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Parent-only Financial Information
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent-only Financial Information
Parent-only Financial Information
The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below:
Condensed Statements of Financial Condition
(Dollars in Thousands) 
 
December 31, 2017
 
December 31, 2016
Assets
 
 
 
Cash and due from banks
$
16,921

 
31,851

Securities available for sale, at fair value
658

 
549

Investment in subsidiary
1,244,670

 
1,177,110

Due from subsidiary—SAP
(4,419
)
 
(3,004
)
ESOP loan
41,419

 
45,971

Other assets
(37
)
 
(31
)
Total assets
$
1,299,212

 
1,252,446

Liabilities and Stockholders’ Equity
 
 
 
Other liabilities
551

 
665

Total stockholders’ equity
1,298,661

 
1,251,781

Total liabilities and stockholders’ equity
$
1,299,212

 
1,252,446


Condensed Statements of Operations
(Dollars in Thousands)
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
Dividends from subsidiary
$
59,980

 
45,369

 
41,285

Interest income
1,839

 
1,995

 
2,153

Investment gain
17

 
15

 
12

Total income
61,836

 
47,379

 
43,450

Non-interest expense
1,021

 
902

 
812

Total expense
1,021

 
902

 
812

Income before income tax expense
60,815

 
46,477

 
42,638

Income tax expense
312

 
414

 
505

Income before undistributed net income of subsidiary
60,503

 
46,063

 
42,133

Earnings in excess of dividends (equity in undistributed net income) of subsidiary
33,446

 
41,739

 
41,589

Net income
$
93,949

 
87,802

 
83,722


 

Condensed Statements of Cash Flows
(Dollars in Thousands)
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
Net income
$
93,949

 
87,802

 
83,722

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
 
Earnings in excess of dividends (equity in undistributed net income) of subsidiary
(33,446
)
 
(41,739
)
 
(41,589
)
ESOP allocation
4,600

 
3,706

 
2,997

SAP allocation
4,963

 
3,812

 
4,625

Stock option allocation
203

 
172

 
272

Decrease in due from subsidiary—SAP
1,415

 
465

 
5,333

Increase in other assets
(34,919
)
 
(8,177
)
 
(8,406
)
Decrease in other liabilities
(114
)
 
(70
)
 
(55
)
Net cash provided by operating activities
36,651

 
45,971

 
46,899

Cash flows from investing activities:
 
 
 
 
 
Net decrease in ESOP loan
4,552

 
3,901

 
3,566

Net cash provided by investing activities
4,552

 
3,901

 
3,566

Cash flows from financing activities:
 
 
 
 
 
Purchases of treasury stock
(443
)
 
(1,557
)
 
—

Purchase of employee restricted shares to fund statutory tax withholding
(778
)
 
(1,225
)
 
(1,988
)
Cash dividends paid
(59,980
)
 
(45,369
)
 
(41,285
)
Shares issued dividend reinvestment plan
2,114

 
1,652

 
1,447

Stock options exercised
2,954

 
6,198

 
3,166

Net cash used in financing activities
(56,133
)
 
(40,301
)
 
(38,660
)
Net (decrease) increase in cash and cash equivalents
(14,930
)
 
9,571

 
11,805

Cash and cash equivalents at beginning of period
31,851

 
22,280

 
10,475

Cash and cash equivalents at end of period
$
16,921

 
31,851

 
22,280