Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - STERLING BANCORP | d431650d8k.htm |
Exhibit 99
| Provident New York Bancorp | ||
| 400 Rella Boulevard | ||
| Montebello, NY 10901-4243 | ||
| T 845.369.8040 | ||
| News Release | F 845.369.8255 | |
| www.providentbanking.com | ||
FOR IMMEDIATE RELEASE
October 29, 2012
PROVIDENT BANK CONTACT:
Stephen Masterson, EVP & Chief Financial Officer
845.369.8040
Provident New York Bancorp Announces
Fourth Quarter 2012 Earnings of $0.17 per Diluted Share excluding merger related charges1, or $0.06 per Diluted Share in GAAP Earnings2
Fiscal 2012 Earnings of $0.64 per Diluted Share excluding merger related charges, or $0.52 per diluted Share in GAAP Earnings
MONTEBELLO, N.Y. – October 29, 2012 – Provident New York Bancorp (NYSE: PBNY), the parent company of Provident Bank, today announced fiscal fourth quarter results for the period ending September 30, 2012, as well as for the fiscal year ending September 30, 2012. Net income for the quarter was $6.9 million, or $0.17 per diluted share excluding merger related charges related to the acquisition of Gotham Bank of New York (“Gotham”), compared to a net loss of $493,000, or $(0.01) per diluted share for same quarter last year; and $6.2 million, or $0.17 per diluted share for the linked quarter ended June 30, 2012. For the fiscal year ending September 30, 2012, net income for the year was $24.4 million, or $0.64 per diluted share excluding merger related charges, as compared to net income of $11.7 million or $0.313 per diluted share for the year ending September 30, 2011.
| 1 | Earnings excluding merger charges are calculated using the effective tax rate. See table on pages 10 and 11 for reconciliation of GAAP earnings to earnings excluding merger related charges. |
| 2 | GAAP earnings include merger related charges for Gotham, and include securities’ gains. |
| 3 | Includes $5 million pre-tax related to restructuring charges and defined benefit settlement charges. |
President’s Comments
Jack Kopnisky, President and CEO, commented: “The fiscal fourth quarter of 2012 continued to produce strong earnings for our Bank, yielding $0.17 per diluted share, excluding merger related charges for Gotham. This is a continuation of the solid earnings that we put forth for the third fiscal quarter ending June 30, 2012.
We had earnings of $0.64 (excluding merger related charges) per diluted share for the fiscal year 2012 as compared to $0.31 per diluted share in the fiscal year 2011. This represents a 106 percent increase in earnings per share year over year. We have been able to grow earnings for our Bank based on strong commercial loan and deposit growth, expense controls, and improvement in credit quality. We implemented a team based approach in commercial banking that facilitated the significant growth in loans and deposits for the year. We reduced approximately $10 million in noninterest core expenses by reducing back office and retail costs and redeployed approximately $5 million to customer facing opportunities. The completion of the Gotham acquisition accelerated our entry into the New York City market, which is strategically beneficial for our Bank. We also raised $46.0 million in capital, which resulted in a Tier 1 Leverage Ratio of 8.94 percent based on average assets for the fourth quarter. We were able to significantly reduce our non-performing loans during the fourth quarter to $39.8 million, representing a 10 percent decrease in non-performing loans quarter over quarter. Net charge offs as a percentage of average loans stood at 57 basis points compared to 55 basis points last quarter, and 241 basis points for the fourth quarter last year.
In terms of the balance sheet, we saw net loan growth of $415.3 million for 2012, a 24.8 percent increase over last year. We funded this loan growth with deposit base expansion, excluding more volatile municipal deposits of $527.5 million, or a 31.4 percent increase year over year.”
Key items for the quarter
| • | Total loan originations were $205.7 million compared to $206.2 million in the linked quarter, and $180.6 million for the fourth fiscal quarter of 2011. |
| • | Non-performing loans were reduced from $44.5 million at June 30, 2012, to $39.8 million at September 30, 2012. |
| • | Our allowance for loan losses increased $695,000 significantly improving the ratio to non-performing loans increased to approximately 71 percent from 62 percent. Provision for loan losses increased by $1.2 million during the fourth quarter. For the fourth quarter of fiscal 2011, provision for loan losses was $8.8 million. |
| • | Securities gains were $3.0 million after tax based on the period’s effective tax rate, for the fourth quarter. |
Gotham Bank Acquisition
On August 10, 2012 the Company accelerated its growth into the New York City market area with the completion of the Gotham Bank acquisition with $434.0 million of assets, $209.4 million of loans, and $368.5 million in deposits. Intangible assets increased $9.8 million due to good will and core deposit intangibles associated with the transaction. The fair value analysis of the assets resulted in a discount of 1.9 percent to the loan portfolio and a core deposit premium of 2.8 percent. Merger related costs related to this acquisition were $5.9 million or $4.5 million net of taxes.
