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Provident Financial (PFS) Company Profile

Updated Dec 2, 2019
Provident Financial has the following business profile:
Company's Full Name:Provident Financial Services, Inc
Short Name:Provident Financial
Trading Ticker Symbol:PFS
Primary Exchange:NYSE
Headquarter City/Country:New Jersey, NJ
Primary Industry Sector:Finance
Seconday Sub-sector:Savings Institutions
Main Business Areas: Finance, Savings Institutions, Financial Services, Savings & Cooperative Banks
Dividend Payments:Dividend History

Market and Trading Information for Provident Financial

The following details were available for trading and market data about the stock of Provident Financial as of writing:
Current Share Price:$24.11
Previous Year's Closing Price:$24.13
Percentage Price Change (YTD):-0.08%
Market Cap:$1.59 billion
52-week Price Range:$22.74 - $27.94
Dividend Per Share:$0.9
EPS (TTM):1.89
Price-Earnings (Trailing):12.76
Price-Earnings (Forward):14.61

Company Profile and Business Description for Provident Financial

Provident Financial Services Inc., incorporated on August 13, 2002, is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas. The Bank attracts deposits from the general public and businesses 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, residential mortgage loans, commercial business loans and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments. It operates 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.

The Bank's primary market area includes a mix of urban and suburban communities, and has a mix of industries, including pharmaceutical, manufacturing companies, network communications, insurance and financial services, healthcare and retail. The Company's subsidiary, Beacon Trust Company (Beacon) is engaged in providing wealth management and asset management services. In addition to its trust and estate administrative services, Beacon is also a provider of asset management services. Beacon offers a range of asset management services to individuals, municipalities, non-profits, corporations and pension funds. These services include investment management, asset allocation, trust and fiduciary services, financial planning, family office services, estate settlement services and custody.

Lending Activities

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 located within its primary market area. Residential mortgage loans are 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). 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. The Bank provides construction loans for both single family and condominium projects intended for sale and commercial projects, including residential for rent projects. The Bank originates consumer loans that are secured 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 category of the Bank's consumer loan portfolio. Commercial loans are made to businesses of varying size and type within the Bank's market. The Bank lends to established businesses, and the loans are secured by business assets, such as equipment, receivables, inventory, real estate or marketable securities. The Bank makes unsecured commercial loans. The Bank originates residential mortgage loans secured by first mortgages on one- to four-family residences located in the State of New Jersey. The Bank originates residential mortgages through commissioned mortgage representatives and through the Internet. The Bank originates both fixed-rate and adjustable-rate mortgages. As of December 31, 2016, $1.21 billion or 17.5% of its total portfolio consisted of residential real estate loans. The Bank originates loans secured by mortgages on various commercial income producing properties, including multi-family apartment buildings, office buildings, and retail and industrial properties. The Bank underwrites loans secured by apartment buildings.

The Bank considers multi-family lending a component of the commercial real estate lending portfolio. The Bank originates commercial construction loans. Commercial construction lending includes both new construction of residential and commercial real estate projects and the reconstruction of existing structures. The Bank's commercial construction financing includes projects constructed for investment purposes (rental property), projects for sale (single family/condominiums) and owner-occupied business properties. The Bank underwrites commercial loans to corporations, partnerships and other businesses. The Bank primarily offers commercial loans for equipment purchases, lines of credit for working capital purposes, letters of credit, asset-based lines of credit and real estate loans. The Bank also underwrites Small Business Administration (SBA) guaranteed loans and guaranteed or assisted loans through various state, county and municipal programs.

Investment Activities

The Bank's 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 the United States Treasury and Agency obligations, the United States Agency and privately-issued collateralized mortgage obligations (CMOs), corporate debt obligations and equities. As of December 31, 2016, the Bank held $1.2 million in privately-issued CMOs in the investment portfolio.

Sources of Funds

The Bank's primary sources of funds consist of principal and interest cash flows received from loans and mortgage-backed securities, contractual maturities on investments, deposits, FHLBNY advances and proceeds from sales of loans and investments. These sources of funds are used for lending, investing and general corporate purposes, including acquisitions and common stock repurchases. The Bank offers a range of deposits for retail and business accounts. Deposit products include savings accounts, checking accounts, interest-bearing checking accounts, money market deposit accounts and certificate of deposit accounts. The Bank also offers individual retirement account (IRA) and KEOGH accounts. Business customers are offered various checking account and savings plans, cash management services, remote deposit capture services, payroll origination services, escrow account management and business credit cards. As of December 31, 2016, the Bank's total deposits amounted to $6.55 billion. As of December 31, 2016, the Bank had $1.61 billion of borrowed funds.

Subsidiary Activities

The Bank's subsidiaries include PFS Insurance Services, Inc., Dudley Investment Corporation, Bergen Avenue Realty, LLC, Bergen Avenue Realty PA, LLC and Beacon Trust Company. The Company's other subsidiaries include Team Capital Service Co., LLC and Team Capital NJ Investment Co. PFS Insurance Services, Inc. is a New Jersey licensed insurance producer that sells insurance and investment products, including annuities to customers through a third-party networking arrangement. Dudley Investment Corporation operates as a New Jersey Investment Company. Gregory Investment Corporation is a subsidiary of Dudley Investment Corporation. Gregory Investment Corporation operates as a Delaware Investment Company. PSB Funding Corporation is a subsidiary of Gregory Investment Corporation. PSB Funding Corporation is engaged in the business of a real estate investment trust. Bergen Avenue Realty, LLC manages and sells real estate acquired through foreclosure. Bergen Avenue Realty PA, LLC manages and sells real estate acquired through foreclosure located in Pennsylvania. Beacon Investment Advisory Services, Inc. is a subsidiary of Beacon Trust Company, which is a registered investment advisor. Acertus Capital Management, LLC, is a subsidiary of Beacon Trust Company and is a registered investment advisor that manages over two private funds and serves as a sub-advisor to a mutual fund.

