Last $16.47 USD
Change Today -0.07 / -0.42%
Volume 179.8K
PFS On Other Exchanges
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As of 8:04 PM 09/29/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

239 Washington Street

Jersey City, NJ 07302

United States

Phone: 732-590-9200

Fax:

Provident Financial Services, Inc. operates as the holding company for The Provident Bank that provides banking services to individuals, families, and businesses. The company operates 77 full-service branch offices located in Hudson, Bergen, Essex, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties, New Jersey. Strategy The company’s strategy is to grow profitably through a commitment to credit quality and expanding market share by acquiring, retaining and expanding customer relationships, while carefully managing interest rate risk. It focuses on commercial real estate, multi-family and commercial loans as part of its strategy to diversify the loan portfolio and reduce interest rate risk. The company’s relationship banking strategy focuses on increasing core accounts and expanding relationships through its branch network, mobile banking, online banking, and telephone banking touch points. Lending Activities 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. It originates residential mortgages primarily through commissioned mortgage representatives and through the Internet. The company originates both fixed-rate and adjustable-rate mortgages. The company originates fixed-rate fully amortizing residential mortgage loans with the principal and interest due each month, that typically have maturities ranging from 10 to 30 years. It also originates fixed-rate residential mortgage loans with maturities of 15, 20 and 30 years that require the payment of principal and interest on a biweekly basis. Fixed-rate jumbo residential mortgage loans are originated with maturities of up to 30 years. The company offers adjustable-rate mortgage loans. The company offers a special rate program for first-time homebuyers. 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. A substantial majority of the company’s commercial real estate loans are secured by properties located in the sate of New Jersey. The company 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 may adjust after the initial period. The company generally underwrites commercial real estate loans to a maximum 75% advance against either the appraised value of the property, or its purchase price (for loans to fund the acquisition of real estate), whichever is less. The company originates commercial business loans. Multi-family Loans: The company underwrites loans secured by apartment buildings that have five or more units. It considers multi-family lending a component of the commercial real estate lending portfolio. 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. The company’s commercial construction financing takes two forms: projects that are constructed for investment purposes (rental property) and projects for sale (single family/condominiums). To mitigate the speculative nature of construction loans, the company generally requires significant pre-leasing on rental properties; requires that a percentage of the for sale single-family residences or condominiums be under contract to support construction loan advances; requires other covenants on residential for rent projects depending on whether the project is vertical or horizontal construction. The company underwrites construction loans for a term of three years or less. For all construction loans, the company requires an independent appraisal, which includes information on market rents and/or comparable sales for competing projects. On commercial construction projects that the developer maintains for rental, the company typically holds back funds for tenant improvements until a

 

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Industry Analysis

PFS

Industry Average

Valuation PFS Industry Range
Price/Earnings 14.3x
Price/Sales 3.8x
Price/Book 0.9x
Price/Cash Flow 16.2x
TEV/Sales NM Not Meaningful
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