Provident Financial Services (PFS) FY2019 results: revenue $362 million, up 0.7% on the year
Provident Financial Services Inc. (PFS) reported revenue of $362 million for fiscal 2019, the year ended 31 December 2019, up 0.7% on the year before. Net income was $113 million, down 4.9%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$362 million
+0.7% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$113 million
-4.9% on the year
FY2012FY2019
Diluted EPS
$1.74
-4.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
362
359
334
+0.7%
Interest expense
73.5
59.2
45.6
+24.2%
Pre-tax income
147
144
140
+2.2%
Income tax
34.5
25.5
46.5
+35.0%
Effective tax rate
23.4%
17.7%
33.1%
Net income
113
118
93.9
-4.9%
Net margin
31.1%
32.9%
28.1%
Diluted EPS
$1.74
$1.82
$1.45
-4.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
137
156
117
-12.1%
Capital expenditure
4.9
3.2
3.2
+54.4%
Free cash flow
132
153
114
-13.4%
Cash from investing
42.9
46.7
-306
-8.2%
Cash from financing
-136
-251
236
Depreciation and amortisation
10.4
10.1
11.6
+2.9%
Buybacks
19.9
13.2
0.4
+50.8%
Dividends paid
72.8
53.6
60.0
+35.8%
Dividend per share
$1.12
$0.82
$0.93
+36.6%
Diluted shares, weighted
65m
65m
65m
-0.6%
Shares outstanding at period end
66m
66m
67m
-0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,414
1,359
1,299
+4.0%
Deposits
7,103
6,830
6,714
+4.0%
Debt
1,125
1,442
1,743
-22.0%
Other liabilities
167
94.4
89.9
+76.9%
Total liabilities and equity
9,809
9,726
9,845
+0.9%
Fixed assets
55.2
58.1
63.2
-5.0%
Goodwill
421
412
412
+2.2%
Securities held for sale or to maturity
1,431
1,543
1,515
-7.3%
Loans
7,277
7,195
7,266
+1.1%
Cash and equivalents
146
105
191
+39.2%
Other assets
479
414
399
+15.8%
Total assets
9,809
9,726
9,845
+0.9%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.