Vito Giannola
PROVIDENT FINANCIAL SERVICESAbout Vito Giannola
Executive Vice President and Chief Banking Officer at Provident Bank since May 2024; previously Executive Vice President and Chief Retail Banking Officer since August 2020, and before that Senior Executive Vice President and Chief Banking Officer at SB One Bank since March 2018. Age 48, with responsibilities overseeing the branch network and retail growth strategy across New Jersey, Eastern Pennsylvania, and New York, including deposit growth and customer acquisition initiatives . Company incentive frameworks relevant to executive pay emphasize Net Income, EPS, and Efficiency Ratio performance with proration around the May 2024 Lakeland merger, achieving target-plus in the pre-close period, target during integration, and maximum in the post-close period; longer-term equity metrics include core ROAA and core ROATE with a relative TSR modifier versus the KBW Regional Banking Index .
Past Roles
| Organization | Role | Dates | Strategic Impact |
|---|---|---|---|
| Provident Bank | EVP, Chief Banking Officer | May 2024–present | Oversees branch network and retail growth strategy; focuses on deposits and customer base expansion |
| Provident Bank | EVP, Chief Retail Banking Officer | Aug 2020–May 2024 | — |
| SB One Bank | Senior EVP & Chief Banking Officer | Mar 2018–Aug 2020 | — |
External Roles
No external public-company board roles disclosed in executive officer biographies .
Fixed Compensation
- Giannola was not a named executive officer (NEO) in 2024; his base salary, target bonus, and actual bonus are not disclosed in the Summary Compensation Table (NEOs were Labozzetta, Lyons, Kuntz, Murray, Shara, Vakacherla) .
Performance Compensation
Annual Cash Incentive Structure (company framework)
| Participant Group | Threshold (% of Salary) | Target (% of Salary) | Maximum (% of Salary) |
|---|---|---|---|
| President & CEO; Executive Vice Chairman | 37.5% | 75% | 112.5% |
| CFO; CAO; Chief Wealth Mgmt; Chief Digital & Innovation | 25% | 50% | 75% |
- Payout curve: 50% of target at Threshold (defined as achieving at least 85% of any one corporate goal) and 150% of target at Maximum; committee adjusted for allowable Lakeland merger-related charges, net of tax, consistent with prior practice .
Corporate Incentive Metrics and Actual Results (2024)
| Metric | Jan–Apr 2024 Actual | May–Jul 2024 Actual | Aug–Dec 2024 Actual |
|---|---|---|---|
| Net Income ($ millions) | 43.80 | 64.50 | 100.50 |
| EPS ($) | 0.58 | 0.57 | 0.77 |
| Efficiency Ratio (%) | 61.14% | 53.29% | 55.26% |
| Results as % of Target | 112.8% | 100.0% | 150.0% |
Long-Term Equity Structure and Metrics
| Participant Group | Performance-Vesting Restricted Stock | Time-Vesting Restricted Stock |
|---|---|---|
| President, CEO, Executive Vice Chairman | 75% | 25% |
| Other Named Executive Officers | 75% | 25% |
- Performance metrics: multi-year core ROAA and core ROATE; ROATE subject to a relative TSR modifier versus the KBW Regional Banking Index (−20% if TSR <25th percentile; +20% if ≥75th percentile) . For the 2022–2024 performance period, performance-vesting awards achieved maximum on ROAA and ROATE, with TSR below the 25th percentile triggering a downward modifier to the ROATE component .
Equity Ownership & Alignment
| Category | Stock Ownership Guideline |
|---|---|
| Non-employee Directors | 5× cash annual retainer |
| Tier I (Executive Chair, Executive Vice Chair, President & CEO) | 6× base salary |
| Tier II (Other NEOs) | 1.5× base salary |
- Hedging prohibited for executive officers and LTIP participants; policy also instructs they should avoid pledging shares as collateral for margin accounts or loans .
- Executive ownership compliance status is disclosed for certain NEOs; Giannola’s specific ownership and guideline compliance are not disclosed in the proxy’s management and NEO tables .
Employment Terms
Company Plans Applicable to Executives (coverage for Giannola not disclosed)
| Provision | Term |
|---|---|
| Non-Qualified Supplemental Defined Contribution Plan | Provides supplemental benefits mirroring 401(k)/ESOP contributions limited by tax rules; 401(k) supplement credited at 10-year U.S. Treasury yield; ESOP supplement credited with dividends; vests under same terms as qualified plans; paid in lump sum in the year following separation, disability, or death |
| Executive Severance/Change-in-Control Plan | “Compensation” defined as base salary plus target annual incentive; Change-in-Control Protection Period runs through the second anniversary post-close; arbitration for disputes; successor assumption required; amounts subject to company clawback policy |
| Section 280G Treatment | “Net benefit” cutback—payments reduced only if reduction yields higher net after-tax benefit than paying full amount with 4999 excise tax; prescribes reduction order across severance, cash, options, RSUs |
- Employment agreements are disclosed for CEO and Executive Vice Chairman; change-in-control agreements exist for specified NEOs; no employment or change-in-control agreement for Giannola is disclosed in the proxy .
Investment Implications
- Strong pay-for-performance architecture: annual cash incentives tied to Net Income, EPS, and Efficiency Ratio, with clear payout curves and proration around the Lakeland close; performance equity uses core ROAA/ROATE with a relative TSR modifier—enhancing alignment but exposing awards to market-relative TSR headwinds (TSR <25th percentile for 2022–2024 reduced payouts) .
- Alignment safeguards: hedging is prohibited and pledging discouraged; stock ownership guidelines mandate meaningful holdings (Tier I: 6× salary; Tier II: 1.5× salary), though Giannola’s ownership and compliance are not disclosed—limiting precision on his “skin in the game” .
- Retention and termination economics: the July 2025 severance plan defines compensation broadly (salary + target bonus), includes a two-year protection period post-change-in-control, net-benefit 280G cutback, arbitration, and clawback applicability; coverage for Giannola is not specified, leaving some retention-risk ambiguity .
- Execution context: corporate incentive results in 2024 achieved target-plus pre-close, target during integration, and maximum post-close, aligning retail and branch growth mandates under Giannola’s purview with enterprise performance momentum following the Lakeland integration .