SOURCE: Provident NY Bancorp

Provident NY Bancorp

April 23, 2012 16:35 ET

Provident New York Bancorp Announces Second Quarter 2012 Earnings of $0.15 per Diluted Share

MONTEBELLO, NY--(Marketwire - Apr 23, 2012) - Provident New York Bancorp (NYSE: PBNY), the parent company of Provident Bank, today announced second-quarter results for the period ended March 31, 2012. Net income for the quarter was $5.7 million, or $0.15 per diluted share, compared to net income of $3.6 million, or $0.10 per diluted share for same quarter last year and $5.7 million, or $0.15 per diluted share for the linked quarter ended December 31, 2011.

President's Comments
Jack Kopnisky, President and CEO, commented, "In the second fiscal quarter we continued to see the impact of our growth strategy. We are seeing success in several areas as a result of our focus on strong, consistent execution of this strategy. We have now completed the hiring of five experienced teams in the New York City area, which are beginning to build a meaningful pipeline of high quality opportunities. We have also completed the restructuring of teams in our legacy markets, bringing our total number of commercial banking teams to thirteen. Our growth in deposits is strong, with an increase of $233.4 million or 10.9% between December 31, 2011 and March 31, 2012. Commercial loan growth also continues to be very strong up 16.3 percent year over year and 4.1 percent over the linked quarter.

"In addition, as part of our strategy, we have also made significant progress in our planned acquisition of Gotham Bank. We have filed all regulatory applications for approval of the Gotham acquisition, and have detailed project plans in place for the Gotham integration, which is expected during our fourth quarter of 2012.

"However, the quarter was not without challenges as we saw an increase in non-performing loans of $6.0 million due to continued movement within certain sectors such as our legacy ADC portfolio, which in part led to a provision of $2.9 million during the quarter. We continue to focus on the ADC portfolio and the systematic work-out of non-performing credits as appropriate."

Key items for the quarter

  • Commercial loan originations were $129.1 million compared to $87.6 million for the same quarter last year and $186.7 million in the linked quarter.
  • Net interest margin improved by 3 basis points over the linked quarter to 3.57 percent.
  • Securities gains during the quarter were $1.7 million, after tax.
  • Provisions for loan losses were $2.9 million for the quarter compared to $2.0 million for the linked quarter, and $2.1 million for the same quarter last year.

Net Interest Income and Margin
Second quarter fiscal 2012 compared with second quarter fiscal 2011
Net interest income was $23.9 million for the second quarter of fiscal 2012, up $1.4 million from the same quarter of fiscal 2011. Reflecting the current interest rate environment, the tax-equivalent yield on investments decreased 10 basis points and loan yields were down 37 basis points compared to the second quarter fiscal 2011. As a result, the yield on interest-earning assets declined 29 basis points. The cost of deposits decreased 10 basis points to 0.21 percent, and the cost of borrowings decreased by 6 basis points to 3.52 percent. The resulting net interest margin on a tax-equivalent basis was 3.57 percent for the second quarter of fiscal 2012, compared to 3.68 percent for the same period a year ago.

Second quarter fiscal 2012 compared with linked quarter ended December 31, 2011
Net interest income for the quarter ended March 31, 2012 increased compared to the linked quarter ended December 31, 2011 by $667,000. The tax-equivalent net interest margin increased to 3.57 percent from 3.54 percent in the linked quarter. The high cash balance at the Federal Reserve depressed net interest margin by 10 basis points in the linked quarter compared to 2 basis points in the current quarter. The overall yield on loans decreased 10 basis points to 5.03 percent. The current quarter was negatively affected by declining yields on commercial real estate originations. The yield on the investment portfolio decreased 15 basis points. The overall yield on earning assets decreased 4 basis points to 4.22 percent. The cost of deposits declined 2 basis points, reflecting the already low level of deposit pricing. The average cost of borrowings decreased 13 basis points, as the Company's FDIC guaranteed borrowing matured in February 2012.

Noninterest Income
Second quarter fiscal 2012 compared with second quarter fiscal 2011
Noninterest income totaled $8.0 million for the second quarter, an increase of $2.2 million over the second quarter of fiscal 2011. The primary driver of the increase was higher gains on sales of securities of $2.2 million.

