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Parent-only Financial Information
 12 Months Ended
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, 2020December 31, 2019
Assets
Cash and due from banks$10,634 29,723 
Available for sale debt securities, at fair value971 825 
Investment in subsidiary1,561,769 1,364,097 
ESOP loan25,555 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 Debentures25,135 — 
Total stockholders’ equity1,619,798 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,
 202020192018
Dividends from subsidiary$65,823 72,809 53,604 
Interest income1,245 1,470 1,657 
Investment gain147 162 2294 
Total income67,215 74,441 57,555 
Subordinated debentures512 — — 
Non-interest expense1,196 1,192 1,049 
Total expense1,708 1,192 1,049 
Income before income tax expense65,507 73,249 56,506 
Income tax expense— 127 692 
Income before undistributed net income of subsidiary65,507 73,122 55,814 
Earnings in excess of dividends (equity in undistributed net income) of subsidiary31,444 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,
 202020192018
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 allocation2,401 4,533 4,516 
SAP allocation5,433 6,671 6,046 
Stock option allocation190 181 190 
Increase in due to subsidiary—SAP54,088 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 acquisition78,089 — — 
Net decrease in ESOP loan5,558 5,643 4,663 
Net cash provided by investing activities83,647 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 plan451 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 period29,723 7,569 16,921 
Cash and cash equivalents at end of period$10,634 29,723 7,569