Net Interest Income and Margin
Fourth quarter fiscal 2012 compared with fourth quarter fiscal 2011
Net interest income was $25.2 million for the fourth quarter of fiscal 2012, up $2.4 million for the same quarter of fiscal 2011. Reflecting the current interest rate environment, the tax-equivalent yield on investments decreased 37 basis points and loan yields were down 25 basis points compared to the fourth quarter fiscal 2011. As a result, the yield on interest-earning assets declined 32 basis points. The cost of deposits increased 1 basis point to 27 basis points, and the cost of
| 4 | Tier 1 leverage based on period end assets equated to 7.6%, still well capitalized. |
borrowings decreased by 4 basis points to 3.65 percent. The resulting net interest margin on a tax-equivalent basis was 3.38 percent for the fourth quarter of fiscal 2012, compared to 3.58 percent for the same period a year ago.
Fourth quarter fiscal 2012 compared with linked quarter ended June 30, 2012
Net interest income for the quarter ending September 30, 2012 increased $1.2 million to $25.2 million, compared to $24.1 million at the linked quarter ending June 30, 2012. The tax-equivalent net interest margin decreased to 3.38 percent from 3.59 percent in the linked quarter. Loan yields were 4.97 percent. Deposit costs increased by 5 basis points mainly due to the inflow of Gotham deposits, while the cost of borrowings decreased 12 basis points.
Noninterest Income
Fourth quarter fiscal 2012 compared with fourth quarter fiscal 2011
Noninterest income remained stable for the fourth quarter fiscal 2012 compared with fourth quarter fiscal 2011. Increases in deposit fees, service charges and gain on sale of loans partly offset the decrease in the net gain on sale of securities.
Fourth quarter fiscal 2012 compared with linked quarter ended June 30, 2012
Noninterest income increased $1.0 million to $9.0 million for the fourth fiscal quarter of 2012 compared to the linked quarter ended June 30, 2012, primarily due to security gains.
Noninterest Expense
Fourth quarter fiscal 2012 compared with fourth quarter fiscal 2011
Noninterest expense increased $4.4 million, when compared to the fourth quarter fiscal 2011, mostly due to merger related charges of $4.5 million net of tax incurred during the fourth quarter of fiscal 2012. The fourth quarter of fiscal 2011 includes $3.2 million of restructuring charges.
Fourth quarter fiscal 2012 compared with the linked quarter ended June 30, 2012
Noninterest expense increased $7.6 million, or 36.0 percent over the linked quarter. Increases of $4.5 million were seen in merger related costs related to the Gotham acquisition, totaling approximately $4.9 million. Compensation and benefits increased $2.0 million in part due to the Gotham acquisition, and incentive bonus accruals.
Income Taxes
The Company recorded income tax expense for the year 2012 at an effective tax rate of 23.6 percent compared to 19.3 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 $39.8 million at September 30, 2012 compared to $44.5 million at June 30, 2012. We disposed of one ADC (“Acquisition, Development and Construction”) loan of approximately $3.0 million and completed foreclosure on $1.5 million from the ADC portfolio. During the quarter, we also disposed of $2.0 million in foreclosed properties, reducing that balance from $7.3 million at June 30, 2012 to $6.4 million at September 30, 2012. Net charge-offs for the quarter were $2.8 million compared to $3.5 million in provision. For the year, net charge-offs were $10.2 million and the provision was $10.6 million. The allowance for loan losses at September 30, 2012 was $28.3 million, 71 percent of nonperforming loans and 1.47 percent of the Provident loan portfolio, excluding loans acquired from Gotham which are carried at fair value and are not assigned any reserves.
