SOURCE: Provident NY Bancorp

PROVIDENT NY BANCORP

July 23, 2012 17:18 ET

Provident New York Bancorp Announces Third Quarter 2012 Earnings of $0.17 per Diluted Share

MONTEBELLO, NY--(Marketwire - Jul 23, 2012) - Provident New York Bancorp (NYSE: PBNY), the parent company of Provident Bank, today announced third fiscal quarter results for the period ended June 30, 2012. Net income for the quarter was $6.2 million, or $0.17 per diluted share, compared to net income of $1.9 million, or $0.05 per diluted share for same quarter last year and $5.7 million, or $0.15 per diluted share for the linked quarter ended March 31, 2012.

President's Comments
Jack Kopnisky, President and CEO, commented: "In the third fiscal quarter, we continued to see the impact of our growth strategy in all areas of the Bank as a result of our focus on strong, consistent execution. This focus has resulted in historically high loan growth, which generated $206.2 million in total loan originations during the third quarter; of which a record $107 million were originated and funded during the month of June 2012. We have been able to accomplish this growth while maintaining strong credit underwriting standards, and increasing our net interest margin to 3.59% at June 30, 2012 from 3.57% in the previous quarter. Commercial loans balances have grown 29.1%, excluding ADC, and deposits are up 11.2% year over year as a result of our team based strategy in our legacy and New York City markets.

We continue to see strong earnings, bolstered by our strategy and the efficiencies that we have been able to gain over the last 9 months. Earnings for the quarter ending June 30, 2012, of $0.17 cents per diluted share, represents an increase of 240% over the $0.5 cents per diluted share reported for the same quarter last year. Year to date earnings of $17.6 million at June 30, 2012, represents a 44.1% increase over the prior year amount of $12.2 million. Our efficiency ratio has also improved as of June 30, 2012, to 65.5% from 71% at June 30, 2011.

Our focused management of non-performing loans showed significant progress during the third fiscal quarter, reducing to $44.5 million at June 30, 2012 from $52 million at March 31, 2012. This represents a 14.4% decrease in non-performing loans quarter over quarter. Net charge offs as a percentage of average loans improved to 55 basis points compared to 74 basis points last quarter and 103 basis points last year. The level of criticized/classified loans was down as are delinquency levels at June 30, 2012.

We received federal regulatory approval for our acquisition of Gotham Bank in July, 2012. We expect to complete the Gotham acquisition in August 2012."

Key items for the quarter

  • Total loan originations were $206.2 million compared to $166.6 million in the linked quarter.
  • Non-performing loans reduced by $7.5 million from $52 million at March 31, 2012, to $44.5 million at June 30, 2012.
  • Provision for loan losses were $2.3 million compared to $2.9 million for the linked quarter, and $3.6 million for the same quarter last year.
  • Coverage of allowance for loan losses to non-performing loans increased to 62% for the quarter as compared to 53% in the linked quarter, while the allowance for loan losses to total loans ended the period at 1.49%.
  • Net interest margin improved by 2 basis points over the linked quarter to 3.59 percent.
  • Securities gains were $1.4 million, after tax.

Net Interest Income and Margin
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Net interest income was $24.1 million for the third quarter of fiscal 2012, up $1.3 million from the same quarter of fiscal 2011. Reflecting the current interest rate environment, the tax-equivalent yield on investments decreased 8 basis points and loan yields were down 40 basis points compared to the third quarter fiscal 2011. As a result, the yield on interest-earning assets declined 30 basis points. The cost of deposits decreased 7 basis points to 0.22 percent, and the cost of borrowings increased by 10 basis points to 3.77 percent. The resulting net interest margin on a tax-equivalent basis was 3.59 percent for the third quarter of fiscal 2012, compared to 3.70 percent for the same period a year ago.

Third quarter fiscal 2012 compared with linked quarter ended March 31, 2012
Net interest income for the quarter ended June 30, 2012 increased compared to the linked quarter ended March 31, 2012 by $177,000. The tax-equivalent net interest margin increased to 3.59% from 3.57% in the linked quarter. Overall, loan yields remained above 5% throughout the quarter, while investment yields held steady at approximately 2.8%. Deposit costs increased by 1 basis point, while borrowings increased by a modest amount -- albeit at a lower borrowing volume, neither of which had a significant impact on the margin.

