Quarterly Report (10-q)

Date : 11/08/2019 @ 7:46PM
Source : Edgar (US Regulatory)
Stock : Provident Financial Services Inc (PFS)
Quote : 24.97  0.08 (0.32%) @ 11:03PM
Provident Financial Serv... share price Chart
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Last $ 24.90 ▼ -0.07 (-0.28%)

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to

Commission File Number: 001-31566
PROVIDENT FINANCIAL SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)  
Delaware
42-1547151
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
239 Washington Street Jersey City New Jersey 07302
(Address of Principal Executive Offices)
(City) (State)
(Zip Code)
(732) 590-9200
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Symbol(s)
Name of each exchange on which registered
Common
PFS
New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  ý    NO  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated Filer
Non-Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  ý
As of November 1, 2019 there were 83,209,293 shares issued and 65,989,245 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 219,281 shares held by the First Savings Bank Directors’ Deferred Fee Plan not otherwise considered outstanding under U.S. generally accepted accounting principles.

1


PROVIDENT FINANCIAL SERVICES, INC.
INDEX TO FORM 10-Q
 
Item Number
Page Number
1
Consolidated Statements of Financial Condition as of September 30, 2019 (unaudited) and December 31, 2018
3
Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)
4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)
5
Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited)
6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)
8
10
2
37
3
45
4
47
1
48
1A.
48
2
48
3
Defaults Upon Senior Securities
48
4
48
5
48
6
48
50



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2019 (Unaudited) and December 31, 2018
(Dollars in Thousands)
 
September 30, 2019 December 31, 2018
ASSETS
Cash and due from banks $ 178,573    $ 86,195   
Short-term investments 82,287    56,466   
Total cash and cash equivalents 260,860    142,661   
Available for sale debt securities, at fair value 1,052,995    1,063,079   
Held to maturity debt securities (fair value of $476,698 at September 30, 2019 (unaudited) and $479,740 at December 31, 2018)
461,738    479,425   
Equity securities, at fair value 728    635   
Federal Home Loan Bank stock 68,721    68,813   
Loans 7,266,994    7,250,588   
Less allowance for loan losses 57,344    55,562   
Net loans 7,209,650    7,195,026   
Foreclosed assets, net 1,534    1,565   
Banking premises and equipment, net 55,119    58,124   
Accrued interest receivable 29,091    31,475   
Intangible assets 437,585    418,178   
Bank-owned life insurance 195,451    193,085   
Other assets 144,925    73,703   
Total assets $ 9,918,397    $ 9,725,769   
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits $ 5,131,103    $ 5,027,708   
Savings deposits 985,575    1,051,922   
Certificates of deposit of $100,000 or more 534,745    414,848   
Other time deposits 309,948    335,644   
Total deposits 6,961,371    6,830,122   
Mortgage escrow deposits 25,972    25,568   
Borrowed funds 1,380,063    1,442,282   
Other liabilities 153,158    68,817   
Total liabilities 8,520,564    8,366,789   
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued
—    —   
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares issued and 65,760,468 shares outstanding at September 30, 2019 and 66,325,458 outstanding at December 31, 2018
832    832   
Additional paid-in capital 1,028,131    1,021,533   
Retained earnings 682,540    651,099   
Accumulated other comprehensive income (loss) 6,762    (12,336)  
Treasury stock (292,868)   (272,470)  
Unallocated common stock held by the Employee Stock Ownership Plan (27,564)   (29,678)  
Common stock acquired by the Directors’ Deferred Fee Plan (4,001)   (4,504)  
Deferred compensation – Directors’ Deferred Fee Plan 4,001    4,504   
Total stockholders’ equity 1,397,833    1,358,980   
Total liabilities and stockholders’ equity $ 9,918,397    $ 9,725,769   
See accompanying notes to unaudited consolidated financial statements.
3


