Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PROVIDENT FINANCIAL SERVICES INC | d8k.htm |
| EX-99.1 - PRESS RELEASE ISSUED BY THE COMPANY - PROVIDENT FINANCIAL SERVICES INC | dex991.htm |
 1
ANNUAL MEETING
ANNUAL MEETING
OF
OF
STOCKHOLDERS
STOCKHOLDERS
April 28, 2011
April 28, 2011
Exhibit 99.2 |
 Forward Looking Statements
2
Certain statements contained herein are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may be identified by reference to a future period or
periods, or by the use of forward-looking terminology, such as
"may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or variations on those terms, or
the negative of those terms. Forward-looking statements are subject to
numerous risks and uncertainties, including, but not limited to, those
related to the economic environment, particularly in the market areas in
which Provident Financial Services, Inc. (the “Company”)
operates, competitive products and pricing, fiscal and monetary policies of the
U.S. Government, changes in government regulations affecting financial
institutions, including regulatory fees and capital requirements, changes
in prevailing interest rates, acquisitions and the integration of
acquired businesses, credit risk management, asset-liability management,
the financial and securities markets and the availability of and costs
associated with sources of liquidity.
The Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. The
Company also advises readers that the factors listed above could affect
the Company's financial performance and could cause the Company's actual
results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current statements.
The Company does not undertake and specifically declines any obligation
to publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of anticipated or
unanticipated events. |
 Company Profile
3
Holding Company for The Provident Bank
New Jersey’s oldest chartered bank, founded in 1839
81 branches in 11 counties
IPO Date: January 2003
NYSE Symbol: PFS
Market Cap: $859.2 million
Average Daily Volume: 313,161 shares*
* 1 year period ended 4/25/11 |
 Experienced Management Team
4
Financial Services Experience: |
 Experienced Management Team
5
Financial Services Experience: |
 6
All directors independent except CEO
Independent lead director and committee chairs
Broad diversification and backgrounds
Strong financial and corporate governance
expertise
Independent Board Leadership |
 Operating Strategies
7
Create and expand customer relationships to attain
financial goals through personal attention
Provide solutions for our customers’
needs with
competitive and diverse product offerings
Continue to diversify the balance sheet composition
with emphasis on commercial relationships
Conservatively manage our company for consistent
long-term profitability and growth
Logically grow in markets relevant to our company
Expand/maintain margin while protecting against a
rise in interest rates |
 Operating Strategies (cont.)
8
Build upon our low-cost, core deposit funding
base
Build and grow fee income sources (Wealth
Management)
Challenge our officers and staff to further
enhance operating efficiencies
Continue to foster a “Pay for Performance”
culture within our organization
Maintain sufficient capital to provide adequate
coverage to operate effectively
Monitor the M & A environment for accretive
opportunities |
 Stockholder Value
9
Adhering to these strategies
results in:
Competitive advantage
Profitable growth
Increased earnings
Enhanced long-term stockholder
value |
 Branch Map
10 |
 Total Assets
11
As of December 31, |
 Total Loans
12
As of December 31, |
 Loan Mix
13
12/31/07
12/31/10 |
 Investment Portfolio as of 12/31/10
Available for Sale
Weighted
Avg.
Life
3.16
yrs.
Held to Maturity
Weighted
Avg.
Life
4.46
yrs.
14 |
 Deposit Mix
15
* Non-Interest Bearing
12/31/07
12/31/10 |
 Deposit Mix
16
* Non-Interest Bearing |
 17
Thomas M. Lyons
Executive Vice President &
Chief Financial Officer |
         (Dollars in
thousands) INCOME STATEMENT:
3/31/11
3/31/10
Net income
$12,931
$11,187
Diluted earnings per share
$0.23
$0.20
Return on equity
5.65%
5.08%
Return on assets
0.77%
0.67%
Net interest margin
3.51%
3.35%
Efficiency ratio
58.32%
59.14%
Financial Highlights
18 |
         (Dollars in
thousands) BALANCE SHEET:
3/31/11
12/31/10
Total assets
$6,793,992
$6,824,528
Total loans
$4,457,128
$4,409,813
Total deposits
$4,887,999
$4,877,734
Total investments
$1,639,980
$1,763,232
Total borrowed funds
$923,289
$969,683
Total stockholders' equity
$926,106
$921,687
19
Financial Highlights (cont.) |
 Asset Quality
20
$114,553 |
 Allowance for Loan Losses to Total Loans
21 |
 Amount
Ratio
Amount
Ratio
Regulatory Tier 1 leverage capital
257,915
$
4.00%
479,156
$
7.43%
Tier 1 risk-based capital
171,529
$
4.00%
479,156
$
11.17%
Total risk-based capital
343,059
$
8.00%
532,995
$
12.43%
REQUIRED
ACTUAL
(Dollars in thousands)
The Provident Bank continues to exceed all current regulatory capital
The Provident Bank continues to exceed all current regulatory capital
requirements and remains “well capitalized.”
requirements and remains “well capitalized.”
Capital
22
March 31, 2011 |
 23
Christopher Martin
Chairman, President &
Chief Executive Officer |
 Current
Dividend Yield (as of 4/20/11) = 3.13% Quarterly Cash Dividend since
IPO 24 |
 ROA & ROE
25
*Operating ROA & ROE. Excludes Goodwill impairment.
|
 Total Return
26
Source: SNL |
 27
Questions /
Comments |