Investor Relations

Income Statement

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PROVIDENT FINANCIAL SERVICES, INC. (NYSE - PFS)  
 2014 Y2015 Y2016 Y2017 Y2018 Q1 YTD
Source Document12/31/201612/31/201712/31/201712/31/20173/31/2018
Currency CodeUSDUSDUSDUSDUSD
(in thousands)     
      
Interest income 
Real estate secured loans 166,700176,714180,868189,89651,510
Commercial loans 50,11555,34763,02272,90719,126
Consumer loans 23,75522,77021,82920,3014,905
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock 26,47523,39822,89026,4457,251
Held to maturity debt securities 12,26313,49413,20813,0273,144
Deposits, Federal funds sold and other short-term investments 53584981,270395
Total interest income 279,361291,781302,315323,84686,331
Interest expense 
Deposits 15,33214,52116,94719,4416,235
Borrowed funds 25,14027,38026,80126,2036,819
Total interest expense 40,47241,90143,74845,64413,054
Net interest income 238,889249,880258,567278,20273,277
Provision for loan losses 4,6504,3505,4005,6005,400
Net interest income after provision for loan losses 234,239245,530253,167272,60267,877
Non-interest income 
Fees 21,92526,28226,04727,2186,639
Wealth management income 9,42016,83817,55617,6044,400
Bank-owned life insurance 5,6335,3455,4706,6931,264
Net gain on securities transactions 25165464571
Other income 3,9396,1036,2564,1251,003
Total non-interest income 41,16855,22255,39355,69713,307
Non-interest expense 
Compensation and employee benefits 92,21899,689106,141109,35327,869
Net occupancy expense 23,95826,03224,85325,2906,745
Data processing expense 13,66712,69813,22813,9223,606
FDIC insurance 4,6625,0364,8873,8871,053
Amortization of intangibles 2,7574,0663,3912,670570
Advertising and promotion expense 5,0084,2263,6853,904967
Other operating expenses 27,72128,84227,59328,7966,100
Total non-interest expense 169,991180,589183,778187,82246,910
Income before income tax expense 105,416120,163124,782140,47734,274
Income tax expense 31,78536,44136,98046,5286,361
Net income 73,63183,72287,80293,94927,913
Basic earnings per share 1.221.331.381.460.43
Weighted average basic shares outstanding 60,388,39862,945,66963,643,62264,384,85164,768,977
Diluted earnings per share 1.221.331.381.450.43
Weighted average diluted shares outstanding 60,562,07063,114,71863,851,98664,579,22264,949,442
Consolidated Statements of Comprehensive Income 
Net income 73,63183,72287,80293,94927,913
Other comprehensive (loss) income, net of tax 
Unrealized gains and losses on available for sale debt securities 
Net unrealized (losses) gains arising during the period 10,692(3,401)(4,431)(2,163)(9,639)
Reclassification adjustment for gains included in net income (150)(391)(30)00
Total 10,542(3,792)(4,461)(2,163)(9,639)
Unrealized gains on derivatives 0(73)242379530
Amortization related to post-retirement obligations (5,662)1,2903,368(889)62
Total other comprehensive (loss) income 4,880(2,575)(851)(2,673)(9,047)
Total comprehensive income 78,51181,14786,95191,27618,866


Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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