Sign in

You're signed outSign in or to get full access.

James Christy

Executive Vice President and Chief Risk Officer at PROVIDENT FINANCIAL SERVICESPROVIDENT FINANCIAL SERVICES
Executive

About James Christy

James A. Christy is Executive Vice President and Chief Risk Officer (CRO) of Provident Bank, age 57; he has served as CRO since January 2012 and as EVP since February 2018 . As CRO, he provides regular risk reports to the Board’s Enterprise Risk Committee alongside the Chief Credit Officer and CISO, covering interest rate, liquidity, credit, operational, compliance, technology, data security, third‑party and cyber risks . Company performance context: 2024 net income was $115.5 million (ROAA 0.57%, ROATCE 8.58%), and total assets reached $24.1B post Lakeland merger, with capital above well‑capitalized thresholds and quarterly dividend maintained at $0.24 . In Q2 2025, Provident delivered record earnings of $72 million, ROAA 1.19%, and adjusted ROATCE 16.79%, with strong credit quality (net charge‑offs 3 bps) .

Past Roles

OrganizationRoleYearsStrategic Impact
Provident BankSenior Vice President & Chief Risk Officer2012–2018Led enterprise risk management; provided board-level risk reporting and oversight .
Provident BankExecutive Vice President & Chief Risk Officer2018–PresentContinues enterprise risk oversight across interest rate, liquidity, credit, operational, compliance, technology, and cyber domains; regular reporting to Enterprise Risk Committee .

External Roles

  • Not disclosed in company filings for James A. Christy.

Fixed Compensation

  • Specific base salary, target bonus %, and cash/perquisite details for Christy are not disclosed; he is not a Named Executive Officer (NEO) in the company’s proxy statements, which focus compensation disclosure on the CEO, CFO, and other NEOs .

Performance Compensation

  • Company’s executive incentive framework (context for senior executives; Christy’s individual plan/payouts not disclosed):
    • Annual cash incentives use EPS, Net Income, and Efficiency Ratio targets with threshold/target/max payouts; 2024 goals were prorated pre‑close, integration, and post‑close due to the Lakeland merger .
    • Long‑term equity awards are 75% performance‑vesting and 25% time‑vesting, with performance measured on multi‑year Core ROAA and Core ROATE, subject to a relative TSR modifier vs the KBW Regional Banking Index .
    • Dividends on stock awards are paid only upon vesting; awards and cash incentives are subject to a clawback policy compliant with NYSE/SEC standards .

2024 Executive Annual Incentive Plan Metrics and Outcomes (Company-level)

MetricJan–Apr 2024 (Pre-close)May–Jul 2024 (Integration)Aug–Dec 2024 (Post-close)
Net Income (weight 40%)Threshold 33.60; Target 39.50; Max 44.70; Actual 43.80 Target 64.50; Actual 64.50 Threshold 75.40; Target 88.70; Max 100.40; Actual 100.50
EPS (weight 40%)Threshold 0.45; Target 0.52; Max 0.59; Actual 0.58 Target 0.57; Actual 0.57 Threshold 0.58; Target 0.68; Max 0.77; Actual 0.77
Efficiency Ratio (weight 20%)Threshold 60.52%; Target 59.50%; Max 59.13%; Actual 61.14% Target 53.29%; Actual 53.29% Threshold 58.91%; Target 57.69%; Max 56.87%; Actual 55.26%
Result vs Target (period-level)112.8% of target (“target plus”) 100.0% of target 150.0% (“maximum”)

2024–2026 LTIP Performance Goals (Company-level)

MetricThresholdTargetMaximum
Multi‑Year Core ROAA (60% weight)78 bps 92 bps 97 bps
Multi‑Year Core ROATE (40% weight)8.41% 10.58% 11.40%
TSR Modifier (applies to ROATE portion)−20% if TSR <25th percentile; +20% if ≥75th percentile; no impact otherwise