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three and nine months ended September 30, 2019 and 2018 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended September 30, Nine months ended September 30,
2019 2018 2019 2018
Interest income:
Real estate secured loans $ 56,402    $ 54,532    $ 167,051    $ 158,798   
Commercial loans 20,104    20,230    63,788    58,706   
Consumer loans 4,648    5,095    14,216    14,945   
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock 7,918    7,805    24,584    22,738   
Held to maturity debt securities 3,075    3,149    9,408    9,447   
Deposits, Federal funds sold and other short-term investments 879    450    2,038    1,273   
Total interest income 93,026    91,261    281,085    265,907   
Interest expense:
Deposits 11,730    7,856    33,940    21,087   
Borrowed funds 7,768    7,619    22,055    21,477   
Total interest expense 19,498    15,475    55,995    42,564   
Net interest income 73,528    75,786    225,090    223,343   
Provision for loan losses 500    1,000    10,200    21,900   
Net interest income after provision for loan losses 73,028    74,786    214,890    201,443   
Non-interest income:
Fees 7,634    7,455    20,617    20,706   
Wealth management income 6,084    4,570    16,406    13,572   
Bank-owned life insurance 1,272    2,083    4,253    4,640   
Net gain on securities transactions —      29     
Other income 3,057    1,806    4,764    4,139   
Total non-interest income 18,047    15,916    46,069    43,060   
Non-interest expense:
Compensation and employee benefits 29,376    27,546    86,735    83,398   
Net occupancy expense 6,413    5,924    19,629    19,052   
Data processing expense 4,114    3,630    12,447    10,862   
FDIC insurance —    967    1,167    2,920   
Amortization of intangibles 827    509    2,161    1,625   
Advertising and promotion expense 1,098    949    3,059    2,763   
Other operating expenses 7,910    7,134    22,650    21,755   
Total non-interest expense 49,738    46,659    147,848    142,375   
Income before income tax expense 41,337    44,043    113,111    102,128   
Income tax expense 9,938    8,575    26,429    19,504   
Net income $ 31,399    $ 35,468    $ 86,682    $ 82,624   
Basic earnings per share $ 0.49    $ 0.55    $ 1.34    $ 1.27   
Weighted average basic shares outstanding 64,511,956    65,037,779    64,720,642    64,907,210   
Diluted earnings per share $ 0.49    $ 0.54    $ 1.34    $ 1.27   
Weighted average diluted shares outstanding 64,632,285    65,183,881    64,852,983    65,078,627   

See accompanying notes to unaudited consolidated financial statements.
4


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2019 and 2018 (Unaudited)
(Dollars in Thousands)
 
Three months ended September 30, Nine months ended September 30,
2019 2018 2019 2018
Net income $ 31,399    $ 35,468    $ 86,682    $ 82,624   
Other comprehensive income (loss), net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized gains (losses) arising during the period 2,614    (4,820)   19,854    (17,897)  
Reclassification adjustment for gains included in net income —    —    —    —   
Total 2,614    (4,820)   19,854    (17,897)  
Unrealized gains (losses) on derivatives 137    46    (813)   724   
Amortization related to post-retirement obligations 35    75    57    211   
Total other comprehensive income (loss) 2,786    (4,699)   19,098    (16,962)  
Total comprehensive income $ 34,185    $ 30,769    $ 105,780    $ 65,662   

See accompanying notes to unaudited consolidated financial statements.

5


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2018 (Unaudited)
(Dollars in Thousands)
For the three months ended September 30, 2018
COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE LOSS TREASURYSTOCK UNALLOCATED ESOP SHARES COMMON STOCK ACQUIRED BY DDFP DEFERRED COMPENSATION DDFP TOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2018 $ 832    $ 1,017,256    $ 606,423    $ (19,912)   $ (260,908)   $ (32,429)   $ (4,840)   $ 4,840    $ 1,311,262   
Net income —    —    35,468    —    —    —    —    —    35,468   
Other comprehensive loss, net of tax —    —    (4,699)   —    —    —    —    (4,699)  
Cash dividends paid —    —    (14,090)   —    —    —    —    —    (14,090)  
Distributions from DDFP —    39    —    —    —    —    168    (168)   39   
Purchases of treasury stock —    —    —    —    (175)   —    —    —    (175)  
Purchase of employee restricted shares to fund statutory tax withholding —    —    —    (4)   —    —    —    (4)  
Shares issued dividend reinvestment plan —    137    —    —    298    —    —    —    435   
Stock option exercises —    (262)   —    —    1,029    —    —    —    767   
Allocation of ESOP shares —    366    —    —    —    704    —    —    1,070   
Allocation of Stock Award Plan ("SAP") shares —    1,468    —    —    —    —    —    —    1,468   
Allocation of stock options —    48    —    —    —    —    —    —    48   
Balance at September 30, 2018 $ 832    $ 1,019,052    $ 627,801    $ (24,611)   $ (259,760)   $ (31,725)   $ (4,672)   $ 4,672    $ 1,331,589   