Noninterest Income
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Noninterest income totaled $8.0 million for the third quarter, an increase of $2.8 million over the third quarter of fiscal 2011. The primary driver of the increase was higher gains on sales of securities of $1.9 million and higher gains on sales of loans of $569,000.

Third quarter fiscal 2012 compared with linked quarter ended March 31, 2012
Noninterest income was stable on a linked quarter basis.

Noninterest Expense
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Noninterest expense decreased $1.5 million, when compared to the third quarter fiscal 2011, mostly due to charges incurred during the third quarter of fiscal 2011 related to the change in our CEO. The third fiscal quarter of 2012 also included $451,000 of merger related expenses.

Third quarter fiscal 2012 compared with the linked quarter ended March 31, 2012
On a linked quarter basis, noninterest expense decreased $128,000. Compensation and benefits decreased due to a true up in accruals for the incentive compensation plan. Increases of $152,000 were seen in one-time expenses related to Gotham acquisition, totaling approximately $997,000 year to date.

Income Taxes
The Company recorded income tax expense for the third fiscal quarter of 2012 at an effective tax rate of 27.7 percent compared to (10.7) percent for the same period in fiscal 2011. The difference is primarily due to an increased write-off of credits in 2011, as well as larger tax-exempt municipal security interest relative to pre-tax income for fiscal 2011.

Credit Quality
Nonperforming loans decreased to $44.5 million at June 30, 2012 from $52.0 million at March 31, 2012. This improvement came primarily from returning one ADC relationship to performing status based on payment performance. Net charge-offs for the quarter ended June 30, 2012 were $2.5 million compared to $3.3 million for the linked quarter and $4.3 million for the third quarter of fiscal 2011. Charge-offs resulted primarily from write-downs of residential and commercial real estate in the process of foreclosure. The provision was $2.3 million for the current quarter, resulting in an allowance for loan losses of $27.6 million, or 62 percent of non-performing loans at June 30, 2012. This compares to 53 percent at March 31, 2012 and 61 percent at June 30, 2011. The provision was less than charge-offs as all of the charge-offs were previously considered in our allowance for loan loss methodologies and processes. Substandard loans decreased $2.1 million during the third fiscal quarter due to improvement in a number of loans which were ultimately upgraded. Special mention loans remained flat.

Key Balance Sheet Changes

  • The balance sheet decreased $60.8 million or 1.9 percent compared to March 31, 2012 due primarily to decreases in investment securities of $142.1 million, partially offset by an increase in gross loans of $51.9 million.
  • Deposits increased $74.2 million compared to March 31, 2012, excluding municipal and wholesale deposits, with the majority coming from transaction and money market accounts. Wholesale deposits were $50.4 million and $34.1 million at June 30, 2012 and March 31, 2012, respectively.
  • Total loan originations during third quarter fiscal 2012 were $206.2 million compared to $166.6 million in the linked quarter. Commercial real estate balances including multi-family loans increased by $52.1 million or 6.1% over March 31, 2012 levels, more than offsetting declines in other categories.
  • Securities decreased $142.1 million over March 31, 2012 levels, primarily due to purchases of $33.2 million in securities during the third fiscal quarter partially offset by sales of $82.5 million, with associated gains of $2.4 million, and $95.7 million in calls, maturities and principal pay downs.
  • Foreclosed properties increased 25% over March 31, 2012 to $7.3 million at June 30, 2012, as we continue to actively manage our portfolios and move to resolution through foreclosure in a prudent and timely manner.

