PROVIDENT FINANCIAL SERVICES INC, DEF 14A filed on 4/8/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Dec. 31, 2025
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name PROVIDENT FINANCIAL SERVICES, INC.
Entity Central Index Key 0001178970
Amendment Flag false
v3.26.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure [Table]          
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

As discussed in the Compensation Discussion and Analysis appearing earlier, our Compensation Committee has implemented an executive compensation program designed to link a substantial portion of our NEO’s realized compensation to the achievement of the company’s financial and strategic objectives, and to align our executive pay with changes in the value of our stockholders’ investments. The following table sets forth additional compensation information for our NEOs, calculated in accordance with SEC regulations, for fiscal years 2025, 2024, 2023, 2022, and 2021.

 

Year  Summary
Compensation
Table Total for
First CEO(1)
$
  Summary
Compensation
Table Total for
Second CEO(2)
$
  Compensation
Actually Paid
to First CEO(3)
$
  Compensation
Actually Paid
to Second
CEO(3)
$
  Average
Summary
Compensation
Table Total
for Non-CEO
NEOs(4)
$
  Average
Compensation
Actually Paid
to Non-CEO
NEOs(4)
$
  Value of Initial
Fixed $100
Investment
Based on:
  Net
Income
$ (in
millions)
  Return
on
Average
Assets(6)
              TSR(5)  Peer
Group
TSR(5)
   
2025  3,521,400    4,188,694    1,624,237  1,779,422  $140.64  $160.37  291  1.19%
2024  3,501,092    3,872,306    2,579,823  2,682,870  $127.61  $145.82  116  0.57%
2023  2,074,191    1,600,542    1,091,424  915,642  $115.25  $123.35  128  0.92%
2022  2,049,292    1,934,504    1,218,560  1,039,519  $129.19  $122.74  176  1.29%
2021    2,625,561    4,387,807  1,420,405  1,889,746  $140.47  $139.21  168  1.26%

 

       
Company Selected Measure Name Return on Average Assets        
Named Executive Officers, Footnote

(1) For fiscal years 2022, 2023, 2024, and 2025, this column presents the Summary Compensation Table total for President and Chief Executive Officer Anthony J. Labozzetta, following Mr. Labozzetta’s appointment as President and Chief Executive Officer effective January 1, 2022.

 

(2) For fiscal year 2021, this column presents the Summary Compensation Table total for President and Chief Executive Officer, Christopher Martin.

 

(4) The Non-CEO NEOs in the 2025 reporting year are Thomas M. Lyons, George Lista, Thomas Shara, and Ravi Vakacherla. The Non-CEO NEOs in the 2024 reporting year are Thomas M. Lyons, John Kuntz, Valerie O. Murray, Thomas Shara, and Ravi Vakacherla. The Non-CEO NEOs in the 2023 reporting year are Thomas M. Lyons, John Kuntz, Valerie O. Murray, and George Lista. The Non-CEO NEOs in the 2022 reporting year are Christopher Martin, Thomas M. Lyons, John Kuntz, and Valerie O. Murray. The Non-CEO NEOs in the 2021 reporting year are Anthony J. Labozzetta, Thomas M. Lyons, John Kuntz, and Valerie O. Murray. In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments in the table below were made to the NEO’s total compensation to determine the compensation actually paid.
       
Peer Group Issuers, Footnote

(5) TSR is determined based on the value of an initial fixed investment of $100. The TSR peer group consists of the S&P U.S. SmallCap Banks Index, which is the same peer group used by the company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the company’s Annual Report on Form 10-K for the year ended December 31, 2025.
       
Adjustment To PEO Compensation, Footnote

     Anthony J.
Labozzetta (PEO)
   Christopher
Martin (PEO)
 
     2025   2024   2023   2022   2021 
  Total Compensation as reported in Summary Compensation Table  $3,521,400   $3,501,092   $2,074,191   $2,049,292   $2,625,561 
  Pension values reported in Summary Compensation Table                    
  Fair value of equity awards granted during fiscal year   (1,200,000)   (1,425,000)   (825,000)   (650,000)   (797,000)
  Pension value attributable to current year’s service and any change in pension value attributable to plan amendments made in the current year                    
  Fair value of equity compensation granted in current year-value at end of year-end   1,361,604    1,871,986    403,635    601,057    1,423,024 
  Fair value of equity compensation granted in current year-value at vesting date                    
  Change in fair value for end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year   (117,705)   (239,576)   952    (740)   183,642 
  Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year   623,395    163,804    (53,235)   (65,105)   952,580 
  Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year                    
  Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year                    
  Compensation Actually Paid to CEO  $4,188,694   $3,872,306   $1,600,542   $1,934,504   $4,387,807 
       
