Provident Financial Services Management

Management criteria checks 3/4

Provident Financial Services' CEO is Tony Labozzetta, appointed in Aug 2020, has a tenure of 3.75 years. total yearly compensation is $2.07M, comprised of 39.5% salary and 60.5% bonuses, including company stock and options. directly owns 0.7% of the company’s shares, worth €7.63M. The average tenure of the management team and the board of directors is 5.2 years and 6 years respectively.

Key information

Tony Labozzetta

Chief executive officer

US$2.1m

Total compensation

CEO salary percentage	39.5%
CEO tenure	3.8yrs
CEO ownership	0.7%
Management average tenure	5.2yrs
Board average tenure	6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Tony Labozzetta's remuneration changed compared to Provident Financial Services's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$120m
Dec 31 2023	US$2m	US$818k	US$128m
Sep 30 2023	n/a	n/a	US$150m
Jun 30 2023	n/a	n/a	US$165m
Mar 31 2023	n/a	n/a	US$172m
Dec 31 2022	US$2m	US$648k	US$176m
Sep 30 2022	n/a	n/a	US$164m
Jun 30 2022	n/a	n/a	US$158m
Mar 31 2022	n/a	n/a	US$163m
Dec 31 2021	US$2m	US$604k	US$168m
Sep 30 2021	n/a	n/a	US$171m
Jun 30 2021	n/a	n/a	US$161m
Mar 31 2021	n/a	n/a	US$131m
Dec 31 2020	US$949k	US$225k	US$97m

Compensation vs Market: Tony's total compensation ($USD2.07M) is above average for companies of similar size in the German market ($USD1.26M).

Compensation vs Earnings: Tony's compensation has been consistent with company performance over the past year.

CEO

Tony Labozzetta (59 yo)

3.8yrs

Tenure

US$2,074,191

Compensation

Mr. Anthony J. Labozzetta, also known as Tony, has been the Chief Executive Officer at Provident Financial Services, Inc. and Provident Bank since January 1, 2022. Mr. Labozzetta has been President and Dir...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Christopher Martin	Executive Chairman	19.3yrs	no data	1.1% $ 12.1m
Anthony Labozzetta	President	3.8yrs	US$2.07m	0.70% $ 7.6m
Thomas Lyons	Senior EVP & CFO	14.7yrs	US$1.15m	0.38% $ 4.1m
John Kuntz	Senior Executive Vice President	22.7yrs	US$1.14m	0.24% $ 2.7m
George Lista	CEO & President Provident Protection Plus	23.3yrs	US$944.93k	0.16% $ 1.8m
Valerie Murray	Executive VP & Chief Wealth Management Officer of Provident Bank	7.3yrs	US$1.13m	0.12% $ 1.3m
Adriano Duarte	Executive VP	1.8yrs	no data	0.098% $ 1.1m
Bennett MacDougall	Executive VP	less than a year	no data	0.012% $ 136.4k
Sheila Leary	Senior VP & BSA/AML Compliance Director of Provident Bank	5.2yrs	no data	no data
Brian Giovinazzi	Executive VP & Chief Credit Officer of the Provident Bank	17.1yrs	US$856.29k	0.20% $ 2.2m
Walter Sierotko	Executive VP & Chief Lending Officer of Provident Bank	4.1yrs	US$968.34k	0.076% $ 834.0k

5.2yrs

Average Tenure

59yo

Average Age

Experienced Management: PQ3's management team is seasoned and experienced (5.2 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Christopher Martin	Executive Chairman	19.3yrs	no data	1.1% $ 12.1m
Anthony Labozzetta	President	3.8yrs	US$2.07m	0.70% $ 7.6m
Edward Leppert	Independent Director	3.8yrs	US$188.17k	0.19% $ 2.1m
Frank Fekete	Independent Director	21.3yrs	US$184.42k	0.10% $ 1.1m
Terence Gallagher	Independent Director	13.7yrs	US$190.04k	0.054% $ 594.1k
Ursuline Foley	Independent Director	4.9yrs	US$173.79k	0.041% $ 448.7k
James Dunigan	Independent Director	6yrs	US$210.21k	0.049% $ 539.4k
John Pugliese	Independent Lead Director	9.9yrs	US$203.79k	0.14% $ 1.5m
Nadine Duchemin-Leslie	Independent Director	2.9yrs	US$176.29k	0.017% $ 189.9k
Robert McNerney	Independent Director	3.8yrs	US$161.29k	0.013% $ 136.9k
Matthew Harding	Independent Director	11.3yrs	US$196.29k	0.077% $ 838.6k

6.0yrs

Average Tenure

64yo

Average Age

Experienced Board: PQ3's board of directors are considered experienced (6 years average tenure).

