PFS

Business Context and Reporting Period

Company: Provident Financial Services, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 03, 2023
Principal Executive Offices: Jersey City, New Jersey
Trading Symbol: PFS (New York Stock Exchange)

Key Financial Metrics

This filing does not report standard operating financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the termination of specific director fee deferral plans.

Material Changes

The Board of Directors voted on September 29, 2023, to terminate the following director fee deferral plans effective November 1, 2023:

• Sussex Bancorp/Sussex Bank Amended and Restated Director Deferred Compensation Agreement ("Sussex Plan")
• Provident Financial Services, Inc. Board of Directors Voluntary Fee Deferral Plan ("Provident Plan")
• First Savings Bank Deferred Fee Plan ("First Savings Bank Plan")

The termination is conditioned on the consent of Plan participants. The decision was made because the plans are no longer actively used by directors to defer fees.

Management Commentary and Unusual Items

Executive Chairman Distribution: Mr. Christopher Martin, Executive Chairman, is a participant in the First Savings Bank Plan. Upon termination, he is entitled to a distribution between November 1, 2024, and the second anniversary of the termination.

• Estimated Value: Approximately $519,300.00 as of September 29, 2023.
• Composition: Includes 17,785 shares of Company stock valued at the September 29, 2023 closing price.
• Variables: The final value will vary based on interest, dividends, and changes in the market value of the Company stock.

Financial Impact: The Company has accrued for benefits payable under the Plans over time. Management states that any additional accruals through the effective date of termination and final payment are not expected to have a material impact on the Company's financial condition or results of operations.

Investor Verification Checklist

• Verify the final distribution amount for Mr. Christopher Martin, noting it is subject to market fluctuations and interest/dividends until payment.
• Confirm the consent status of all Plan participants required for the November 1, 2023, termination to proceed.
• Review subsequent filings to ensure no unexpected material charges arise from the final settlement of these plans.