830 Bergen Ave

Peer / Competitor Companies of Savings Institutions Sector

Along with Provident Financial Services, Inc, the following other peer (competitor) companies also exist within the same Savings Institutions - Finance sector whose company profile and dividend history is as follows:

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▶ Access National (ANCX): Access National Corporation, incorporated on May 12, 2003, is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank provides credit, deposit, mortgage ....See Detailed Company Profile  and Dividend History.

▶ ASB Bancorp (ASBB): ASB Bancorp, Inc., incorporated on May 12, 2011, is the holding company for Asheville Savings Bank (the Bank). The Companys principal business activity is the ownership of the outstanding shares ....See Detailed Company Profile  and Dividend History.

▶ Astoria Financial (AF): Astoria Financial Corporation, incorporated on June 14, 1993, is a unitary savings and loan holding company. The Companys principal business is the operation of its subsidiary, Astoria Bank. Astoria Banks ....See Detailed Company Profile  and Dividend History.

▶ Atlantic Coast Financial (ACFC): Atlantic Coast Financial Corporation, incorporated on June 22, 2007, is a thrift holding company. The Company, through its subsidiary, Atlantic Coast Bank (the Bank), a federally chartered and insured stock ....See Detailed Company Profile  and Dividend History.

▶ Bancorp 34 (BCTF): Bancorp 34, Inc. operates as the holding company for Bank 34 that offers various banking services to individuals and businesses in the United States. It accepts various deposit products, such as savin....See Detailed Company Profile  and Dividend History.

▶ Bank Mutual (BKMU): Bank Mutual Corporation, incorporated on April 28, 2003, is a savings and loan holding company. The Company owns Bank Mutual (the Bank), a federally-chartered savings bank. The Bank is engaged ....See Detailed Company Profile  and Dividend History.

▶ BankFinancial (BFIN): BankFinancial Corporation, incorporated on September 23, 2004, is the bank holding company for BankFinancial, National Association (the Bank). The Bank is a full-service, community-oriented national bank principally engaged in the ....See Detailed Company Profile  and Dividend History.

▶ BankUnited (BKU): BankUnited, Inc. operates as the bank holding company for BankUnited, National Association that provides a range of banking services to small and medium sized businesses, and individual and corporate ....See Detailed Company Profile  and Dividend History.

▶ BCB Bancorp NJ (BCBP): BCB Bancorp, Inc. operates as the holding company for BCB Community Bank, a state chartered commercial bank that provides banking products and services to businesses and individuals in the United Stat....See Detailed Company Profile  and Dividend History.

▶ Beneficial Bancorp (BNCL): Beneficial Bancorp, Inc., together with its subsidiaries, provides consumer and commercial banking services to individuals, businesses, and nonprofit organizations in Philadelphia and Southern New Jer....See Detailed Company Profile  and Dividend History.

▶ BofI Holding (BOFI): BofI Holding, Inc. (BofI), incorporated on July 6, 1999, is the holding company for BofI Federal Bank (the Bank). The Bank is a diversified financial services company. The Bank provides ....See Detailed Company Profile  and Dividend History.

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▶ Broadway Financial (BYFC): Broadway Financial Corporation, incorporated on October 25, 1995, is a savings and loan holding company. The Company is engaged in the savings and loan business through its subsidiary, Broadway Federal ....See Detailed Company Profile  and Dividend History.

▶ Brookline Bancorp (BRKL): Brookline Bancorp, Inc., incorporated on April 11, 2002, operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island (BankRI) and its subsidiaries; First Ipswich Bank ....See Detailed Company Profile  and Dividend History.

▶ Capitol Federal Financial (CFFN): Capitol Federal Financial, Inc., incorporated on April 28, 2010, is the savings and loan holding company. The Company provides a range of retail banking services, through its subsidiary, Capitol Federal ....See Detailed Company Profile  and Dividend History.

▶ Carver Bancorp (CARV): Carver Bancorp, Inc. operates as a holding company for Carver Federal Savings Bank, a federally chartered savings bank that provides consumer and commercial banking services for consumers, businesses,....See Detailed Company Profile  and Dividend History.

▶ Central Federal (CFBK): Central Federal Corporation operates as the bank holding company for CFBank that provides various financial services in the United States. The company accepts savings, retail and business checking, an....See Detailed Company Profile  and Dividend History.

▶ Charter Financial (CHFN): Charter Financial Corporation, incorporated on February 16, 1993, is a savings and loan holding company for CharterBank (the Bank). The Bank is a federally-chartered savings bank. The Banks principal business ....See Detailed Company Profile  and Dividend History.

▶ Citizens Community Bancorp (CZWI): Citizens Community Bancorp, Inc., incorporated on June 27, 2006, is a bank holding company of Citizens Community Federal N.A. (the Bank). The Company is engaged in consumer, commercial and agricultural ....See Detailed Company Profile  and Dividend History.

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