PROVIDENT FINANCIAL SERVICES, INC. (NYSE:PFS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(e)Executive Annual Incentive Plan. On January 31, 2019, the Company’s Compensation Committee established, and the Company’s Board of Directors ratified, the 2019 targets for the Executive Annual Incentive Plan, an annual performance-based cash incentive plan that was previously approved by the stockholders on April 23, 2015 (the “Plan”).
The Plan provides for cash incentive payments based primarily on the Company’s 2019 financial performance compared with certain targets (the “Corporate Targets”). Incentive payments based on the Company’s 2019 financial performance may be made if the Company meets or exceeds 90% of any of the Corporate Targets (“Threshold”).
For senior executive officers (including the Chairman, President and Chief Executive Officer, the Chief Financial Officer, and the other Named Executive Officers), 50% of the incentive payments that may be made under the Plan will be based on the Company’s 2019 performance using the following Corporate Targets that relate to the Company’s business plan and strategic objectives: (i) earnings per share (weighted 40%); (ii) net income (weighted 40%); and (iii) operating expense/average assets (weighted 20%).
Incentive payments will be a percentage of the executive officer’s base salary. Using estimated 2019 base salary levels, the total aggregate cash incentive payments that may be made for 2019 under the Plan for the Chairman, President and Chief Executive Officer, the Chief Financial Officer and the other Named Executive Officers would range from approximately $727,000 at the Threshold level up to $2,200,000 at the Maximum level.
Item 9.01.Financial Statements and Exhibits
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(a) |
Financial Statements of Businesses Acquired. Not applicable. |
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(b) |
Pro Forma Financial Information. Not applicable. |
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(c) |
Shell Company Transactions. Not applicable. |
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(d) |
Exhibits. Not Applicable. |
About PROVIDENT FINANCIAL SERVICES, INC. (NYSE:PFS)
Provident Financial Services Inc. is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas. It attracts deposits from the general public and businesses in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, residential mortgage loans, commercial business loans and consumer loans. It also invests in mortgage-backed securities and other permissible investments. Its primary market area includes a mix of urban and suburban communities, and has a mix of industries, including pharmaceutical, manufacturing companies, network communications, insurance and financial services, healthcare and retail.