 PROVIDENT BANKSHARES PROVIDENT BANKSHARES C O R P O R A T I O N C O R P O R A T I O N November 2007 November 2007 Exhibit 99.1 |
 FORWARD-LOOKING STATEMENTS AND RISK FACTORS This presentation contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding business strategies, intended results and future performance. Forward-looking statements are preceded by such terms as “expects,” “believes,” “anticipates,” “intends,” and similar expressions. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this presentation should be evaluated together with the uncertainties that affect the Company’s business, particularly those mentioned under the headings “Forward- looking Statements” and “Item 1A. Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2006, and in its reports on Form 10-Q and Form 8-K, which the Company incorporates by reference. In the event that any non-GAAP financial information is described in any communication, including this presentation, please refer to the supplemental financial tables included on our website for the GAAP reconciliation of this information. |
 Agenda Agenda • Introduction • Regional Overview • Transformations - Market Expansion - Commercial Business Line - High Quality Balance Sheet • Value Proposition |
 Introduction Introduction – Headquartered in Baltimore, Maryland – Total assets of $6.4 billion (as of 9/30/07) – Serves individuals, families, small businesses and larger companies in the metropolitan areas of Baltimore, DC and Richmond, VA – Over 1,700 employees |
 Introduction Introduction Provident Bank History • 1886 Founded as a Mutual Thrift • 1987 Converted to Commercial Bank • 1993 Retail Banking Expansion • 1997 Citizen’s Savings Bank Merger • 2004 Southern Financial Merger |
 Banking Office Network 2007 Banking Office Network 2007 142 Branches 142 Branches Green dots are in-store, red triangles are traditional locations |
 Regional Overview Regional Overview |
 NY002HT3_1.wor Boise (15.42%)Boise (15.42%)Boise (15.42%) Boise (15.42%)Boise (15.42%) Boise (15.42%)Boise (15.42%)Boise (15.42%) Boise (15.42%) Reno (14.55%)Reno (14.55%)Reno (14.55%) Reno (14.55%)Reno (14.55%) Reno (14.55%)Reno (14.55%)Reno (14.55%) Reno (14.55%) Seattle (6.32%)Seattle (6.32%)Seattle (6.32%) Seattle (6.32%)Seattle (6.32%) Seattle (6.32%)Seattle (6.32%)Seattle (6.32%) Seattle (6.32%) Salt Lake City (8.62%)Salt Lake City (8.62%) Salt Lake City (8.62%)Salt Lake City (8.62%) Salt Lake City (8.62%)Salt Lake City (8.62%) Salt Lake City (8.62%) Salt Lake City (8.62%) Salt Lake City (8.62%) Columbus (10.80%)Columbus (10.80%)Columbus (10.80%) Columbus (10.80%)Columbus (10.80%) Columbus (10.80%)Columbus (10.80%)Columbus (10.80%) Columbus (10.80%) Concord (8.38%)Concord (8.38%)Concord (8.38%) Concord (8.38%)Concord (8.38%) Concord (8.38%)Concord (8.38%)Concord (8.38%) Concord (8.38%) Washington D.C. (10.83%)Washington D.C. (10.83%)Washington D.C. (10.83%) Washington D.C. (10.83%)Washington D.C. (10.83%) Washington D.C. (10.83%)Washington D.C. (10.83%)Washington D.C. (10.83%) Washington D.C. (10.83%) Minneapolis (8.86%)Minneapolis (8.86%)Minneapolis (8.86%) Minneapolis (8.86%)Minneapolis (8.86%) Minneapolis (8.86%)Minneapolis (8.86%)Minneapolis (8.86%) Minneapolis (8.86%) San Francisco (4.33%)San Francisco (4.33%)San Francisco (4.33%) San Francisco (4.33%)San Francisco (4.33%)San Francisco (4.33%) San