Provident Financial Services (PFS) FY2020 results: revenue $385 million, up 6.4% on the year
Provident Financial Services Inc. (PFS) reported revenue of $385 million for fiscal 2020, the year ended 31 December 2020, up 6.4% on the year before. Net income was $97 million, down 13.9%, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$385 million
+6.4% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$97 million
-13.9% on the year
FY2013FY2020
Diluted EPS
$1.39
-20.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
385
362
359
+6.4%
Interest expense
50.7
73.5
59.2
-31.0%
Pre-tax income
128
147
144
-13.3%
Income tax
30.6
34.5
25.5
-11.2%
Effective tax rate
24.0%
23.4%
17.7%
Net income
97.0
113
118
-13.9%
Net margin
25.2%
31.1%
32.9%
Diluted EPS
$1.39
$1.74
$1.82
-20.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
103
137
156
-24.6%
Capital expenditure
12.8
4.9
3.2
+162.7%
Free cash flow
90.5
132
153
-31.5%
Cash from investing
-504
42.9
46.7
Cash from financing
747
-136
-251
Depreciation and amortisation
11.0
10.4
10.1
+5.9%
Buybacks
21.2
19.9
13.2
+6.5%
Dividends paid
65.8
72.8
53.6
-9.6%
Dividend per share
$0.92
$1.12
$0.82
-17.9%
Diluted shares, weighted
70m
65m
65m
+7.6%
Shares outstanding at period end
78m
66m
66m
+18.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,620
1,414
1,359
+14.6%
Deposits
9,838
7,103
6,830
+38.5%
Debt
1,201
1,125
1,442
+6.8%
Other liabilities
261
167
94.4
+56.3%
Total liabilities and equity
12,920
9,809
9,726
+31.7%
Fixed assets
75.9
55.2
58.1
+37.6%
Goodwill
443
421
412
+5.3%
Securities held for sale or to maturity
1,556
1,431
1,543
+8.8%
Loans
9,721
7,277
7,195
+33.6%
Cash and equivalents
418
146
105
+186.8%
Other assets
705
479
414
+47.1%
Total assets
12,920
9,809
9,726
+31.7%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.