Provident Financial Services Inc (NYSE: PFS)

Provident Financial Services, Inc., also known as Provident Bank, is a Delaware corporation operating in the banking industry, with the ticker symbol PFS. The company's main business activities include originating various types of loans, such as commercial real estate loans, commercial business loans, residential mortgage loans, and consumer loans, among others. These activities are carried out in a network of 94 full-service banking offices throughout northern and central New Jersey, three counties in Pennsylvania, and two counties in New York.

Provident Financial Services generates revenue primarily through the origination and retention of loans, as well as through the sale of securities and other investments. The bank's primary sources of revenue are commercial real estate loans, which are secured by mortgages on various commercial income-producing properties, and commercial business loans, which are made to businesses of varying size and type. Residential mortgage loans and consumer loans are also significant contributors to the company's revenue.

The bank's loan portfolio is diversified across various industries and geographic regions, with a focus on commercial real estate and commercial business loans. As of December 31, 2023, the bank's loan portfolio consisted of commercial mortgage loans, multi-family mortgage loans, construction loans, residential mortgage loans, and consumer loans, totaling $8.4 billion. The bank's loan portfolio is managed by a team of experienced credit professionals who assess the creditworthiness of borrowers and monitor the performance of loans on an ongoing basis.

Provident Financial Services' commercial real estate loan portfolio is comprised of loans secured by mortgages on various commercial income-producing properties. These loans are originated with adjustable rates and with fixed interest rates for a period that is generally five to ten years or less. The bank's largest commercial real estate loan as of December 31, 2023, was a $37.8 million loan secured by a first leasehold mortgage lien on two adjacent industrial warehouse buildings.

The company's multi-family loan portfolio is comprised of loans secured by multi-family properties that have five or more units. These loans are originated with adjustable rates and with fixed interest rates for a period that is generally five to ten years or less. The bank's largest multi-family loan as of December 31, 2023, was a $42.2 million loan secured by first mortgage liens on four, three to nine-story apartment buildings.

The company's construction loan portfolio is comprised of loans secured by construction projects. These loans are originated with adjustable rates and with fixed interest rates for a period that is generally three years or less. The bank's largest construction loan as of December 31, 2023, was a $45.5 million commitment secured by a first mortgage lien on property and improvements related to the construction of a 165-unit, multi-family luxury apartment complex.

The company's residential mortgage loan portfolio is comprised of loans secured by first mortgages on one- to four-family residences. These loans are originated with adjustable rates and with fixed interest rates for a period that is generally five to ten years or less. The bank's largest residential mortgage loan as of December 31, 2023, was a $25 million loan secured by a first mortgage lien on a single-family residence.

The company's consumer loan portfolio is comprised of loans made to individuals, including home equity loans, home equity lines of credit, and personal loans. These loans are originated with fixed interest rates and with adjustable rates for a period that is generally five to ten years or less.