Contact Information: CONTACT: First Morris Bank & Trust: William Keefe EVP / CFO (973) 656-2171 Email Contact
First Morris Bank & Trust Adjusts Net Income for the Three and Nine Months Ended September 30, 2006
| Source: First Morris Bank & Trust
MORRIS TOWNSHIP, NJ -- (MARKET WIRE) -- December 21, 2006 -- First Morris Bank & Trust (OTCBB : FMJE )
("First Morris") today announced that it was adjusting net income for the
three and nine months ended September 30, 2006 to reflect the recognition
of a valuation allowance related to a deferred tax asset. As a result of
the adjustment, net income will decrease from $826 thousand to $791
thousand for the three months ended September 30, 2006 and from $1.58
million to $1.35 million for the nine months ended September 30, 2006.
About First Morris
First Morris was established in 1969. At September 30, 2006, First Morris
had total assets of $572.3 million and total stockholders' equity of $41.0
million. It operates nine branch offices in Morris County, New Jersey.
On October 16, 2006, First Morris announced the signing of a definitive
agreement under which First Morris will merge into The Provident Bank, a
subsidiary of Provident Financial Services, Inc. ("Provident"). Under the
agreement, First Morris stockholders will receive a combination of stock
and cash, subject to election, valued at $39.75 per share or approximately
$124.1 million.
Provident has filed with the Securities and Exchange Commission (SEC) a
registration statement, a prospectus that will also serve as the proxy
statement for the vote of the stockholders of First Morris, and other
relevant documents concerning the proposed transaction. Stockholders of
First Morris are urged to read the registration statement and the
prospectus when it becomes available and any other relevant documents filed
with the SEC, as well as any amendments or supplements to those documents,
because they will contain important information. You will be able to
obtain a free copy of the prospectus, as well as other filings containing
information about Provident and First Morris, at the SEC's Internet site
(http://www.sec.gov). Copies of the prospectus and the SEC filings that
will be incorporated by reference in the prospectus can be obtained,
without charge, by directing a request to John F. Kuntz, General Counsel,
Provident Financial Services, Inc., 830 Bergen Avenue, Jersey City, NJ
07306, tel: (201) 333-1000.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates" or
words of similar meaning. These forward-looking statements are based upon
the current beliefs and expectations of Provident's and First Morris'
management and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are beyond our
control. Actual results may differ materially from the anticipated results
discussed in these forward-looking statements. The following factors,
among others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in the forward-looking
statements: (1) the businesses of Provident and First Morris may not be
combined successfully, or such combination may take longer to accomplish
than expected; (2) the cost savings from the merger may not be fully
realized or may take longer to realize than expected; (3) operating costs,
customer loss and business disruption following the merger, including
adverse effects on relationships with employees, may be greater than
expected; (4) governmental approvals of the merger may not be obtained, or
adverse regulatory conditions may be imposed in connection with
governmental approvals of the merger; (5) the stockholders of First Morris
may fail to approve the merger; (6) adverse governmental or regulatory
policies may be enacted; (7) the interest rate environment may further
compress margins and adversely affect net interest income; (8) the risks
associated with continued diversification of assets and adverse changes to
credit quality; (9) difficulties associated with achieving expected future
financial results; (10) competition from other financial services companies
in Provident's and First Morris' markets; (11) the risk of an economic
slowdown that would adversely affect credit quality and loan originations.
Additional factors that could cause actual results to differ materially
from those expressed in the forward-looking statements are discussed in
Provident's reports filed with the Securities and Exchange Commission and
available at the SEC's Internet site (http://www.sec.gov).
All subsequent written and oral forward-looking statements concerning the
proposed transaction or other matters attributable to Provident or First
Morris or any person acting on their behalf are expressly qualified in
their entirety by the cautionary statements above. Except as required by
law, Provident and First Morris do not undertake any obligation to update
any forward-looking statement to reflect circumstances or events that occur
after the date the forward-looking statement is made.