Capital and Liquidity
Provident Bank remained well-capitalized at June 30, 2012 with a Tier 1 Leverage ratio of approximately 8.41 percent. Tangible book value per share increased to $7.35 at June 30, 2012 from $7.25 at March 31, 2012. Total capital increased $3.4 million from March 31, 2012, to $443.1 million at June 30, 2012, due primarily to a net increase of $2.4 million in the Company's retained earnings and $698,000 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 June 30, 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)  
   
    June 30,     September 30,     March 31,  
    2012     2011     2012  
Assets:                        
Cash and due from banks   $ 111,400     $ 281,512     $ 89,019  
Total securities     885,433       849,884       1,027,541  
Loans held for sale     5,369       4,176       1,736  
Loans:                        
  One- to four-family residential mortgage loans     357,943       389,765       366,675  
  Commercial real estate, commercial business     1,114,764       913,279       1,053,208  
  Acquisition, development and construction loans     165,125       175,931       163,808  
  Consumer loans     213,195       224,824       215,421  
      Total loans, gross     1,851,027       1,703,799       1,799,112  
  Allowance for loan losses     (27,587 )     (27,917 )     (27,787 )
      Total loans, net     1,823,440       1,675,882       1,771,325  
Federal Home Loan Bank stock, at cost     18,207       17,584       17,129  
Premises and equipment, net     38,877       40,886       39,162  
Goodwill     160,861       160,861       160,861  
Other amortizable intangibles     3,718       4,629       4,001  
Bank owned life insurance     58,506       56,967       57,987  
Foreclosed properties     7,292       5,391       5,828  
Other assets     36,937       39,630       36,282  
      Total assets   $ 3,150,040     $ 3,137,402     $ 3,210,871  
Liabilities:                        
  Deposits                        
    Retail   $ 167,527     $ 194,299     $ 167,247  
    Commercial     320,849       296,505       314,177  
    Municipal     15,936       160,422       20,339  
    Personal NOW deposits     203,290       164,637       198,084  
    Business NOW deposits     39,170       37,092       34,407  
    Municipal NOW deposits     180,433       200,773       182,098  
      Total transaction accounts     927,205       1,053,728       916,352  
    Savings     476,349       429,825       479,648  
    Money market deposits     673,498       509,483       698,899  
    Certificates of deposit     255,039       303,659       274,089  
      Total deposits     2,332,091       2,296,695       2,368,988  
  Borrowings     314,154       323,522       313,849  
  Borrowings Senior Note     -       51,499       -  
  Mortgage escrow funds and other liabilities     60,667       34,552       88,335  
      Total liabilities     2,706,912       2,706,268       2,771,172  
Stockholders' equity     443,128       431,134       439,699  
      Total liabilities and stockholders' equity   $ 3,150,040     $ 3,137,402     $ 3,210,871  
                         
Shares of common stock outstanding at period end     37,899,007       37,864,008       37,899,007  
Book value per share   $ 11.69     $ 11.39     $ 11.60  
   
   
   
Provident New York Bancorp and Subsidiaries  
CONSOLIDATED CONDENSED STATEMENTS OF INCOME  
(unaudited, in thousands, except share and per share data)  
   
