EXHIBIT 99
SLIDE PRESENTATION
PROVIDENT FINANCIAL SERVICES, INC.
2003 ANNUAL MEETING
JULY 17, 2003
Paul M. Pantozzi,
Chairman of the Board,
Chief Executive Officer
and President
PROVIDENT FINANCIAL SERVICES, INC.
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 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 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 wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise 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.
PROVIDENT FINANCIAL SERVICES, INC.
Provident Financial Services, Inc.is the holding company for
The Provident Bank
On January 15, 2003, Provident Financial Services, Inc. issued an aggregate of 59.62 million shares and contributed cash and 1.92 million shares of its common stock to The Provident Bank Foundation, a charitable foundation established by The Provident Bank.
As a result of the conversion and stock offering, the company raised $586.2 million in net proceeds ($293.1 million distributed to The Provident Bank; $293.1 million retained by the holding company.)
PROVIDENT FINANCIAL SERVICES, INC.
Our Company Profile(as of June 30, 2003)
• | $4.2 billion in Assets |
• | $2.7 billion in Deposits |
• | $2.0 billion in Loans |
• | 50 branches in 10 counties in northern and central New Jersey |
• | A full-service bank: |
— | Retail and Commercial Lending |
— | On-line and Telephone Banking |
— | Trust Services and Investment Services |
— | Mortgage Company and Title Insurance Company |
PROVIDENT FINANCIAL SERVICES, INC.
Our Strengths
Tradition of Prudent Management
— | Established in 1839, we are New Jersey’s oldest bank |
Customer-Focused
— | Committed to deliver Hassle-Free Banking for Busy People |
— | Employees trained and incented for Customer Care |
Market Presence
— | 15th in Deposit Size out of 181 FDIC-insured New Jersey banks (as of June 30, 2002) |
— | 4th out of 30 in Hudson County |
— | 9th out of 36 in Essex County |
PROVIDENT FINANCIAL SERVICES, INC.
Our Current Market
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PROVIDENT FINANCIAL SERVICES, INC.
Our Mission
Our mission is to consistentlyprovide superior value
to our stockholdersby achieving strong financial performance
to our customersby delivering high quality financial solutions that help improve and enrich their lives
to our employeesby maintaining a challenging and rewarding work environment
to our communitiesby committing our personal energies and financial resources and by exemplifying outstanding leadership.
We will achieve this while holding ourselves to the highest
standards of personal and professional integrity.
PROVIDENT FINANCIAL SERVICES, INC.
Our Strategic Initiatives
Maintain Diversification of Loan Portfolio
Emphasize Relationship Banking and Core Deposits
Maintain Asset Quality
Improve Efficiency
Expand Retail Franchise
PROVIDENT FINANCIAL SERVICES, INC.
Expansion of Retail Franchise
• | 50th Branch (7th in Jersey City) opened June, 2003 |
• | New Branch (North Brunswick) opening September, 2003 |
• | 3 Branches (Howell, Jackson, Rocky Hill) purchased from Sun National Bank opening August, 2003 |
• | Ongoing exploration of additional expansion opportunities |
PROVIDENT FINANCIAL SERVICES, INC.
Linda A. Niro
Senior Vice President
and Chief Financial Officer
PROVIDENT FINANCIAL SERVICES, INC.
Loan Portfolio Diversification
to improve asset yields
to reduce exposure to interest rate risk
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PROVIDENT FINANCIAL SERVICES, INC.
Core Deposit Emphasis
to expand customer relationships
to effectively manage interest rate expense
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PROVIDENT FINANCIAL SERVICES, INC.
Dual Strategy contributes to growth in Net Interest Income
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PROVIDENT FINANCIAL SERVICES, INC.
Asset Quality
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PROVIDENT FINANCIAL SERVICES, INC.
Improve Operating Efficiency
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PROVIDENT FINANCIAL SERVICES, INC.
Asset Growth
* | As of June, 2003 Assets have increased 58.43% above Year End 2000 |
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PROVIDENT FINANCIAL SERVICES, INC.
Deposit Growth
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* | 4th Q-02 includes $526.0 million held in conversion escrow account for stock purchase. |
PROVIDENT FINANCIAL SERVICES, INC.
Net Income
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* | 1Q-03 reflects $15.6 million net of tax contribution to The Provident Bank Foundation |