For the nine months ended September 30, 2018
COMMONSTOCK ADDITIONAL
PAID-IN CAPITAL
RETAINEDEARNINGS ACCUMULATED
OTHER
COMPREHENSIVE
LOSS
TREASURYSTOCK UNALLOCATED
ESOP SHARES
COMMON
STOCK
ACQUIRED
BY DDFP
DEFERRED
COMPENSATION
DDFP
TOTAL
STOCKHOLDERS’ EQUITY
Balance at December 31, 2017 $ 832    $ 1,012,908    $ 586,132    $ (7,465)   $ (259,907)   $ (33,839)   $ (5,175)   $ 5,175    $ 1,298,661   
Net income —    —    82,624    —    —    —    —    —    82,624   
Other comprehensive loss, net of tax —    —    —    (16,962)   —    —    —    —    (16,962)  
Cash dividends paid —    —    (41,139)   —    —    —    —    —    (41,139)  
Effect of adopting Accounting Standards Update ("ASU") No. 2016-01 —    —    184    (184)   —    —    —    —    —   
Distributions from DDFP —    120    —    —    —    —    503    (503)   120   
Purchases of treasury stock —    —    —    —    (175)   —    —    —    (175)  
Purchase of employee restricted shares to fund statutory tax withholding —    —    —    —    (1,851)   —    —    —    (1,851)  
Shares issued dividend reinvestment plan —    442    —    —    852    —    —    —    1,294   
Stock option exercises —    (347)   —    —    1,321    —    —    —    974   
Allocation of ESOP shares —    1,161    —    —    —    2,114    —    —    3,275   
Allocation of SAP shares —    4,627    —    —    —    —    —    —    4,627   
Allocation of stock options —    141    —    —    —    —    —    —    141   
Balance at September 30, 2018 $ 832    $ 1,019,052    $ 627,801    $ (24,611)   $ (259,760)   $ (31,725)   $ (4,672)   $ 4,672    $ 1,331,589   
See accompanying notes to unaudited consolidated financial statements.

6


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2019 (Unaudited)
(Dollars in Thousands)

For the three months ended September 30, 2019
COMMON STOCK ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE INCOME TREASURY STOCK UNALLOCATED ESOP SHARES COMMON STOCK ACQUIRED BY DDFP DEFERRED COMPENSATION DDFP TOTAL STOCKHOLDERS’ EQUITY
Balance at June 30, 2019 832    1,025,855    666,415    3,976    (277,364)   (28,268)   (4,169)   4,169    1,391,446   
Net income —    —    31,399    —    —    —    —    —    31,399   
Other comprehensive income, net of tax —    —    —    2,786    —    —    —    —    2,786   
Cash dividends paid —    —    (15,274)   —    —    —    —    —    (15,274)  
Distributions from DDFP —    38    —    —    —    —    168    (168)   38   
Purchases of treasury stock —    —    —    —    (15,817)   —    —    —    (15,817)  
Purchase of employee restricted shares to fund statutory tax withholding —    —    —    —    (32)   —    —    —    (32)  
Shares issued dividend reinvestment plan —    116    —    —    345    —    —    —    461   
Stock option exercises —    —    —    —    —    —    —    —    —   
Allocation of ESOP shares —    298    —    —    —    704    —    —    1,002   
Allocation of SAP shares —    1,778    —    —    —    —    —    —    1,778   
Allocation of stock options —    46    —    —    —    —    —    —    46   
Balance at September 30, 2019 $ 832    $ 1,028,131    $ 682,540    $ 6,762    $ (292,868)   $ (27,564)   $ (4,001)   $ 4,001    $ 1,397,833   

