Delaware
|
001-31566
|
42-1547151
|
||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File No.)
|
(I.R.S. Employer
Identification No.)
|
239 Washington Street, Jersey City, New Jersey
|
07302
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Nominee
|
Shares Voted For
|
Shares Withheld
|
Broker Non-Votes
|
Thomas W. Berry
|
45,694,321
|
568,408
|
7,162,646
|
Frank L. Fekete
|
45,439,103
|
823,626
|
7,162,646
|
Matthew K. Harding
|
45,673,072
|
589,657
|
7,162,646
|
Thomas B. Hogan Jr.
|
45,691,114
|
571,615
|
7,162,646
|
Shares Voted For
|
Shares Voted Against
|
Shares Voted Abstain
|
Broker Non-Votes
|
44,375,400
|
1,347,054
|
540,275
|
7,162,646
|
Shares Voted For
|
Shares Voted Against
|
Shares Voted Abstain
|
Broker Non-Votes
|
|
52,292,596
|
651,055
|
481,724
|
---
|
(a)
|
Financial statements of businesses acquired. Not Applicable.
|
|
(b)
|
Pro forma financial information. Not Applicable.
|
|
(c)
|
Shell company transactions: Not Applicable.
|
|
(d)
|
Exhibits.
|
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by the Company on April 26, 2013 announcing its financial results for the three months ended March 31, 2013.
|
PROVIDENT FINANCIAL SERVICES, INC.
|
||
DATE: April 26, 2013
|
By:
|
/s/ Christopher Martin
|
Christopher Martin
|
||
Chairman, President and Chief Executive Officer
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by the Company on April 26, 2013 announcing its financial results for the three months ended March 31, 2013.
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||
Consolidated Statements of Financial Condition
|
||||||||
March 31, 2013 (Unaudited) and December 31, 2012
|
||||||||
(Dollars in Thousands)
|
||||||||
Assets
|
March 31, 2013
|
December 31, 2012
|
||||||
Cash and due from banks
|
$
|
63,495
|
$
|
101,850
|
||||
Short-term investments
|
1,212
|
1,973
|
||||||
Total cash and cash equivalents
|
64,707
|
103,823
|
||||||
Securities available for sale, at fair value
|
1,215,540
|
1,264,002
|
||||||
Investment securities held to maturity (fair value of $355,144 at
|
||||||||
March 31, 2013 (unaudited) and $374,916 at December 31, 2012)
|
342,696
|
359,464
|
||||||
Federal Home Loan Bank Stock
|
40,675
|
37,543
|
||||||
Loans
|
4,910,355
|
4,904,699
|
||||||
Less allowance for loan losses
|
70,034
|
70,348
|
||||||
Net loans
|
4,840,321
|
4,834,351
|
||||||
Foreclosed assets, net
|
12,192
|
12,473
|
||||||
Banking premises and equipment, net
|
67,103
|
66,120
|
||||||
Accrued interest receivable
|
22,099
|
24,002
|
||||||
Intangible assets
|
357,477
|
357,907
|
||||||
Bank-owned life insurance
|
148,496
|
147,286
|
||||||
Other assets
|
75,469
|
76,724
|
||||||
Total assets
|
$
|
7,186,775
|
$
|
7,283,695
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Deposits:
|
||||||||
Demand deposits
|
$
|
3,435,629
|
$
|
3,556,011
|
||||
Savings deposits
|
925,274
|
914,787
|
||||||
Certificates of deposit of $100,000 or more
|
304,917
|
324,901
|
||||||
Other time deposits
|
610,761
|
632,572
|
||||||
Total deposits
|
5,276,581
|
5,428,271
|
||||||
Mortgage escrow deposits
|
22,541
|
21,238
|
||||||
Borrowed funds
|
854,007
|
803,264
|
||||||
Other liabilities
|
43,201
|
49,676
|
||||||
Total liabilities
|
6,196,330
|
6,302,449
|
||||||
Stockholders' equity:
|