Francisco (4.33%)San Francisco (4.33%)San Francisco (4.33%) San Francisco (4.33%) San Francisco (4.33%) Los Angeles (5.28%)Los Angeles (5.28%)Los Angeles (5.28%) Los Angeles (5.28%)Los Angeles (5.28%) Los Angeles (5.28%)Los Angeles (5.28%)Los Angeles (5.28%) Los Angeles (5.28%) Phoenix (16.27%)Phoenix (16.27%)Phoenix (16.27%) Phoenix (16.27%)Phoenix (16.27%) Phoenix (16.27%)Phoenix (16.27%)Phoenix (16.27%) Phoenix (16.27%) Portland (8.68%)Portland (8.68%) Portland (8.68%)Portland (8.68%) Portland (8.68%)Portland (8.68%) Portland (8.68%) Portland (8.68%) Portland (8.68%) Denver (10.32%)Denver (10.32%)Denver (10.32%) Denver (10.32%)Denver (10.32%) Denver (10.32%)Denver (10.32%)Denver (10.32%) Denver (10.32%) Dallas (13.86%)Dallas (13.86%)Dallas (13.86%) Dallas (13.86%)Dallas (13.86%) Dallas (13.86%)Dallas (13.86%)Dallas (13.86%) Dallas (13.86%) San Antonio (9.96%)San Antonio (9.96%)San Antonio (9.96%) San Antonio (9.96%)San Antonio (9.96%) San Antonio (9.96%)San Antonio (9.96%)San Antonio (9.96%) San Antonio (9.96%) Houston (14.96%)Houston (14.96%)Houston (14.96%) Houston (14.96%)Houston (14.96%) Houston (14.96%)Houston (14.96%)Houston (14.96%) Houston (14.96%) Atlanta (16.61%)Atlanta (16.61%)Atlanta (16.61%) Atlanta (16.61%)Atlanta (16.61%) Atlanta (16.61%)Atlanta (16.61%)Atlanta (16.61%) Atlanta (16.61%) Miami (9.24%)Miami (9.24%)Miami (9.24%) Miami (9.24%)Miami (9.24%) Miami (9.24%)Miami (9.24%)Miami (9.24%) Miami (9.24%) Orlando (18.58%)Orlando (18.58%)Orlando (18.58%) Orlando (18.58%)Orlando (18.58%) Orlando (18.58%)Orlando (18.58%)Orlando (18.58%) Orlando (18.58%) Nashville (10.38%)Nashville (10.38%)Nashville (10.38%) Nashville (10.38%)Nashville (10.38%)Nashville (10.38%) Nashville (10.38%)Nashville (10.38%)Nashville (10.38%) Nashville (10.38%) Nashville (10.38%) Source: SNL Financial. Shaded counties represent top quartile markets based on projected population growth. Provident Bankshares Top Quartile Growth Markets National Growth Markets National Growth Markets |
 Source: Bureau of Labor Statistics 5.4 Illinois 41 4.3 New Jersey 23 3.1 Virginia 7 5.4 Oregon 41 4.4 Georgia 25 3.2 Nebraska 8 5.0 Nevada 37 4.0 Tennessee 19 2.6 Utah 2 7.4 Michigan 51 4.9 Indiana 34 3.8 New Mexico 14 6.3 Alaska 50 4.8 North Carolina 32 3.8 Louisiana 14 5.9 Mississippi 49 4.8 Maine 32 3.8 Colorado 14 5.7 Ohio 48 4.6 Washington 29 3.8 Alabama 14 5.6 South Carolina 45 4.6 Minnesota 29 3.7 Maryland 12 5.6 Kentucky 45 4.6 Connecticut 29 3.7 Arizona 12 5.6 District of Columbia 45 4.5 Pennsylvania 27 3.6 New Hampshire 11 5.5 California 43 4.5 Massachusetts 27 3.4 Wyoming 10 5.5 Arkansas 43 4.4 Oklahoma 25 3.2 North Dakota 8 5.3 Wisconsin 39 4.3 Kansas 23 3.0 South Dakota 5 5.3 Missouri 39 4.2 Texas 22 3.0 Delaware 5 5.1 Rhode Island 38 4.0 Vermont 19 2.8 Montana 4 4.9 West Virginia 34 4.0 Florida 19 2.6 Hawaii 2 4.9 New York 34 3.9 Iowa 18 2.4 Idaho 1 Rate State Rank Rate State Rank Rate State Rank * U.S. unemployment rate: August = 4.6% National Unemployment Rates National Unemployment Rates August 2007 August 2007 |
 Employment Growth, August 2007 vs. August Employment Growth, August 2007 vs. August 2006, 15 Largest Metro Areas 2006, 15 Largest Metro Areas -40 -20 0 20 40 60 80 Baltimore-Washington: +52,800 Source: Bureau of Labor Statistics |