Non-PEO NEO Average Total Compensation Amount [1] $ 1,624,237 $ 2,579,823 $ 1,091,424 $ 1,218,560 $ 1,420,405
Non-PEO NEO Average Compensation Actually Paid Amount [1] $ 1,779,422 2,682,870 915,642 1,039,519 1,889,746
Adjustment to Non-PEO NEO Compensation Footnote

 

     Non-CEO NEO Averages 
     2025   2024   2023   2022   2021 
  Total Compensation as reported in Summary Compensation Table  $1,624,237   $2,579,823   $1,091,424   $1,218,560   $1,420,405 
  Pension values reported in Summary Compensation Table           (1,272)        
  Fair value of equity awards granted during fiscal year   (393,835)   (365,638)   (280,125)   (428,000)   (389,273)
  Pension value attributable to current year’s service and any change in pension value attributable to plan amendments made in the current year                    
  Fair value of equity compensation granted in current year-value at end of year-end   446,875    445,605    136,981    360,948    645,211 
  Fair value of equity compensation granted in current year-value at vesting date       8,564             
  Change in fair value for end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year   (34,054)   (65,694)   (5,544)   (7,766)   26,818 
  Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year   136,200    90,524    (25,823)   (104,223)   186,585 
  Dividends or other earnings paid on stock or options awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year                    
  Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year       (10,314)            
  Average Compensation Actually Paid to Non-CEO NEOs  $1,779,422   $2,682,870   $915,642   $1,039,519   $1,889,746 
       
Compensation Actually Paid vs. Total Shareholder Return

 

       
Compensation Actually Paid vs. Net Income

       
Compensation Actually Paid vs. Company Selected Measure

       
Tabular List, Table

The three items listed below represent the most important metrics we used to determine CAP for fiscal year 2025:

 

1. Return on Average Assets

 

2. Return on Average Tangible Equity

 

3. Earnings Per Share
       
Total Shareholder Return Amount [2] $ 140.64 127.61 115.25 129.19 140.47
Peer Group Total Shareholder Return Amount [2] 160.37 145.82 123.35 122.74 139.21
Net Income (Loss) Attributable to Parent $ 291,000,000 $ 116,000,000 $ 128,000,000 $ 176,000,000 $ 168,000,000
Company Selected Measure Amount [3] 0.0119 0.0057 0.0092 0.0129 0.0126
PEO Name Anthony J. Labozzetta Anthony J. Labozzetta Anthony J. Labozzetta Anthony J. Labozzetta Christopher Martin
Measure [Axis]: 1          
Pay vs Performance Disclosure [Table]          
Measure Name Return on Average Assets        
Non-GAAP Measure Description

 

(6) Return on average assets is Provident’s selected measure. Values shown reflect ROAA as calculated for purposes of our executive compensation program for the applicable reporting year and may exclude unanticipated and non-recurring items of revenue or expense as determined by the Compensation Committee.
       
