Provident Financial Services IncPFS
What Provident Financial Services Inc does.
The Company is a Delaware corporation which became the holding company for Provident Bank (the “Bank”) on January 15, 2003, following the completion of the Bank's conversion to a New Jersey-chartered capital stock savings bank. On January 15, 2003, the Company issued an aggregate of 59,618,300 shares of its common stock, par value $0.01 per share in a subscription offering, and contributed $4.8 million in cash and 1,920,000 shares of its common stock, which amounted to $24.0 million in aggregate, to The Provident Bank Foundation, a charitable foundation established by the Bank. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. As a result of the conversion and related stock offering, the Company raised $567.2 million in net proceeds, of which $293.2 million was utilized to acquire all of the outstanding common stock of the Bank. The Company owns all of the outstanding common stock of the Bank, and as such, is a bank holding company subject to regulation by the Board of Governors of the Federal Reserve System ("Federal Reserve Board" or "Federal Reserve").
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $45.5M | $57.6M | $55.0M | $57.5M | $68.3M | $73.1M |
| Net income | $97.0M | $167.9M | $175.6M | $128.4M | $115.5M | $291.2M |
| Free cash flow | $90.5M | $143.0M | $190.9M | $165.9M | $425.1M | $430.7M |
More on PFS.
- Provident Financial Services Inc summary
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Figures from Provident Financial Services Inc's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.