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Company Description

Contact Info

239 Washington Street

Jersey City, NJ 07302

United States

Phone: 732-590-9200


Provident Financial Services, Inc. operates as a holding company for The Provident Bank that provides banking services to individuals, families and businesses residing in New Jersey. As of December 31, 2015, the company operated a network of 87 full-service banking offices throughout 13 counties in northern and central New Jersey, as well as in Bucks, Lehigh and Northampton counties in Pennsylvania. The company maintains its administrative offices in Iselin, New Jersey and satellite loan production offices in Convent Station, Flemington, Paramus, Princeton and West Orange, New Jersey, as well as in Bethlehem and Newtown, Pennsylvania. Lending Activities The company 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-The company originates residential mortgage loans secured by first mortgages on one- to four-family residences, generally located in the state of New Jersey and the eastern part of Pennsylvania. It originates residential mortgages primarily through commissioned mortgage representatives and through the Internet. The company originates both fixed-rate and adjustable-rate mortgages. Commercial Real Estate Loans-The company originates loans secured by mortgages on various commercial income producing properties, including multi-family apartment buildings, office buildings, and retail and industrial properties. It originates commercial real estate loans with adjustable rates and with fixed interest rates for a period that is generally 5 to 10 years or less, which might adjust after the initial period. Multi-family Loans-The company underwrites loans secured by apartment buildings that have five or more units. Construction Loans-The company originates commercial construction loans. Commercial construction lending includes both new construction of residential and commercial real estate projects and the reconstruction of existing structures. Its commercial construction financing includes projects constructed for investment purposes (rental property), projects for sale (single family/condominiums) and to a lesser extent owner-occupied business properties. Commercial Loans-The company underwrites commercial loans to corporations, partnerships and other businesses. The company 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 where the borrower is the primary occupant of the property. It also underwrites small business administration guaranteed loans and guaranteed or assisted loans through various state, county and municipal programs. These governmental guarantees are typically used in cases where the borrower requires additional credit support. Consumer Loans-The company offers various consumer loans on a direct basis to individuals. Home equity loans and home equity lines of credit constituted 93.7% of the consumer loan portfolio and indirect marine loans constituted 3.3% of the consumer loan portfolio as of December 31, 2015. The remaining 3% of the consumer loan portfolio includes personal loans and unsecured lines of credit, direct auto loans and recreational vehicle loans. Investment Portfolio As of December 31, 2015, the company’s investment portfolio included U.S. treasury obligations, mortgage-backed securities, Federal Home Loan Mortgage Corporation obligations, Federal Home Loan Bank of New York obligations, Federal National Mortgage Association obligations, state and municipal obligations, corporate obligations, and equity securities. Deposits The company offers various 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 at varying interest rates and terms. It also offers IRA and KEOGH accounts. Business customers are offered various checking account and saving

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Valuation PFS Industry Range
Price/Earnings 16.0x
Price/Sales 4.5x
Price/Book 1.1x
Price/Cash Flow 16.7x
TEV/Sales NM Not Meaningful

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