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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 March 31, 2021
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 StreetJersey CityNew Jersey07302
(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 May 3, 2021 there were 83,209,012 shares issued and 77,966,795 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 161,705 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 March 31, 2021 (unaudited) and December 31, 2020
Consolidated Statements of Income for the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)
2
3
4
1
1A.
2
3
Defaults Upon Senior Securities
4
5
6
Exhibits



2


PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
March 31, 2021 (Unaudited) and December 31, 2020
(Dollars in Thousands)
 
March 31, 2021December 31, 2020
ASSETS
Cash and due from banks$559,235 $404,355 
Short-term investments128,335 127,998 
Total cash and cash equivalents687,570 532,353 
Available for sale debt securities, at fair value1,216,936 1,105,489 
Held to maturity debt securities, net (fair value of $463,993 at March 31, 2021 (unaudited) and $472,529 at December 31, 2020)
447,902 450,965 
Equity securities, at fair value1,026 971 
Federal Home Loan Bank stock48,998 59,489 
Loans9,803,536 9,822,890 
Less allowance for credit losses85,591 101,466 
Net loans9,717,945 9,721,424 
Foreclosed assets, net3,554 4,475 
Banking premises and equipment, net75,344 75,946 
Accrued interest receivable43,883 46,450 
Intangible assets465,335 466,212 
Bank-owned life insurance235,112 234,607 
Other assets186,840 221,360 
Total assets$13,130,445 $12,919,741 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits$7,932,146 $7,395,508 
Savings deposits1,402,363 1,348,147 
Certificates of deposit of $100,000 or more604,732 717,216 
Other time deposits358,272 376,958 
Total deposits10,297,513 9,837,829 
Mortgage escrow deposits37,772 34,298 
Borrowed funds940,611 1,175,972 
Subordinated debentures25,173 25,135 
Other liabilities182,145 226,710 
Total liabilities11,483,214 11,299,944 
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, 83,209,012 shares issued and 77,798,624 shares outstanding at March 31, 2021 and 77,611,107 outstanding at December 31, 2020
832 832 
Additional paid-in capital963,556 962,453 
Retained earnings748,574 718,090 
Accumulated other comprehensive income 12,977 17,655 
Treasury stock(59,261)(59,018)
Unallocated common stock held by the Employee Stock Ownership Plan(19,447)(20,215)
Common stock acquired by deferred compensation plans(4,381)(4,549)
Deferred compensation plans4,381 4,549 
Total stockholders’ equity1,647,231 1,619,797 
Total liabilities and stockholders’ equity$13,130,445 $12,919,741 
See accompanying notes to unaudited consolidated financial statements.
3


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2021 and 2020 (Unaudited)
(Dollars in Thousands, except per share data)
 
Three months ended March 31,
20212020
Interest income:
Real estate secured loans$62,016 $54,441 
Commercial loans26,143 18,672 
Consumer loans3,492 4,172 
Available for sale debt securities, equity securities and Federal Home Loan Bank stock5,612 7,069 
Held to maturity debt securities2,784 2,940 
Deposits, Federal funds sold and other short-term investments484 875 
Total interest income100,531 88,169 
Interest expense:
Deposits7,417 10,958 
Borrowed funds2,809 5,190 
Subordinated debt305  
Total interest expense10,531 16,148 
Net interest income90,000 72,021 
Provision (benefit) charge for credit losses(15,001)14,717 
Net interest income after provision for credit losses105,001 57,304 
Non-interest income:
Fees7,192 6,529 
Wealth management income7,134 6,251 
Insurance agency income2,727  
Bank-owned life insurance2,567 787 
Net gains on securities transactions197 11 
Other income1,820 3,413 
Total non-interest income21,637 16,991 
Non-interest expense:
Compensation and employee benefits35,312 31,195 
Net occupancy expense9,301 6,203 
Data processing expense4,393 4,430 
FDIC insurance1,770  
Amortization of intangibles972 744 
Advertising and promotion expense877 1,369 
Credit loss (benefit) expense for off-balance sheet credit exposures(875)1,000 
Other operating expenses10,103 9,166 
Total non-interest expense61,853 54,107 
Income before income tax expense64,785 20,188 
Income tax expense16,226 5,257 
Net income$48,559 $14,931 
Basic earnings per share$0.63 $0.23 
Weighted average basic shares outstanding76,516,543 64,386,138 
Diluted earnings per share$0.63 $0.23 
Weighted average diluted shares outstanding76,580,862 64,457,263 