            Three          
    Three Months Ended   Months Ended   Nine Months Ended  
    June 30,   March 31,   June 30,  
    2012   2011   2012   2012   2011  
Interest and dividend income:                                
  Loans and loan fees   $ 22,312   $ 22,261   $ 22,153   $ 66,614   $ 67,505  
  Securities taxable     4,224     3,607     4,415     12,629     10,668  
  Securities non-taxable     1,581     1,829     1,599     4,954     5,655  
  Other earning assets     228     237     244     727     968  
Total interest income     28,345     27,934     28,411     84,924     84,796  
Interest expense:                                
  Deposits     1,262     1,493     1,217     3,792     4,720  
  Borrowings     3,001     3,637     3,289     9,907     11,578  
Total interest expense     4,263     5,130     4,506     13,699     16,298  
Net interest income     24,082     22,804     23,905     71,225     68,498  
Provision for loan losses     2,312     3,600     2,850     7,112     7,800  
Net interest income after provision for loan losses     21,770     19,204     21,055     64,113     60,698  
Non-interest income:                                
  Deposit fees and service charges   $ 2,816   $ 2,674   $ 2,706   $ 8,312   $ 8,085  
  Net gain on sales of securities     2,412     542     2,899     7,300     5,492  
  Other than temporary loss on securities     (6 )   (27 )   -     (44 )   (27 )
  Title insurance fees     249     312     265     774     949  
  Bank owned life insurance     518     488     502     1,538     1,535  
  Gain on sale of loans     578     9     450     1,468     861  
  Investment management fees     802     815     800     2,367     2,347  
  Fair value gain (loss) on interest rate caps     (14 )   (259 )   (40 )   (57 )   (27 )
  Other     624     663     389     1,468     1,681  
Total non-interest income     7,979     5,217     7,971     23,126     20,896  
Non-interest expense:                                
  Compensation and benefits     10,845     11,122     11,395     33,165     33,533  
  Stock-based compensation plans     326     284     284     885     859  
  Merger related expenses     451     -     299     997     -  
  Restructuring charge(severance/branch relocation)     -     1,494     -     -     1,772  
  Occupancy and office operations     3,388     3,423     3,409     10,498     10,815  
  Advertising and promotion     440     855     427     1,480     2,651  
  Professional fees     1,128     1,137     1,056     3,111     3,242  
  Data and check processing     705     712     710     2,087     2,045  
  Amortization of intangible assets     283     305     305     911     1,088  
  FDIC insurance and regulatory assessments     782     587     743     2,253     2,274  
  ATM/debit card expense     437     400     425     1,273     1,159  
  Foreclosed property expense     428     461     412     1,045     494  
  Other     1,949     1,889     1,825     5,468     5,797  
Total non-interest expense     21,162     22,669     21,290     63,173     65,729  
Income before income tax expense     8,587     1,752     7,736     24,066     15,865  
Income tax expense     2,378     (187 )   2,035     6,439     3,633  
Net income   $ 6,209   $ 1,939   $ 5,701   $ 17,627   $ 12,232  
  Basic earnings per common share   $ 0.17   $ 0.05   $ 0.15   $ 0.47   $ 0.33  
  Diluted earnings per common share     0.17     0.05     0.15     0.47     0.33  
  Dividends declared     0.06     0.06     0.06     0.18     0.18  
Weighted average common shares:                                
  Basic     37,302,693     37,368,391     37,280,651     37,278,507     37,472,548  
  Diluted     37,330,467     37,370,213     37,316,778     37,292,366     37,473,167  
                                   
                                   
                                   
