Provident Financial Services, Inc · NYSE:PFS
Provident Financial Services — Shareholder Meeting (April 2009)
20 slides from Provident Financial Services's shareholder meeting presentation, Apr 22, 2009
Slide 1: Annual Meeting Of Stockholders
Annual Meeting Of Stockholders April 22, 2009 Exhibit 99.1
Slide 2: Forward Looking Statements
Forward Looking Statements 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 3: Company Profile
Company Profile • Holding Company for The Provident Bank – New Jersey’s oldest bank, founded in 1839 – 82 branches in 10 counties • IPO Date: January 2003 • NYSE Symbol: PFS • Market Cap: $696.5 million * • Average Daily Volume: 640,000 shares * *as of 4/17/09 Company Profile
Slide 4: Stock Ownership Profile
Stock Ownership Profile • Institutional Ownership: 56.9% • Individual Ownership: 26.8% • Insider Ownership: – Executive Officers & Directors: 8.5% – Employee Stock Ownership Plan: 7.8% Stock Ownership Profile
Slide 5: Total Return Performance
PFS - 06/29/2007 - 04/1 7/2009 Total Return Performance 405 £ = = 5 a a 5 e a “ ROTTEN PANG? SERVICES TNC IPROVIDENT FINANCIAL SERVICES, INC.
Slide 6: Executive Leadership Team
Executive Leadership Team • Paul M. Pantozzi 46 Years 46 Years – Chairman & Chief Executive Officer • Christopher Martin 28 Years 5 Years – President & Chief Operating Officer • Donald Blum 30 Years 8 Years – EVP & Chief Lending Officer • John F. Kuntz 22 Years 8 Years – EVP & General Counsel • Lind
Slide 7: Executive Leadership Team
Executive Leadership Team • Brian Giovinazzi 32 Years 2 Years – EVP & Chief Credit Officer • Giacamo Novielli 31 Years 31 Years – EVP & Chief Information Officer • Michael A. Raimonde 35 Years 2 Years – SVP – Retail Banking • Janet Krasowski 30 Years 3 Years – SVP – Human Resources • James D. Nesci
Slide 8: Strategic Priorities
Strategic Priorities • Provide competitively priced loan and deposit products and services – Emphasis on customized solutions • Build commercial customer relationships – Emphasis on increasing commercial ratio of both loans and deposits • Enhance non-interest income – Emphasis on Wealth Management •
Slide 9: Strategic Priorities
Strategic Priorities • Maintain a well-trained, highly motivated workforce – Emphasis on customer service – Emphasis on operating efficiency • Enhance technology – “Virtual Branch” • Maximize effectiveness of branch network – Open new branches in strong markets – Consolidate underperforming branches
Slide 10: Stockholder Value
Stockholder Value • Adhering to priorities culminates in: – Competitive advantage – Profitable growth – Increased earnings – Enhanced long-term stockholder value Stockholder Value
Slide 11: Branch Map
Branch Map
Slide 12: Total Assets
Total Assets (in $ millions) $5,743 $6,359 $6,549 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 2006 2007 2008 Total Assets (in $ millions)
Slide 13: Total Deposits
Total Deposits (in $millions) $3,826 $4,225 $4,226 $3,600 $3,700 $3,800 $3,900 $4,000 $4,100 $4,200 $4,300 2006 2007 2008 Total Deposits (in $millions)
Slide 14: Deposit Mix
Deposit Mix Time 40.76% Savings 32.96% Money Market 3.05% NOW 11.69% Non- Int DDA 11.54% NOW 14.25% Savings 20.64% Time 36.26% Non-Int DDA 10.94% 12/31/06 12/31/08 Deposit Mix Money Market 17.91%
Slide 15: Total Loans
Total Loans (in $millions) $3,783 $4,296 $4,527 $3,400 $3,600 $3,800 $4,000 $4,200 $4,400 $4,600 2006 2007 2008 Total Loans (in $millions)
Slide 16: Loan Mix
Loan Mix 12/31/06 12/31/08 CRE 24.63% Construction 5.17% C & I 16.68% 1- 4 Family 39.70% C & I 13.30% 1- 4 Family 43.00% Construction 7.50% CRE 20.40% Loan Mix Consumer 13.82% Consumer 15.70%
Slide 17: Asset Quality
Asset Quality • No sub-prime loans • No preferred stocks, trust-preferred securities or CDOs • Conservative credit culture – Loan underwriting standards – Portfolio risk evaluation – Proactive collection and loan work-out practices Asset Quality
Slide 18: Non-Performing Assets to Total Assets
Non-Performing Assets to Total Assets 0.95% 0.56% 0.14% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 2006 2007 2008 Non-Performing Assets to Total Assets
Slide 19: Loan Loss Allowance to Total Loans
Loan Loss Allowance to Total Loans 1.05% 0.95% 0.86% 0.80% 0.90% 1.00% 1.10% 2006 2007 2008 Loan Loss Allowance to Total Loans
Slide 20: Capital
Capital • PFS and The Provident Bank exceed regulatory thresholds to be considered “well-capitalized” • Not participating in federal government’s Capital Purchase Plan under TARP Capital
Provident Financial Services — Shareholder Meeting (April 2009) on 6ix