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Parent-only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | 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, 2020 |  | December 31, 2019
Assets |  |  |
Cash and due from banks | $ | 10,634 |  |  | 29,723 |
Available for sale debt securities, at fair value | 971 |  |  | 825 |
Investment in subsidiary | 1,561,769 |  |  | 1,364,097 |
ESOP loan | 25,555 |  |  | 31,113 |
Other assets | (622) |  |  | 37 |
Total assets | $ | 1,640,654 |  |  | 1,425,795 |
Liabilities and Stockholders’ Equity |  |  |
Due to subsidiary—SAP | $ | — |  |  | 11,741 |
Other liabilities | (4,279) |  |  | 214 |
Subordinated Debentures | 25,135 |  |  | — |
Total stockholders’ equity | 1,619,798 |  |  | 1,413,840 |
Total liabilities and stockholders’ equity | $ | 1,640,654 |  |  | 1,425,795 |
Condensed Statements of Operations | Condensed Statements of Operations (Dollars in Thousands)
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Dividends from subsidiary | $ | 65,823 |  |  | 72,809 |  |  | 53,604 |
Interest income | 1,245 |  |  | 1,470 |  |  | 1,657 |
Investment gain | 147 |  |  | 162 |  |  | 2294 |
Total income | 67,215 |  |  | 74,441 |  |  | 57,555 |
Subordinated debentures | 512 |  |  | — |  |  | — |
Non-interest expense | 1,196 |  |  | 1,192 |  |  | 1,049 |
Total expense | 1,708 |  |  | 1,192 |  |  | 1,049 |
Income before income tax expense | 65,507 |  |  | 73,249 |  |  | 56,506 |
Income tax expense | — |  |  | 127 |  |  | 692 |
Income before undistributed net income of subsidiary | 65,507 |  |  | 73,122 |  |  | 55,814 |
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | 31,444 |  |  | 39,511 |  |  | 62,573 |
Net income | $ | 96,951 |  |  | 112,633 |  |  | 118,387 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in Thousands)
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 96,951 |  |  | 112,633 |  |  | 118,387 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |
Earnings in excess of dividends (equity in undistributed net income) of subsidiary | (31,444) |  |  | (39,511) |  |  | (62,573) |
ESOP allocation | 2,401 |  |  | 4,533 |  |  | 4,516 |
SAP allocation | 5,433 |  |  | 6,671 |  |  | 6,046 |
Stock option allocation | 190 |  |  | 181 |  |  | 190 |
Increase in due to subsidiary—SAP | 54,088 |  |  | 3,745 |  |  | 3,577 |
Decrease (increase) in other assets | (138,360) |  |  | 21,285 |  |  | (18,598) |
(Decrease) increase in other liabilities | (4,493) |  |  | (734) |  |  | 396 |
Net cash (used in) provided by operating activities | (15,234) |  |  | 108,803 |  |  | 51,941 |
Cash flows from investing activities: |  |  |  |  |
Cash received, net of cash consideration paid for acquisition | 78,089 |  |  | — |  |  | — |
Net decrease in ESOP loan | 5,558 |  |  | 5,643 |  |  | 4,663 |
Net cash provided by investing activities | 83,647 |  |  | 5,643 |  |  | 4,663 |
Cash flows from financing activities: |  |  |  |  |
Purchases of treasury stock | (21,161) |  |  | (19,867) |  |  | (13,172) |
Purchase of employee restricted shares to fund statutory tax withholding | (969) |  |  | (1,985) |  |  | (1,896) |
Cash dividends paid | (65,823) |  |  | (72,809) |  |  | (53,604) |
Shares issued dividend reinvestment plan | 451 |  |  | 2,230 |  |  | 1,709 |
Stock options exercised | — |  |  | 139 |  |  | 1,007 |
Net cash used in financing activities | (87,502) |  |  | (92,292) |  |  | (65,956) |
Net increase (decrease) in cash and cash equivalents | (19,089) |  |  | 22,154 |  |  | (9,352) |
Cash and cash equivalents at beginning of period | 29,723 |  |  | 7,569 |  |  | 16,921 |
Cash and cash equivalents at end of period | $ | 10,634 |  |  | 29,723 |  |  | 7,569 |

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