Provident Financial Services, Inc. (PFS) 10-Year Financial Performance & Capital Metrics

PFS • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingNortheast Community Banks

AboutProvident Financial Services, Inc. operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. The company's deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products. Its loan portfolio comprises commercial real estate loans that are secured by properties, such as multi-family apartment buildings, office buildings, and retail and industrial properties; commercial business loans; fixed-rate and adjustable-rate mortgage loans collateralized by one- to four-family residential real estate properties; commercial construction loans; and consumer loans consisting of home equity loans, home equity lines of credit, marine loans, personal loans and unsecured lines of credit, and auto and recreational vehicle loans. The company also offers cash management, remote deposit capture, payroll origination, escrow account management, and online and mobile banking services; and business credit cards. In addition, it provides wealth management services comprising investment management, trust and estate administration, financial planning, tax compliance and planning, and private banking. Further, the company sells insurance and investment products, including annuities; operates as a real estate investment trust for acquiring mortgage loans and other real estate related assets; and manages and sells real estate properties acquired through foreclosure. As of December 31, 2021, it operated 96 full-service branch offices in northern and central New Jersey, as well as in Pennsylvania and New York counties. The company was founded in 1839 and is headquartered in Jersey City, New Jersey.Show more

Net Interest Income $601M +50.4%
Total Revenue $1.14B +63.9%
Net Income $116M -10.0%
Return on Equity 5.38% -31.1%
Net Interest Margin 2.5% -11.2%
Efficiency Ratio 40.13% +1.4%
ROA 0.6% -34.2%
Equity / Assets 10.82% -9.1%
Book Value per Share 23.71 +5.0%
Tangible BV/Share 16.24 -1.3%
Debt/Equity 0.93 +2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 40.1% efficiency ratio
✓Well capitalized: 10.8% equity/assets
✓Healthy dividend yield of 4.6%
✓Trading at only 0.8x book value