See accompanying notes to unaudited consolidated financial statements.
4


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
Three months ended March 31, 2021 and 2020 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20212020
Net income$48,559 $14,931 
Other comprehensive income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period(9,019)16,746 
Reclassification adjustment for gains included in net income(171) 
Total(9,190)16,746 
Unrealized gains (losses) on derivatives 4,621 (5,713)
Amortization related to post-retirement obligations(109)84 
Total other comprehensive (loss) income(4,678)11,117 
Total comprehensive income$43,881 $26,048 

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 months ended March 31, 2020 (Unaudited)
(Dollars in Thousands)
For the three months ended March 31, 2020
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE INCOMETREASURYSTOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2019$832 $1,007,303 $695,273 $3,821 $(268,504)$(24,885)$(3,833)$3,833 $1,413,840 
Net income— — 14,931 — — — — — 14,931 
Other comprehensive income, net of tax— — 11,117 — — — — 11,117 
Cash dividends paid— — (15,496)— — — — — (15,496)
Distributions from DDFP— 37 — — — — 167 (167)37 
Purchases of treasury stock— — — — (4,985)— — — (4,985)
Purchase of employee restricted shares to fund statutory tax withholding— — — (956)— — — (956)
Shares issued dividend reinvestment plan— 50 — — 401 — — — 451 
Allocation of ESOP shares— 152 — — — 769 — — 921 
Allocation of Stock Award Plan ("SAP") shares— 993 — — — — — — 993 
Allocation of stock options— 47 — — — — — — 47 
Balance at March 31, 2020$832 $1,008,582 $686,397 $14,938 $(274,044)$(24,116)$(3,666)$3,666 $1,412,589 

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 months ended March 31, 2021 (Unaudited)
(Dollars in Thousands)

For the three months ended March 31, 2021
COMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED EARNINGSACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)TREASURY STOCKUNALLOCATED ESOP SHARESCOMMON STOCK ACQUIRED BY DEFERRED COMP PLANSDEFERRED COMPENSATION PLANSTOTAL STOCKHOLDERS’ EQUITY
Balance at December 31, 2020832 962,453 718,090 17,655 (59,018)(20,215)(4,549)4,549 1,619,797 
Net income— — 48,559 — — — — — 48,559 
Other comprehensive loss, net of tax— — — (4,678)— — — — (4,678)
Cash dividends paid— — (18,075)— — — — — (18,075)
Distributions from DDFP— 28 — — — — 168 (168)28 
Purchases of treasury stock— — — — (48)— — — (48)
Purchase of employee restricted shares to fund statutory tax withholding— — — — (915)— — — (915)
Shares issued dividend reinvestment plan— — — — — — — —  
Stock option exercised— (82)— — 720 — — — 638 
Allocation of ESOP shares— 145 — — — 768 — — 913 
Allocation of SAP shares— 959 — — — — — — 959 
Allocation of stock options— 53 — — — — — — 53 
Balance at March 31, 2021$832 $963,556 $748,574 $12,977 $(59,261)$(19,447)$(4,381)$4,381 $1,647,231 

See accompanying notes to unaudited consolidated financial statements.
7



PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
Three months ended March 31, 2021 and 2020 (Unaudited)
(Dollars in Thousands)
 
Three months ended March 31,
20212020
Cash flows from operating activities:
Net income$48,559 $14,931 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles3,264 2,494 
Provision (benefit) charge for credit losses on loans and securities(15,001)14,717 
Credit loss (benefit) expense for off-balance sheet credit exposures(875)1,000 
Deferred tax expense (benefit)6,271 (1,492)
Amortization of operating lease right-of-use assets2,812 2,130 
Income on Bank-owned life insurance(2,567)(787)
Net amortization of premiums and discounts on securities3,110 1,913 
Accretion of net deferred loan fees(5,487)(1,521)
Amortization of premiums on purchased loans, net190 192 
Net increase in loans originated for sale(14,492)(4,022)
Proceeds from sales of loans originated for sale15,260 4,335 
Proceeds from sales and paydowns of foreclosed assets569 256 
ESOP expense913 921 
Allocation of stock award shares959 993 
Allocation of stock options53 47 
Net gain on sale of loans (768)(313)
Net gain on securities transactions(197)(11)
Net gain on sale of premises and equipment(15)(641)
Net gain on sale of foreclosed assets(170)(29)
(Increase) decrease in accrued interest receivable(2,567)1,232 
Decrease (increase) in other assets41,160 (82,099)
(Decrease) increase in other liabilities(44,565)79,111 
Net cash provided by operating activities36,416 33,357 
Cash flows from investing activities:
Proceeds from maturities, calls and paydowns of held to maturity debt securities10,236 17,225 
Purchases of held to maturity debt securities(7,541)(9,674)
Proceeds from sales of securities9,442  
Proceeds from maturities and paydowns of available for sale debt securities90,807 64,466 
Purchases of available for sale debt securities(226,417)(56,172)
Proceeds from redemption of Federal Home Loan Bank stock12,147 28,549 
Purchases of Federal Home Loan Bank stock(1,656)(32,449)
BOLI claim benefits received 1,985 
Net decrease (increase) in loans24,217 (39,897)
Proceeds from sales of premises and equipment15 641 
Purchases of premises and equipment(1,846)(1,664)
Net cash used in investing activities(90,596)(26,990)
Cash flows from financing activities:
Net increase in deposits459,684 108,151 
Increase in mortgage escrow deposits3,474 1,666 
Cash dividends paid to stockholders(18,075)(15,496)
Shares issued dividend reinvestment plan 451 
8


