Valerie Murray
Executive Vice President and Chief Wealth Management Officer at 
PROVIDENT FINANCIAL SERVICES
PROVIDENT FINANCIAL SERVICESExecutive
About Valerie Murray
Valerie O. Murray is Executive Vice President, Chief Wealth Management Officer of Provident Bank and President of Beacon Trust Company. She has led Beacon Trust since February 2017 and has served as EVP/Chief Wealth since January 2019; age 50 as disclosed in the latest proxy . Company-level performance context: in 2024 Provident reported net income of $115.5 million, ROAA 0.57%, and TSR value of $98.86 on a fixed $100 investment versus peer $132.44; the compensation program emphasizes pay-for-performance, with 75% of annual equity grants performance-based and relative TSR modifiers .
Past Roles
| Organization | Role | Start date | Strategic impact |
|---|---|---|---|
| Beacon Trust Company | President | Feb 2017 | Leads wealth management subsidiary contributing materially to fee income |
| Provident Bank | EVP & Chief Wealth Management Officer | Jan 2019 | Oversees wealth management line driving fee revenues |
| Beacon Trust Company | Chief Operating Officer | Jan 2016 | Operational leadership prior to presidency |
External Roles
No public company directorships or external board roles were listed for Ms. Murray in the latest proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 458,846 | 474,423 | 488,750 |
| Target Bonus % of Salary (Executive Annual Incentive Plan) | — | — | 50% target; 25% threshold; 75% max |
| Actual Cash Incentive ($) | 61,898 | 233,909 | 257,861 |
| Actual Cash Incentive (% of Salary) | 13.5% | 49.3% | 52.7% (105.4% of target) |
| All Other Compensation ($) | 66,221 | 89,203 | 108,452 |
| Total Compensation ($) | 862,966 | 1,130,035 | 1,148,643 |
Perquisites (2024)
| Perquisite | Amount ($) |
|---|---|
| Car allowance | 10,200 |
| Executive health plan | 11,000 |
| Total perquisites | 21,200 |
Performance Compensation
2024 Cash Incentive Plan – Wealth Management Component (80% of Ms. Murray’s plan)
| Metric | Weight | Threshold | Target | Maximum | Actual | Result |
|---|---|---|---|---|---|---|
| Total Net Income (millions; without allocated expenses) | 50% | $10.8 | $12.7 | $14.0 | $14.4 | Above target |
| Net AUM Growth (%) | 50% | (1.5%) | 1.0% | 4.0% | (1.45%) | Below target |
| Weighted Achievement | — | — | — | — | — | 100.5% (wealth component) |
| Overall Cash Incentive outcome | — | — | — | — | — | 52.7% of salary; 105.4% of target; bank component (20%) at 125% of target |
Long-Term Equity Incentives – 2024 Grants and Design
| Award | Grant date | Type | Shares (Threshold/Target/Max) | Grant-date fair value ($) | Vesting | Performance goals |
|---|---|---|---|---|---|---|
| 2024 LTIP performance-vesting RSUs | 3/4/2024 | Performance RSUs | 6,966 / 15,153 / 24,560 | 220,185 | 3-year performance period, 3-year cliff vest; dividends paid only if vested | Multi-year Core ROAA (60%) and Core ROATE (40%); ROATE subject to relative TSR modifier vs KBW Regional Bank Index |
| 2024 LTIP time-vesting RSUs | 3/4/2024 | Time RSUs | 5,027 | 73,395 | Ratable over 3 years; dividends paid only if vested | n/a |
| 2022–2024 LTIP outcome | Vested 3/2/2025 | Performance RSUs | 11,934 shares vested | Dividends $2.88/share on vesting | Vested at 138% of target; TSR modifier applied (TSR 17th percentile) | Achieved maximum on ROAA and ROATE; downward TSR modifier |
2024–2026 Performance Calibration
| Goal | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| Multi-year Core ROAA | 60% | 78 bps | 92 bps | 97 bps |
| Multi-year Core ROATE | 40% | 8.41% | 10.58% | 11.40% |
| Payout scale | — | 50% | 100% | 150% |