Measure [Axis]: 2          
Pay vs Performance Disclosure [Table]          
Measure Name Return on Average Tangible Equity        
Measure [Axis]: 3          
Pay vs Performance Disclosure [Table]          
Measure Name Earnings Per Share        
Non-PEO NEO [Member] | Pension Adjustments Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 0 $ 0 $ (1,272) $ 0 $ 0
Non-PEO NEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (393,835) (365,638) (280,125) (428,000) (389,273)
Non-PEO NEO [Member] | Pension Adjustments Prior Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0 0
Non-PEO NEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 446,875 445,605 136,981 360,948 645,211
Non-PEO NEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 8,564 0 0 0
Non-PEO NEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (34,054) (65,694) (5,544) (7,766) 26,818
Non-PEO NEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 136,200 90,524 (25,823) (104,223) 186,585
Non-PEO NEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0 0
Non-PEO NEO [Member] | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 (10,314) 0 0 0
Anthony Labozzetta          
Pay vs Performance Disclosure [Table]          
PEO Total Compensation Amount [4] 3,521,400 3,501,092 2,074,191 2,049,292 0
PEO Actually Paid Compensation Amount [5] 4,188,694 3,872,306 1,600,542 1,934,504 0
Anthony Labozzetta | PEO [Member] | Pension Adjustments Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0  
Anthony Labozzetta | PEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (1,200,000) (1,425,000) (825,000) (650,000)  
Anthony Labozzetta | PEO [Member] | Pension Adjustments Prior Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0  
Anthony Labozzetta | PEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 1,361,604 1,871,986 403,635 601,057  
Anthony Labozzetta | PEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0  
Anthony Labozzetta | PEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (117,705) (239,576) 952 (740)  
Anthony Labozzetta | PEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 623,395 163,804 (53,235) (65,105)  
Anthony Labozzetta | PEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0  
Anthony Labozzetta | PEO [Member] | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0 0 0 0  
Christopher Martin          
Pay vs Performance Disclosure [Table]          
PEO Total Compensation Amount [6] 0 0 0 0 2,625,561
PEO Actually Paid Compensation Amount [5] $ 0 $ 0 $ 0 $ 0 4,387,807
Christopher Martin | PEO [Member] | Pension Adjustments Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         0
Christopher Martin | PEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         (797,000)
Christopher Martin | PEO [Member] | Pension Adjustments Prior Service Cost [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         0
Christopher Martin | PEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         1,423,024
Christopher Martin | PEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         0
Christopher Martin | PEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         183,642
Christopher Martin | PEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         952,580
Christopher Martin | PEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         0
Christopher Martin | PEO [Member] | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         $ 0
[1] The Non-CEO NEOs in the 2025 reporting year are Thomas M. Lyons, George Lista, Thomas Shara, and Ravi Vakacherla. The Non-CEO NEOs in the 2024 reporting year are Thomas M. Lyons, John Kuntz, Valerie O. Murray, Thomas Shara, and Ravi Vakacherla. The Non-CEO NEOs in the 2023 reporting year are Thomas M. Lyons, John Kuntz, Valerie O. Murray, and George Lista. The Non-CEO NEOs in the 2022 reporting year are Christopher Martin, Thomas M. Lyons, John Kuntz, and Valerie O. Murray. The Non-CEO NEOs in the 2021 reporting year are Anthony J. Labozzetta, Thomas M. Lyons, John Kuntz, and Valerie O. Murray. In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments in the table below were made to the NEO’s total compensation to determine the compensation actually paid.
[2] TSR is determined based on the value of an initial fixed investment of $100. The TSR peer group consists of the S&P U.S. SmallCap Banks Index, which is the same peer group used by the company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the company’s Annual Report on Form 10-K for the year ended December 31, 2025.
[3] Return on average assets is Provident’s selected measure. Values shown reflect ROAA as calculated for purposes of our executive compensation program for the applicable reporting year and may exclude unanticipated and non-recurring items of revenue or expense as determined by the Compensation Committee.
[4] For fiscal years 2022, 2023, 2024, and 2025, this column presents the Summary Compensation Table total for President and Chief Executive Officer Anthony J. Labozzetta, following Mr. Labozzetta’s appointment as President and Chief Executive Officer effective January 1, 2022.
[5] SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine “Compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. In general, “Compensation actually paid” is calculated as Summary Compensation Table total compensation adjusted to include the fair market value or change in fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments in the table below were made to Messrs. Labozzetta and Martin’s total compensation to determine the compensation actually paid.
[6] For fiscal year 2021, this column presents the Summary Compensation Table total for President and Chief Executive Officer, Christopher Martin.
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

Equity Compensation Grant Practices

 

Named executives officers were granted performance shares and restricted stock awards in March of 2025. Stock option awards are not currently a component of executive compensation design.

 

While Provident does not have a formal policy or obligation that requires it to grant or award equity-based compensation on a specific date, the Compensation Committee and the Board have a historical practice of not granting stock awards to executive officers during closed quarterly trading windows as determined under Provident’s insider trading policy. Consequently, Provident has not granted, and does not expect to grant, any stock awards to any named executive officers within four business days preceding the filing with the SEC of any report on Forms 10-K, 10-Q or 8-K that discloses material non-public information. The Compensation Committee and the Board do not take material non-public information into account when determining the timing of equity awards and do not time the disclosure of material non-public information in order to impact the value of executive compensation.

 

Provident did not grant any stock options to its executive officers, including the named executive officers, during the year ended December 31, 2025.

Award Timing Method [Text Block] While Provident does not have a formal policy or obligation that requires it to grant or award equity-based compensation on a specific date, the Compensation Committee and the Board have a historical practice of not granting stock awards to executive officers during closed quarterly trading windows as determined under Provident’s insider trading policy. Consequently, Provident has not granted, and does not expect to grant, any stock awards to any named executive officers within four business days preceding the filing with the SEC of any report on Forms 10-K, 10-Q or 8-K that discloses material non-public information.
Award Timing Predetermined false
Award Timing MNPI Considered [Flag] false
Award Timing, How MNPI Considered [Text Block] The Compensation Committee and the Board do not take material non-public information into account when determining the timing of equity awards and do not time the disclosure of material non-public information in order to impact the value of executive compensation.
MNPI Disclosure Timed for Compensation Value [Flag] false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted [Flag] true