,782	191,380	187,090	183,300	180,779	177,244	173,465	168,154	161,084	0	0	0
Non-interest income:
Fees
28,753	28,321	27,995	27,816	27,542	28,084	26,984	27,209	27,852	27,218	27,678	26,135	25,591	26,047	26,126	26,219	26,689	26,282	25,388	25,284	23,177	21,925	15,965	19,631	22,875	26,033	33,388	31,128	30,221	30,336	30,384	29,483	27,931	25,418	24,094	23,480	23,539	23,679	24,289	24,738	0	0	0
Wealth management income
24,675	22,503	20,791	19,277	17,636	17,957	17,862	17,884	17,791	17,604	17,786	17,456	17,458	17,556	17,517	18,005	18,591	16,838	14,841	12,477	9,925	9,420	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bank-owned life insurance
5,388	6,297	5,127	5,938	5,946	5,514	6,042	5,312	6,568	6,693	6,678	6,707	5,527	5,470	5,515	5,381	5,329	5,345	5,318	5,419	5,679	5,633	5,469	5,321	6,688	6,596	6,736	6,808	5,124	5,276	7,687	5,140	5,196	5,242	-9,012	-6,450	-5,938	-5,948	5,952	6,014	0	0	0
Net gain on securities transactions
83	72	2,247	2,249	2,220	2,221	13	47	58	57	57	-22	-32	64	58	106	748	654	654	1,136	603	251	269	-178	135	996	2,989	3,247	2,825	4,497	2,504	2,864	2,877	708	738	96	82	885	1,028	2,004	0	0	0
Other-than-temporary impairment losses on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	0	0
Portion of loss recognized in other comprehensive income (before taxes)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	0
Net impairment losses on securities recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	0	0
Other income
9,698	6,601	5,525	4,274	4,213	4,900	5,460	5,105	4,270	4,125	4,682	5,559	6,296	6,256	7,559	5,108	6,580	6,103	4,570	5,654	3,971	3,939	3,328	3,064	2,995	2,950	2,951	2,941	2,660	3,504	2,511	1,911	2,396	1,476	1,670	2,065	1,306	1,210	1,975	2,351	0	0	0
Total non-interest income
68,597	63,794	61,685	59,554	57,557	58,676	56,361	55,557	56,539	55,697	56,881	55,835	54,840	55,393	56,775	54,819	57,937	55,222	50,771	49,970	43,355	41,168	39,593	40,014	42,324	44,153	46,064	44,124	40,830	43,613	40,538	39,398	38,098	32,542	31,632	30,785	30,715	31,552	32,373	33,435	0	0	0
Non-interest expense:
Compensation and employee benefits
119,675	116,849	114,833	113,003	111,996	111,496	111,665	111,447	110,374	109,353	108,731	108,128	106,959	106,141	104,786	102,845	101,518	99,689	95,696	95,859	95,026	92,218	90,818	86,977	83,550	83,000	81,372	80,104	80,149	79,814	78,973	78,361	76,929	74,904	73,752	72,290	70,809	69,865	70,846	69,866	0	0	0
Net occupancy expense
25,241	25,895	25,633	25,144	25,168	25,056	25,087	25,268	25,080	25,290	25,379	25,501	25,374	24,853	24,826	24,785	25,294	26,032	26,231	25,995	25,041	23,958	22,900	22,022	21,443	20,560	20,479	20,549	20,667	20,487	20,650	20,794	20,883	21,131	20,646	20,244	19,911	19,777	19,908	19,936	0	0	0
Data processing expense
17,297	16,836	16,249	15,765	15,027	14,664	14,482	14,166	14,071	13,922	13,685	13,699	13,440	13,228	13,118	13,029	12,916	12,698	12,505	14,295	13,897	13,667	13,224	10,839	10,725	10,550	10,469	10,537	10,352	10,318	10,268	9,937	9,824	9,500	9,279	9,072	8,964	8,984	9,053	9,179	0	0	0
FDIC insurance
577	1,316	1,729	2,696	3,168	3,482	3,742	3,742	3,841	3,887	4,220	4,370	4,664	4,887	5,005	5,161	5,140	5,036	5,004	4,872	4,744	4,662	4,552	4,484	4,564	4,678	4,745	4,949	4,955	5,095	5,297	5,339	5,393	5,883	6,447	6,961	7,412	7,631	8,117	11,218	0	0	0
Amortization of intangibles
2,994	2,740	2,663	2,345	2,047	2,127	2,216	2,339	2,488	2,670	2,842	2,977	3,138	3,391	3,631	3,876	4,144	4,066	4,042	4,006	3,401	2,757	2,057	1,399	1,396	1,624	1,843	2,036	2,238	2,466	2,684	2,881	2,929	3,030	3,179	3,313	3,568	3,831	4,081	4,550	0	0	0
Impairment of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	807	0	0	0	-	-	-	-	-	-
Advertising and promotion expense
4,601	4,115	4,132	3,983	3,752	3,836	3,958	3,916	4,014	3,904	3,827	3,707	3,663	3,685	4,053	3,864	4,344	4,226	4,321	5,004	4,704	5,008	4,576	4,013	4,209	3,890	4,031	4,349	4,200	4,139	4,195	3,982	4,038	3,951	3,731	3,945	3,977	4,049	4,040	4,359	0	0	0
Provision for credit losses for off-balance sheet credit exposure
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating expenses
35,885	33,828	31,969	31,193	32,083	31,074	29,303	29,196	28,740	28,796	28,213	28,085	27,786	27,593	28,625	28,248	28,674	28,842	27,668	27,655	28,425	27,721	27,107	26,131	24,120	24,461	25,669	26,516	26,422	26,509	25,585	24,415	23,890	23,240	22,842	23,179	22,361	23,083	22,701	23,709	0	0	0
Total non-interest expense
207,270	201,579	197,208	194,129	193,241	191,735	190,453	190,074	188,608	187,822	186,897	186,467	185,024	183,778	184,044	181,808	182,030	180,589	175,467	177,686	175,238	169,991	165,234	155,865	150,007	148,763	148,608	149,040	148,983	148,828	147,652	145,709	143,886	142,446	142,211	141,339	139,337	138,748	138,746	142,817	0	0	0
Income before income tax expense
128,697	147,088	154,900	157,606	148,222	143,917	137,351	131,852	142,875	140,477	138,003	131,646	126,949	124,782	122,962	120,418	121,678	120,163	120,421	117,723	108,883	105,416	99,437	100,555	105,233	105,900	105,266	100,312	95,742	96,122	91,927	89,471	85,592	77,186	72,721	70,225	68,622	66,269	61,781	51,702	0	0	0
Income tax expense
32,023	34,455	32,455	31,092	26,858	25,530	35,244	38,638	44,521	46,528	40,970	38,282	36,612	36,980	36,212	35,965	36,785	36,441	36,995	35,874	32,479	31,785	29,623	33,697	35,498	35,366	35,452	30,420	29,075	28,855	26,472	24,604	22,751	19,842	18,132	17,739	17,173	16,564	15,515	12,554	0	0	0
Net income
96,674	112,633	122,445	126,514	121,364	118,387	102,107	93,214	98,354	93,949	97,033	93,364	90,337	87,802	86,750	84,453	84,893	83,722	83,426	81,849	76,404	73,631	69,814	66,858	69,735	70,534	69,814	69,892	66,667	67,267	65,455	64,867	62,841	57,344	54,589	52,486	51,449	49,705	46,266	39,148	0	0	0
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