✗Weaknesses

✗Shares diluted 46.5% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.53%

5Y21.24%

3Y32.59%

TTM-

Profit (Net Income) CAGR

10Y4.61%

5Y0.51%

3Y-11.72%

TTM333.59%

EPS CAGR

10Y-1.49%

5Y-9.61%

3Y-21.73%

TTM88.46%

ROCE

10Y Avg5.49%

5Y Avg6.05%

3Y Avg5.72%

Latest3.29%

Peer Comparison

Northeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DCOMDime Community Bancshares, Inc.	1.32B	30.11	54.75	0.1%	4.5%	4.02%	7.02%	0.70
EBCEastern Bankshares, Inc.	4.28B	19.04	28.85	91.64%	11.17%	1.3%	6.31%	0.01
LYGLloyds Banking Group plc	80.35B	5.47	21.88	10.79%	11.75%	9.93%		1.76
CFGCitizens Financial Group, Inc.	25.74B	59.93	19.78	1.31%	12.22%	6.6%	7.3%	0.51
PFSProvident Financial Services, Inc.	2.59B	19.85	18.90	63.91%	10.13%	7.51%	16.39%	0.93
CBUCommunity Bank System, Inc.	3.23B	61.29	17.82	24.44%	19.4%	10.34%	6.86%	0.57
VLYValley National Bancorp	6.54B	11.73	17	6.51%	10.65%	6.53%	8.39%	0.50
INDBIndependent Bank Corp.	3.71B	74.81	16.55	6.89%	19.72%	7.76%	5.65%	0.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	249.88M	258.57M	278.2M	300.68M	297.97M	312.57M	366.02M	417.55M	399.45M	600.61M
NII Growth %	0.05%	0.03%	0.08%	0.08%	-0.01%	0.05%	0.17%	0.14%	-0.04%	0.5%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	291.78M	302.31M	323.85M	359.83M	371.47M	363.31M	402.34M	466.18M	615.82M	1.05B
Interest Expense	41.9M	43.75M	45.64M	59.15M	73.5M	50.74M	36.32M	48.63M	216.37M	445.52M
Loan Loss Provision	4.35M	5.4M	5.6M	23.7M	13.1M	31.53M	-22.82M	5M	28.17M	87.56M
Non-Interest Income+	55.22M	55.39M	55.7M	58.68M	63.79M	72.43M	86.81M	87.79M	79.83M	94.11M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	347M	357.71M	379.54M	418.5M	435.26M	435.74M	489.15M	553.97M	695.65M	1.14B
Revenue Growth %	0.08%	0.03%	0.06%	0.1%	0.04%	0%	0.12%	0.13%	0.26%	0.64%
Non-Interest Expense	180.59M	183.78M	187.82M	191.74M	201.58M	225.91M	248.54M	260.23M	275.34M	457.55M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	120.16M	124.78M	140.48M	143.92M	147.09M	127.55M	227.12M	240.11M	175.78M	149.62M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.14%	0.04%	0.13%	0.02%	0.02%	-0.13%	0.78%	0.06%	-0.27%	-0.15%
Pretax Income+	120.16M	124.78M	140.48M	143.92M	147.09M	127.55M	227.12M	240.11M	175.78M	149.62M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	36.44M	36.98M	46.53M	25.53M	34.45M	30.6M	59.2M	64.46M	47.38M	34.09M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	83.72M	87.8M	93.95M	118.39M	112.63M	96.95M	167.92M	175.65M	128.4M	115.53M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.14%	0.05%	0.07%	0.26%	-0.05%	-0.14%	0.73%	0.05%	-0.27%	-0.1%
Net Income (Continuing)	83.72M	87.8M	93.95M	118.39M	112.63M	96.95M	167.92M	175.65M	128.4M	115.53M
EPS (Diluted)+	1.33	1.38	1.45	1.82	1.74	1.39	2.19	2.35	1.71	1.05
EPS Growth %	0.09%	0.04%	0.05%	0.26%	-0.04%	-0.2%	0.58%	0.07%	-0.27%	-0.39%
EPS (Basic)	1.33	1.38	1.46	1.82	1.74	1.39	2.20	2.35	1.72	1.05
Diluted Shares Outstanding	63.12M	63.85M	64.58M	65.1M	64.73M	69.63M	76.56M	74.78M	74.87M	109.71M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	102.23M	144.3M	190.83M	142.66M	186.75M	532.35M	712.46M	186.44M	180.25M	205.91M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	7.91B	8.47B	8.78B	8.74B	8.71B	11.28B	12B	12.35B	12.82B	21.74B
Investments Growth %	0.05%	0.07%	0.04%	-0%	-0%	0.3%	0.06%	0.03%	0.04%	0.7%
Long-Term Investments	6.95B	7.43B	7.74B	7.68B	7.73B	10.17B	9.94B	10.55B	11.13B	18.98B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	411.62M	411.6M	411.6M	411.6M	420.56M	443M	443.62M	443.62M	443.62M	624.07M