Key Balance Sheet Changes
| • | Assets increased $872.7 million or 27.7 percent compared to June 30, 2012 as a result of increases in investment securities of $267.8 million, net loans of $267.8 million, and cash balances of $326.5 million. |
| • | Deposits increased $779.1 million compared to June 30, 2012, with growth experienced in all deposit categories. Municipal deposits increased $422.0 million compared to June 30, 2012, as a result of seasonal tax deposits. |
| • | Securities increased $267.8 million over June 30, 2012 levels, primarily due to purchases of $462.8 million in securities during the fourth fiscal quarter partially offset by sales of $100.0 million, with associated gains of $3.2 million, and $95.0 million in calls, maturities and principal pay downs. |
| • | Foreclosed properties decreased by 12.2 percent from June 30, 2012 to $6.4 million at September 30, 2012, as we continue to actively manage our portfolios and the market moves towards a greater stability. |
Capital and Liquidity
Provident Bank remained well capitalized at September 30, 2012 with a Tier 1 Leverage ratio of approximately 8.9 percent based on average assets. Tier 1 Leverage ratio based on period end assets was approximately 7.6 percent, which is still considered well capitalized. Tangible book value per share decreased to $7.30 at September 30, 2012 from $7.35 at June 30, 2012, due to the acquisition of Gotham. Total capital increased $49.0 million from June 30, 2012, to $492.2 million at September 30, 2012, due primarily to the capital raise announced previously.
Subsequent Events
During October the Company agreed to sell Hudson Valley Investment Advisors, LLC (“HVIA”), an investment advisory firm. The assets related to HVIA are shown on the balance sheet as assets held for sale at a fair value of $4.6 million which reflects deductions in goodwill of $3.3 million.
About Provident New York Bancorp
Headquartered in Montebello, N.Y., Provident Bank, with $4.0 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 35 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 completion of the annual audit of the Company’s financial statements and the filing of its fiscal 2012 Annual Report on Form 10-K with the Securities and Exchange Commission. While the Company is not aware of any need to revise the results disclosed in this release, the Company’s auditors currently are reviewing the Company’s testing of the carrying amount of goodwill on its financial statements in view of the relationship between the Company’s book value per share and the market price of its common stock at the end of the fiscal year. Moreover, accounting literature may require adverse information received by management between the date of this release and the filing of the 10-K to be reflected in the results of fiscal 2012, even though the new information was received by management in fiscal 2013 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)
| September 30, 2012 |
September 30, 2011 |
June 30, 2012 |
||||||||||
| Assets: |
||||||||||||
| Cash and due from banks |
$ | 437,982 | $ | 281,512 | $ | 111,400 | ||||||
| Total securities |
1,153,248 | 849,884 | 885,433 | |||||||||
| Loans held for sale |
7,505 | 4,176 | 5,369 | |||||||||
| HVIA assets held for sale |
4,550 | — | — | |||||||||
| Loans: |
||||||||||||
| One- to four-family residential mortgage loans |
350,022 | 389,765 | 357,943 | |||||||||
| Commercial real estate, commercial business |
1,415,811 | 913,279 | 1,114,764 | |||||||||
| Acquisition, development and construction loans |
144,061 | 175,931 | 165,125 | |||||||||
| Consumer loans |
209,578 | 224,824 | 213,195 | |||||||||
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| Total loans, gross |
2,119,472 | 1,703,799 | 1,851,027 | |||||||||