Second quarter fiscal 2012 compared with linked quarter ended December 31, 2011
Noninterest income increased $795,000 on a linked quarter basis, mainly due to higher gains on the sale of securities of $910,000.

Noninterest Expense
Second quarter fiscal 2012 compared with second quarter fiscal 2011
Noninterest expense decreased $501,000, when compared to the second quarter fiscal 2011. Lower occupancy expense was offset by increases in compensation and benefits during the quarter from new hires associated with the Company's expansion into the New York City market of $554,000. The second quarter of 2012 also included $299,000 of merger related expenses.

Second quarter fiscal 2012 compared with the linked quarter ended December 31, 2011
On a linked quarter basis, noninterest expense increased $569,000. Increases were seen primarily in compensation and benefits, due to the New York City expansion, offset in part by reductions in occupancy expenses.

Income Taxes
The Company recorded income tax expense for the second quarter of 2012 at an effective rate of 26 percent compared to 19.1 percent for the same period in fiscal 2011 due to higher BOLI income and larger tax-exempt municipal security interest relative to pre-tax income in fiscal 2011.

Credit Quality
Nonperforming loans increased to $52.0 million at March 31, 2012 from $45.9 million at December 31, 2011. While the net increase was spread amongst the commercial real estate, ADC and residential secured portfolios, negative migration in the ADC portfolio was the most significant. Net charge-offs for the quarter ended March 31, 2012 were $3.3 million compared to $1.6 million for the linked quarter and $3.0 million for the second quarter of fiscal 2011. Charge-offs resulted primarily from write-downs of residential and commercial real estate in the process of foreclosure. Further, the linked quarter net charge offs benefited from $1.0 million in recoveries compared to $165,000 in this quarter. The provision was $2.9 million for the current quarter, resulting in an allowance for loan losses of $27.8 million, or 53 percent of non-performing loans at March 31, 2012. This compares to 62 percent at December 31, 2011 and 81 percent at March 31, 2011. The provision was less than charge-offs as a portion of the charge-offs were previously covered by specific reserves. We continue to see limited formation of new problem loans. Substandard loans decreased $10 million due to upgrades. Special mention loans grew due to a downgrade of one loan, which is strongly supported by the paying capacity of the borrower, as well as the previously mentioned upgrades from substandard status.

Key Balance Sheet Changes

  • The balance sheet increased $126.7 million or 4.1 percent compared to December 31, 2011 due primarily to increases in investment securities of $60.0 million and gross loans of $23.2 million funded by deposit growth of $233.4 million.
  • Deposits increased $48.6 million compared to December 31, 2011, excluding municipal and wholesale deposits, with the majority coming from retail transaction and savings accounts. Wholesale deposits were $34.1 million and $54.9 million at March 31, 2012 and December 31, 2011, respectively.
  • Total loan originations during second quarter fiscal 2012 were $166.6 million compared to $117.4 million for the same quarter last year and $231.6 million in the linked quarter. Commercial real estate balances including multi-family loans increased by $52.4 million or 6.5% over December 31, 2011 levels, more than offsetting declines in other categories.
  • Securities increased $60.0 million over December 31, 2011 levels, primarily due to purchases of $160.8 million in securities during the second quarter partially offset by sales of $67.1 million with associated gains of $2.9 million.

Capital and Liquidity
Provident Bank remained well-capitalized at March 31, 2012 with the Bank's Tier 1 leverage ratio at 8.55 percent. The Company's tangible capital as a percent of tangible assets decreased 32 basis points from December 31, 2011 levels to 9.02 percent at March 31, 2012, while tangible book value per share increased to $7.25 from $7.19 at December 31, 2011 (a reconciliation of these Non-GAAP equity ratios is included with the ratios listed on the last page). Total capital increased $2.0 million from December 31, 2011, to $439.7 million at March 31, 2012, due primarily to a net increase of $3.4 million in the Company's retained earnings offset by a $1.7 million decline in accumulated other comprehensive income.

