Provident Financial Services (PFS) FY2016 results: revenue $314 million, up 2.9% on the year
Provident Financial Services Inc. (PFS) reported revenue of $314 million for fiscal 2016, the year ended 31 December 2016, up 2.9% on the year before. Net income was $88 million, up 4.9%, and diluted earnings per share $1.38. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$314 million
+2.9% on the year
FY2009FY2016
Operating margin
n/a
FY2009FY2016
Net income
$88 million
+4.9% on the year
FY2009FY2016
Diluted EPS
$1.38
+3.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
314
305
280
+2.9%
Interest expense
43.7
41.9
40.5
+4.4%
Pre-tax income
125
120
105
+3.8%
Income tax
37.0
36.4
31.8
+1.5%
Effective tax rate
29.6%
30.3%
30.2%
Net income
87.8
83.7
73.6
+4.9%
Net margin
28.0%
27.4%
26.3%
Diluted EPS
$1.38
$1.33
$1.22
+3.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
127
115
102
+10.8%
Capital expenditure
5.0
5.9
16.4
-15.5%
Free cash flow
122
109
85.2
+12.3%
Cash from investing
-581
-409
-74.6
Cash from financing
496
292
-24.6
+69.5%
Depreciation and amortisation
12.8
13.7
11.1
-7.0%
Buybacks
1.6
0.0
3.5
Dividends paid
45.4
41.3
36.1
+9.9%
Diluted shares, weighted
64m
63m
61m
+1.2%
Shares outstanding at period end
66m
65m
65m
+0.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,252
1,196
1,144
+4.7%
Deposits
6,554
5,924
5,793
+10.6%
Debt
1,613
1,708
1,510
-5.6%
Other liabilities
82.3
84.0
76.9
-2.0%
Total liabilities and equity
9,500
8,912
8,523
+6.6%
Fixed assets
84.1
89.0
93.0
-5.5%
Goodwill
412
412
393
-0.0%
Securities held for sale or to maturity
488
474
470
+3.1%
Loans
6,942
6,476
6,024
+7.2%
Cash and equivalents
144
102
104
+41.2%
Other assets
1,431
1,359
1,441
+5.3%
Total assets
9,500
8,912
8,523
+6.6%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.