Three months ended March 31,
20212020
Purchase of treasury stock(48)(4,985)
Purchase of employee restricted shares to fund statutory tax withholding(915)(956)
Stock options exercised638  
Proceeds from long-term borrowings400,000 632,554 
Payments on long-term borrowings(619,265)(300,159)
Net decrease in short-term borrowings(16,096)(243,764)
Net cash provided by financing activities209,397 177,462 
Net increase in cash and cash equivalents155,217 183,829 
Cash and cash equivalents at beginning of period532,353 186,748 
Cash and cash equivalents at end of period$687,570 $370,577 
Cash paid during the period for:
Interest on deposits and borrowings$10,399 $15,819 
Income taxes$270 $115 
Non-cash investing activities:
Transfer of loans receivable to foreclosed assets$434 $2,067 
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 credit 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 months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021.
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, 2020 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 months ended March 31, 2021 and 2020 (dollars in thousands, except per share amounts):
Three months ended March 31,
20212020
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net
Income
Weighted
Average
Common
Shares
Outstanding
Per
Share
Amount
Net income$48,559 $14,931 
Basic earnings per share:
Income available to common stockholders$48,559 76,516,543 $0.63 $14,931 64,386,138 $0.23 
Dilutive shares64,319 71,125 
Diluted earnings per share:
Income available to common stockholders$48,559 76,580,862 $0.63 $14,931 64,457,263 $0.23 
Anti-dilutive stock options and awards at March 31, 2021 and 2020, totaling 1.2 million shares and 905,673 shares, respectively, were excluded from the earnings per share calculations.
C. Loans Receivable and Allowance for Credit Losses
On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL.
Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the
10


prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three months ended March 31, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans.
Note 2. Business Combinations
SB One Bancorp Acquisition
On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and added 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency allowed the Company to expand its products offerings to its customers to include an array of commercial and personal insurance products.
Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company.
The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the respective assets acquired and liabilities assumed were recorded at their estimated fair value. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $22.4 million and was recorded as goodwill.
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 and liabilities, there may be adjustments to the recorded carrying values.
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One (in thousands):