About Provident New York Bancorp
Headquartered in Montebello, N.Y., Provident Bank, with $3.2 billion in assets, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City marketplace through teams of dedicated and experienced relationship managers. Our franchise includes 36 Financial Centers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Provident Bank Web site at www.providentbanking.com.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
In addition to historical information, this earnings release may contain forward-looking statements for purposes of applicable securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties. There are a number of important factors described in documents previously filed by the Company with the Securities and Exchange Commission, and other factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

Financial information contained in this release should be considered to be an estimate pending the filing with the Securities and Exchange Commission of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. While the Company is not aware of any need to revise the results disclosed in this release, accounting literature may require adverse information received by management between the date of this release and the filing of the 10-Q to be reflected in the results of the fiscal period, even though the new information was received by management subsequent to the date of this release.

Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(unaudited, in thousands, except share and per share data)
March 31, September 30, December 31,
2012 2011 2011
Assets:
Cash and due from banks $ 89,019 $ 281,512 $ 43,687
Total securities 1,027,541 849,884 967,538
Loans held for sale 1,736 4,176 2,142
Loans:
One- to four-family residential mortgage loans 366,675 389,765 386,472
Commercial real estate, commercial business 1,053,208 913,279 1,001,576
Acquisition, development and construction loans 163,808 175,931 167,934
Consumer loans 215,421 224,824 219,911
Total loans, gross 1,799,112 1,703,799 1,775,893
Allowance for loan losses (27,787 ) (27,917 ) (28,245 )
Total loans, net 1,771,325 1,675,882 1,747,648
Federal Home Loan Bank stock, at cost 17,129 17,584 21,789
Premises and equipment, net 39,162 40,886 39,860
Goodwill 160,861 160,861 160,861
Other amortizable intangibles 4,001 4,629 4,306
Bank owned life insurance 57,987 56,967 57,485
Foreclosed properties 5,828 5,391 5,625
Other assets 36,282 39,630 33,225
Total assets $ 3,210,871 $ 3,137,402 $ 3,084,166
Liabilities:
Deposits
Retail $ 167,247 $ 194,299 $ 166,972
Commercial 314,177 296,505 307,004
Municipal 20,339 160,422 14,870
Personal NOW deposits 198,084 164,637 178,226
Business NOW deposits 34,407 37,092 33,844
Municipal NOW deposits 182,098 200,773 98,847
Total transaction accounts 916,352 1,053,728 799,763
Savings 479,648 429,825 444,803
Money market deposits 698,899 509,483 579,955
Certificates of deposit 274,089 303,659 311,034
Total deposits 2,368,988 2,296,695 2,135,555
Borrowings 313,849 323,522 417,043
Borrowings Senior Note - 51,499 51,500
Mortgage escrow funds and other liabilities 88,335 34,552 42,386
Total liabilities 2,771,172 2,706,268 2,646,484
Stockholders' equity 439,699 431,134 437,682
Total liabilities and stockholders' equity $ 3,210,871 $ 3,137,402 $ 3,084,166
Shares of common stock outstanding at period end 37,899,007 37,864,008 37,883,008
Book value per share $ 11.60 $ 11.39 $ 11.55
Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited, in thousands, except share and per share data)
Three Months Ended March 31, Three Months Ended
