1 Exhibit 99.2 |
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. 2 |
3 *As of 4/16/10 |
4 |
FINANCIAL SERVICES EXPERIENCE: 5 |
6 FINANCIAL SERVICES EXPERIENCE: |
• All directors independent except CEO • Broad diversification and backgrounds • Average term on Board exceeds 14 years • Strong financial expertise 7 |
• Provide solutions for our customers’ financial needs through personal interaction accompanied by competitive and diverse product offerings • Continue to diversify our balance sheet composition with emphasis on commercial relationships • Conservatively manage our company for consistent long- term profitability and growth • Logically expand and grow in markets relevant to our company • Expand/maintain margin without taking a substantial amount of interest rate risk • Build upon our low-cost, core deposit funding base 8 |
• Build and grow fee income sources (Wealth Management) • Constantly challenge our officers and staff to achieve operating efficiencies • Continue to cultivate 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 9 |
Adhering to priorities culminates in • Competitive advantage • Profitable growth • Increased earnings • Enhanced long-term stockholder value 10 |
11 |
(In millions) 12 As of December 31, |
13 As of December 31, |
14 |
Weighted Avg. Life: 2.93 yrs. Weighted Avg. Life: 4.02 yrs. |
* Non-Interest Bearing 16 |
17 As of December 31, (In thousands) |
18 |
19 |
(Dollars in thousands) INCOME STATEMENT: 3/31/10 3/31/09* Net income $11,187 $8,883 Diluted earnings per share $0.20 $0.16 Return on equity 5.08% 3.53% Return on assets 0.67% 0.55% Net interest margin 3.35% 3.10% Efficiency ratio 59.14% 65.42% 20 *All dollar amounts and percentages exclude the effects of the $152.5 million goodwill impairment charge recorded in the first quarter of 2009. |
(Dollars in thousands) BALANCE SHEET: 3/31/10 12/31/09 Total assets $6,796,539 $6,836,172 Total loans $4,326,813 $4,384,194 Total deposits $4,884,715 $4,899,177 Total investments $1,628,067 $1,702,513 Total borrowed funds $966,064 $999,233 Total stockholders' equity $894,211 $884,555 21 |
22 |
23 |
24 |
Amount Ratio Amount Ratio Regulatory Tier 1 leverage capital 257,529 $ 4.00% 431,904 $ 6.71% Tier 1 risk-based capital 168,468 $ 4.00% 431,904 $ 10.25% Total risk-based capital 336,937 $ 8.00% 484,628 $ 11.51% REQUIRED ACTUAL (Dollars in thousands) The Provident Bank continues to exceed all current regulatory The Provident Bank continues to exceed all current regulatory capital requirements and remains “well capitalized.” capital requirements and remains “well capitalized.” 25 |
26 Current Dividend Yield (as of 4/16/09) = 3.53% |
27 |