Provident Financial Services, Inc. (PFS)

PFS Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	812.34	556.24	417.65	365.07	324	324.48
Interest Income on Investments	86.03	59.59	48.53	37.27	39.31	46.99
Total Interest Income	898.36	615.82	466.18	402.34	363.31	371.47
Interest Paid on Deposits	294.18	159.46	38.7	26.51	33.59	45.49
Interest Paid on Borrowings	89.52	56.91	9.93	9.8	17.15	28
Total Interest Expense	383.7	216.37	48.63	36.32	50.74	73.5
Net Interest Income	514.67	399.45	417.55	366.02	312.57	297.97
Net Interest Income Growth (YoY)	23.21%	-4.33%	14.08%	17.10%	4.90%	-0.90%
Trust Income	29.72	27.67	27.87	30.76	25.73	22.5
Gain (Loss) on Sale of Assets	-0.15	-0.15	0.02	0.04	0.95	-
Gain (Loss) on Sale of Investments	-2.98	0.03	0.18	0.26	0.08	0.07
Other Non-Interest Income	62.32	52.28	59.72	52.36	45.67	41.22
Total Non-Interest Income	88.91	79.83	87.79	83.41	72.43	63.79
Non-Interest Income Growth (YoY)	12.36%	-9.07%	5.25%	15.16%	13.54%	8.72%
Revenues Before Loan Losses	603.57	479.28	505.34	449.43	385	361.77
Provision for Loan Losses	77.56	27.9	8.39	-24.34	29.72	13.1
Revenue	526.01	451.38	496.95	473.77	355.28	348.67
Revenue Growth (YoY)	13.26%	-9.17%	4.89%	33.35%	1.90%	3.88%
Salaries and Employee Benefits	187.39	137.7	133.46	133.4	122.88	105.46
Occupancy Expenses	25.14	18.58	21.23	32.93	27.14	25.9
Federal Deposit Insurance	12.44	8.58	5.2	6.26	3.12	1.32
Amortization of Goodwill & Intangibles	20.14	2.95	3.29	3.66	3.43	2.74
Selling, General & Administrative	61.81	52.3	54	33.68	33.16	32.34
Other Non-Interest Expense	53.25	47.66	35.54	40.13	38.01	33.83
Total Non-Interest Expense	360.18	267.77	252.72	250.05	227.73	201.58
EBT Excluding Unusual Items	165.84	183.61	244.23	223.72	127.55	147.09
Other Unusual Items	-	-	-	3.4	-	-
Pretax Income	126.67	175.78	240.11	227.12	127.55	147.09
Income Tax Expense	32.36	47.38	64.46	59.2	30.6	34.46
Net Income	94.31	128.4	175.65	167.92	96.95	112.63
Net Income to Common	94.31	128.4	175.65	167.92	96.95	112.63
Net Income Growth	-37.18%	-26.90%	4.60%	73.20%	-13.92%	-4.86%
Basic Shares Outstanding	96	75	75	76	70	65
Diluted Shares Outstanding	96	75	75	77	70	65
Shares Change (YoY)	28.33%	0.12%	-2.32%	9.96%	7.56%	-0.57%
EPS (Basic)	0.98	1.72	2.35	2.20	1.39	1.74
EPS (Diluted)	0.98	1.71	2.35	2.19	1.39	1.74
EPS Growth	-51.29%	-27.23%	7.31%	57.55%	-20.11%	-4.40%
Dividend Per Share	0.960	0.960	0.960	0.930	0.920	0.920
Dividend Growth	0%	0%	3.23%	1.09%	0%	12.20%
Effective Tax Rate	25.55%	26.95%	26.85%	26.06%	23.99%	23.42%

Source: S&P Capital IQ. Banks template. Financial Sources.