||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued
|
—
|
—
|
||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares
|
||||||||
issued and 59,968,621 outstanding at March 31, 2013, and 59,937,955
|
||||||||
outstanding at December 31, 2012
|
832
|
832
|
||||||
Additional paid-in capital
|
1,022,386
|
1,021,507
|
||||||
Retained earnings
|
399,291
|
389,549
|
||||||
Accumulated other comprehensive income
|
6,053
|
7,716
|
||||||
Treasury stock
|
(386,737)
|
(386,270)
|
||||||
Unallocated common stock held by the Employee Stock Ownership Plan ("ESOP")
|
(51,380)
|
(52,088)
|
||||||
Common Stock acquired by the Directors' Deferred Fee Plan ("DDFP")
|
(7,275)
|
(7,298)
|
||||||
Deferred Compensation - DDFP
|
7,275
|
7,298
|
||||||
Total stockholders' equity
|
990,445
|
981,246
|
||||||
Total liabilities and stockholders' equity
|
$
|
7,186,775
|
$
|
7,283,695
|
||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||
Consolidated Statements of Income
|
|||||||
Three Months Ended March 31, 2013 and 2012 (Unaudited)
|
|||||||
(Dollars in Thousands, except per share data)
|
|||||||
Three Months Ended
|
|||||||
March 31,
|
|||||||
2013
|
2012
|
||||||
Interest income:
|
|||||||
Real estate secured loans
|
$
|
38,335
|
$
|
38,959
|
|||
Commercial loans
|
9,971
|
10,370
|
|||||
Consumer loans
|
5,957
|
6,289
|
|||||
Securities available for sale and Federal Home Loan Bank stock
|
6,192
|
8,332
|
|||||
Investment securities held to maturity
|
2,839
|
2,918
|
|||||
Deposits, Federal funds sold and other short-term investments
|
10
|
12
|
|||||
Total interest income
|
63,304
|
66,880
|
|||||
Interest expense:
|
|||||||
Deposits
|
4,956
|
7,002
|
|||||
Borrowed funds
|
4,453
|
5,041
|
|||||
Total interest expense
|
9,409
|
12,043
|
|||||
Net interest income
|
53,895
|
54,837
|
|||||
Provision for loan losses
|
1,500
|
5,000
|
|||||
Net interest income after provision for loan losses
|
52,395
|
49,837
|
|||||
Non-interest income:
|
|||||||
Fees
|
7,960
|
8,075
|
|||||
Bank owned life insurance
|
1,210
|
1,362
|
|||||
Net gain on securities transactions
|
511
|
2,183
|
|||||
Other income
|
264
|
1,108
|
|||||
Total non-interest income
|
9,945
|
12,728
|
|||||
Non-interest expense:
|
|||||||
Compensation and employee benefits
|
20,991
|
20,508
|
|||||
Net occupancy expense
|
5,206
|
5,026
|
|||||
Data processing expense
|
2,622
|
2,588
|
|||||
FDIC Insurance
|
1,250
|
1,390
|
|||||
Amortization of intangibles
|
511
|
739
|
|||||
Advertising and promotion expense
|
746
|
685
|
|||||
Other operating expenses
|
5,620
|
5,855
|
|||||
Total non-interest expenses
|
36,946
|
36,791
|
|||||
Income before income tax expense
|
25,394
|
25,774
|
|||||
Income tax expense
|
7,566
|
7,346
|
|||||
Net income
|
$
|
17,828
|
$
|
18,428
|
|||
Basic earnings per share
|
$
|
0.31
|
$
|
0.32
|
|||
Average basic shares outstanding
|
57,167,198
|
57,051,827
|
|||||
Diluted earnings per share
|
$
|
0.31
|
$
|
0.32
|
|||
Average diluted shares outstanding
|
57,337,215
|
57,082,631
|
|||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
||||||||||||
Consolidated Financial Highlights
|
||||||||||||
(Dollars in Thousands, except share data) (Unaudited)
|
||||||||||||
At or for the
|
||||||||||||
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2013
|
2012
|
|||||||||||
STATEMENTS OF INCOME:
