Provident Financial Services, Inc · NYSE:PFS
Provident Financial Services — Shareholder Meeting (June 2004)
20 slides from Provident Financial Services's shareholder meeting presentation, Jun 23, 2004
Slide 1: 2004 Annual Meeting
Exhibit 99.1 2004 ANNUAL MEETING JUNE 23, 2004 Paul M. Pantozzi Chairman of the Board, Chief Executive Officer and President
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the merger between Provident Financial S
Slide 3: Our Mission
Our Mission 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 environment to ou
Slide 4: Our Vision
Our Vision Investors Seek Financial Performance — which will be driven by — Customers Seek Customer-Centricity — which will be driven by — Focused & Rewarded Employees Seek Workforce
Slide 5: Our Ongoing Strategic Initiatives
Our Ongoing Strategic Initiatives • Align our Company around our Customers • Maximize Earnings Per Share • Maintain a diversified Loan Portfolio • Emphasize Core Deposits • Remain devoted to Asset Quality • Actively manage risk • Improve Efficiency Ratio • Prudently deploy Capital
Slide 6: Our Financial Condition — Positioned for Growth
Our Financial Condition — Positioned for Growth Year-End Financial Data ($in millions) 2003 % 2002 % % 2000 Change Change 2001 Change Total Assets 4,285 9.3 3,919 36.6 2,870 8.6 2,642 Loans (Net) 2,217 9.1 2,032(1) 3.9 1,995 2.0 1,955 Deposits 2,696 (16.7) 3,243 38.5 2,342 8.0 2,168 Equity 817 150.6
Slide 7: Diversified Loan Portfolio
Diversified Loan Portfolio Percentage of Total Loan balances outstanding as of year-end Retail Loans (1) 55.45% 47.52% 60.20% Commercial Loans (2) 44.55% 52.48% 39.80% (1) 1-4 Family Mortgages and all Consumer Loans (2) Commercial (C & I), Commercial R.E., Multi-Family, Construction
Slide 8: Core Deposit Emphasis
Core Deposit Emphasis Percentage of Total Deposit balances outstanding as of year-end Checking & Savings Deposits (Core) Time 55.05% 61.30% (1) 65.39% Deposits 44.95% 38.70% 34.61% (1) Excludes conversion escrow account
Slide 9: Key Operating Ratios: Non-Performing Loans/Total Loans
Key Operating Ratios: Non-Performing Loans/Total Loans NPL’s 0.28% 0.28% 0.27% 0.19%
Slide 10: Key Operating Ratios: Net Interest Margin
Key Operating Ratios: Net Interest Margin NIM 3.53% 3.14% 3.41% 3.50%
Slide 11: Key Operating Ratios: Efficiency Ratio
Key Operating Ratios: Efficiency Ratio E.R. 62.00% 68.63% 71.40% 63.40%
Slide 12: Key Operating Ratios: Earnings Per Share
Key Operating Ratios: Earnings Per Share (Basic and Diluted) EPS $0.15 $0.14 $0.14 $0.19
Slide 13: Cash Dividends Paid per Common Share
Cash Dividends Paid per Common Share Div. Per Share $0.04 $0.05 $0.05 $0.06 $0.06
Slide 14: Strategic Growth in New Jersey's Most Attractive Markets
Strategic Growth in New Jersey’s Most Attractive Markets
Slide 15: Our Current Market
OUR CURRENT MARKET Map Source: SNL Financial
Slide 16: Solidifying Provident's Franchise in Central NJ
Solidifying Provident’s Franchise in Central NJ Provident Pro Forma Deposits (12/31/03) $4,054 mm (1) Branches 76 Avg. Dep./Branch $53.3 mm Map Source: SNL Financial (1) Source: Joint Proxy/Prospectus dated May 7, 2004. Includes purchase accounting adjustments.
Slide 17: Creates Significant Balance Sheet Growth
Creates Significant Balance Sheet Growth (Selected Financial Data as of 12/31/04 in $ billions) Actual 0.8 2.2 2.7 4.3 Pro-Forma 1.2 3.4 4.1 6.6 (1) Source: Joint Proxy/Prospectus dated May 7, 2004. Includes purchase accounting adjustments.
Slide 18: Poised for Successful Integration
Poised for Successful Integration • Straight-forward transparent operations with similar cultures and business models • No immediate branch closures anticipated – Minimize customer disruption – Substantially all employees with customer interaction remain in place • Conservative cost savings assumpti
Slide 19: Summary: A Compelling Combination
Summary: A Compelling Combination • Adds highly attractive franchise in one of New Jersey’s best banking markets • Anticipated accretion to EPS with solid internal rate of return • In-market transaction with conservative cost savings assumptions • First Sentinel possesses strong fundamentals • Manag
Slide 20: Provident Financial Services, Inc.
—\ PROVIDENT FINANCIAL SERVICES, INC
Provident Financial Services — Shareholder Meeting (June 2004) on 6ix