Company Reports Revenue of $46.8 million
PROVIDENT FINANCIAL SERVICES INC [PFS] has reported a net loss of $128.4 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $46.8 million
Based in JERSEY CITY, New Jersey, PROVIDENT FINANCIAL SERVICES INC operates in the FINANCE sector.
Consolidated Statements of Income - USD ($) in Millions 12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021
Interest and dividend income:
Real estate secured loans $0.409M $0.304M $0.252M
Commercial loans $0.129M $0.099M $0.099M
Consumer loans $0.018M $0.014M $0.014M
Available for sale debt securities and Federal Home Loan Bank stock $0.047M $0.037M $0.024M
Held to maturity debt securities $0.009M $0.010M $0.011M
Deposits, federal funds sold and other short-term investments $0.003M $0.002M $0.003M
Total interest and dividend income $0.616M $0.466M $0.402M
Deposits $0.159M $0.039M $0.027M
Borrowed funds $0.056M $0.009M $0.009M
Subordinated debentures $0.001M $0.001M $0.001M
Total interest expense $0.216M $0.049M $0.036M
Net interest income $0.399M $0.418M $0.366M
Provision charge (benefit) for credit losses $0.028M $0.008M ($0.024M)
Net interest income after provision for credit losses $0.372M $0.409M $0.390M
Fees $0.024M $0.028M $0.030M
Wealth management income $0.028M $0.028M $0.031M
Insurance agency income $0.014M $0.011M $0.010M
Bank-owned life insurance $0.006M $0.006M $0.008M
Net gain on securities transactions $0.000M $0.000M $0.000M
Other income $0.007M $0.014M $0.008M
Total non-interest income $0.080M $0.088M $0.087M
Compensation and employee benefits $0.148M $0.147M $0.143M
Net occupancy expense $0.032M $0.035M $0.033M
Data processing expense $0.023M $0.022M $0.020M
FDIC Insurance $0.009M $0.005M $0.006M
Advertising and promotion expense $0.005M $0.005M $0.004M
Provision charge (benefit) for credit losses on off-balance sheet credit exposures $0.000M ($0.003M) $0.002M
Amortization of intangibles $0.003M $0.003M $0.004M
Merger-related expenses $0.008M $0.004M $0.000M
Other operating expenses $0.047M $0.039M $0.039M
Total non-interest expense $0.276M $0.257M $0.250M
Income before income tax expense $0.176M $0.240M $0.227M
Income tax expense $0.047M $0.064M $0.059M
Net income $0.128M $0.176M $0.168M
Basic earnings per share $1.72 $2.35 $2.20
Average basic shares outstanding 74.844M 74.701M 76.472M
Diluted earnings per share $1.71 $2.35 $2.19
Average diluted shares outstanding 74.873M 74.782M 76.561M
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