Selected Financial Condition Data:   Three Months Ended
(in thousands except share and per share data)   06/30/12   03/31/12   12/31/11   09/30/11     06/30/11
End of Period                                
Total assets   $ 3,150,040   $ 3,210,871   $ 3,084,166   $ 3,137,402     $ 2,976,057
Loans, gross (1)     1,851,027     1,799,112     1,775,893     1,703,799       1,685,272
Securities available for sale     714,200     852,717     785,462     739,844       919,805
Securities held to maturity     171,233     174,824     182,076     110,040       25,425
Bank owned life insurance     58,506     57,987     57,485     56,967       56,454
Goodwill     160,861     160,861     160,861     160,861       160,861
Other amortizable intangibles     3,718     4,001     4,306     4,629       4,967
Other non-earning assets     83,106     80,020     78,710     85,907       88,321
Deposits     2,332,091     2,368,988     2,135,555     2,296,695       2,098,073
Borrowings     314,154     313,849     468,543     375,021       401,831
Equity     443,128     439,699     437,682     431,134       429,037
Other comprehensive income related to investment securities reflected in stockholders' equity     14,141     13,780     15,823     13,604       5,769
Average Balances                                
Total assets   $ 3,133,958   $ 3,131,854   $ 3,062,520   $ 2,978,273     $ 2,915,988
Loans, gross:                                
  Real estate- residential mortgage     360,487     374,498     385,269     398,420       384,582
  Real estate- commercial mortgage     868,963     838,935     752,325     681,165       648,371
  Real estate- Acquisition, Development & Construction     165,442     163,116     172,155     186,398       198,120
  Commercial and industrial     205,051     197,507     203,929     208,181       222,128
  Consumer loans     215,555     220,537     224,422     226,687       228,993
Loans total (1)     1,815,498     1,794,593     1,738,100     1,700,851       1,682,194
Securities (taxable)     778,782     799,753     696,293     717,893       688,445
Securities (non-taxable)     182,003     185,062     205,366     208,692       208,643
Total earning assets     2,797,093     2,792,042     2,715,027     2,634,941       2,580,429
Non earning assets     336,865     339,812     347,493     343,332       335,559
Non-interest bearing checking     483,589     503,539     500,621     486,504       464,197
Interest bearing NOW accounts     412,072     389,846     398,885     309,729       296,677
Total transaction accounts     895,661     893,385     899,506     796,233       760,874
Savings (including mortgage escrow funds)     493,234     463,971     445,236     461,566       444,913
Money market deposits     697,342     654,013     577,387     504,476       529,286
Certificates of deposit     265,375     284,737     302,713     371,907       346,903
Total deposits and mortgage escrow     2,351,612     2,296,106     2,224,842     2,134,182       2,081,976
Total interest bearing deposits     1,868,023     1,792,567     1,724,221     1,647,678       1,617,779
Borrowings     320,237     375,766     392,785     391,391       397,531
Equity     441,956     439,384     431,129     433,841       424,961
Selected Operating Data:                                
Condensed Tax Equivalent Income (Loss) Statement                                
Interest and dividend income   $ 28,345   $ 28,411   $ 28,168   $ 27,817     $ 27,934
Tax equivalent adjustment*     852     861     955     962       985
Interest expense     4,263     4,506     4,930     5,026       5,130
    Net interest income (tax equivalent)     24,934     24,766     24,193     23,753       23,789
Provision for loan losses     2,312     2,850     1,950     8,784       3,600
    Net interest income after provision for loan losses     22,622     21,916     22,243     14,969       20,189
Non-interest income     7,979     7,971     7,176     9,056       5,217
Non-interest expense     21,162     21,290     20,721     24,382       22,669
Income (loss) before income tax expense     9,439     8,597     8,698     (357 )     2,737
Income tax expense (tax equivalent)*     3,230     2,896     2,981     136       798
    Net income (loss)   $ 6,209   $ 5,701   $ 5,717   $ (493 )   $ 1,939
     
(1)   Does not reflect allowance for loan losses of $27,587, $27,787, $28,245, $27,917, and $29,385.
*   Tax exempt income assumed at a statutory 35% federal rate
       
       
       
