Provident Financial Services, Inc. Files Definitive Proxy Statement (DEF 14A)

Ticker: PFS · Form: DEF 14A · Filed: Mar 15, 2024 · CIK: 1178970

Provident Financial Services Inc DEF 14A Filing Summary
FieldDetail
CompanyProvident Financial Services Inc (PFS)
Form TypeDEF 14A
Filed DateMar 15, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Provident Financial Services, Executive Compensation, Shareholder Meeting, Corporate Governance

TL;DR

<b>Provident Financial Services, Inc. has filed its Definitive Proxy Statement (DEF 14A) for the period ending April 25, 2024, detailing executive compensation and corporate governance.</b>

AI Summary

PROVIDENT FINANCIAL SERVICES INC (PFS) filed a Proxy Statement (DEF 14A) with the SEC on March 15, 2024. Provident Financial Services, Inc. filed a DEF 14A form on March 15, 2024. The filing covers the period ending April 25, 2024. The company's Central Index Key is 0001178970. The Standard Industrial Classification is Savings Institution, Federally Chartered [6035]. The filing includes information related to executive compensation for members like Anthony Labozzetta and Christopher Martin for fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking PROVIDENT FINANCIAL SERVICES INC, this filing contains several important signals. This DEF 14A filing is crucial for shareholders as it outlines proposals to be voted on at the annual meeting, including the election of directors and executive compensation details. Understanding the executive compensation breakdown and any changes in pension values or equity awards provides insight into management's incentives and the company's financial health.

Risk Assessment

Risk Level: low — PROVIDENT FINANCIAL SERVICES INC shows low risk based on this filing. The filing is a routine DEF 14A, which is a standard disclosure for publicly traded companies regarding their annual shareholder meetings and executive compensation, posing no immediate new risks.

Analyst Insight

Shareholders should review the executive compensation details and any proposed corporate actions to make informed voting decisions.

Executive Compensation

NameTitleTotal Compensation
Anthony LabozzettaMember
Christopher MartinMember

Key Numbers

  • 2024-03-15 — Filing Date (DEF 14A)
  • 2024-04-25 — Period of Report (DEF 14A)
  • 2023-12-31 — Fiscal Year End (Company Data)
  • 2020-2023 — Executive Compensation Data Years (Executive Compensation Details)

Key Players & Entities

  • PROVIDENT FINANCIAL SERVICES INC (company) — Filer
  • Anthony Labozzetta (person) — Executive Compensation
  • Christopher Martin (person) — Executive Compensation
  • 0001178970 (company) — Central Index Key
  • 6035 (company) — Standard Industrial Classification
  • 2013331000 (dollar_amount) — Business Phone

FAQ

When did PROVIDENT FINANCIAL SERVICES INC file this DEF 14A?

PROVIDENT FINANCIAL SERVICES INC filed this Proxy Statement (DEF 14A) with the SEC on March 15, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by PROVIDENT FINANCIAL SERVICES INC (PFS).

Where can I read the original DEF 14A filing from PROVIDENT FINANCIAL SERVICES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PROVIDENT FINANCIAL SERVICES INC.

What are the key takeaways from PROVIDENT FINANCIAL SERVICES INC's DEF 14A?

PROVIDENT FINANCIAL SERVICES INC filed this DEF 14A on March 15, 2024. Key takeaways: Provident Financial Services, Inc. filed a DEF 14A form on March 15, 2024.. The filing covers the period ending April 25, 2024.. The company's Central Index Key is 0001178970..

Is PROVIDENT FINANCIAL SERVICES INC a risky investment based on this filing?

Based on this DEF 14A, PROVIDENT FINANCIAL SERVICES INC presents a relatively low-risk profile. The filing is a routine DEF 14A, which is a standard disclosure for publicly traded companies regarding their annual shareholder meetings and executive compensation, posing no immediate new risks.

What should investors do after reading PROVIDENT FINANCIAL SERVICES INC's DEF 14A?

Shareholders should review the executive compensation details and any proposed corporate actions to make informed voting decisions. The overall sentiment from this filing is neutral.

How does PROVIDENT FINANCIAL SERVICES INC compare to its industry peers?

Provident Financial Services, Inc. operates as a savings institution, federally chartered, indicating its role in the financial services sector, primarily focused on deposit-taking and lending activities.