 Office Vacancy Rates Among Office Vacancy Rates Among Select Metro Areas, 2007Q3 Select Metro Areas, 2007Q3 7.6% 8.6% 11.3% 11.9% 12.4% 13.0% 13.0% 17.7% 5% 7% 9% 11% 13% 15% 17% 19% Source: Delta Associates |
 Department of Defense Operations Department of Defense Operations Relocating to the Region Relocating to the Region • Aberdeen Proving Ground • Fort Meade • Fort Detrick • National Naval Medical Center Source: U.S. Department of Defense All told, 40,000 – 60,000 jobs expected |
 Introduction Introduction Provident Bank Mission Provident Bank Mission Provident Bank’s mission is to exceed customer expectations by delivering superior service, products and banking convenience. Every employee’s commitment to serve our customers in this fashion will establish Provident Bank as the primary bank of choice of individuals, families, small businesses and mid-sized companies throughout our chosen markets. Integrity Excellence Caring Partnership Results Driven Provident Bank Core Values Provident Bank Core Values |
 Strategic Priorities Strategic Priorities – Maximize Provident’s position as the ‘right size’ bank – Consistently execute a high performance, customer relationship focused sales culture – Sustain a culture that attracts and retains employees who provide the differentiating ‘Provident Way’ customer experience – Profitably grow and deepen customer relationships in all four key market segments: commercial, commercial real estate, small business and consumer – Expand delivery (branch and non-branch) within the footprint – Improve financial fundamentals |
 Provident Bank Provident Bank Positioning Strategy Positioning Strategy We will continue to provide the products and services of our largest competitors, while delivering the level of service found in only the best community banks. |
 Provident’s Transformations Provident’s Transformations High Quality Balance Sheet Commercial Business Line Market Expansion |
 Balance Sheet Transformation Balance Sheet Transformation Our Progress and Plans Our Progress and Plans 38% 22% 40% Originated & Acquired Residential Loans (Non-Core) Investment Securities Commercial & Consumer Loans (Core) 25% 75% % of Earnings Assets Total Earnings Opportunity = $6 million 67% 5% 28% 12/31/01 09/30/07 Opportunity |
 Investment Portfolio Investment Portfolio 3% 28% 8% 21% 40% U.S. Govt AAA AA A Other As of 09/30/07 Allocation Quality 9% 10% 37% 44% Mortgage Back Securities Asset Backed Securities Other Securities Municipal Securities Note: there are no subprime assets in the investment portfolio |
 Provident’s Transformations Provident’s Transformations High Quality Balance Sheet Commercial Business Line Market Expansion |
 Strategic Priorities Strategic Priorities Profitably grow and deepen customer relationships in all four key market segments: • commercial • commercial real estate • small business • consumer |
 Loan Portfolio Loan Portfolio 36% 57% 7% Consumer Loans Commercial Loans Acquired & Originated Residential Loans 20% 37% 9% 26% 7% 1% Commercial Real Estate Commercial Loans Marine Home Equity Originated & Acquired Residential Loans Other Consumer $3,973,745 $3,973,745 3Q07 |
 Commercial Real Estate Portfolio Commercial Real Estate Portfolio 27% 31% 42% Residential Construction Commercial Construction Commercial Mortgage 59% 41% Baltimore Metro Washington Metro |
 2002 2003 2004 2005 2006 1Q07 2Q07 3Q07 Baltimore VA/Wash Commercial Loan Growth Commercial Loan Growth Average Balances (millions) $924 $997 CAGR Loans 21% $1,477 $1,776 $1,982 $2,183 $2,149 $2,239 |
