Provident Financial Services (PFS) FY2014 results: revenue $280 million, up 7.6% on the year
Provident Financial Services Inc. (PFS) reported revenue of $280 million for fiscal 2014, the year ended 31 December 2014, up 7.6% on the year before. Net income was $74 million, up 4.4%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$280 million
+7.6% on the year
FY2008FY2014
Operating margin
n/a
FY2008FY2014
Net income
$74 million
+4.4% on the year
FY2008FY2014
Diluted EPS
$1.22
-0.8% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
280
260
261
+7.6%
Interest expense
40.5
36.8
44.9
+10.1%
Pre-tax income
105
106
96.1
-0.5%
Income tax
31.8
35.4
28.9
-10.1%
Effective tax rate
30.2%
33.4%
30.0%
Net income
73.6
70.5
67.3
+4.4%
Net margin
26.3%
27.1%
25.8%
Diluted EPS
$1.22
$1.23
$1.18
-0.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
102
120
108
-15.2%
Capital expenditure
16.4
7.7
7.7
+113.3%
Free cash flow
85.2
112
101
-24.0%
Cash from investing
-74.6
-259
-185
Cash from financing
-24.6
137
111
Depreciation and amortisation
11.1
8.8
9.3
+26.9%
Buybacks
3.5
5.9
9.4
-39.9%
Dividends paid
36.1
32.3
40.7
+11.8%
Diluted shares, weighted
61m
57m
57m
+5.6%
Shares outstanding at period end
65m
60m
60m
+8.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,144
1,011
981
+13.2%
Deposits
5,793
5,202
5,428
+11.3%
Debt
1,510
1,204
803
+25.4%
Other liabilities
76.9
70.2
70.9
+9.5%
Total liabilities and equity
8,523
7,487
7,284
+13.8%
Fixed assets
93.0
66.4
66.1
+39.9%
Goodwill
393
353
353
+11.4%
Securities held for sale or to maturity
470
358
359
+31.3%
Loans
6,024
5,130
4,834
+17.4%
Cash and equivalents
104
101
104
+2.5%
Other assets
1,441
1,479
1,567
-2.6%
Total assets
8,523
7,487
7,284
+13.8%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.