    Three Months Ended  
    06/30/12   03/31/12   12/31/11   09/30/11   06/30/11  
Performance Ratios (annualized)                                
Return on Average Assets     0.80 %   0.73 %   0.74 %   -0.07 %   0.27 %
Return on Average Equity     5.65 %   5.22 %   5.26 %   -0.45 %   1.83 %
Non-Interest Income to Average Assets     1.02 %   1.02 %   0.93 %   1.21 %   0.72 %
Non-Interest Expense to Average Assets     2.72 %   2.73 %   2.68 %   3.25 %   3.12 %
Operating Efficiency Adjusted (2)     65.53 %   67.86 %   67.80 %   70.24 %   70.99 %
Analysis of Net Interest Income                                
Yield on Loans     5.01 %   5.03 %   5.13 %   5.22 %   5.41 %
Yield on Investment Securities- Tax Equivalent     2.79 %   2.81 %   2.96 %   2.81 %   2.87 %
Yield on Earning Assets- Tax Equivalent     4.20 %   4.22 %   4.26 %   4.33 %   4.50 %
Cost of Deposits     0.22 %   0.21 %   0.23 %   0.26 %   0.29 %
Cost of Borrowings     3.77 %   3.52 %   3.65 %   3.69 %   3.67 %
Cost of Interest Bearing Liabilities     0.78 %   0.84 %   0.92 %   0.98 %   1.02 %
Net Interest Rate Spread- Tax Equivalent Basis     3.42 %   3.38 %   3.34 %   3.35 %   3.48 %
Net Interest Margin- Tax Equivalent Basis     3.59 %   3.57 %   3.54 %   3.58 %   3.70 %
Capital Information Data                                
Tier 1 Leverage Ratio- Bank Only (Preliminary)     8.41 %   8.30 %   8.51 %   8.14 %   8.77 %
Tier 1 Risk-Based Capital- Bank Only (Preliminary)     250,164     252,586     247,433     241,196     246,291  
Total Risk-Based Capital- Bank Only (Preliminary)     274,751     277,512     273,967     265,307     271,483  
Tangible Capital Consolidated (3)     278,549     274,837     272,515     265,644     263,209  
Tangible Capital as a % of Tangible Assets Consolidated (3)     9.33 %   9.02 %   9.34 %   8.94 %   9.37 %
Shares Outstanding     37,899,007     37,899,007     37,883,008     37,864,008     38,005,866  
Shares Repurchased during qrtr(open market)     -     -     -     183,000     66,108  
Basic weighted common shares outstanding     37,302,693     37,280,651     37,252,464     37,332,121     37,368,391  
Diluted common shares outstanding     37,330,467     37,316,778     37,252,464     37,332,245     37,370,213  
Basic (loss) earnings per common share   $ 0.17   $ 0.15   $ 0.15   $ (0.01 ) $ 0.05  
Diluted (loss) earnings per common share     0.17     0.15     0.15     (0.01 )   0.05  
Dividends Paid per common share     0.06     0.06     0.06     0.06     0.06  
Book Value per common share     11.69     11.60     11.55     11.39     11.29  
Tangible Book Value per common share (3)     7.35     7.25     7.19     7.02     6.93  
Asset Quality Measurements                                
Non-performing loans (NPLs): non-accrual   $ 41,048   $ 47,269   $ 40,777   $ 36,477   $ 42,226  
Non-performing loans (NPLs): still accruing     3,450     4,693     5,136     4,090     5,837  
Other Real Estate Owned     7,292     5,828     5,625     5,391     5,184  
Non-performing assets (NPAs)     51,790     57,790     51,538     45,958     53,247  
Troubled Debt Restructures still accruing     12,110     7,939     8,543     9,326     7,447  
Net Charge-offs     2,512     3,308     1,622     10,252     4,345  
Net Charge-offs as % of average loans (annualized)     0.55 %   0.74 %   0.37 %   2.41 %   1.03 %
NPLs as % of total loans     2.40 %   2.89 %   2.59 %   2.38 %   2.85 %
NPAs as % of total assets     1.64 %   1.80 %   1.67 %   1.46 %   1.79 %
Allowance for loan losses as % of NPLs     62 %   53 %   62 %   69 %   61 %
Allowance for loan losses as % of total loans     1.49 %   1.54 %   1.59 %   1.64 %   1.74 %
Special mention loans     37,555     37,379     18,424     23,026     24,099  
Substandard / doubtful loans     86,907     89,135     99,383     93,989     103,825  
 
(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 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:
                   
    06/30/12   03/31/12   12/31/11   09/30/11   06/30/11  
Total Assets   $ 3,150,040   $ 3,210,871   $ 3,084,166   $ 3,137,402   $ 2,976,057  
Goodwill and other amortizable intangibles     (164,579 )   (164,862 )   (165,167 )   (165,490 )   (165,828 )
Tangible Assets   $ 2,985,461   $ 3,046,009   $ 2,918,999   $ 2,971,912   $ 2,810,229  
Stockholders' equity     443,128     439,699     437,682     431,134     429,037  
Goodwill and other amortizable intangibles     (164,579 )   (164,862 )   (165,167 )   (165,490 )   (165,828 )
Tangible Stockholders' equity   $ 278,549   $ 274,837   $ 272,515   $ 265,644   $ 263,209  
Outstanding Shares     37,899,007     37,899,007     37,883,008     37,864,008     38,005,866  
Tangible capital as a % of tangible assets (consolidated)     9.33 %   9.02 %   9.34 %   8.94 %   9.37 %
Tangible book value per share   $ 7.35   $ 7.25   $ 7.19   $ 7.02   $ 6.93  

Contact Information

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

    Provident New York Bancorp
    400 Rella Boulevard
    Montebello, NY 10901-4243

    T 845.369.8040
    F 845.369.8255

    www.providentbanking.com