Equity Ownership & Alignment

  • Insider holdings and recent transactions:
    • On September 12, 2025, Christy sold 3,000 PFS shares at $19.90; post‑transaction beneficial ownership disclosed as 39,633 direct shares, plus 507 via 401(k) and 25,490 via ESOP .
    • Company shares outstanding were 130,500,905 as of February 28, 2025 .
    • Ownership alignment policies: executives are subject to robust stock ownership guidelines (Tier II: 1.5× base salary); hedging is prohibited, and pledging should be avoided .
Data pointValueSource
Direct shares39,633SEC Form 4, 09/12/2025
401(k) shares507SEC Form 4, 09/12/2025
ESOP shares25,490SEC Form 4, 09/12/2025
Total beneficial shares65,630Computed from Form 4 [SEC link above]
Shares outstanding130,500,905
Ownership % of outstanding~0.050%Computed from Form 4 and outstanding shares [SEC link above]
  • Additional insider activity in last 24 months (examples):
    • December 11, 2024 Form 4 filing indicates a Christy transaction; see SEC/IR records (company IR insider filings list shows Christy filings in March 2025 and December 2024) .

Employment Terms

  • Change‑in‑control agreements disclosed for selected executives (CEO, CFO, Executive Vice Chairman, Chief Wealth Management Officer, Chief Digital & Innovation Officer); Christy is not listed among executives with change‑in‑control agreements in 2025 .
  • Clawback: Company maintains a NYSE/SEC‑compliant clawback policy; cash incentives and equity awards are subject to clawback, reduction, cancellation, or recoupment under defined events (including accounting restatements or misconduct) .
  • Hedging/pledging: Company prohibits hedging; directors, officers, and employees should avoid pledging shares as collateral .
  • Stock ownership guidelines: Tier II executives are expected to hold Provident stock equal to 1.5× base salary; unvested performance awards and stock options do not count toward compliance . Christy’s specific compliance status is not disclosed.

Investment Implications

  • Alignment and governance: CRO role with direct board risk oversight enhances execution discipline; robust clawback and anti‑hedging policies, plus ownership guidelines, support pay‑for‑performance alignment and risk control .
  • Insider selling: Christy’s modest sale (3,000 shares) at $19.90 in Sept 2025 leaves a sizable retained position (~65.6K shares), indicating continued skin‑in‑the‑game; monitor for any pattern changes or 10b5‑1 adoptions [SEC Form 4 link above].
  • Retention risk: Lack of a disclosed change‑in‑control agreement for the CRO suggests lower parachute exposure vs NEOs, potentially reducing shareholder cost if leadership transitions occur; however, specific severance/non‑compete terms for Christy are not disclosed .
  • Performance linkage: Company’s incentive design focuses on EPS, Net Income, and Efficiency Ratio for annual bonuses and Core ROAA/ROATE with TSR modifier for long‑term equity, aligning with value creation drivers (margins, asset quality, capital efficiency); say‑on‑pay support was ~97% in 2024, indicating investor endorsement of design .
  • Execution risk: High CRE concentration warrants ongoing scrutiny; management reports strong credit metrics and charge‑offs, with capital ratios strengthening and guidance targeting ROAA ~1.16% and ROATCE ~16% for 2025 .

Selected Company Performance (context)

MetricFY 2023FY 2024
Net Income ($MM)128.4 115.5
ROAA (%)0.92 0.57
Net Interest Margin (%)3.16 3.26
Quarterly dividend ($/share)0.24 0.24

Notes and Policies Referenced

  • Risk oversight and CRO reporting structure
  • Annual and long‑term incentive metrics and vesting
  • Clawback and anti‑hedging/pledging policies
  • Stock ownership guidelines
  • Say‑on‑pay support ~97% (2024)
  • Shares outstanding for ownership % calculation
  • Insider Form 4 sale (09/12/2025) and post‑transaction holdings