XML 60 R43.htm IDEA: XBRL DOCUMENT
v3.20.4

Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Retirement Benefits [Abstract] |
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans | The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
| Pension |  | Post-retirement
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 33,058 |  |  | 28,878 |  |  | 31,970 |  |  | 23,323 |  |  | 20,028 |  |  | 22,757 |
Service cost | — |  |  | — |  |  | — |  |  | 78 |  |  | 80 |  |  | 115 |
Interest cost | 1,000 |  |  | 1,198 |  |  | 1,094 |  |  | 712 |  |  | 837 |  |  | 786 |
Actuarial loss | 381 |  |  | 63 |  |  | — |  |  | (169) |  |  | — |  |  | 18 |
Benefits paid | (1,630) |  |  | (1,493) |  |  | (1,401) |  |  | (627) |  |  | (600) |  |  | (590) |
Change in actuarial assumptions | 2,361 |  |  | 4,412 |  |  | (2,785) |  |  | (4,512) |  |  | 2,978 |  |  | (3,058) |
Benefit obligation at end of year | $ | 35,170 |  |  | 33,058 |  |  | 28,878 |  |  | 18,805 |  |  | 23,323 |  |  | 20,028 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 49,932 |  |  | 43,449 |  |  | 46,870 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | 6,315 |  |  | 7,976 |  |  | (2,020) |  |  | — |  |  | — |  |  | — |
Employer contributions | — |  |  | — |  |  | — |  |  | 627 |  |  | 600 |  |  | 590 |
Benefits paid | (1,630) |  |  | (1,493) |  |  | (1,401) |  |  | (627) |  |  | (600) |  |  | (590) |
Fair value of plan assets at end of year | 54,617 |  |  | 49,932 |  |  | 43,449 |  |  | — |  |  | — |  |  | — |
Funded status at end of year | $ | 19,447 |  |  | 16,874 |  |  | 14,571 |  |  | (18,805) |  |  | (23,323) |  |  | (20,028) |
Components of Accumulated Other Comprehensive Loss (Gain) related to Pension Plan and Other Post-retirement Benefits | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2020 and 2019 are summarized in the following table (in thousands):
| Pension |  | Post-retirement
| 2020 |  | 2019 |  | 2020 |  | 2019
Unrecognized prior service cost | $ | — |  |  | — |  |  | — |  |  | — |
Unrecognized net actuarial loss (gain) | 9,026 |  |  | 10,346 |  |  | (8,055) |  |  | (3,621) |
Total accumulated other comprehensive loss (gain) | $ | 9,026 |  |  | 10,346 |  |  | (8,055) |  |  | (3,621) |
Net Periodic Benefit Cost (Increase) | Net periodic (benefit) increase cost for the years ending December 31, 2020, 2019 and 2018, included the following components (in thousands):
| Pension |  | Post-retirement
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | — |  |  | — |  |  | — |  |  | 78 |  |  | 80 |  |  | 115 |
Interest cost | 1,000 |  |  | 1,198 |  |  | 1,094 |  |  | 712 |  |  | 837 |  |  | 786 |
Return on plan assets | (2,949) |  |  | (2,562) |  |  | (2,769) |  |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) | 696 |  |  | 1,015 |  |  | 795 |  |  | (248) |  |  | (825) |  |  | (396) |
Unrecognized prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic (benefit) increase cost | $ | (1,253) |  |  | (349) |  |  | (880) |  |  | 542 |  |  | 92 |  |  | 505 |
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in the plan determinations at December 31, 2020, 2019 and 2018 were as follows:
| Pension |  | Post-retirement
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | 2.30 | % |  | 3.10 | % |  | 4.25 | % |  | 2.30 | % |  | 3.10 | % |  | 4.25 | %
Rate of compensation increase | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expected return on plan assets | 6.00 |  |  | 6.00 |  |  | 6.00 |  |  | — |  |  | — |  |  | — |
Medical and life insurance benefits cost rate of increase | — |  |  | — |  |  | — |  |  | 6.00 |  |  | 6.00 |  |  | 6.00 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2020 (in thousands):
| 1% increase |  | 1% decrease
Effect on total service cost and interest cost | $ | 140 |  |  | 110 |
Effect on post-retirement benefits obligation | $ | 3,900 |  |  | 3,100 |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
| Pension |  | Post-retirement
2021 | $ | 1,721 |  |  | 780 |
2022 | 1,740 |  |  | 789 |
2023 | 1,774 |  |  | 821 |
2024 | 1,779 |  |  | 822 |
2025 | 1,772 |  |  | 850 |
Weighted-Average Asset Allocation of Pension Plan Assets | The weighted-average asset allocation of pension plan assets at December 31, 2020 and 2019 were as follows:
Asset Category |  | 2020 |  | 2019
Domestic equities |  | 39 | % |  | 37 | %
Foreign equities |  | 12 | % |  | 11 | %
Fixed income |  | 47 | % |  | 50 | %
Real estate |  | 2 | % |  | 2 | %
Cash |  | — | % |  | — | %
Total |  | 100 | % |  | 100 | %