11


At July 31, 2020
Assets acquired:
Cash and cash equivalents, net$78,089 
Available for sale debt securities231,645 
Held to maturity debt securities12,381 
Federal Home Loan Bank stock11,216 
Loans1,766,115 
Allowance for credit losses on PCD loans(13,586)
Loans, net1,752,529 
Bank-owned life insurance37,237 
Banking premises and equipment16,620 
Accrued interest receivable8,947 
Goodwill22,439 
Other intangibles assets9,965 
Foreclosed assets, net2,441 
Other assets12,199 
Total assets acquired$2,195,708 
Liabilities assumed:
Deposits$1,757,777 
Borrowed funds201,582 
Subordinated debentures25,074 
Other liabilities30,447 
Total liabilities assumed$2,014,880 
Net assets acquired$180,828 
Fair Value Measurement of Assets Assumed and Liabilities Assumed
The methods used to determine the fair value of the assets acquired and liabilities assumed in the SB One acquisition were as follows:
Securities Available for Sale
The estimated fair values of the available for sale debt securities, primarily comprised of U.S. Government agency mortgage-backed securities and U.S. government agencies and municipal bonds carried on SB One's balance sheet was confirmed using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities and a fair value adjustment was not recorded on the investments.
Held to Maturity Debt Securities
The estimated fair values of the held to maturity debt securities, primarily comprised of municipal bonds, were determined using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities. A fair value premium of $133,000 was recorded on the investments.
Loans
Loans acquired in the SB One acquisition were recorded at fair value, and there was no carryover related allowance for credit losses. The fair values of loans acquired from SB One were estimated using the discounted cash flow method based on the remaining maturity and repricing terms. Cash flows were adjusted for expected losses and prepayments. Projected cash flows were then discounted to present value based on: the relative risk of the cash flows, taking into account the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and monthly principal and interest cash flows were discounted to present value and summed to arrive at the calculated value of the loans. The fair value of the acquired loans receivable was $1.77 billion.  
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For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into pools based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The loans were valued at the sub-pool level and were pooled at the summary level based on loan type. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these market rates was used as the fair value interest rate that a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value premium of $8.4 million.
Loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated ("PCD") loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics.
Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans in accordance with ASC 326-20. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecast inclusive of the impact of the COVID-19 pandemic ("COVID-19") and related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, SB One and peer banks. A $13.6 million allowance for credit losses was recorded on PCD loans. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield amortization or straight line method over the expected life of the loans. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses.
The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands):
Gross amortized cost basis at July 31, 2020$1,787,057 
Interest rate fair value adjustment on all loans455 
Credit fair value adjustment on non-PCD loans(21,397)
Fair value of acquired loans at July 31, 20201,766,115 
Allowance for credit losses on PCD loans(13,586)
Fair value of acquired loans, net at July 31, 2020$1,752,529 
The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands):
Gross amortized cost basis at July 31, 2020$315,784 
Interest component of expected cash flows (accretable difference)(7,988)
Allowance for credit losses on PCD loans(13,586)
Net PCD loans$294,210 
Banking Premises and Equipment
The Company acquired 18 branches from SB One, eight of which were owned premises. The fair value of properties acquired was derived by valuations prepared by an independent third party utilizing the sales comparison approach to value the property as improved.
Core Deposit Intangible and Customer Relationship Intangible
The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available through national brokered CD offering rates. The projected cash flows were developed using projected deposit attrition rates.
The fair value of the customer relationship intangible was determined based on a discounted cash flow analysis using the excess of the future cash inflows (i.e., revenue from existing customer relationships) over the related cash outflows (i.e., operating costs) generated over the useful life of the acquired customer base. These cash flows were discounted to present value using an
13


asset-specific risk-adjusted discount rate. The projected cash flows were developed using projected customer revenue retention rates.
The core deposit intangible totaled $3.2 million and is being amortized over its estimated useful life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The insurance agency customer relationship intangible totaled $6.8 million and is being amortized over its estimated useful life of approximately 13 years based on customer revenue attrition on an annualized basis.
Goodwill
The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. The goodwill will be evaluated annually for impairment. The goodwill is not deductible for tax purposes.
Bank Owned Life Insurance ("BOLI")
SB One's BOLI cash surrender value was $37.2 million with no fair value adjustment.
Time Deposits
The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit discount of approximately $4.3 million is being amortized into income on a level yield amortization method over the contractual life of the deposits.
Borrowings
The fair value of Federal Home Loan Bank of New York ("FHLBNY") advances was determined based on a discounted cash flow analysis using a discount rate commensurate with FHLBNY rates as of July 31, 2020. The cash flows of the advances were projected based on the scheduled payments of the fixed rate of each advance.
Subordinated Debentures
At the valuation date, SB One had one outstanding Trust Preferred and one subordinated debt issuance with an aggregate balance of $27.5 million. The fair value of Trust Preferred and subordinated debt issuances was determined based on a discounted cash flow analysis using a discount rate commensurate with yields and terms of comparable issuances. The cash flows were projected through the remaining contractual term of the Trust Preferred issuance and based on the call date for the subordinated debt issuance.
Note 3. Investment Securities
At March 31, 2021, the Company had $1.22 billion and $447.9 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. The total number of available for sale and held to maturity debt securities in an unrealized loss position at March 31, 2021 totaled 122, compared with 49 at December 31, 2020. The increase in the number of securities in an unrealized loss position at March 31, 2021 was due to higher current market interest rates compared to rates at December 31, 2020.
On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company recorded a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.)
Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types:
Agency obligations;
Mortgage-backed securities;
State and municipal obligations; and
14


Corporate obligations.

All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at March 31, 2021 and the Company had one security rated with a triple-B by Moody’s Investors Service.
The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL.
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 March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$1,042,480 23,915 (6,243)1,060,152 
Asset-backed securities47,329 1,876  49,205 
State and municipal obligations69,443 429 (938)68,934 
Corporate obligations38,149 739 (243)38,645 
$1,197,401 26,959 (7,424)1,216,936 

December 31, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$1,001 8  1,009 
Mortgage-backed securities910,393 28,872 (852)938,413 
Asset-backed securities52,295 1,535  53,830 
State and municipal obligations69,687 1,666