Provident Financial Services Management

Management criteria checks 3/4

Key information

Recent management updates

Provident Financial Services, Inc., Annual General Meeting, Apr 25, 2024

Insufficient new directors

Independent Director recently sold €56k worth of stock

Provident Financial Services, Inc., Annual General Meeting, Apr 27, 2023

Insider recently sold €109k worth of stock

Provident Bank Announces Ravi Vakacherla as Joined the Organization as Executive Vice President, Chief Digital and Innovation Office

Recent updates

First quarter 2024 earnings released: EPS: US$0.43 (vs US$0.54 in 1Q 2023)

First quarter 2024 earnings released: EPS: US$0.43 (vs US$0.54 in 1Q 2023)

Provident Financial Services, Inc. Announces Net Charge-Offs for the First Quarter Ended March 31, 2024

Provident Financial Services, Inc. to Report Q1, 2024 Results on Apr 18, 2024

Provident Financial Services, Inc. Receives Regulatory Approvals from FDIC and New Jersey Department of Banking and Insurance for Its Merger with Lakeland Bancorp, Inc

Full year 2023 earnings released: EPS: US$1.72 (vs US$2.35 in FY 2022)

New minor risk - Insider selling

Upcoming dividend of US$0.24 per share at 5.8% yield

Fourth quarter dividend of US$0.24 announced

Provident Financial Services, Inc., Annual General Meeting, Apr 25, 2024

Full year 2023 earnings released: EPS: US$1.72 (vs US$2.35 in FY 2022)

Provident Financial Services, Inc. Declares Quarterly Cash Dividend, Payable on February 23, 2024

New minor risk - Insider selling

Provident Financial Services, Inc. Reports Unaudited Consolidated Net Loan Charge-Offs for the Third Quarter Ended September 30, 2023

Third quarter 2023 earnings released: EPS: US$0.38 (vs US$0.58 in 3Q 2022)

Provident Financial Services, Inc. to Report Q3, 2023 Results on Oct 26, 2023

Insufficient new directors

Upcoming dividend of US$0.24 per share at 5.3% yield

Provident Financial Services, Inc. Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2023

Second quarter 2023 earnings released: EPS: US$0.43 (vs US$0.53 in 2Q 2022)

Provident Financial Services, Inc. to Report Q2, 2023 Results on Jul 27, 2023

First quarter 2023 earnings released: EPS: US$0.54 (vs US$0.58 in 1Q 2022)

Full year 2022 earnings released: EPS: US$2.35 (vs US$2.20 in FY 2021)

Independent Director recently sold €56k worth of stock

Upcoming dividend of US$0.24 per share at 4.0% yield

Provident Financial Services, Inc., Annual General Meeting, Apr 27, 2023

Full year 2022 earnings released: EPS: US$2.35 (vs US$2.20 in FY 2021)

Now 20% undervalued after recent price drop

Provident Financial Services, Inc. to Report Q4, 2022 Results on Jan 27, 2023

Insider recently sold €109k worth of stock

Upcoming dividend of US$0.24 per share

Third quarter 2022 earnings released: EPS: US$0.58 (vs US$0.49 in 3Q 2021)

Provident Financial Services, Inc. Declares Quarterly Cash Dividend, Payable on November 25, 2022

Provident Financial Services, Inc. to Report Q3, 2022 Results on Oct 28, 2022

Investor sentiment deteriorated over the past week

Provident Financial Services, Inc. (NYSE:PFS) entered into a definitive merger agreement to acquire Lakeland Bancorp, Inc. (NasdaqGS:LBAI) for $1.2 billion.

Provident Financial Services, Inc. (NYSE:PFS) entered into a definitive merger agreement to acquire Lakeland Bancorp, Inc. (NasdaqGS:LBAI) for $1.3 billion.

Provident Bank Announces Ravi Vakacherla as Joined the Organization as Executive Vice President, Chief Digital and Innovation Office

Insider recently sold €156k worth of stock

Upcoming dividend of US$0.24 per share

Second quarter 2022 earnings released: EPS: US$0.53 (vs US$0.58 in 2Q 2021)

Provident Financial Services, Inc. Declares Quarterly Cash Dividend, Payable on August 26, 2022

Provident Financial Services, Inc. to Report Q2, 2022 Results on Jul 29, 2022

Insider recently sold €63k worth of stock

Upcoming dividend of US$0.24 per share

First quarter 2022 earnings released: EPS: US$0.58 (vs US$0.64 in 1Q 2021)

Provident Financial Services, Inc. to Report Q1, 2022 Results on Apr 29, 2022

Insider recently sold €64k worth of stock

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Independent Director recently sold €211k worth of stock

Provident Financial Services, Inc., Annual General Meeting, Apr 28, 2022

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Provident Financial Services, Inc., Annual General Meeting, Apr 28, 2022

Upcoming dividend of US$0.24 per share

Third quarter 2021 earnings released: EPS US$0.49 (vs US$0.37 in 3Q 2020)

Insider recently sold €189k worth of stock

Insider recently sold €168k worth of stock

Second quarter 2021 earnings released: EPS US$0.58 (vs US$0.22 in 2Q 2020)

Independent Director recently sold €414k worth of stock

Independent Director recently sold €142k worth of stock

Independent Director has left the company

Executive VP & Chief Lending Officer recently sold €58k worth of stock

Upcoming dividend of US$0.23 per share

First quarter 2021 earnings released: EPS US$0.64 (vs US$0.23 in 1Q 2020)

Provident Financial Services, Inc. Declares Quarterly Cash Dividend, Payable on May 28, 2021

Insider recently sold €78k worth of stock

Full year 2020 earnings released: EPS US$1.39 (vs US$1.74 in FY 2019)

Revenue beats expectations

New 90-day high: €16.40