December 31,
Six Months Ended
March 31,
2012 2011 2011 2012 2011
Interest and dividend income:
Loans and loan fees $ 22,153 $ 22,039 $ 22,149 $ 44,302 $ 45,244
Securities taxable 4,415 3,531 3,990 8,405 7,061
Securities non-taxable 1,599 1,901 1,774 3,373 3,826
Other earning assets 244 332 255 499 732
Total interest income 28,411 27,803 28,168 56,579 56,863
Interest expense:
Deposits 1,217 1,585 1,313 2,530 3,227
Borrowings 3,289 3,707 3,617 6,906 7,941
Total interest expense 4,506 5,292 4,930 9,436 11,168
Net interest income 23,905 22,511 23,238 47,143 45,695
Provision for loan losses 2,850 2,100 1,950 4,800 4,200
Net interest income after provision for loan losses 21,055 20,411 21,288 42,343 41,495
Non-interest income:
Deposit fees and service charges $ 2,706 $ 2,643 $ 2,790 $ 5,496 $ 5,410
Net gain on sales of securities 2,899 748 1,989 4,888 4,950
Other than temporary loss on securities - - (38 ) (38 ) -
Title insurance fees 265 274 260 525 637
Bank owned life insurance 502 553 518 1,020 1,047
Gain on sale of loans 450 310 440 890 852
Investment management fees 800 789 765 1,565 1,532
Fair value gain (loss) on interest rate caps (40 ) (2 ) (3 ) (43 ) 232
Other 389 480 455 844 1,018
Total non-interest income 7,971 5,795 7,176 15,147 15,678
Non-interest expense:
Compensation and benefits 11,395 11,183 10,549 21,944 22,411
Retirement benefit settlement charge - 278 - - 278
Stock-based compensation plans 284 296 275 559 575
Merger related expenses 299 - 247 546 -
Restructuring charge (severance/branch relocation) - - 376 376 -
Occupancy and office operations 3,409 3,757 3,701 7,110 7,392
Advertising and promotion 427 843 613 1,040 1,796
Professional fees 1,056 1,043 927 1,983 2,105
Data and check processing 710 691 672 1,382 1,333
Amortization of intangible assets 305 371 323 628 783
FDIC insurance and regulatory assessments 743 919 728 1,471 1,687
ATM/debit card expense 425 366 411 836 759
Foreclosed property expense 412 117 205 617 33
Other 1,825 1,927 1,694 3,519 3,908
Total non-interest expense 21,290 21,791 20,721 42,011 43,060
Income before income tax expense 7,736 4,415 7,743 15,479 14,113
Income tax expense 2,035 842 2,026 4,061 3,820
Net income $ 5,701 $ 3,573 $ 5,717 $ 11,418 $ 10,293
Basic earnings per common share $ 0.15 $ 0.10 $ 0.15 $ 0.31 $ 0.27
Diluted earnings per common share 0.15 0.10 0.15 0.31 0.27
Dividends declared 0.06 0.06 0.06 0.12 0.12
Weighted average common shares:
Basic 37,280,651 37,496,395 37,252,464 37,266,480 37,524,627
Diluted 37,316,778 37,497,467 37,252,464 37,275,633 37,524,950
Selected Financial Condition Data: Three Months Ended
(in thousands except share and per share data) 03/31/12 12/31/11 09/30/11 06/30/11 03/31/11
End of Period
Total assets $ 3,210,871 $ 3,084,166 $ 3,137,402 $ 2,976,057 $ 2,919,291
Loans, gross (1) 1,799,112 1,775,893 1,703,799 1,685,272 1,684,827
Securities available for sale 852,717 785,462 739,844 919,805 833,179
Securities held to maturity 174,824 182,076 110,040 25,425 28,054
Bank owned life insurance 57,987 57,485 56,967 56,454 51,985
Goodwill 160,861 160,861 160,861 160,861 160,861
Other amortizable intangibles 4,001 4,306 4,629 4,967 2,857
Other non-earning assets 80,020 78,710 85,907 88,321 96,809
Deposits 2,368,988 2,135,555 2,296,695 2,098,073 2,089,904
Borrowings 313,849 468,543 375,021 401,831 379,441
Equity 439,699 437,682 431,134 429,037 420,269
Other comprehensive income related to investment securities reflected in stockholders' equity 13,780 15,823 13,604 5,769 (3,146 )
Average Balances
Total assets $ 3,131,854 $ 3,062,520 $ 2,978,273 $ 2,915,988 $ 2,940,299