|
||||||||||||
Net interest income
|
$
|
53,895
|
$
|
54,837
|
||||||||
Provision for loan losses
|
1,500
|
5,000
|
||||||||||
Non-interest income
|
9,945
|
12,728
|
||||||||||
Non-interest expense
|
36,946
|
36,791
|
||||||||||
Income before income tax expense
|
25,394
|
25,774
|
||||||||||
Net income
|
17,828
|
18,428
|
||||||||||
Diluted earnings per share
|
$0.31
|
$0.32
|
||||||||||
Interest rate spread
|
3.21%
|
3.29%
|
||||||||||
Net interest margin
|
3.33%
|
3.42%
|
||||||||||
PROFITABILITY:
|
||||||||||||
Annualized return on average assets
|
1.00%
|
1.04%
|
||||||||||
Annualized return on average equity
|
7.32%
|
7.71%
|
||||||||||
Annualized non-interest expense to average assets
|
2.08%
|
2.08%
|
||||||||||
Efficiency ratio (1)
|
57.87%
|
54.45%
|
||||||||||
ASSET QUALITY:
|
||||||||||||
Non-accrual loans
|
$
|
99,059
|
$
|
120,343
|
||||||||
90+ and still accruing
|
—
|
—
|
||||||||||
Non-performing loans
|
99,059
|
120,343
|
||||||||||
Foreclosed assets
|
12,192
|
14,440
|
||||||||||
Non-performing assets
|
111,251
|
134,783
|
||||||||||
Non-performing loans to total loans
|
2.02%
|
2.58%
|
||||||||||
Non-performing assets to total assets
|
1.55%
|
1.89%
|
||||||||||
Allowance for loan losses
|
$
|
70,034
|
$
|
73,996
|
||||||||
Allowance for loan losses to total non-performing loans
|
70.70%
|
61.49%
|
||||||||||
Allowance for loan losses to total loans
|
1.43%
|
1.59%
|
||||||||||
AVERAGE BALANCE SHEET DATA:
|
||||||||||||
Assets
|
$
|
7,220,211
|
$
|
7,101,853
|
||||||||
Loans, net
|
4,829,796
|
4,584,512
|
||||||||||
Earning assets
|
6,479,902
|
6,358,860
|
||||||||||
Core deposits
|
4,434,375
|
4,068,187
|
||||||||||
Borrowings
|
804,919
|
900,785
|
||||||||||
Interest-bearing liabilities
|
5,350,792
|
5,408,985
|
||||||||||
Stockholders' equity
|
987,984
|
961,136
|
||||||||||
Average yield on interest-earning assets
|
3.92%
|
4.19%
|
||||||||||
Average cost of interest-bearing liabilities
|
0.71%
|
0.90%
|
||||||||||
LOAN DATA:
|
||||||||||||
Mortgage loans:
|
||||||||||||
Residential
|
$
|
1,234,173
|
$
|
1,297,437
|
||||||||
Commercial
|
1,349,565
|
1,262,756
|
||||||||||
Multi-family
|
743,356
|
572,491
|
||||||||||
Construction
|
135,611
|
118,714
|
||||||||||
Total mortgage loans
|
3,462,705
|
3,251,398
|
||||||||||
Commercial loans
|
874,880
|
834,211
|
||||||||||
Consumer loans
|
573,784
|
571,010
|
||||||||||
Total gross loans
|
4,911,369
|
4,656,619
|
||||||||||
Premium on purchased loans
|
4,683
|
5,621
|
||||||||||
Unearned discounts
|
(73)
|
(95)
|
||||||||||
Net deferred
|
(5,624)
|
(3,343)
|
||||||||||
Total loans
|
$
|
4,910,355
|
$
|
4,658,802
|
Notes
|
||||||||
(1) Efficiency Ratio Calculation
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
Net interest income
|
$
|
53,895
|
$
|
54,837
|
||||
Non-interest income
|
9,945
|
12,728
|
||||||
Total income
|
$
|
63,840
|
$
|
67,565
|
||||
Non-interest expense
|
$
|
36,946
|
$
|
36,791
|
||||
Expense/income
|
57.87%
|
54.45%
|
||||||
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||||||||||
Net Interest Margin Analysis
|
|||||||||||||||||||
Quarterly Average Balances
|
|||||||||||||||||||
(Unaudited) (Dollars in Thousands)
|
|||||||||||||||||||
March 31, 2013
|
December 31, 2012
|
||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