| Relative TSR modifier | — | Down 20% if <25th percentile; Up 20% if ≥75th percentile (KBW Index) | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 92,761 |
| Percent of outstanding | <1% |
| Unvested stock awards included in beneficial ownership | 8,367 |
| Time-vesting RSUs unvested at 12/31/24 | 5,027 (market value $94,859 at $18.87) |
| Performance RSUs unearned at target (12/31/24) | 15,153 (market/payout value $285,937 at $18.87) |
| Stock options | None outstanding |
| Ownership guidelines | Tier II executives: 1.5× base salary; Ms. Murray meets guidelines |
| Hedging/pledging | Hedging prohibited; executives should avoid pledging shares per stock trading policy |
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-Control Agreement | Three-year CIC agreement; renews annually |
| Severance multiple (CIC) | 3× highest aggregate annualized base salary + other cash compensation (lookback to current or prior two years) |
| Trigger structure | Benefits payable after a change in control and qualifying termination (double trigger) |
| Estimated CIC cash payments (as of 12/31/24) | Salary $1,467,901; Incentive/Bonus $773,584; Total cash $2,241,485 |
| Benefits continuation (CIC) | Estimated $69,995 for medical, dental, life, LTD, vision |
| Unvested awards value (CIC and Disability/Death) | $802,617 |
| Accelerated vesting (Disability/Death) | All RSAs/RSUs vest in full upon disability or death |
| Clawback policies | NYSE/SEC-compliant clawback on incentive comp; broader recoupment provisions |
| Tax gross-ups | No excise tax gross-ups under Section 280G in agreements |
| Deferred compensation | Registrant contrib. $15,846; earnings $4,370; year-end balance $108,882 (2024) |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company Net Income ($mm) | 176 | 128 | 116 |
| ROAA (%) | 1.29% | 0.92% | 0.57% |
| TSR (Value of $100) | $100.08 | $89.28 | $98.86 |
| Peer TSR (Value of $100) | $111.47 | $112.03 | $132.44 |
| Strategic highlights | Lakeland merger completed; integration and cost savings a focus | ||
| Say-on-Pay | ~97% approval in 2024 |
Key business-line performance for Ms. Murray (2024):
- Wealth management Total Net Income achieved $14.4m vs $12.7m target (50% weight) .
- Net AUM Growth was (1.45%) vs 1.0% target (50% weight) .
- Overall, Ms. Murray’s cash incentive paid at 105.4% of target, equal to 52.7% of salary; bank component (20% of her plan) paid at 125% of target .
Investment Implications
- Alignment: Ms. Murray’s equity mix is predominantly performance-based (75% of 2024 LTIP), with goals tied to multi-year Core ROAA/ROATE and a relative TSR modifier; ownership guidelines met, and hedging prohibited—solid alignment with shareholder value creation .
- Retention and potential payout under CIC: A robust double-trigger CIC agreement with a 3× multiple and benefits indicates strong retention but could produce meaningful payouts upon a transaction; unvested awards valued at $802,617 would be included in termination scenarios .
- Vesting calendar and selling pressure: 2022–2024 performance awards vested March 2, 2025 (11,934 shares to Ms. Murray), a typical point for potential Form 4 activity; 2024–2026 performance cycle implies a cliff vest in 2027 contingent on goals—monitor vesting dates for incremental supply risk .
- Execution risk: Wealth management net income outperformed targets, but negative AUM growth in 2024 suggests market or flow headwinds; continued delivery on ROAA/ROATE and successful integration/cost savings are crucial for future equity vesting and cash incentive outcomes .
- Governance and shareholder sentiment: High 2024 say-on-pay approval (~97%) and no excise tax gross-ups reduce governance risk; absence of options in the pay design lowers dilution/overhang risk .