Are there regulatory concerns for PROVIDENT FINANCIAL SERVICES INC?

As a federally chartered savings institution, the company is subject to regulations from federal banking authorities, ensuring compliance with financial stability and consumer protection laws.

Industry Context

Provident Financial Services, Inc. operates as a savings institution, federally chartered, indicating its role in the financial services sector, primarily focused on deposit-taking and lending activities.

Regulatory Implications

As a federally chartered savings institution, the company is subject to regulations from federal banking authorities, ensuring compliance with financial stability and consumer protection laws.

What Investors Should Do

  1. Review the detailed executive compensation packages for Anthony Labozzetta and Christopher Martin for fiscal years 2020-2023.
  2. Analyze the information regarding pension values and equity awards granted to key executives.
  3. Understand the proposals to be voted on at the upcoming shareholder meeting as outlined in the DEF 14A.

Key Dates

  • 2024-03-15: Filing Date — Submission of Definitive Proxy Statement (DEF 14A)
  • 2024-04-25: Period of Report — Covers the period for which the proxy statement is relevant.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure. No prior filing data is available for direct comparison within this extract.

Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 13 · Accepted 2024-03-15 08:32:15

Filing Documents

Executive Compensation

Executive Compensation Philosophy 34 Benchmarking and Peer Groups 34 Role of Management 34 Elements of 2023

Executive Compensation

Executive Compensation 35 Elements of Post-Termination Benefits 40 Executive Stock 42 Prohibition on Hedging 42 Clawback Policies 42 Risk Assessment 43 Tax Deductibility of Executive Compensation 43 Compensation and Human Capital Committee Report 43

Executive Compensation

Executive Compensation 44 Summary Compensation Table 45 Plan-Based Awards 47 Outstanding Equity Awards at Year-End 48 Option Exercises and Stock Vested 49 Pension Benefits 49 Non-Qualified Deferred Compensation 50 Potential Payments Upon Termination or Change in Control 51 Pay Ratio Disclosure 54 Pay Versus Performance 55 Director Compensation 59 Elements of Director Compensation 59 Director Compensation Table 61

Security Ownership of Certain Beneficial

Security Ownership of Certain Beneficial 62 Principal Stockholders 62 Delinquent Section 16(a) Reports 65 Proposal 2 Advisory Vote to Approve

Executive Compensation

Executive Compensation 65 Proposal 3 Advisory Vote to Approve the 2024 Long-Term Equity Incentive Plan 66 Proposal 4 Ratification of the Appointment of our Independent Registered Public Accounting Firm 75 Submission of Stockholder Proposals 76 Advance Notice of Business to be Conducted at an Annual Meeting 76 Notice of Solicitation of Proxies 76 Other Matters 77 General Information 78 The 2024 Annual Meeting of Stockholders 78 Who Can Vote 78 How Many Votes You Have 78 Matters to Be Considered 79 How to Participate in the Virtual Annual Meeting 79 How to Vote 79 Participants in Provident Benefit Plans 79 Quorum and Vote Required 79 Revocability of Proxies 80 Solicitation of Proxies 80 Householding 80 Recommendation of the Board of Directors 80 Appendix A 81 Back to Contents Notice of Annual Meeting of Stockholders Virtual Meeting Information THURSDAY, APRIL 25, 2024 10:00 a.m., Eastern Standard Time www.virtualshareholdermeeting.com/PFS2024 NOTICE IS HEREBY GIVEN THAT the 2024 Annual Meeting of Stockholders of Provident Financial Services, Inc. will be held in a virtual format on Thursday, April 25, 2024, at 10:00 a.m., Eastern Standard Time to consider and vote upon the following matters: 1. The election of four nominees named in the attached Proxy Statement to serve as directors, each for a three-year term. 2. An advisory (non-binding) vote to approve the compensation paid to our named executive officers. 3. The approval of the 2024 Long-Term Equity Incentive Plan. 4. The ratification of the appointment of KPMG LLP as our independent registered public accounting firm for the year ending December 31, 2024. 5. The transaction of such other business as may properly come before the Annual Meeting, and any adjournment or postponement of the Annual Meeting. The board of directors of Provident Financial Services, Inc. established March 1, 2024 as the record date for determin

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