||||||||||||||
Interest-Earning Assets:
|
|||||||||||||||||||
Deposits
|
$
|
16,639
|
$
|
10
|
0.25%
|
$
|
37,442
|
$
|
24
|
0.25%
|
|||||||||
Federal funds sold and
|
|||||||||||||||||||
other short-term investments
|
1,424
|
—
|
0.01%
|
1,738
|
—
|
0.14%
|
|||||||||||||
Investment securities (1)
|
350,326
|
2,839
|
3.24%
|
350,890
|
2,912
|
3.32%
|
|||||||||||||
Securities available for sale
|
1,243,647
|
5,764
|
1.85%
|
1,325,804
|
5,963
|
1.80%
|
|||||||||||||
Federal Home Loan Bank stock
|
38,070
|
428
|
4.56%
|
37,811
|
435
|
4.58%
|
|||||||||||||
Net loans: (2)
|
|||||||||||||||||||
Total mortgage loans
|
3,418,532
|
38,335
|
4.49%
|
3,380,309
|
38,903
|
4.55%
|
|||||||||||||
Total commercial loans
|
839,389
|
9,971
|
4.78%
|
812,727
|
10,125
|
4.91%
|
|||||||||||||
Total consumer loans
|
571,875
|
5,957
|
4.22%
|
579,063
|
6,241
|
4.29%
|
|||||||||||||
Total net loans
|
4,829,796
|
54,263
|
4.51%
|
4,772,099
|
55,269
|
4.58%
|
|||||||||||||
Total Interest-Earning Assets
|
$
|
6,479,902
|
$
|
63,304
|
3.92%
|
$
|
6,525,784
|
$
|
64,603
|
3.92%
|
|||||||||
Non-Interest Earning Assets:
|
|||||||||||||||||||
Cash and due from banks
|
75,239
|
80,974
|
|||||||||||||||||
Other assets
|
665,070
|
662,724
|
|||||||||||||||||
Total Assets
|
$
|
7,220,211
|
$
|
7,269,482
|
|||||||||||||||
Interest-Bearing Liabilities:
|
|||||||||||||||||||
Demand deposits
|
$
|
2,696,385
|
$
|
1,954
|
0.29%
|
$
|
2,675,980
|
$
|
2,293
|
0.34%
|
|||||||||
Savings deposits
|
918,535
|
267
|
0.12%
|
903,774
|
339
|
0.15%
|
|||||||||||||
Time deposits
|
930,953
|
2,735
|
1.19%
|
980,682
|
3,056
|
1.24%
|
|||||||||||||
Total Deposits
|
4,545,873
|
4,956
|
0.44%
|
4,560,436
|
5,688
|
0.50%
|
|||||||||||||
Borrowed funds
|
804,919
|
4,453
|
2.24%
|
818,122
|
4,708
|
2.29%
|
|||||||||||||
Total Interest-Bearing Liabilities
|
$
|
5,350,792
|
$
|
9,409
|
0.71%
|
$
|
5,378,558
|
$
|
10,396
|
0.77%
|
|||||||||
Non-Interest Bearing Liabilities
|
881,435
|
898,549
|
|||||||||||||||||
Total Liabilities
|
6,232,227
|
6,277,107
|
|||||||||||||||||
Stockholders' equity
|
987,984
|
992,375
|
|||||||||||||||||
Total Liabilities and Stockholders' Equity
|
$
|
7,220,211
|
$
|
7,269,482
|
|||||||||||||||
Net interest income
|
$
|
53,895
|
$
|
54,207
|
|||||||||||||||
Net interest rate spread
|
3.21%
|
3.15%
|
|||||||||||||||||
Net interest-earning assets
|
$
|
1,129,110
|
$
|
1,147,226
|
|||||||||||||||
Net interest margin (3)
|
3.33%
|
3.29%
|
|||||||||||||||||
Ratio of interest-earning assets to
|
|||||||||||||||||||
total interest-bearing liabilities
|
1.21
|
x
|
1.21
|
x
|
PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
|
|||||||||||||||
Net Interest Margin Analysis
|
|||||||||||||||
Average Year to Date Balances
|
|||||||||||||||
(Unaudited) (Dollars in Thousands)
|
|||||||||||||||
March 31, 2013
|
March 31, 2012
|
||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||
Balance
|
Interest
|
Yield
|
Balance
|
Interest
|
Yield
|
||||||||||
Interest-Earning Assets:
|
|||||||||||||||
Deposits
|
$
|
16,639
|
$
|
10
|
0.25%
|
$
|
19,412
|
$
|
12
|
0.25%
|
|||||
Federal funds sold and
|
|||||||||||||||
other short-term investments
|
1,424
|
—
|
0.01%
|
1,264
|
—
|
0.03%
|
|||||||||
Investment securities (1)
|
350,326
|
2,839
|
3.24%
|
343,703
|
2,918
|
3.40%
|
|||||||||