| Allowance for loan losses |
(28,282 | ) | (27,917 | ) | (27,587 | ) | ||||||
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| Total loans, net |
2,091,190 | 1,675,882 | 1,823,440 | |||||||||
| Federal Home Loan Bank stock, at cost |
19,249 | 17,584 | 18,207 | |||||||||
| Premises and equipment, net |
38,483 | 40,886 | 38,877 | |||||||||
| Goodwill |
162,631 | 160,861 | 160,861 | |||||||||
| Other amortizable intangibles |
7,164 | 4,629 | 3,718 | |||||||||
| Bank owned life insurance |
59,017 | 56,967 | 58,506 | |||||||||
| Foreclosed properties |
6,403 | 5,391 | 7,292 | |||||||||
| Other assets |
35,359 | 39,630 | 36,937 | |||||||||
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| Total assets |
$ | 4,022,781 | $ | 3,137,402 | $ | 3,150,040 | ||||||
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| Liabilities: |
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| Deposits |
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| Retail |
$ | 167,050 | $ | 194,299 | $ | 167,527 | ||||||
| Commercial |
412,630 | 296,505 | 320,849 | |||||||||
| Municipal |
367,624 | 160,422 | 15,936 | |||||||||
| Personal NOW deposits |
213,755 | 164,637 | 203,290 | |||||||||
| Business NOW deposits |
38,486 | 37,092 | 39,170 | |||||||||
| Municipal NOW deposits |
195,882 | 200,773 | 180,433 | |||||||||
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| Total transaction accounts |
1,395,427 | 1,053,728 | 927,205 | |||||||||
| Savings |
506,538 | 429,825 | 476,349 | |||||||||
| Money market deposits |
821,704 | 509,483 | 673,498 | |||||||||
| Certificates of deposit |
387,482 | 303,659 | 255,039 | |||||||||
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| Total deposits |
3,111,151 | 2,296,695 | 2,332,091 | |||||||||
| Borrowings |
345,176 | 323,522 | 314,154 | |||||||||
| Borrowings Senior Note |
— | 51,499 | — | |||||||||
| Mortgage escrow funds and other liabilities |
74,286 | 34,552 | 60,667 | |||||||||
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| Total liabilities |
3,530,613 | 2,706,268 | 2,706,912 | |||||||||
| Stockholders’ equity |
492,168 | 431,134 | 443,128 | |||||||||
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| Total liabilities and stockholders’ equity |
$ | 4,022,781 | $ | 3,137,402 | $ | 3,150,040 | ||||||
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| Shares of common stock outstanding at period end |
44,173,470 | 37,864,008 | 37,899,007 | |||||||||
| Book value per share |
$ | 11.14 | $ | 11.39 | $ | 11.69 | ||||||
| Tangible book value per share |
$ | 7.30 | $ | 7.02 | $ | 7.35 | ||||||
Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited, in thousands, except share and per share data)
| Quarter Ended September 30, |
Three Months Ended June 30, |
Twelve Months Ended September 30, |
||||||||||||||||||
| 2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||
| Interest and dividend income: |
||||||||||||||||||||
| Loans and loan fees |
$ | 24,396 | $ | 21,995 | $ | 22,312 | $ | 91,010 | $ | 89,500 | ||||||||||
| Securities taxable |
3,909 | 3,825 | 4,224 | 16,538 | 14,493 | |||||||||||||||
| Securities non-taxable |
1,543 | 1,786 | 1,581 | 6,497 | 7,441 | |||||||||||||||
| Other earning assets |
265 | 211 | 228 | 992 | 1,180 | |||||||||||||||
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| Total interest income |
30,113 | 27,817 | 28,345 | 115,037 | 112,614 | |||||||||||||||
| Interest expense: |
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| Deposits |
1,789 | 1,384 | 1,262 | 5,581 | 6,104 | |||||||||||||||
| Borrowings |
3,085 | 3,642 | 3,001 | 12,992 | 15,220 | |||||||||||||||
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| Total interest expense |
4,874 | 5,026 | 4,263 | 18,573 | 21,324 | |||||||||||||||