 $0 $250 $500 $750 $1,000 $1,250 $1,500 2002 2003 2004 2005 2006 1Q07 2Q07 3Q07 Baltimore VA/Wash Consumer Loan Growth Consumer Loan Growth $797 $906 CAGR 2001-2006 Loans 15% (includes SFFB in 2001 base) $1,089 $1,264 $1,382 (Loans exclude acquired residential) Average balances (millions) $1,397 $1,410 $1,437 |
 Provident Loan Portfolio Provident Loan Portfolio Comparison to National Averages Comparison to National Averages National Avg. Provident % Loans 30-89 Days Past Due .79 .50 % Loans 90+ Days Past Due .86 .67 Net charge-offs to Loans & Leases 29 BP (first two quarters of 2007) 27 BP (6 months annualized) National averages based on FDIC information. Past due loan data is for 2Q 07. Net charge-off data is for banks $1B - $10B. |
 Non Performing Assets / Total Loans Non Performing Assets / Total Loans 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.03% 1.01% .93% .97% 1.05% .95% .90% .92% .77% .89% .84% .77% .70% .67% .73% .74% .76% .70% .68% .57% .61% .58% .67% 2007 |
 Consumer Loan Portfolio Consumer Loan Portfolio Key Facts Key Facts • Provident does not retain residential mortgage products • Home equity portfolio average FICO of 729. Average loan-to-value of 69% and debt-to-income of 28% at origination. • Limited subprime exposure (11%) in the home equity portfolio – Subprime defined as < 660 FICO (as of 11/7/07) – 98% of segment has debt-to-income < 50% and loan- to-value < 90% – 2.66% delinquency 30 days or more |
 Customer Deposits Customer Deposits 22% 78% Consumer Deposits Commercial Deposits 34% 16% 34% 16% Savings Deposits Time Deposits Demand Deposits MM Deposits $3,556,390 $3,556,390 3Q07 |
 $0 $250 $500 $750 $1,000 $1,250 $1,500 2002 2003 2004 2005 2006 1Q07 2Q07 3Q07 Baltimore VA/Wash Commercial Deposit/Repo Growth Commercial Deposit/Repo Growth Average Balances (millions) $579 $680 (Excludes Money Market CDs) $983 CAGR Deposits 19% $1,144 $1,142 $1,065 $1,095 $1,099 |
 Solid Fee Income Growth Solid Fee Income Growth 74,955 86,394 92,752 100,840 119,726 112,072 188 210 216 219 245 266 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 2001 2002 2003 2004 2005 2006 $0 $50 $100 $150 $200 $250 $300 Fee Income Annual Fees per Account Fee Income CAGR = 9.82% Fees per Acct CAGR = 14% |
 Provident’s Transformations Provident’s Transformations High Quality Balance Sheet Commercial Business Line Market Expansion |
 Strategic Priorities Strategic Priorities Expand delivery via de novo branches and select acquisitions within the footprint |
 BRANCH NETWORK Virginia And Washington Virginia And Washington Metro Expansion Metro Expansion 44 15 51 15 53 24 59 32 66 35 65 43 66 51 67 82 67 85 66 86 66 84 71 78 70 79 70 1996 1997 1998 1999 2000 2001 2002 2003 2004 3Q05 2005 2006 1Q07 2Q07 Washington Metro/VA Baltimore |
 $1,554,459 $3,351,462 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Virginia Opportunity Virginia Opportunity • Build relationships with existing customers • We have 47 “new” branches in Virginia Maryland Branches Virginia Branches $8,022,525 $25,215,071 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $197,157 $679,798 $0 $250,000 $500,000 $750,000 $1,000,000 Deposits per Branch Loans per Branch Fee Income per Branch 2006 2006 2006 |
