8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 10, 2005

PROVIDENT FINANCIAL SERVICES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-31566	42-1547151
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

830 Bergen Avenue, Jersey City, New Jersey	07306-4599
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (201) 333-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ 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))

Item 7.01. Regulation FD Disclosure.

Provident Financial Services, Inc. (the “Company”) will make a presentation at the 2005 America’s Community Bankers Community Bank Investor Conference to be held in New York City, New York on Thursday, November 10, 2005. The presentation reviews the Company’s current and historical financial performance and business strategies. A copy of the presentation is attached as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits.

Exhibit No.	Description
99.1	Slide presentation to be made at the 2005 America’s Community Bankers Community Bank Investor Conference on November 10, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		PROVIDENT FINANCIAL SERVICES, INC.
DATE: November 10, 2005	By:	/s/    PAUL M. PANTOZZI
		Paul M. Pantozzi
		Chairman and Chief Executive Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Slide presentation to be made at the 2005 America’s Community Bankers Community Bank Investor Conference on November 10, 2005.

EX-99.1

1

America’s Community Bankers

America’s Community Bankers

America’s Community Bankers

November 10, 2005

Community Bank Investors Conference

Community Bank Investors Conference

Exhibit

99.1

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

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.

Forward Looking Statement

Forward Looking Statement

Forward Looking Statement

3

Company Profile at 9/30/05

Company Profile at 9/30/05

Company Profile at 9/30/05

•

•

NYSE Symbol: PFS

NYSE Symbol: PFS

•

•

Market Capitalization: $1.26 billion

Market Capitalization: $1.26 billion

•

•

Assets: $6.18 billion

Assets: $6.18 billion

•

•

Headquarters: Jersey City, New Jersey

Headquarters: Jersey City, New Jersey

–

–

a burgeoning economy contiguous to

a burgeoning economy contiguous to

New York City

New York City

•

•

Number of Branches: 76

Number of Branches: 76

–

–

throughout 10 counties in northern and

throughout 10 counties in northern and

central New Jersey

central New Jersey

4

Company History

Company History

Company History

•

•

Founded: February, 1839

Founded: February, 1839

–

oldest bank chartered in New Jersey

•

•

IPO (Full Conversion): January, 2003

IPO (Full Conversion): January, 2003

–

raised $587 million in net new capital

•

•

Acquired First Sentinel Bancorp, Inc.

Acquired First Sentinel Bancorp, Inc.

(Assets: $2.2 billion): Closed July, 2004

(Assets: $2.2 billion): Closed July, 2004

–

cash and stock transaction valued at

$642 million

5

Company Strengths

Company Strengths

Company Strengths

•

•

Solid Franchise in Strong Markets

Solid Franchise in Strong Markets

•

•

Sufficient Capital for Strategic Deployment

Sufficient Capital for Strategic Deployment

•

•

Disciplined Approach to Expansion

Disciplined Approach to Expansion

•

•

Focus on Core Competencies

Focus on Core Competencies

•

•

Commitment to Risk Management

Commitment to Risk Management

–

Interest Rate

–

Asset Quality

–

Compliance

6

Significant Presence in Strong Markets

Significant Presence in Strong Markets

Significant Presence in Strong Markets

•

•

8th largest share of New Jersey deposit market*

8th largest share of New Jersey deposit market*

•

•

4th largest of any bank headquartered in-state*

4th largest of any bank headquartered in-state*

–

*(excludes institutional/brokerage deposits)

Source: FDIC Summary of Deposits as of 6/30/05

•

•

2005 Median Household Income

2005 Median Household Income

–

Provident’s

10-County Market Area = $62,512 

–

National Aggregate

= $49,747 

Source: SNL Financial

7

76 Branches as of 9/30/05

76 Branches as of 9/30/05

76 Branches as of 9/30/05

Source: SNL Financial

8

Financial Highlights

Financial Highlights

Financial Highlights

(Dollars in thousands)

INCOME STATEMENT:

9/30/05

9/30/04

Change

Net income

$43,728

$32,218

35.73%

Diluted earnings per share

$0.65

$0.54

20.37%

Return on equity

5.28%

4.84%

9.09%

Return on assets

0.93%

0.88%

5.68%

Net interest margin

3.35%

3.41%

-1.76%

Efficiency ratio

59.34%

63.84%

-7.05%

Nine Months Ended

9

(Dollars in millions)

BALANCE SHEET:

9/30/05

12/31/04

Change

Total assets

$6,176

$6,433

-4.00%

Total loans

$3,682

$3,707

-0.67%

Total deposits

$3,964

$4,050

-2.12%

Total investments

$1,635

$1,900

-13.95%

Total borrowings

$1,048

$1,193

-12.15%

Financial Highlights

Financial Highlights

Financial Highlights

10

ASSET QUALITY:

9/30/05

9/30/04

Non-performing loans to

total loans

0.18%

0.13%

Non-performing assets to

total assets

0.11%

0.08%

Allowance for loan losses

to total loans

0.89%

0.90%

Financial Highlights

Financial Highlights

Financial Highlights

11

Strategic Objectives

Strategic Objectives

Strategic Objectives

•

•

Optimize Net Interest Margin

Optimize Net Interest Margin

–

Maintain Low-Cost Funding Base

–

Optimize % of Core Deposits

–

Optimize Loans as % of Assets

•

•

Improve Operating Efficiency

Improve Operating Efficiency

•

•

Disciplined Deployment of Capital

Disciplined Deployment of Capital

–

Stock Repurchase

–

Dividends

–

Explore M & A Opportunities

12

12/31/04

CD's> $100K

6%

Other Time

Deposits

28%

Interest DDA

12%

Non-Interest

DDA

12%

Savings /

MMA

42%

Striving to Maintain Low Cost Funding Base

Striving to Maintain Low Cost Funding Base

Striving to Maintain Low Cost Funding Base

Cost of Interest-Bearing Liabilities

(Trailing 5 Quarters)

