Provident Financial Services, Inc · NYSE:PFS
Provident Financial Services — Shareholder Meeting (April 2005)
17 slides from Provident Financial Services's shareholder meeting presentation, Apr 27, 2005
Slide 1: 2005 Annual Meeting of Stockholders
2005 Annual Meeting of Stockholders PROVIDENT FINANCIAL SERVICES, INC. April 27, 2005
Slide 2: Financial Highlights 1st Quarter 2005
PROVIDENT FINANCIAL SERVICES, INC. Financial Highlights 1st Quarter 2005
Slide 3: Forward Looking Statement
Forward Looking Statement 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
Slide 4: Financial Highlights: Income Statement
Financial Highlights (Dollars in thousands) INCOME STATEMENT: 3/31/05 3/31/04 Net income $15,022 $10,294 Diluted earnings per share $0.22 $0.19 Return on equity 5.34% 5.06% Return on assets 0.95% 0.98% Net interest margin 3.38% 3.50% Efficiency ratio 58.83% 63.40%
Slide 5: Financial Highlights: Balance Sheet
Financial Highlights (Dollars in thousands) BALANCE SHEET: 3/31/05 12/31/04 Total assets $6,359,476 $6,433,322 Total loans $3,678,695 $3,707,211 Total deposits $4,051,903 $4,050,473 Total investments $1,782,374 $1,900,256 Total borrowings $1,136,435 $1,193,177
Slide 6: Financial Highlights: Asset Quality
Financial Highlights ASSET QUALITY: 3/31/05 3/31/04 Non-performing loans to total loans 0.15% 0.19% Non-performing assets to total assets 0.09% 0.10% Allowance for loan losses to total loans 0.92% 0.91%
Slide 7: Focused on Performance, Positioned for Success
PROVIDENT FINANCIAL SERVICES, INC. Focused on Performance Positioned for Success
Slide 8: Positioned for Success
Positioned for Success A strong franchise in great markets Continuing evolution of business model from traditional thrift to full-service community bank Ongoing emphasis on core deposit generation to build customer relationships and manage interest rate risk Consistent building of commercial lending
Slide 9: Strengths of Our Franchise: Market Presence
Strengths of Our Franchise Market Presence Acquisition of First Sentinel Bancorp, Inc. completed July 14, 2004 Combination created New Jersey’s 8th largest bank in deposit market share* 3rd largest headquartered in New Jersey* Significantly enhanced presence in market with superior demographics *Sou
Slide 10: Branches in 10 New Jersey Counties
Sussex Warren Morris Rockland Union New Jersey New York Pennsylvania Burlington Ocean Copyright (c) 2005 SNL Financial LC. All rights reserved 18.7ml Branches in 10 Counties Corporate Headquarters Jersey City, NJ Loan Center Woodbridge, NJ
Slide 11: Strengths of Our Franchise: Reputation
Strengths of Our Franchise Reputation 166 years as an independent financial services company Brand recognition in the nation’s most densely populated state allows us to compete with larger banks and to compete with new entrants in our market Established tradition of community involvement and corpora
Slide 12: Strengths of Our Franchise: Commercial Lending Capabilities
Strengths of Our Franchise Commercial Lending Capabilities Continued building of lending team and talent Dedicated to building total relationships with commercial customers Steadily increasing ratio of commercial loan assets to total earning assets State-wide reputation as a commercial real estate a
Slide 13: Strengths of Our Franchise: Retail Client Services
Strengths of Our Franchise Retail Client Services Range and depth of deposit and loan product offerings for retail customers Effective delivery with constant focus on customer service and satisfaction Ongoing investment in the tools, training and talent to define and fulfill individual customer need
Slide 14: Focused on Performance: Maintaining a Strong Balance Sheet
Focused on Performance Maintaining a Strong Balance Sheet Commitment to asset quality maintenance Active balance sheet management and rational pricing to maintain net interest margin Commitment to improvement of operating efficiency Commitment to increase deposit market share
Slide 15: Focused on Performance: Capital Deployment
Focused on Performance Capital Deployment Continue to look at acquisition opportunities Rational expansion within existing footprint Must add long-term stockholder value Stock Repurchase Completed first program 4th Quarter 2004; approximately 4.0 million shares repurchased Board approved second prog
Slide 16: Capital Deployment (cont'd): Cash Dividends
Focused on Performance Capital Deployment (cont’d) Cash Dividends $0.04 per common share dividend declared after first quarter of operation as a public company 25% increase to $0.05 per share declared July 2003 20% increase to $0.06 per share declared January 2004 16.7% increase to $0.07 per share d
Slide 17: Our Mission
OUR MISSION Our mission is to consistently provide superior value to our stockholders by achieving strong financial performance to our customers by delivering high quality financial solutions that help improve and enrich their lives to our employees by maintaining a challenging and rewarding work en
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