Intangible Assets	14.65M	11.34M	8.69M	6.58M	16.46M	23.21M	20.56M	17.27M	14.32M	195.16M
PP&E (Net)	88.99M	84.09M	63.19M	58.12M	55.21M	75.95M	80.56M	79.79M	71M	119.62M
Other Assets	353.93M	351.88M	360.33M	337.17M	391.84M	519.93M	485.8M	650.86M	621.69M	1.07B
Total Current Assets	1.09B	1.21B	1.26B	1.24B	1.19B	1.68B	2.81B	2.04B	1.93B	3.07B
Total Non-Current Assets	7.82B	8.29B	8.59B	8.49B	8.62B	11.24B	10.97B	11.74B	12.28B	20.99B
Total Assets+	8.91B	9.5B	9.85B	9.73B	9.81B	12.92B	13.78B	13.78B	14.21B	24.05B
Asset Growth %	0.05%	0.07%	0.04%	-0.01%	0.01%	0.32%	0.07%	0%	0.03%	0.69%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	1.71B	1.61B	1.74B	1.44B	1.13B	1.2B	637.06M	1.35B	1.53B	2.42B
Net Debt	1.61B	1.47B	1.55B	1.3B	938.4M	668.75M	-75.41M	1.16B	1.35B	2.22B
Long-Term Debt	1.45B	1.45B	1.6B	1.32B	1.06B	1.1B	520.3M	1.25B	1.46B	2.31B
Short-Term Debt	261.35M	156.66M	143.18M	121.32M	60.74M	99.94M	116.76M	98M	72.16M	113.22M
Other Liabilities	60.63M	57.86M	64M	68.82M	140.18M	226.71M	178.6M	239.14M	660.13M	362.51M
Total Current Liabilities	6.21B	6.73B	6.88B	6.98B	7.19B	9.97B	11.39B	10.7B	10.4B	18.78B
Total Non-Current Liabilities	1.51B	1.51B	1.66B	1.39B	1.2B	1.33B	698.89M	1.49B	2.12B	2.67B
Total Liabilities	7.72B	8.25B	8.55B	8.37B	8.39B	11.3B	12.08B	12.19B	12.52B	21.45B
Total Equity+	1.2B	1.25B	1.3B	1.36B	1.41B	1.62B	1.7B	1.6B	1.69B	2.6B
Equity Growth %	0.05%	0.05%	0.04%	0.05%	0.04%	0.15%	0.05%	-0.06%	0.06%	0.54%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.07%	0.07%	0.07%	0.09%	0.08%	0.06%	0.1%	0.11%	0.08%	0.05%
Book Value per Share	18.95	19.60	20.11	20.87	21.84	23.26	22.17	21.36	22.58	23.71
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	832K	832K	832K	832K	832K	832K	832K	832K	832K	1.38M
Additional Paid-in Capital	1B	1.01B	1.01B	1.02B	1.01B	962.45M	969.82M	981.14M	989.06M	1.83B
Retained Earnings	507.71M	550.77M	586.13M	651.1M	695.27M	718.09M	814.53M	918.16M	974.54M	989.11M
Accumulated OCI	-2.55M	-3.4M	-7.46M	-12.34M	3.82M	17.66M	6.86M	-165.04M	-141.12M	-135.35M
Treasury Stock	-269.01M	-264.22M	-259.91M	-272.47M	-268.5M	-59.02M	-79.6M	-127.15M	-127.83M	-88.42M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	114.87M	127.31M	117.22M	155.72M	136.93M	103.3M	156.81M	200.31M	173.4M	426.38M
Operating CF Growth %	0.13%	0.11%	-0.08%	0.33%	-0.12%	-0.25%	0.52%	0.28%	-0.13%	1.46%
Net Income	83.72M	87.8M	93.95M	118.39M	112.63M	96.95M	167.92M	175.65M	128.4M	115.53M
Depreciation & Amortization	13.71M	12.76M	11.62M	10.1M	18.83M	20.02M	22.73M	23.69M	22.19M	54.59M
Deferred Taxes	326K	3.16M	40.63M	-18.54M	1.67M	-7.93M	12.41M	2.22M	2.73M	-12.27M
Other Non-Cash Items	9.29M	14.11M	9.75M	26.77M	10.89M	24.79M	-22.83M	-9.34M	20.27M	220.77M
Working Capital Changes	-77K	1.79M	-48.5M	8.25M	-18.48M	-38.46M	-33.39M	-5.66M	-10.98M	35.58M
Cash from Investing+	-408.68M	-580.8M	-306.34M	46.7M	42.87M	-504.37M	-716.57M	-647.56M	-469.6M	507.67M
Purchase of Investments	-173.97M	-386.5M	-276.26M	-280.96M	-137.32M	-298.09M	-1.44B	-317.47M	-57.19M	-422.36M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-25.86M	0	0	0	-15.02M	78.09M	0	0	0	194.55M
Other Investing	-466.32M	-467.12M	-302.71M	92.39M	-66.41M	-697.84M	282.56M	-673.3M	-635.28M	-217.19M
Cash from Financing+	292.28M	495.56M	235.65M	-250.6M	-135.71M	746.68M	739.86M	-78.7M	289.95M	-908.37M
Dividends Paid	-41.28M	-45.37M	-59.98M	-53.6M	-72.81M	-65.82M	-71.48M	-72.02M	-72.45M	-100.96M
