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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, 2023 there were 83,209,012 shares issued and 75,606,533 shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, including 65,745 shares held by the First Savings Bank Directors’ Deferred Fee Plan not otherwise considered outstanding under U.S. generally accepted accounting principles.

 

Item Number						Page Number
PART I—FINANCIAL INFORMATION
1			Financial Statements:
			Consolidated Statements of Financial Condition as of September 30, 2023 (unaudited) and December 31, 2022			3
			Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)			4
			Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)			5
			Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)			6
			Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)			8
			Notes to Unaudited Consolidated Financial Statements			10
2			Management’s Discussion and Analysis of Financial Condition and Results of Operations			45
3			Quantitative and Qualitative Disclosures About Market Risk			57
4			Controls and Procedures			58
PART II—OTHER INFORMATION
1			Legal Proceedings			59
1A.			Risk Factors			59
2			Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			59
3			Defaults Upon Senior Securities			59
4			Mine Safety Disclosures			59
5			Other Information			59
6			Exhibits			60
Signatures						61

Consolidated Statements of Financial Condition

September 30, 2023 (Unaudited) and December 31, 2022

 

						September 30, 2023						December 31, 2022
ASSETS
Cash and due from banks						$	188,573					$	186,490
Short-term investments						696						18
Total cash and cash equivalents						189,269						186,508
Available for sale debt securities, at fair value						1,656,305						1,803,548
Held to maturity debt securities, net (fair value of $343,082 at September 30, 2023 (unaudited) and $373,468 at December 31, 2022)						370,416						387,923
Equity securities, at fair value						1,210						1,147
Federal Home Loan Bank stock						101,250						68,554
Loans						10,667,612						10,248,883
Less allowance for credit losses						107,563						88,023
Net loans						10,560,049						10,160,860
Foreclosed assets, net						16,487						2,124
Banking premises and equipment, net						71,453						79,794
Accrued interest receivable						55,741						51,903
Intangible assets						458,663						460,892
Bank-owned life insurance						241,406						239,040
Other assets						364,576						341,143
Total assets						$	14,086,825					$	13,783,436
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand deposits						$	7,872,901					$	8,373,005
Savings deposits						1,200,377						1,438,583
Certificates of deposit of $100,000 or more						699,880						504,627
Other time deposits						368,241						246,809
Total deposits						10,141,399						10,563,024
Mortgage escrow deposits						41,319						35,705
Borrowed funds						2,022,249						1,337,370
Subordinated debentures						10,646						10,493
Other liabilities						248,242						239,141
Total liabilities						12,463,855						12,185,733
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 75,531,884 shares outstanding at September 30, 2023 and 76,169,196 outstanding at December 31, 2022						832						832
Additional paid-in capital						988,001						981,138
Retained earnings						964,802						918,158
Accumulated other comprehensive (loss) income						(195,056)						(165,045)
Treasury stock						(127,818)						(127,154)
Unallocated common stock held by the Employee Stock Ownership Plan						(7,791)						(10,226)
Common stock acquired by deferred compensation plans						(3,013)						(3,427)
Deferred compensation plans						3,013						3,427
Total stockholders’ equity						1,622,970						1,597,703
Total liabilities and stockholders’ equity						$	14,086,825					$	13,783,436

Consolidated Statements of Income

(Dollars in Thousands, except per share data)

 

						Three months ended September 30,												Nine months ended September 30,
						2023						2022						2023						2022
Interest income:
Real estate secured loans						$	104,540					$	80,273					$	299,830					$	213,181
Commercial loans						33,806						25,201						93,915						70,385
Consumer loans						4,746						3,785						13,419						10,268
Available for sale debt securities, equity securities and Federal Home Loan Bank stock						11,886						9,560						34,748						25,966
Held to maturity debt securities						2,334						2,416						7,059						7,501
Deposits, Federal funds sold and other short-term investments						885						496						2,678						1,705
Total interest income						158,197						121,731						451,649						329,006
Interest expense:
Deposits						44,923						9,560						108,880						20,322
Borrowed funds						16,765						2,518						38,329						4,790
Subordinated debt						273						164						774						403
Total interest expense						61,961						12,242						147,983						25,515
Net interest income						96,236						109,489						303,666						303,491
Provision charge for credit losses						11,009						8,413						27,407						5,004
Net interest income after provision charge for credit losses						85,227						101,076						276,259						298,487
Non-interest income:
Fees						6,132						7,203						18,294						21,516
Wealth management income						6,992						6,785						20,826						21,274
Insurance agency income						3,224						2,865						11,175						9,135
Bank-owned life insurance						1,820						1,237						4,838						3,978
Net gains on securities transactions						13						(3)						37						154
Other income						1,139						10,358						5,691						13,466
Total non-interest income						19,320						28,445						60,861						69,523
Non-interest expense:
Compensation and employee benefits						35,702						38,079						109,724						112,582
Net occupancy expense						8,113						8,452						24,474						26,262
Data processing expense						5,312						5,575						16,536						16,551
FDIC insurance						1,628						1,400						5,688						3,955
Amortization of intangibles						720						779						2,231						2,511
Advertising and promotion expense						1,133						1,366						3,722						3,692
Provision charge (benefit) for credit losses on off-balance sheet credit exposures						1,532						1,575						1,624						(1,788)
Merger-related expenses						2,289						2,886						5,349						2,886
Other operating expenses						10,728						9,331						31,761						28,522
Total non-interest expense						67,157						69,443						201,109						195,173
Income before income tax expense						37,390						60,078						136,011						172,837
Income tax expense						8,843						16,657						34,925						46,224
Net income						$	28,547					$	43,421					$	101,086					$	126,613
Basic earnings per share						$	0.38					$	0.58					$	1.35					$	1.69
Weighted average basic shares outstanding						74,909,083						74,297,237						74,793,530						74,808,358
Diluted earnings per share						$	0.38					$	0.58					$	1.35					$	1.69
Weighted average diluted shares outstanding						74,914,205						74,393,380						74,816,606						74,896,493

Consolidated Statements of Comprehensive Income

 

						Three months ended September 30,												Nine months ended September 30,
						2023						2022						2023						2022
Net income						$	28,547					$	43,421					$	101,086					$	126,613
Other comprehensive (loss) income, net of tax:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) arising during the period						(31,224)						(67,293)						(25,086)						(197,997)
Reclassification adjustment for gains included in net income						—						—						—						(42)
Total						(31,224)						(67,293)						(25,086)						(198,039)
Unrealized gains and losses on derivatives:
Net unrealized gains arising during the period						2,352						5,998						5,385						18,225
Reclassification adjustment for (gains) included in net income						(3,430)						(1,157)						(9,519)						(788)
Total						(1,078)						4,841						(4,134)						17,437
Amortization related to post-retirement obligations						(261)						(236)						(791)						(748)
Total other comprehensive (loss)						(32,563)						(62,688)						(30,011)						(181,350)
Total comprehensive (loss) income						$	(4,016)					$	(19,267)					$	71,075					$	(54,737)

For the three and nine months ended September 30, 2022 (Unaudited)