Loans, gross:
Real estate- residential mortgage 374,498 385,269 398,420 384,582 386,592
Real estate- commercial mortgage 838,935 752,325 681,165 648,371 619,145
Real estate- Acquisition, Development & Construction 163,116 172,155 186,398 198,120 216,914
Commercial and industrial 197,507 203,929 208,181 222,128 229,632
Consumer loans 220,537 224,422 226,687 228,993 232,712
Loans total (1) 1,794,593 1,738,100 1,700,851 1,682,194 1,684,995
Securities (taxable) 799,753 696,293 717,893 688,445 684,834
Securities (non-taxable) 185,062 205,366 208,692 208,643 214,634
Total earning assets 2,792,042 2,715,027 2,634,941 2,580,429 2,594,131
Non earning assets 339,812 347,493 343,332 335,559 346,168
Non-interest bearing checking 503,539 500,621 486,504 464,197 468,031
Interest bearing NOW accounts 389,846 398,885 309,729 296,677 338,503
Total transaction accounts 893,385 899,506 796,233 760,874 806,534
Savings (including mortgage escrow funds) 463,971 445,236 461,566 444,913 416,777
Money market deposits 654,013 577,387 504,476 529,286 490,215
Certificates of deposit 284,737 302,713 371,907 346,903 367,099
Total deposits and mortgage escrow 2,296,106 2,224,842 2,134,182 2,081,976 2,080,625
Total interest bearing deposits 1,792,567 1,724,221 1,647,678 1,617,779 1,612,594
Borrowings 375,766 392,785 391,391 397,531 420,069
Equity 439,384 431,129 433,841 424,961 419,847
Selected Operating Data:
Condensed Tax Equivalent Income (Loss) Statement
Interest and dividend income $ 28,411 $ 28,168 $ 27,817 $ 27,934 $ 27,803
Tax equivalent adjustment* 861 955 962 985 1,024
Interest expense 4,506 4,930 5,026 5,130 5,292
Net interest income (tax equivalent) 24,766 24,193 23,753 23,789 23,535
Provision for loan losses 2,850 1,950 8,784 3,600 2,100
Net interest income after provision for loan losses 21,916 22,243 14,969 20,189 21,435
Non-interest income 7,971 7,176 9,056 5,217 5,795
Non-interest expense 21,290 20,721 24,382 22,669 21,791
Income (loss) before income tax expense 8,597 8,698 (357 ) 2,737 5,439
Income tax expense (tax equivalent)* 2,896 2,981 136 798 1,866
Net income (loss) $ 5,701 $ 5,717 $ (493 ) $ 1,939 $ 3,573
(1) Does not reflect allowance for loan losses of $27,787, $28,245, $27,917, $29,385, and $30,130.
* Tax exempt income assumed at a statutory 35% federal rate
Three Months Ended
03/31/12 12/31/11 09/30/11 06/30/11 03/31/11
Performance Ratios (annualized)
Return on Average Assets 0.73 % 0.74 % -0.07 % 0.27 % 0.49 %
Return on Average Equity 5.22 % 5.26 % -0.45 % 1.83 % 3.45 %
Non-Interest Income to Average Assets 1.02 % 0.93 % 1.21 % 0.72 % 0.80 %
Non-Interest Expense to Average Assets 2.73 % 2.68 % 3.25 % 3.12 % 3.01 %
Operating Efficiency Adjusted (2) 67.86 % 67.80 % 70.24 % 70.99 % 73.56 %
Analysis of Net Interest Income
Yield on Loans 5.03 % 5.13 % 5.22 % 5.41 % 5.40 %
Yield on Investment Securities- Tax Equivalent 2.81 % 2.96 % 2.81 % 2.87 % 2.91 %
Yield on Earning Assets- Tax Equivalent 4.22 % 4.26 % 4.33 % 4.50 % 4.51 %
Cost of Deposits 0.21 % 0.23 % 0.26 % 0.29 % 0.31 %
Cost of Borrowings 3.52 % 3.65 % 3.69 % 3.67 % 3.58 %
Cost of Interest Bearing Liabilities 0.84 % 0.92 % 0.98 % 1.02 % 1.06 %
Net Interest Rate Spread- Tax Equivalent Basis 3.38 % 3.34 % 3.35 % 3.48 % 3.45 %
Net Interest Margin- Tax Equivalent Basis 3.57 % 3.54 % 3.58 % 3.70 % 3.68 %
Capital Information Data
Tier 1 Leverage Ratio- Bank Only 8.55 % 8.51 % 8.14 % 8.77 % 9.10 %
Tier 1 Risk-Based Capital- Bank Only 252,729 247,433 241,196 246,291 251,338
Total Risk-Based Capital- Bank Only 278,685 273,967 265,307 271,483 276,303
