Adriano Duarte
PROVIDENT FINANCIAL SERVICESAbout Adriano Duarte
Executive Vice President and Chief Accounting Officer at Provident Financial Services (PFS), appointed April 2023; previously Senior Vice President and Controller since January 2021. Age 53. He also serves publicly as Investor Relations Officer on earnings calls and signs SEC 10-Qs as Principal Accounting Officer, indicating core responsibility for financial reporting integrity and external investor communications .
Company-level performance during his tenure:
- FY 2024: Net income $115.5M; ROAA 0.57%; Net interest margin 3.26%; total assets $24.1B; TSR value of initial $100 investment $98.86 vs peer $132.44 .
- FY 2023: Net income $128.4M; ROAA 0.92%; Net interest margin 3.16%; total assets $14.2B; TSR value of initial $100 investment $89.28 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($USD Millions) | $128.4 | $115.5 |
| ROAA (%) | 0.92% | 0.57% |
| Net Interest Margin (%) | 3.16% | 3.26% |
| Total Assets ($USD Billions) | $14.2 | $24.1 |
| TSR – value of $100 investment | $89.28 | $98.86 |
| TSR – peer group value of $100 | $112.03 | $132.44 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Provident Bank (PFS) | Executive Vice President & Chief Accounting Officer | Apr 2023–present | Principal Accounting Officer; signs 10‑Qs; maintains reporting integrity; visible IR function on earnings calls |
| Provident Bank (PFS) | Senior Vice President & Controller | Jan 2021–Apr 2023 | Led controllership; built foundations for post-merger reporting, controls and integration |
External Roles
- No external board or public company directorships disclosed in the executive officers section of the 2025 proxy .
Fixed Compensation
- Not disclosed for Duarte (not a named executive officer in PFS proxies). The Summary Compensation Tables cover CEO, CFO, and other NEOs; Duarte is not included .
Performance Compensation
Company incentive architecture relevant to senior executives (context for alignment; Duarte’s specific plan is not disclosed):
- Annual cash incentives for named executive officers are tied to EPS, Net Income, and Efficiency Ratio, with defined targets, thresholds, maximums, and proration around the Lakeland merger close; clawback and risk mitigations apply .
| Metric | Jan 1–Apr 30 2024 (Pre-Close) | May 1–Jul 31 2024 (Integration) | Aug 1–Dec 31 2024 (Post-Close) |
|---|---|---|---|
| Net Income ($USD Millions) | Target: 39.50; Actual: 43.80; Payout basis: 112.8% of target | Target: 64.50; Actual: 64.50; Payout basis: 100% | Target: 88.70; Actual: 100.50; Payout basis: 150% |
| EPS ($) | Target: 0.52; Actual: 0.58; Payout basis: 112.8% | Target: 0.57; Actual: 0.57; Payout basis: 100% | Target: 0.68; Actual: 0.77; Payout basis: 150% |
| Efficiency Ratio (%) | Target: 59.50%; Actual: 61.14%; Payout basis: 112.8% overall period result (mixed metrics) | Target: 53.29%; Actual: 53.29%; Payout basis: 100% | Target: 57.69%; Actual: 55.26%; Payout basis: 150% |
| Vesting (cash plan) | n/a (cash incentive) | n/a (cash incentive) | n/a (cash incentive) |
Long-term equity for named executive officers:
- 75% performance-vesting RS, 25% time-vesting; 3-year performance period; metrics: multi-year Core ROAA (60%) and Core ROATE (40%), with TSR modifier vs KBW Regional Bank Index; dividends only upon vesting .
- 2024–2026 performance goals: ROAA thresholds/targets/max 78/92/97 bps; ROATE 8.41%/10.58%/11.40% .
Equity Ownership & Alignment
- Anti-hedging policy: prohibits all directors, officers, and employees from hedging economic exposure to PFS shares; pledging as collateral should be avoided .
- Clawback policy: compliant with NYSE/SEC; requires recoupment of incentive-based compensation after accounting restatements regardless of misconduct; cash and equity awards subject to additional reduction/forfeiture triggers (cause, policy violations, restrictive covenant breaches) .
- Stock option usage: PFS did not grant stock options to executive officers in 2024, and options are not a current component of executive compensation design .
- Beneficial ownership: Duarte’s specific shareholdings are not itemized in the management ownership tables; those tables list NEOs and directors (e.g., Lyons, Murray, Vakacherla), but not Duarte .
Employment Terms
- No employment agreement or change-in-control agreement disclosed for Duarte. Employment and CIC terms are disclosed for select executives (e.g., CEO, CFO, Executive Vice Chairman, Chief Digital Officer, Chief Wealth Management Officer) with multiples and benefits; not for CAO .
- Company-wide governance: robust stock ownership guidelines apply to directors and named executive officers; prohibition on hedging and avoidance of pledging; pay-for-performance philosophy; no excise tax gross-ups in executive arrangements .
Investment Implications
- Compensation alignment: PFS ties executive incentives to EPS, Net Income, and efficiency, and long-term awards to ROAA/ROATE with a TSR modifier, which supports high-quality earnings and capital discipline—positive for accounting leadership alignment. Duarte’s plan specifics are not disclosed, but his role as Principal Accounting Officer and IR lead suggests alignment with accurate reporting and investor communication .
- Retention and selling pressure: No Form 4 or pledging disclosures for Duarte; anti-hedging and clawback policies reduce misalignment risk; lack of stock option usage minimizes forced selling from expiries—neutral to positive .
- Execution risk: Company-level TSR lagged peers in 2023–2024 despite stable ROAA and strong post-merger integration metrics; high reliance on disciplined underwriting and efficiency improvements places extra emphasis on CAO-led control environment and accurate provisioning—watch for restatements or control deficiencies (none disclosed) .
- Governance safeguards: Strong clawbacks and governance committee oversight mitigate downside risk from compensation-induced behaviors; limited perquisites and no tax gross-ups are shareholder-friendly features .