2.13%

1.97%

1.88%

1.79%

1.70%

0.00%

1.00%

2.00%

3.00%

3Q04

4Q04

1Q05

2Q05

3Q05

9/30/05

CD's>$100K

7%

Other Time

Deposits

28%

Interest DDA

14%

Non-Interest

DDA

12%

Savings/MMA

39%

13

12/31/04

Residential

Mortgage

50%

Consumer

14%

Construction

6%

Commercial

R.E.

21%

C & I

9%

9/30/05

Commercial

R.E.

20%

Construction

6%

C & I

10%

Consumer

15%

Residential

Mortgage

49%

Striving to Optimize Loan Portfolio

Striving to Optimize Loan Portfolio

(Trailing 5 Quarters)

67.74%

66.68%

65.80%

65.06%

62.58%

60.00%

62.00%

64.00%

66.00%

68.00%

70.00%

3Q04

4Q04

1Q05

2Q05

3Q05

Average Loans as a percentage of Average Earning Assets

14

Optimizing Net Interest Margin

Optimizing Net Interest Margin

Optimizing Net Interest Margin

3.40%

3.35%

3.24%

3.31%

3.34%

3.38%

3.38%

3.43%

3.15%

3.14%

3.10%

3.15%

3.20%

3.25%

3.30%

3.35%

3.40%

3.45%

3Q04

4Q04

1Q05

2Q05

3Q05

PFS

SNL Bank & Thrift Index

Minimizing Compression Above Industry Trends

Minimizing Compression Above Industry Trends

*

*

*Source: SNL Financial

*Source: SNL Financial

15

Efficiency Ratio

(Trailing 5 Quarters)

62.08%

57.06%

58.52%

62.29%

58.83%

55.00%

57.00%

59.00%

61.00%

63.00%

65.00%

3Q04

4Q04

1Q05

2Q05

3Q05

Non-Interest Expense / Average Assets

(Trailing 5 Quarters)

2.12%

1.93%

1.99%

2.21%

1.98%

1.85%

1.92%

1.99%

2.06%

2.13%

2.20%

2.27%

* includes

$1.4 million

(pre-tax)

Voluntary

Retirement

Initiative

Positive Trend in Cost Management Contributes

to Positive Trend in Operating Efficiency

Positive Trend in Cost Management Contributes

Positive Trend in Cost Management Contributes

to Positive Trend in Operating Efficiency

to Positive Trend in Operating Efficiency

*

*

16

Earnings Performance

(Trailing 5 Quarters)

$0.23

$0.21

$0.22

$0.24

$0.19

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

3Q04

4Q04

1Q05

2Q05

3Q05

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

Earnings

EPS (diluted)

and Plays an Increasing Role in

Earnings Momentum

and Plays an Increasing Role in

and Plays an Increasing Role in

Earnings Momentum

Earnings Momentum

17

Disciplined Capital Management

to Build Stockholder Value

Disciplined Capital Management

Disciplined Capital Management

to Build Stockholder Value

to Build Stockholder Value

•

•

Stock Repurchase

Stock Repurchase

–

Completed first program 4th Quarter 2004;

•

approximately 4.0 million shares repurchased

–

Completed second program 3rd Quarter 2005; 

•

approximately 3.7 million shares purchased 

–

Third program authorized July, 2005;

•

approximately 3.6 million shares authorized for repurchase

•

approximately 2.7 million shares left for repurchase as of

September 30, 2005

–

10.8% of issued and outstanding shares

repurchased January, 2004 through September, 2005

18

Disciplined Capital Management   

Disciplined Capital Management   

-

-

Dividends

Dividends

$0.04

$0.05

$0.06

$0.07

$0.08

$0.09

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

Apr-03

July-03

Jan-04

Jan-05

Apr-05

Oct-05

Cash Dividend Declared

Current Dividend Yield = 2.05% (based on 10/31/05 share price of

$17.60)

•

•

Stockholder Value returned via steady

Stockholder Value returned via steady

Cash Dividend Increases

Cash Dividend Increases

19

Disciplined Capital Management

-

Expansion

Disciplined Capital Management

Disciplined Capital Management

-

-

Expansion

Expansion

•

•

Continue to seek out acquisition opportunities

Continue to seek out acquisition opportunities

–

Must add long-term stockholder value

–

Focus on existing footprint and contiguous markets

–

Remain rational in evaluating opportunities

•

•

Cautious approach to De Novo branching

Cautious approach to De Novo branching

–

Not paying up for overpriced real estate

–

New locations must meet minimum growth and profit

standards within 3 years

20

Investors

Financial Performance

Which will be

Driven by

Customers

seek

Customer-Centricity

Employees

seek

Which will be

Driven by

Focused & Rewarded

Workforce

Our Business Philosophy

Our Business Philosophy

Our Business Philosophy

seek