Tangible Capital Consolidated (3) 274,837 272,515 265,644 263,209 256,551
Tangible Capital as a % of Tangible Assets Consolidated (3) 9.02 % 9.34 % 8.94 % 9.37 % 9.31 %
Shares Outstanding 37,899,007 37,883,008 37,864,008 38,005,866 38,072,942
Shares Repurchased during qrtr(open market) - - 183,000 66,108 125,744
Basic weighted common shares outstanding 37,280,651 37,252,464 37,332,121 37,368,391 37,496,395
Diluted common shares outstanding 37,316,778 37,252,464 37,332,245 37,370,213 37,497,467
Basic (loss) earnings per common share $ 0.15 $ 0.15 $ (0.01 ) $ 0.05 $ 0.10
Diluted (loss) earnings per common share 0.15 0.15 (0.01 ) 0.05 0.10
Dividends Paid per common share 0.06 0.06 0.06 0.06 0.06
Book Value per common share 11.60 11.55 11.39 11.29 11.04
Tangible Book Value per common share (3) 7.25 7.19 7.02 6.93 6.74
Asset Quality Measurements
Non-performing loans (NPLs): non-accrual $ 47,715 $ 38,896 $ 36,477 $ 42,226 $ 29,765
Non-performing loans (NPLs): still accruing 4,247 7,017 4,090 5,837 7,412
Other Real Estate Owned 5,828 5,625 5,391 5,184 5,351
Non-performing assets (NPAs) 57,790 51,538 45,958 53,247 42,528
Troubled Debt Restructures still accruing 7,939 8,543 9,326 7,447 21,954
Net Charge-offs 3,308 1,622 10,252 4,345 3,006
Net Charge-offs as % of average loans (annualized) 0.74 % 0.37 % 2.41 % 1.03 % 0.71 %
NPLs as % of total loans 2.89 % 2.59 % 2.38 % 2.85 % 2.21 %
NPAs as % of total assets 1.80 % 1.67 % 1.46 % 1.79 % 1.46 %
Allowance for loan losses as % of NPLs 53 % 62 % 69 % 61 % 81 %
Allowance for loan losses as % of total loans 1.54 % 1.59 % 1.64 % 1.74 % 1.79 %
Special mention loans 37,379 18,424 23,026 24,099 27,050
Substandard / doubtful loans 89,135 99,383 93,989 103,825 113,927
(2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income. As in the case of net interest income, generally, net interest income as utilized in calculating the efficiency ratio is typically expressed on a tax-equivalent basis. Moreover, most institutions, in calculating the efficiency ratio, also adjust both noninterest expense and noninterest income to exclude from these items (as calculated under generally accepted accounting principles) certain component elements, such as non-recurring charges, other real estate expense and amortization of intangibles (deducted from non interest expense) and security transactions and other non-recurring items (excluded from non interest income). We follow these practices.
(3) Provident Bank provides supplemental reporting of Non-GAAP tangible equity ratios as management believes this information is useful to investors.
The following table shows the reconciliation of tangible equity and the tangible equity ratio:
03/31/12 12/31/11 09/30/11 06/30/11 03/31/11
Total Assets $ 3,210,871 $ 3,084,166 $ 3,137,402 $ 2,976,057 $ 2,919,291
Goodwill and other amortizable intangibles (164,862 ) (165,167 ) (165,490 ) (165,828 ) (163,718 )
Tangible Assets $ 3,046,009 $ 2,918,999 $ 2,971,912 $ 2,810,229 $ 2,755,573
Stockholders' equity 439,699 437,682 431,134 429,037 420,269
Goodwill and other amortizable intangibles (164,862 ) (165,167 ) (165,490 ) (165,828 ) (163,718 )
Tangible Stockholders' equity $ 274,837 $ 272,515 $ 265,644 $ 263,209 $ 256,551
Outstanding Shares 37,899,007 37,883,008 37,864,008 38,005,866 38,072,942
Tangible capital as a % of tangible assets (consolidated) 9.02 % 9.34 % 8.94 % 9.37 % 9.31 %
Tangible book value per share $ 7.25 $ 7.19 $ 7.02 $ 6.93 $ 6.74

Contact Information

  • PROVIDENT BANK CONTACT:
    Stephen Masterson
    EVP & Chief Financial Officer
    845.369.8040