Investor Relations

Income Statement

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PROVIDENT FINANCIAL SERVICES, INC. (NYSE - PFS)  
 2014 Y2015 Y2016 Y2017 Y2018 Q2 YTD
Source Document12/31/201612/31/201712/31/201712/31/20176/30/2018
Currency CodeUSDUSDUSDUSDUSD
(in thousands)     
      
Interest income 
Real estate secured loans 166,700176,714180,868189,896104,266
Commercial loans 50,11555,34763,02272,90738,476
Consumer loans 23,75522,77021,82920,3019,850
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock 26,47523,39822,89026,44514,933
Held to maturity debt securities 12,26313,49413,20813,0276,298
Deposits, Federal funds sold and other short-term investments 53584981,270823
Total interest income 279,361291,781302,315323,846174,646
Interest expense 
Deposits 15,33214,52116,94719,44113,231
Borrowed funds 25,14027,38026,80126,20313,858
Total interest expense 40,47241,90143,74845,64427,089
Net interest income 238,889249,880258,567278,202147,557
Provision for loan losses 4,6504,3505,4005,60020,900
Net interest income after provision for loan losses 234,239245,530253,167272,602126,657
Non-interest income 
Fees 21,92526,28226,04727,21813,251
Wealth management income 9,42016,83817,55617,6049,002
Bank-owned life insurance 5,6335,3455,4706,6932,557
Net gain on securities transactions 25165464571
Other income 3,9396,1036,2564,1252,333
Total non-interest income 41,16855,22255,39355,69727,144
Non-interest expense 
Compensation and employee benefits 92,21899,689106,141109,35355,852
Net occupancy expense 23,95826,03224,85325,29013,128
Data processing expense 13,66712,69813,22813,9227,232
FDIC insurance 4,6625,0364,8873,8871,953
Amortization of intangibles 2,7574,0663,3912,6701,116
Advertising and promotion expense 5,0084,2263,6853,9041,814
Other operating expenses 27,72128,84227,59328,79614,621
Total non-interest expense 169,991180,589183,778187,82295,716
Income before income tax expense 105,416120,163124,782140,47758,085
Income tax expense 31,78536,44136,98046,52810,929
Net income 73,63183,72287,80293,94947,156
Basic earnings per share 1.221.331.381.460.73
Weighted average basic shares outstanding 60,388,39862,945,66963,643,62264,384,85164,840,843
Diluted earnings per share 1.221.331.381.450.73
Weighted average diluted shares outstanding 60,562,07063,114,71863,851,98664,579,22265,024,917
Consolidated Statements of Comprehensive Income 
Net income 73,63183,72287,80293,94947,156
Other comprehensive (loss) income, net of tax 
Unrealized gains and losses on securities available for sale 
Net unrealized (losses) gains arising during the period 10,692(3,401)(4,431)(2,163)(13,077)
Reclassification adjustment for gains included in net income (150)(391)(30)00
Total 10,542(3,792)(4,461)(2,163)(13,077)
Unrealized gains (losses) on derivatives 0(73)242379678
Amortization related to post-retirement obligations (5,662)1,2903,368(889)136
Total other comprehensive (loss) income 4,880(2,575)(851)(2,673)(12,263)
Total comprehensive income 78,51181,14786,95191,27634,893


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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