Target Allocation of Assets and Acceptable Ranges | The target allocation of assets and acceptable ranges around the targets are as follows:
Asset Category |  | Target |  | Allowable Range
Domestic equities |  | 37 | % |  | 30-41%
Foreign equities |  | 11 | % |  | 5-13%
Fixed income |  | 50 | % |  | 40-65%
Real estate |  | 2 | % |  | 0-4%
Cash |  | 0 | % |  | 0%
Total |  | 100 | % |  |
Assets Measured at Fair Value on Recurring Basis | The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2020 and 2019, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
| Fair value measurements at December 31, 2020
(in thousands) | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Group annuity contracts | $ | 64 |  |  | — |  |  | 64 |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Fixed income | 25,418 |  |  | 25,418 |  |  | — |  |  | — |
International equity | 6,581 |  |  | 6,581 |  |  | — |  |  | — |
Large U.S. equity | 1,677 |  |  | 1,677 |  |  | — |  |  | — |
Small/Mid U.S. equity | 1,225 |  |  | 1,225 |  |  | — |  |  | — |
Total mutual funds | 34,901 |  |  | 34,901 |  |  | — |  |  | — |
Pooled separate accounts | 19,652 |  |  | — |  |  | 19,652 |  |  | — |
Total Plan assets | $ | 54,617 |  |  | 34,901 |  |  | 19,716 |  |  | — |
| Fair value measurements at December 31, 2019
(in thousands) | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Group annuity contracts | $ | 81 |  |  | — |  |  | 81 |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Fixed income | 16,609 |  |  | 16,609 |  |  | — |  |  | — |
International equity | 5,535 |  |  | 5,535 |  |  | — |  |  | — |
Large U.S. equity | 1,496 |  |  | 1,496 |  |  | — |  |  | — |
Small/Mid U.S. equity | 996 |  |  | 996 |  |  | — |  |  | — |
Total mutual funds | 24,636 |  |  | 24,636 |  |  | — |  |  | — |
Pooled separate accounts | 25,215 |  |  | — |  |  | 25,215 |  |  | — |
Total Plan assets | $ | 49,932 |  |  | 24,636 |  |  | 25,296 |  |  | — |
Status of Unvested Stock Awards | A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
| Restricted Stock Awards
| 2020 |  | 2019 |  | 2018
Outstanding at beginning of year | 668,826 |  |  | 651,099 |  |  | 660,783 |
Granted | 429,122 |  |  | 291,034 |  |  | 296,411 |
Forfeited | (59,938) |  |  | (46,914) |  |  | (56,296) |
Vested | (252,829) |  |  | (226,393) |  |  | (249,799) |
Outstanding at the end of year | 785,181 |  |  | 668,826 |  |  | 651,099 |
Status of Unexercised Stock Options | A summary of the status of the granted but unexercised stock options as of December 31, 2020, 2019 and 2018, and changes during the year is presented below:
| 2020 |  | 2019 |  | 2018
| Number of stock options |  | Weighted average exercise price |  | Number of stock options |  | Weighted average exercise price |  | Number of stock options |  | Weighted average exercise price
Outstanding at beginning of year | 499,201 |  |  | $ | 19.32 |  |  | 470,979 |  |  | $ | 18.36 |  |  | 507,656 |  |  | $ | 16.84 |
Granted | 107,240 |  |  | 20.62 |  |  | 41,685 |  |  | 27.25 |  |  | 43,124 |  |  | 25.58 |
Exercised | — |  |  | — |  |  | (13,463) |  |  | 10.35 |  |  | (79,801) |  |  | 12.61 |
Forfeited | (10,000) |  |  | 14.68 |  |  | — |  |  | — |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding at the end of year | 596,441 |  |  | $ | 17.96 |  |  | 499,201 |  |  | $ | 19.32 |  |  | 470,979 |  |  | $ | 18.36 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2020:
| Options Outstanding |  | Options Exercisable
Range of exercise prices | Number of options outstanding |  | Average remaining contractual life |  | Weighted average exercise price |  | Number of options exercisable |  | Weighted average exercise price
$14.50-15.23 | 138,475 |  |  | 1.1 |  | $ | 14.89 |  |  | 138,475 |  |  | $ | 14.89 |
$16.38-27.25 | 457,966 |  |  | 6.1 |  | $ | 20.83 |  |  | 279,901 |  |  | $ | 19.50 |
Weighted Average Assumptions of Fair Value Option Grants | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
| For the year ended December 31,
| 2020 |  | 2019 |  | 2018
Expected dividend yield | 4.46 | % |  | 3.38 | % |  | 3.13 | %
Expected volatility | 20.33 | % |  | 22.01 | % |  | 20.65 | %
Risk-free interest rate | 0.75 | % |  | 2.53 | % |  | 2.65 | %
Expected option life | 8 years |  | 8 years |  | 8 years

X
- Definition Schedule Of Weighted Average Allocation Of Plan Assets [Table Text Block]. + References No definition available. + Details
Name: | pfs_ScheduleOfWeightedAverageAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | pfs_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration