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Provident Financial Services Inc   (PFS)
Other Ticker:  
 
    Sector  Financial    Industry S&Ls Savings Banks
   Industry S&Ls Savings Banks
   Sector  Financial
 
Price: $14.5600 $0.36 2.535%
Day's High: $14.6 Week Perf: -5.08 %
Day's Low: $ 14.23 30 Day Perf: -4.84 %
Volume (M): 2,161 52 Wk High: $ 20.95
Volume (M$): $ 31,460 52 Wk Avg: $16.57
Open: $14.23 52 Wk Low: $13.43



 Market Capitalization (Millions $) 1,093
 Shares Outstanding (Millions) 75
 Employees 951
 Revenues (TTM) (Millions $) 451
 Net Income (TTM) (Millions $) 128
 Cash Flow (TTM) (Millions $) -6
 Capital Exp. (TTM) (Millions $) 7

Provident Financial Services Inc

Established in 1839, the Bank is a New Jersey-chartered capital stock savings bank currently operating 87 full-service branch offices in the New Jersey counties of Hudson, Bergen, Essex, Mercer, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Union and Warren, as well as in Bucks, Lehigh and Northampton counties in Pennsylvania. As a community- and customer-oriented institution, the Bank emphasizes personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary market areas. The Bank attracts deposits from the general public and businesses primarily in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, commercial business loans, residential mortgage loans, and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments.

The Bank originates commercial real estate loans, commercial business loans, fixed-rate and adjustable-rate mortgage loans collateralized by one- to four-family residential real estate and other consumer loans, for borrowers generally located within its primary market area.


Residential mortgage loans are primarily underwritten to standards that allow the sale of the loans to the secondary markets, primarily to the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”), the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Bank of New York ("FHLBNY"). To manage interest rate risk, the Bank generally sells fixed-rate residential mortgages that it originates with terms greater than 15 years. The Bank commonly retains biweekly payment fixed-rate residential mortgage loans with a maturity of 30 years or less and a majority of the originated adjustable rate mortgages for its portfolio.


The Bank originates commercial real estate loans that are secured by income-producing properties such as multi-family apartment buildings, office buildings, and retail and industrial properties. Generally, these loans have maturities of either 5 or 10 years. For loans greater than $5.0 million originated with maturities in excess of 7 years, the Bank generally requires loan-level interest rate swaps.

The Bank has historically provided construction loans for both single family and condominium projects intended for sale and commercial projects, including residential for rent projects, that will be retained as investments by the borrower. The Bank underwrites most construction loans for a term of three years or less. The majority of these loans are underwritten on a floating rate basis. The Bank recognizes that there is higher risk in construction lending than permanent lending. As such, the Bank takes certain precautions to mitigate this risk, including the retention of an outside engineering firm to perform plan and cost reviews and to review all construction advances made against work in place and a limitation on how and when loan proceeds are advanced. In most cases, for the single family and condominium projects, the Bank limits its exposure against houses or units that are not under contract. Similarly, commercial construction loans usually have commitments for significant pre-leasing, or funds are held back until the leases are finalized. Funding requirements and loan structure for residential for-rent projects vary depending on whether such projects are vertical or horizontal constructio

The Bank originates consumer loans that are secured, in most cases, by a borrower’s assets. Home equity loans and home equity lines of credit that are secured by a first or second mortgage lien on the borrower’s residence comprise the largest category of the Bank’s consumer loan portfolio.

The Board of Directors annually approves the Investment Policy for the Bank and the Company. The Chief Financial Officer and the Treasurer are authorized by the Board to implement the Investment Policy and establish investment strategies. Each of the Chief Executive Officer, Chief Financial Officer, Treasurer and Assistant Treasurer is authorized to make investment decisions consistent with the Investment Policy. Investment transactions for the Bank are reported to the Board of Directors of the Bank on a monthly basis.


The Investment Policy is designed to generate a favorable rate of return, consistent with established guidelines for liquidity, safety, duration and diversification, and to complement the lending activities of the Bank. Investment decisions are made in accordance with the policy and are based on credit quality, interest rate risk, balance sheet composition, market expectations, liquidity, income and collateral needs.


The Investment Policy does not currently permit the purchase of any securities that are below investment grade.


The investment strategy is to maximize the return on the investment portfolio consistent with the Investment Policy. The investment strategy considers the Bank’s and the Company’s interest rate risk position as well as liquidity, loan demand and other factors. Acceptable investment securities include U.S. Treasury and Agency obligations, collateralized mortgage obligations (“CMOs”), corporate debt obligations, municipal bonds, mortgage-backed securities, commercial paper, mutual funds, bankers’ acceptances and Federal funds. Securities purchased for the investment portfolio require a minimum credit rating of “A” by Moody’s or Standard & Poor’s at the time of purchase.


Securities in the investment portfolio are classified as held to maturity, available for sale or held for trading. Securities that are classified as held to maturity are securities that the Bank or the Company has the intent and ability to hold until their contractual maturity date and are reported at cost. Securities that are classified as available for sale are reported at fair value. Available for sale securities include U.S. Treasury and Agency obligations, U.S. Agency and privately-issued CMOs, corporate debt obligations and equities. Sales of securities may occur from time to time in response to changes in market rates and liquidity needs and to facilitate balance sheet reallocation to effectively manage interest rate risk. At the present time, there are no securities that are classified as held for trading.



   Company Address: 239 Washington Street Jersey City 7302 NJ
   Company Phone Number: 590-9200   Stock Exchange / Ticker: NYSE PFS
   


Customers Net Income fell by PFS's Customers Net Profit Margin fell to

-4.24 %

11.09 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

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KRNY   -6.92%    
MGYR   -4.76%    
WSBF   -4.21%    
LBAI   -4.13%    
OCFC   -3.16%    
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Provident Financial Services Inc

EPS Plummets as Weak Sales Hit Bottom Line in Q4 2023

The stock market can be a rollercoaster ride, with its ups and downs, but it's always important to find the silver lining. Despite the recent challenges faced by some companies, there are still plenty of positive developments happening in the financial world.
One such example is Provident Financial Services, Inc. (NYSE: PFS). While the company reported a slight decline in earnings per share and revenue for the financial year ending December 31, 2023, it's worth noting that these numbers were still in line with industry expectations. Earnings per share decreased by only -4.89%, reaching $0.36 compared to $0.38 per share in the prior year. Revenue, on the other hand, advanced by 9.292% to $114.26 million.

Merger and Acquisition

Provident Financial Services and Lakeland Bancorp Extend Merger Agreement to March 2024 to Secure Regulatory Approvals

Published Wed, Dec 20 2023 2:01 PM UTC


Breaking News
ISELIN, N.J. and OAK RIDGE, N.J., Dec. 20, 2023 - Provident Financial Services, Inc. (NYSE: PFS) and Lakeland Bancorp, Inc. (Nasdaq: LBAI) have announced today the extension of their merger agreement until March 31, 2024, in order to allow for sufficient time to obtain the necessary regulatory approvals.
Provident Financial Services Inc, the paren...

Provident Financial Services Inc

Declining Sales Impact EPS: Provident Financial Services Inc. Reports Weakened Performance in Q3 of 2023

roduction
In its September 2023 report, Provident Financial Services Inc. (PFS) announced disappointing financial results, with a drop in both net profit per share and revenue compared to the previous year. The company's net profit per share witnessed a significant decrease of -34.48%, while revenue fell by -19.282% year on year. These numbers indicate a challenging period for PFS, as its financial performance faced several setbacks. Let's delve deeper into the context of these financial results.
Declining Revenue and Profits
During the third quarter of 2023, Provident Financial Services Inc's revenue dipped to $104.55 million, a decline of -19.282% from the previous year's $129.52 million. The earnings per share (EPS) also suffered, with a decrease from $0.58 in the third quarter of 2022 to $0.38 in the same period in 2023. This represents a decline of -34.48% year on year.

Dividend

Provident Financial Services Faces Challenges as Net Income Declines in Q3 2023 amidst Economic Woes and Pending MergerNote: The generated title is for reference purpose only and can be adjusted or modified to fit editorial requirements.

Published Thu, Oct 26 2023 9:00 PM UTC



In a recent press release, Provident Financial Services, Inc. (NYSE:PFS), a leading financial institution, announced its financial results for the third quarter ended September 30, 2023. The company reported a net income of $28.5 million, or $0.38 per basic and diluted share, which shows a decline from the previous quarter and the same period last year. The press r...

Provident Financial Services Inc

Crashing Through the Numbers: Provident Financial Services Inc's Shocking Revenue Plunge of -7.934% Wreaks Havoc in the Second Quarter of 2023 Earnings Season

Provident Financial Services Inc. is a financial services company that provides banking services to individuals and businesses. It operates as the holding company for Provident Bank, which offers a range of deposit products, residential mortgage loans, and commercial lending services. The company is headquartered in Iselin, New Jersey and was founded in 1839.
In the fiscal span closing June 30, 2023, Provident Financial Services Inc. experienced a decline in income of -18.87% compared to the previous year, with earnings per share dropping from $0.53 to $0.43 per share. Additionally, income decreased by -20.37% from $0.54 per share in the prior reporting season.






 

Provident Financial Services Inc's Segments
 
 
• View Complete Report
  Company Estimates  
  Revenue Outlook
Provident Financial Services Inc does not provide revenue guidance.

Earnings Outlook
Provident Financial Services Inc does not provide earnings estimates.

 
Geographic Revenue Dispersion




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