Share Repurchases	0	-1.56M	-443K	-13.17M	-19.87M	-21.16M	-20.71M	-46.53M	0	-1.32M
Stock Issued	1.45M	1.65M	2.11M	1.71M	2.23M	451K	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	134.34M	635.72M	164.19M	114.7M	271.88M	983.97M	1.4B	-670.74M	-270.26M	-291.75M
Net Change in Cash+	-1.54M	42.07M	46.54M	-48.17M	44.09M	272.31M	180.11M	-525.96M	-6.25M	25.68M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	103.76M	102.23M	144.3M	190.83M	142.66M	145.75M	532.35M	712.46M	186.44M	180.19M
Cash at End	102.23M	144.3M	190.83M	142.66M	186.75M	418.05M	712.46M	186.51M	180.19M	205.87M
Interest Paid	41.66M	44M	46.39M	58.96M	73.66M	49.42M	35.91M	46.9M	210.34M	397.28M
Income Taxes Paid	40.62M	33.89M	40.57M	15.26M	34.49M	36.51M	57.47M	51.05M	46.46M	36.18M
Free Cash Flow+	108.96M	122.31M	113.99M	152.56M	132.04M	90.48M	143.01M	190.9M	165.91M	425.07M
FCF Growth %	0.28%	0.12%	-0.07%	0.34%	-0.13%	-0.31%	0.58%	0.33%	-0.13%	1.56%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.16%	7.17%	7.37%	8.91%	8.12%	6.39%	10.13%	10.66%	7.81%	5.38%
Return on Assets (ROA)	0.96%	0.95%	0.97%	1.21%	1.15%	0.85%	1.26%	1.27%	0.92%	0.6%
Net Interest Margin	2.8%	2.72%	2.83%	3.09%	3.04%	2.42%	2.66%	3.03%	2.81%	2.5%
Efficiency Ratio	52.04%	51.38%	49.49%	45.81%	46.31%	51.85%	50.81%	46.98%	39.58%	40.13%
Equity / Assets	13.42%	13.18%	13.19%	13.97%	14.41%	12.54%	12.31%	11.59%	11.9%	10.82%
Book Value / Share	18.95	19.6	20.11	20.87	21.84	23.26	22.17	21.36	22.58	23.71
NII Growth	4.6%	3.48%	7.59%	8.08%	-0.9%	4.9%	17.1%	14.08%	-4.33%	50.36%
Dividend Payout	49.31%	51.67%	63.84%	45.28%	64.64%	67.89%	42.57%	41%	56.42%	87.39%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Wealth Management Fees	17.96M	22.5M	25.73M	30.76M	27.87M	27.67M	30.53M
Wealth Management Fees Growth	-	25.32%	14.35%	19.52%	-9.38%	-0.72%	10.35%
Banking	19.33M	18.85M	16.29M	16.59M	15.68M	15.92M	21.55M
Banking Growth	-	-2.46%	-13.61%	1.84%	-5.48%	1.56%	35.37%
Deposit Account	13.33M	13.12M	10.31M	10.92M	12.55M	12.96M	16.9M
Deposit Account Growth	-	-1.60%	-21.38%	5.91%	14.94%	3.23%	30.43%
Insurance Commissions And Fees	-	-	-	-	-	13.93M	16.2M
Insurance Commissions And Fees Growth	-	-	-	-	-	-	16.27%
Debit Card	6M	5.73M	5.97M	5.67M	3.12M	2.96M	4.65M
Debit Card Growth	-	-4.39%	4.19%	-5.17%	-44.85%	-5.15%	56.97%
Insurance Agency Income	-	-	3.51M	10.22M	11.44M	-	-
Insurance Agency Income Growth	-	-	-	190.81%	11.98%	-	-

Frequently Asked Questions

Valuation & Price

Provident Financial Services, Inc. (PFS) has a price-to-earnings (P/E) ratio of 18.9x. This is roughly in line with market averages.

Growth & Financials

Provident Financial Services, Inc. (PFS) grew revenue by 63.9% over the past year. This is strong growth.

Yes, Provident Financial Services, Inc. (PFS) is profitable, generating $207.7M in net income for fiscal year 2024 (10.1% net margin).

Dividend & Returns

Yes, Provident Financial Services, Inc. (PFS) pays a dividend with a yield of 4.64%. This makes it attractive for income-focused investors.

Provident Financial Services, Inc. (PFS) has a return on equity (ROE) of 5.4%. This is below average, suggesting room for improvement.

Industry Metrics

Provident Financial Services, Inc. (PFS) has a net interest margin (NIM) of 2.5%. NIM has been under pressure due to interest rate environment.

Provident Financial Services, Inc. (PFS) has an efficiency ratio of 40.1%. This is excellent, indicating strong cost control.

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