 Branch Originated Branch Originated Business Loan Growth Business Loan Growth $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2005 2006 MD Branches VA/Wash Branches $93,324,616 $44,452,336 |
 Provident Bankshares’ Provident Bankshares’ Value Proposition Value Proposition |
 Provident’s Value Proposition Provident’s Value Proposition • Provident trades at a discount to both Regional and Mid-Cap peers Source: SNL Financial and FactSet. Market data as of October 30, 2007. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. Price to: 2007 EPS 2008 EPS Mid-Cap Peers Average 14.9x 13.2x Regional Peers Average 14.5x 13.3x Provident 12.3x 11.6x |
 Provident’s Value Proposition – Provident’s Value Proposition – Valuation Comparison Valuation Comparison • Provident has, until recently, traded in line with its peers from a Price / NTM perspective Price/NTM Earnings PBKS Mid-Cap Banks Differential Regional Peers Differential Current 11.7x 13.5x (1.8x) 13.1x (1.4x) 1 Year Avg 14.0x 13.9x 0.2x 14.1x (0.1x) 2 Year Avg 14.2x 13.8x 0.3x 14.2x (0.0x) Price / NTM Earnings Source: SNL Financial and FactSet. Market data as of October 30, 2007. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. |
 Provident’s Value Proposition – Provident’s Value Proposition – Public Comparable Valuation Public Comparable Valuation • Provident, at approximately $25 per share, is trading at a discount to its peer group based on earnings and in terms of book value and deposit premium Price/ 2007 EPS 2008 EPS Tangible Book Deposit Premium PBKS Multiples 12.3x 11.6x 2.2x 10.0% Regional Peers - Average 14.5x 13.3x 2.5x 12.6% Imputed Value on Regional Peers $29.00 $28.20 $27.40 $27.35 Mid Cap Peers - Average 13.9x 13.2x 2.7x 16.0% Imputed Value on Mid Cap Peers $27.80 $27.98 $29.59 $31.84 Market data as of October 30, 2007. Source: SNL Financial and FactSet. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. |
 $53,154 $56,627 $62,237 $67,470 U.S. Average Mid-Cap Peers Regional Peers Provident Provident’s Value Proposition Provident’s Value Proposition • Provident Operates in Very Attractive Markets in Terms of Income Growth and Wealth 17.15% 17.59% 17.67% 17.83% Mid-Cap Peers U.S. Average Regional Peers Provident Source: SNL Financial. Data as of June 30, 2007. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. Median 2007 HH Income Projected 5-Year Household Income Growth |
 Provident’s Value Proposition Provident’s Value Proposition • Mid-Atlantic Market attractive due to high income and income growth, offset by below average population growth; PBKS has been one of few banks able to grow its franchise (deposits) at rates significantly in excess of its markets’ population growth Source: SNL Financial and FactSet. (1) Deposit growth adjusted for acquisitions. PBKS (1) Mid- Atlantic New England West Southwest Midwest Southeast Demographics Median HHI $67,470 $58,380 $63,717 $59,059 $50,389 $53,136 $49,085 Median HHI Growth 17.8% 18.3% 18.9% 16.9% 17.6% 16.7% 17.1% LT Population Growth 5.5% 3.7% 2.6% 8.2% 9.5% 3.6% 9.3% Deposit Growth (’03-’06 CAGR) 10.4% 7.3% 1.6% 8.9% 8.7% 4.1% 9.0% Deposit Growth / LT Population Growth 1.9x 1.9x 0.6x 1.1x 0.9x 1.1x 1.0x Number of Banks > $25mm (Mkt Cap) 145 43 87 25 129 142 Valuation Price / 2008E EPS 11.6x 14.0x 12.9x 12.0x 13.4x 12.2x 12.3x LT EPS Growth Estimates 8.0% 8.0% 7.7% 10.5% 10.9% 8.0% 9.1% |