For the nine months ended September 30, 2019
COMMONSTOCK ADDITIONAL
PAID-IN
CAPITAL
RETAINED EARNINGS ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
TREASURY
STOCK
UNALLOCATED
ESOP
SHARES
COMMON
STOCK
ACQUIRED
BY DDFP
DEFERRED
COMPENSATION DDFP
TOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2018 $ 832    $ 1,021,533    $ 651,099    $ (12,336)   $ (272,470)   $ (29,678)   $ (4,504)   $ 4,504    $ 1,358,980   
Net income —    —    86,682    —    —    —    —    —    86,682   
Other comprehensive income, net of tax —    —    —    19,098    —    —    —    —    19,098   
Cash dividends paid —    —    (59,591)   —    —    —    —    —    (59,591)  
Effect of adopting Accounting Standards Update ("ASU") No. 2016-02 —    —    4,350    —    —    —    —    —    4,350   
Distributions from DDFP —    123    —    —    —    —    503    (503)   123   
Purchases of treasury stock —    —    —    —    (19,867)   —    —    —    (19,867)  
Purchase of employee restricted shares to fund statutory tax withholding —    —    —    —    (1,985)   —    —    —    (1,985)  
Shares issued dividend reinvestment plan —    545    —    —    1,219    —    —    —    1,764   
Stock option exercises —    (96)   —    —    235    —    —    —    139   
Allocation of ESOP shares —    1,007    —    —    —    2,114    —    —    3,121   
Allocation of SAP shares —    4,884    —    —    —    —    —    —    4,884   
Allocation of stock options —    135    —    —    —    —    —    —    135   
Balance at September 30, 2019 $ 832    $ 1,028,131    $ 682,540    $ 6,762    $ (292,868)   $ (27,564)   $ (4,001)   $ 4,001    $ 1,397,833   
See accompanying notes to unaudited consolidated financial statements.
7


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Nine months ended September 30, 2019 and 2018 (Unaudited)
(Dollars in Thousands)
 
Nine months ended September 30,
2019 2018
Cash flows from operating activities:
Net income $ 86,682    $ 82,624   
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles 7,962    7,613   
Provision for loan losses 10,200    21,900   
Deferred tax benefit (112)   (21,401)  
Amortization of operating lease right-of-use assets 6,303    —   
Income on Bank-owned life insurance (4,253)   (4,640)  
Net amortization of premiums and discounts on securities 5,619    6,614   
Accretion of net deferred loan fees (3,872)   (3,844)  
Amortization of premiums on purchased loans, net 584    677   
Net increase in loans originated for sale (14,414)   (9,310)  
Proceeds from sales of loans originated for sale 15,235    10,184   
Proceeds from sales and paydowns of foreclosed assets 1,063    3,250   
ESOP expense 3,121    3,275   
Allocation of stock award shares 4,884    4,627   
Allocation of stock options 135    141   
Net gain on sale of loans (821)   (1,125)  
Net gain on securities transactions (29)   (3)  
Net gain on sale of premises and equipment —    (25)  
Net gain on sale of foreclosed assets (182)   (713)  
Decrease (increase) in accrued interest receivable 2,384    (138)  
Increase in other assets (50,146)   (5,825)  
Increase in other liabilities 38,291    38,876   
Net cash provided by operating activities 108,634    132,757   
Cash flows from investing activities:
Proceeds from maturities, calls and paydowns of held to maturity debt securities 30,789    36,726   
Purchases of held to maturity debt securities (15,976)   (35,107)  
Proceeds from maturities and paydowns of available for sale debt securities 151,632    155,494   
Purchases of available for sale debt securities (116,972)   (189,669)  
Proceeds from redemption of Federal Home Loan Bank stock 125,894    109,929   
Purchases of Federal Home Loan Bank stock (125,802)   (100,654)  
Net cash paid in acquisition (15,022)   —   
BOLI claim benefits received 1,891    —   
Purchases of loans —    (1,344)  
Net (increase) decrease in loans (13,967)   77,016   
Proceeds from loans sold —    23,417   
Proceeds from sales of premises and equipment —    25   
Purchases of premises and equipment (2,796)   (1,958)  
Net cash provided by investing activities 19,671    73,875   
Cash flows from financing activities:
Net increase in deposits 131,249    5,575   
Increase (decrease) in mortgage escrow deposits 404    (420)  
Cash dividends paid to stockholders (59,591)   (41,139)  
8