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| Net interest income |
25,239 | 22,791 | 24,082 | 96,464 | 91,290 | |||||||||||||||
| Provision for loan losses |
3,500 | 8,784 | 2,312 | 10,612 | 16,584 | |||||||||||||||
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| Net interest income after provision for loan losses |
21,739 | 14,007 | 21,770 | 85,852 | 74,706 | |||||||||||||||
| Non-interest income: |
||||||||||||||||||||
| Deposit fees and service charges |
$ | 3,065 | $ | 2,727 | $ | 2,816 | $ | 11,377 | $ | 10,811 | ||||||||||
| Net gain on sales of securities |
3,152 | 4,519 | 2,412 | 10,452 | 10,011 | |||||||||||||||
| Other than temporary loss on securities |
(3 | ) | (251 | ) | (6 | ) | (47 | ) | (278 | ) | ||||||||||
| Title insurance fees |
332 | 275 | 249 | 1,106 | 1,224 | |||||||||||||||
| Bank owned life insurance |
512 | 514 | 518 | 2,050 | 2,049 | |||||||||||||||
| Gain on sale of loans |
429 | 166 | 578 | 1,897 | 1,027 | |||||||||||||||
| Gain on sale of premises and equipment |
70 | — | — | 75 | — | |||||||||||||||
| Loss on sale of HVIA |
(135 | ) | — | — | (135 | ) | — | |||||||||||||
| Investment management fees |
776 | 733 | 802 | 3,143 | 3,080 | |||||||||||||||
| Fair value loss on interest rate caps |
(6 | ) | (170 | ) | (14 | ) | (63 | ) | (197 | ) | ||||||||||
| Other |
834 | 543 | 624 | 2,297 | 2,224 | |||||||||||||||
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| Total non-interest income |
9,026 | 9,056 | 7,979 | 32,152 | 29,951 | |||||||||||||||
| Non-interest expense: |
||||||||||||||||||||
| Compensation and benefits |
12,873 | 10,129 | 10,845 | 46,038 | 43,662 | |||||||||||||||
| Stock-based compensation plans |
302 | 303 | 326 | 1,187 | 1,162 | |||||||||||||||
| Merger related expenses |
4,928 | — | 451 | 5,925 | 255 | |||||||||||||||
| Defined benefit settlement charge/CEO transition |
— | — | — | — | 1,772 | |||||||||||||||
| Restructuring charge (severance/branch relocation) |
— | 3,201 | — | — | 3,201 | |||||||||||||||
| Occupancy and office operations |
3,959 | 3,693 | 3,388 | 14,457 | 14,508 | |||||||||||||||
| Advertising and promotion |
369 | 677 | 440 | 1,849 | 3,328 | |||||||||||||||
| Professional fees |
1,136 | 1,147 | 1,128 | 4,247 | 4,389 | |||||||||||||||
| Data and check processing |
715 | 718 | 705 | 2,802 | 2,763 | |||||||||||||||
| Amortization of intangible assets |
334 | 338 | 283 | 1,245 | 1,426 | |||||||||||||||
| FDIC insurance and regulatory assessments |
843 | 636 | 782 | 3,096 | 2,910 | |||||||||||||||
| ATM/debit card expense |
438 | 425 | 437 | 1,711 | 1,584 | |||||||||||||||
| Foreclosed property expense |
573 | 677 | 428 | 1,618 | 1,171 | |||||||||||||||
| Other |
2,314 | 2,438 | 1,949 | 7,782 | 7,980 | |||||||||||||||
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| Total non-interest expense |
28,784 | 24,382 | 21,162 | 91,957 | 90,111 | |||||||||||||||
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| Income before income tax expense |
1,981 | (1,319 | ) | 8,587 | 26,047 | 14,546 | ||||||||||||||
| Income tax expense (benefit) |
(280 | ) | (826 | ) | 2,378 | 6,159 | 2,807 | |||||||||||||
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| Net income (loss) |
$ | 2,261 | $ | (493 | ) | $ | 6,209 | $ | 19,888 | $ | 11,739 | |||||||||
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| Basic earnings (loss) per common share |
$ | 0.06 | $ | (0.01 | ) | $ | 0.17 | $ | 0.52 | $ | 0.31 | |||||||||
| Diluted earnings (loss) per common share |
0.06 | (0.01 | ) | 0.17 | 0.52 | 0.31 | ||||||||||||||
| Dividends declared |
0.06 | 0.06 | 0.06 | 0.24 | 0.24 | |||||||||||||||
| Weighted average common shares: |
||||||||||||||||||||
| Basic |
41,054,458 | 37,332,121 | 37,302,693 | 38,227,653 | 37,452,596 | |||||||||||||||
| Diluted |