 Provident’s Value Proposition Provident’s Value Proposition • Provident Has Effectively Managed its Net Interest Margin, Achieving Margin Expansion While Others Have Witnessed Significant Compression 2004-2007 YTD 2005-2007 YTD Provident Bankshares 21 3 Avg. of Regional Peers (17) (29) Avg. of Mid-Cap Banks (14) (13) Avg. of U.S. Regional Banks (19) (14) BPS Change in Margin Source: SNL Financial. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. Regional Banks include regional banks with a market value greater than 3.5 billion. |
 Provident’s Value Proposition – Provident’s Value Proposition – Funding Mix Funding Mix Core Deposits / Loans (9/30/07) Cost of Deposits 82.3% 91.6% 96.3% Mid-Cap Peers Regional Peers Provident 2.98% 1.49% 2.35% 2.76% 2.58% 2.06% 1.38% 1.13% 2.56% 1.68% 1.19% 0.95% 0.80% 1.60% 2.40% 3.20% 2004 2005 2006 3Q '07 YTD Source: SNL Financial and company filings. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. PBKS Regional Peers Mid-Cap Peers |
 Provident’s Value Proposition – Provident’s Value Proposition – Revenue & Expense Analysis Revenue & Expense Analysis Fee Income as % of Revenues YTD Expense Growth 22.8% 36.3% 36.0% 37.0% 38.9% 24.3% 22.3% 24.0% 35.9% 35.0% 35.3% 36.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% 34.0% 36.0% 38.0% 40.0% 2004 2005 2006 3Q '07 Source: SNL Financial and company filings. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. PBKS Regional Peers Mid-Cap Peers 10% 6% (2%) (5%) 0% 5% 10% Provident Mid-Cap Peers Regional Peers |
 WPW WPW Winning the Provident Way Winning the Provident Way $1.6 $1.2 $7.6 $14.5 $4.0 $1.5 Branch Rationalization Fee Activities Functional Efficiencies 2007 $10.4MM Benefit 2008 $20MM Benefit |
 Provident’s Value Proposition – Provident’s Value Proposition – Asset Quality Asset Quality NCOs / Avg. Loans 0.27% 0.15% 0.12% 0.20% 0.20% 0.10% 0.05% 0.07% 0.33% 0.18% 0.16% 0.21% 0.00% 0.10% 0.20% 0.30% 0.40% 2004 2005 2006 3Q '07 Source: SNL Financial and company filings. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. PBKS Regional Peers Mid-Cap Peers |
 Provident’s Value Proposition – Provident’s Value Proposition – Capital Returned to Shareholders Capital Returned to Shareholders Dividend Growth 4% 9% 9% 8% 7% 5% 5% 6% 10% 14% 10% 11% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2003/2002 2004/2003 2005/2004 2006/2005 Source: SNL Financial and company filings. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. PBKS Regional Peers Mid-Cap Peers |
 Provident’s Value Proposition – Provident’s Value Proposition – Relative Valuation and Growth Relative Valuation and Growth Price / 2008 EPS Long Term Growth P/E to Growth (PEG) Source: FactSet. Data as of October 31, 2007. Regional Peers include: FULT, NPBC, SASR, SNBC, SUSQ, UBSI and VCBI. Mid-Cap Peers include: HBAN, FHN, ASBC, TCB, CNB, CYN, CBSH, BOKF, BOH, CFR and VLY. 7.0% 7.9% 8.0% Regional Peers Mid-Cap Banks Provident 11.6x 12.8x 13.4x Provident Regional Peers Mid-Cap Banks PBKS trades below the Regional Peers and Mid-Cap Banks on a P/E basis… …but PBKS Long Term Growth expectations are in-line… ...resulting in relative undervaluation 1.45x 1.68x 1.92x Provident Mid-Cap Banks Regional Peers |
 www.provbank.com Contact Media: Vicki Cox (410) 277-2063 Investment Community: Dennis Starliper (410) 277-2705 C O R P O R A T I O N C O R P O R A T I O N PROVIDENT BANKSHARES PROVIDENT BANKSHARES |