Annual Meeting of Stockholders April 24, 2014 Exhibit 99.1 |
Forward Looking Statements 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. A detailed discussion of factors that could affect our results is included in our SEC filings, including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2013. |
3 Superior Markets Consistent Performance Valuable Deposit Franchise Proven Asset Generator Capable Risk Manager Shareholder Focused |
A look back: 175 years of commitment you can count on |
Company Highlights New Jersey’s oldest state chartered bank Over 75 branch offices Wealth Management and Trust Administration Services Well capitalized under current regulatory standards Eleven year history of quarterly cash dividends to stockholders No TARP No dilutive stock offerings No bulk NPA sales or debt restructurings 5 |
Total Stockholders’ Return One-year Total Return Three-year Total Return |
12/13/10 12/31/11 12/31/12 12/31/13 Enhancing Shareholder Value $0.88 $1.01 $1.18 $1.23 Earnings per Share 12% CAGR $9.47 $9.87 $10.40 $10.92 TBV per Share 5% CAGR |
$30.9M $30.9M $50.1M $50.1M $38.2M $38.2M 10% CAGR $13.19 Average $13.19 Average Cost per Share Cost per Share Enhancing Shareholder Value Regular Dividends $26.8 Regular Dividends $28.7 Regular Dividends $32.2 Special Dividend $12.0 Stock Repurchases $4.1 Stock Repurchases Stock Repurchases $5.9 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2011 2012 2013 $9.4 Return of Capital |
Increasing Profitability (*in millions) $49.7 $57.3 $67.3 $70.5 0.73% 0.83% 0.94% 0.97% $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 12/31/10 12/31/11 12/31/12 12/31/13 Net Income* ROAA |
Increasing Profitability 8.97% 9.81% 10.88% 11.04% 5.46% 6.09% 6.88% 7.08% 12/31/10 12/31/11 12/31/12 12/31/13 ROATE ROAE |
Consistent Growth |
Changing Loan Mix Commercial Types: 56% Commercial Types: 66% Retail Types: 44% Retail Types: 34% Residential 31% CRE 27% Multifamily 9% Construction 3% C&I 17% Consumer 13% 2010 Residential 23% CRE 27% Multifamily 18% Construction 4% C&I 18% Consumer 11% 2013 |
Average Earning Asset Funding Interest Bearing Core 55% Non-Int Bearing 13% Time 14% Borrowings 14% Equity 4% 2013 Interest Bearing Core 49% Non-Int Bearing 9% Time 23% Borrowings 16% Equity 3% 2010 |
Deposit Mix Interest Bearing Core 68% $3.5B Non-Int Bearing 17% $865M Time 16% $806M 2013 Interest Bearing Core 63% $3.1B Non-Int Bearing 11% $548M Time 26% $1.3B 2010 |
Average Non-interest Demand Deposit Growth $528.1 $605.8 $743.1 $839.3 12/31/2010 12/31/2011 12/31/2012 12/31/2013 |
Asset Quality 5 Quarter Trend $111,463 $111,250 $102,575 $88,865 $82,166 1.53% 1.55% 1.41% 1.21% 1.10% 4 Q 2012 1 Q 2013 2Q 2013 3Q 2013 4Q 2013 NPAs NPAs/Assets |
Provident Consolidated Bank PFS Tangible Common Equity * 9.18% Tier 1 Leverage 8.34% 9.42% Tier 1 Risk-Based Capital 11.42% 12.89% Total Risk-Based Capital 12.67% 14.14% Capital Ratios – 12/31/13 17 * Not meaningful |
18 Company Description Financial Summary ($ in millions) F/Y/E 2013 Team Capital Bank is a Pennsylvania state-chartered savings bank Organized by regional segments / lending teams, which include: Lehigh Valley, Bucks County and New Jersey 12 branches: Lehigh Valley (3), Bucks (2) and New Jersey (7) - Experienced commercial lending teams with approximately 15 loan officers Focus on small business and middle market accounts that are underserved by larger banks Overview of Team Capital Assets $944 Net Loans $603 Deposits $727 Tangible Common Equity $70 ROAA 0.68% ROACE 9.1% NPAs / Assets 0.38% NPAs / Loans + OREO 0.60% |
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