Nine months ended September 30,
2019 2018
Shares issued dividend reinvestment plan 1,764    1,294   
Purchase of treasury stock (19,867)   (175)  
Purchase of employee restricted shares to fund statutory tax withholding (1,985)   (1,851)  
Stock options exercised 139    974   
Proceeds from long-term borrowings 1,009,000    610,000   
Payments on long-term borrowings (891,955)   (647,440)  
Net decrease in short-term borrowings (179,264)   (175,160)  
Net cash used in financing activities (10,106)   (248,342)  
Net increase (decrease) in cash and cash equivalents 118,199    (41,710)  
Cash and cash equivalents at beginning of period 142,661    190,834   
Cash and cash equivalents at end of period $ 260,860    $ 149,124   
Cash paid during the period for:
Interest on deposits and borrowings $ 55,474    $ 42,520   
Income taxes $ 21,137    $ 14,819   
Non-cash investing activities:
Initial recognition of operating lease right-of-use assets $ 44,946    $ —   
Initial recognition of operating lease liabilities $ 46,050    $ —   
Transfer of loans receivable to foreclosed assets $ 850    $ 1,673   
Acquisitions:
Non-cash assets acquired:
Goodwill and other intangible assets, net $ 21,562    $ —   
Other assets 71    —   
Total non-cash assets acquired $ 21,633    $ —   
See accompanying notes to unaudited consolidated financial statements.
9


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Summary of Significant Accounting Policies
A. Basis of Financial Statement Presentation
The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”).
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change.
The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results of operations that may be expected for all of 2019.
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2018 Annual Report to Stockholders on Form 10-K.
B. Earnings Per Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands, except per share amounts):
Three months ended September 30,
2019 2018
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net income $ 31,399    $ 35,468   
Basic earnings per share:
Income available to common stockholders $ 31,399    64,511,956    $ 0.49    $ 35,468    65,037,779    $ 0.55   
Dilutive shares 120,329    146,102   
Diluted earnings per share:
Income available to common stockholders $ 31,399    64,632,285    $ 0.49    $ 35,468    65,183,881    $ 0.54   

10


Nine months ended September 30,
2019 2018
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net
Income
Weighted
Average
Common Shares Outstanding
Per
Share
Amount
Net income $ 86,682    $ 82,624   
Basic earnings per share:
Income available to common stockholders $ 86,682    64,720,642    $ 1.34    $ 82,624    64,907,210    $ 1.27   
Dilutive shares 132,341    171,417   
Diluted earnings per share:
Income available to common stockholders $ 86,682    64,852,983    $ 1.34    $ 82,624    65,078,627    $ 1.27   
Anti-dilutive stock options and awards at September 30, 2019 and 2018, totaling 678,583 shares and 429,878 shares, respectively, were excluded from the earnings per share calculations.
Note 2. Business Combinations
On April 1, 2019, Beacon Trust Company ("Beacon") completed its acquisition of certain assets of Tirschwell & Loewy, Inc. ("T&L"), a New York City-based independent registered investment adviser. Beacon is a wholly owned subsidiary of Provident Bank which, in turn, is wholly owned by the Company. This acquisition expanded the Company’s wealth management business by $822.4 million of assets under management at the time of acquisition.
The acquisition was accounted for under the acquisition method of accounting. The Company recorded goodwill of $8.2 million, a customer relationship intangible of $12.6 million and $800,000 of other identifiable intangibles related to the acquisition. In addition, the Company recorded a contingent consideration liability at its fair value of $6.6 million. The contingent consideration arrangement requires the Company to pay additional cash consideration to T&L's former stakeholders over a three-year period after the closing date of the acquisition if certain financial and business retention targets are met. The acquisition agreement limits the total additional payment to a maximum of $11.0 million, to be determined based on actual future results. Total cost of the acquisition was $21.6 million, which included cash consideration of $15.0 million and contingent consideration with a fair value of $6.6 million. Tangible assets acquired in the transaction were nominal. No liabilities were assumed in the acquisition. The goodwill recorded in the transaction is deductible for tax purposes.
The calculation of goodwill is subject to change for up to one year after the closing date of the transaction as additional information relative to closing date estimates and uncertainties becomes available. As the Company finalizes its analysis of these assets, there may be adjustments to the recorded carrying values.
Note 3. Investment Securities
At September 30, 2019, the Company had $1.05 billion and $461.7 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio which could result in other-than-temporary impairment ("OTTI") in future periods. The total number of available for sale and held to maturity debt securities in an unrealized loss position at September 30, 2019 totaled 88, compared with 509 at December 31, 2018. All securities with unrealized losses at September 30, 2019 were analyzed for OTTI. Based upon this analysis, the Company believes that, as of September 30, 2019, such securities with unrealized losses do not represent impairments that are other-than-temporary.
11


Available for Sale Debt Securities
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2019 and December 31, 2018 (in thousands):
September 30, 2019
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities $ 1,009,953    14,504    (916)   1,023,541   
State and municipal obligations 3,920    168