ProvidentNJ Direct

Washington And York Streets
Jersey City, NJ 07303
1-800-448-7768
www.providentnjdirect.com
The Provident Bank is proud to announce the opening of ProvidentNJ Direct, our new Internet branch. ProvidentNJ Direct was created specifically to offer “value-added” accounts to those customers who prefer to do their banking online and at their convenience.' For more information about The Provident Bank, we invite you to visit www.providentnj.com

Related Posts

ProvidentNJ Direct's New Limit on External Transfers - 10/1/2009

ProvidentNJ Direct has implemented a new very restrictive external transfer policy that limits external transfers to only $2,000 per day. In an email to customers, the bank claims that this new limitation was put in place "to protect your accounts...

3.25% 90-Day Online Savings Account Promo at ProvidentNJ Direct - Nationtally Available - 4/29/2009

Update 8/14/09: The 90-day intro rate has fallen to 2.00% APY, and the standard rate has fallen to 1.50% APY for balances of $10K+ and 1.00% APY for balances under $10K.The Provident Bank in New Jersey has started an internet bank called ProvidentNJ...

$123 Checking Account Bonus at Provident Bank - 2/3/2009

Provident Bank has a $123 checking account promotion. The new checking account must be opened by 3/31/09, and the customer must have direct deposit and an active Provident MasterMoney debit card by 4/30/09. Here are some important details from the small...

$100 Checking Account Bonus at Provident Bank - 9/16/2008

Provident Bank has a $100 checking promotion. The new checking account must be opened by 11/21/08, and the customer must have direct deposit and a Provident MasterMoney debit card by 12/31/08. Here are some important details from the small print:Offer...

2007




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See Rates for: Checking | Savings

ProvidentNJ Direct Checking Account Rates

ApyMinMaxProduct
1.00%$50$1kGreen Checking

ProvidentNJ Direct Savings Account Rates

ApyMinMaxProduct
0.25%$10k-Power Savings

Rates updated: 2/9/2012

Data for Q3 2011


Institution Statistics


The Provident Bank
FDIC Certificate #12010
BankRate ReportView
Year Established1839
Employees891
Primary RegulatorFDIC

Assets and Liabilities

Assets$7.00 billion
Loans$4.49 billion
Deposits$5.10 billion
Equity Capital$863.47 million
Loan Loss Allowance$73.66 million
Unbacked Noncurrent Loans$128.09 million
Real Estate Owned$6.10 million

Historic Data - September 2010

Assets$6.79 billion
Equity Capital$832.41 million
Loan Loss Allowance$68.76 million
Unbacked Noncurrent Loans$98.82 million
Real Estate Owned$4.75 million

Profit Margin - Quarterly

Net Interest Margin3.51%
Return on Assets0.81%
Return on Equity6.56%
Interest Income$208.45 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 ProvidentNJ Direct had $134.18 million in non-current loans and owned real-estate with $937.13 million in equity and loan loss allowances on hand to cover it. This gives ProvidentNJ Direct a Texas Ratio of 14.32% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for ProvidentNJ Direct held steady from 11.52% as of September 30, 2010 to 14.32% as of September 30, 2011, resulting in a negative change of 24.26%. This indicates that the balance sheet and financial strength for ProvidentNJ Direct has held steady in recent periods.
Deposit Growth4
In the past year, ProvidentNJ Direct has increased its total deposits by $174.3 million, resulting in 3.54% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth ProvidentNJ Direct has shown is above average.
Capitalization5
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. ProvidentNJ Direct has $7 billion in assets with $937.13 million in equity, resulting in a capitalization level of 13.39%, which is excellent.
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