Securities available for sale
|
1,243,647
|
5,764
|
1.85%
|
1,370,978
|
7,852
|
2.29%
|
|||||||||
Federal Home Loan Bank stock
|
38,070
|
428
|
4.56%
|
38,991
|
480
|
4.95%
|
|||||||||
Net loans: (2)
|
|||||||||||||||
Total mortgage loans
|
3,418,532
|
38,335
|
4.49%
|
3,201,705
|
38,959
|
4.84%
|
|||||||||
Total commercial loans
|
839,389
|
9,971
|
4.78%
|
818,192
|
10,370
|
5.05%
|
|||||||||
Total consumer loans
|
571,875
|
5,957
|
4.22%
|
564,615
|
6,289
|
4.48%
|
|||||||||
Total net loans
|
4,829,796
|
54,263
|
4.51%
|
4,584,512
|
55,618
|
4.83%
|
|||||||||
Total Interest-Earning Assets
|
$
|
6,479,902
|
$
|
63,304
|
3.92%
|
$
|
6,358,860
|
$
|
66,880
|
4.19%
|
|||||
Non-Interest Earning Assets:
|
|||||||||||||||
Cash and due from banks
|
75,239
|
79,586
|
|||||||||||||
Other assets
|
665,070
|
663,407
|
|||||||||||||
Total Assets
|
$
|
7,220,211
|
$
|
7,101,853
|
|||||||||||
Interest-Bearing Liabilities:
|
|||||||||||||||
Demand deposits
|
$
|
2,696,385
|
$
|
1,954
|
0.29%
|
$
|
2,507,930
|
$
|
2,783
|
0.45%
|
|||||
Savings deposits
|
918,535
|
267
|
0.12%
|
890,165
|
374
|
0.17%
|
|||||||||
Time deposits
|
930,953
|
2,735
|
1.19%
|
1,110,105
|
3,845
|
1.39%
|
|||||||||
Total Deposits
|
4,545,873
|
4,956
|
0.44%
|
4,508,200
|
7,002
|
0.62%
|
|||||||||
Borrowed funds
|
804,919
|
4,453
|
2.24%
|
900,785
|
5,041
|
2.25%
|
|||||||||
Total Interest-Bearing Liabilities
|
$
|
5,350,792
|
$
|
9,409
|
0.71%
|
$
|
5,408,985
|
$
|
12,043
|
0.90%
|
|||||
Non-Interest Bearing Liabilities
|
881,435
|
731,732
|
|||||||||||||
Total Liabilities
|
6,232,227
|
6,140,717
|
|||||||||||||
Stockholders' equity
|
987,984
|
961,136
|
|||||||||||||
Total Liabilities and Stockholders' Equity
|
$
|
7,220,211
|
$
|
7,101,853
|
|||||||||||
Net interest income
|
$
|
53,895
|
$
|
54,837
|
|||||||||||
Net interest rate spread
|
3.21%
|
3.29%
|
|||||||||||||
Net interest-earning assets
|
$
|
1,129,110
|
$
|
949,875
|
|||||||||||
Net interest margin (3)
|
3.33%
|
3.42%
|
|||||||||||||
Ratio of interest-earning assets to
|
|||||||||||||||
total interest-bearing liabilities
|
1.21
|
x
|
1.18
|
x
|
|||||||||||
(1) Average outstanding balance amounts shown are amortized cost.
|
|||||||||||||||
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
|
|||||||||||||||
(3) Annualized net interest income divided by average interest-earning assets.
|
The following table summarizes the quarterly net interest margin for the previous five quarters.
|
|||||||||||
3/31/13
|
12/31/12
|
9/30/12
|
6/30/12
|
3/31/12
|
|||||||
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
|||||||
Interest-Earning Assets:
|
|||||||||||
Securities
|
2.19%
|
2.13%
|
2.17%
|
2.42%
|
2.54%
|
||||||
Net loans
|
4.51%
|
4.58%
|
4.68%
|
4.76%
|
4.83%
|
||||||
Total interest-earning assets
|
3.92%
|
3.92%
|
3.99%
|
4.11%
|
4.19%
|
||||||
Interest-Bearing Liabilities:
|
|||||||||||
Total deposits
|
0.44%
|
0.50%
|
0.54%
|
0.58%
|
0.62%
|
||||||
Total borrowings
|
2.24%
|
2.29%
|
2.32%
|
2.20%
|
2.25%
|
||||||
Total interest-bearing liabilities
|
0.71%
|
0.77%
|
0.82%
|
0.85%
|
0.90%
|
||||||
Interest rate spread
|
3.21%
|
3.15%
|
3.17%
|
3.26%
|
3.29%
|
||||||
Net interest margin
|
3.33%
|
3.29%
|
3.31%
|
3.39%
|
3.42%
|
||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
1.21x
|
1.21x
|
1.20x
|
1.18x
|
1.18x
|