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Parent-only Financial Information | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information 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, 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 (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 (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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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