41,099,237 | 37,332,245 | 37,330,467 | 38,248,046 | 37,453,542 | |||||||||||||||
| Selected Financial Condition Data: | Three Months Ended | |||||||||||||||||||
| (in thousands except share and per share data) | 09/30/12 | 06/30/12 | 03/31/12 | 12/31/11 | 09/30/11 | |||||||||||||||
| End of Period |
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| Total assets |
$ | 4,022,781 | $ | 3,150,040 | $ | 3,210,871 | $ | 3,084,166 | $ | 3,137,402 | ||||||||||
| Loans, gross (1) |
2,119,472 | 1,851,027 | 1,799,112 | 1,775,893 | 1,703,799 | |||||||||||||||
| Securities available for sale |
1,010,872 | 714,200 | 852,717 | 785,462 | 739,844 | |||||||||||||||
| Securities held to maturity |
142,376 | 171,233 | 174,824 | 182,076 | 110,040 | |||||||||||||||
| Bank owned life insurance |
59,017 | 58,506 | 57,987 | 57,485 | 56,967 | |||||||||||||||
| Goodwill |
162,631 | 160,861 | 160,861 | 160,861 | 160,861 | |||||||||||||||
| Other amortizable intangibles |
7,164 | 3,718 | 4,001 | 4,306 | 4,629 | |||||||||||||||
| Other non-earning assets |
80,245 | 83,106 | 80,020 | 78,710 | 85,907 | |||||||||||||||
| Deposits |
3,111,151 | 2,332,091 | 2,368,988 | 2,135,555 | 2,296,695 | |||||||||||||||
| Borrowings |
345,176 | 314,154 | 313,849 | 468,543 | 375,021 | |||||||||||||||
| Equity |
492,168 | 443,128 | 439,699 | 437,682 | 431,134 | |||||||||||||||
| Other comprehensive income related to investment securities reflected in stockholders’ equity |
15,066 | 14,141 | 13,780 | 15,823 | 13,604 | |||||||||||||||
| Average Balances |
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| Total assets |
$ | 3,451,055 | $ | 3,133,958 | $ | 3,131,854 | $ | 3,062,520 | $ | 2,978,273 | ||||||||||
| Loans, gross: |
||||||||||||||||||||
| Real estate- residential mortgage |
352,724 | 360,487 | 374,498 | 385,269 | 398,420 | |||||||||||||||
| Real estate- commercial mortgage |
989,349 | 868,963 | 838,935 | 752,325 | 681,165 | |||||||||||||||
| Real estate- Acquisition, Development & Construction |
156,726 | 165,442 | 163,116 | 172,155 | 186,398 | |||||||||||||||
| Commercial and industrial |
263,922 | 205,051 | 197,507 | 203,929 | 208,181 | |||||||||||||||
| Consumer loans |
210,650 | 215,555 | 220,537 | 224,422 | 226,687 | |||||||||||||||
| Loans total (1) |
1,973,371 | 1,815,498 | 1,794,593 | 1,738,100 | 1,700,851 | |||||||||||||||
| Securities (taxable) |
841,373 | 778,782 | 799,753 | 696,293 | 717,893 | |||||||||||||||
| Securities (non-taxable) |
181,540 | 182,003 | 185,062 | 205,366 | 208,692 | |||||||||||||||
| Total earning assets |
3,070,315 | 2,797,093 | 2,792,042 | 2,715,027 | 2,634,941 | |||||||||||||||
| Non earning assets |
380,740 | 336,865 | 339,812 | 347,493 | 343,332 | |||||||||||||||
| Non-interest bearing checking |
592,962 | 483,589 | 503,539 | 500,621 | 486,504 | |||||||||||||||
| Interest bearing NOW accounts |
398,493 | 412,072 | 389,846 | 398,885 | 309,729 | |||||||||||||||
| Total transaction accounts |
991,455 | 895,661 | 893,385 | 899,506 | 796,233 | |||||||||||||||
| Savings (including mortgage escrow funds) |
539,904 | 493,234 | 463,971 | 445,236 | 461,566 | |||||||||||||||
| Money market deposits |
756,655 | 697,342 | 654,013 | 577,387 | 504,476 | |||||||||||||||
| Certificates of deposit |
303,788 | 265,375 | 284,737 | 302,713 | 371,907 | |||||||||||||||
| Total deposits and mortgage escrow |
2,591,802 | 2,351,612 | 2,296,106 | 2,224,842 | 2,134,182 | |||||||||||||||
| Total interest bearing deposits (including escrow) |
1,998,840 | 1,868,023 | 1,792,567 | 1,724,221 | 1,647,678 | |||||||||||||||
| Borrowings |
336,217 | 320,237 | 375,766 | 392,785 | 391,391 | |||||||||||||||
| Equity |
475,652 | 441,956 | 439,384 | 431,129 | 433,841 | |||||||||||||||
| Selected Operating Data: |
||||||||||||||||||||
| Condensed Tax Equivalent Income (Loss) Statement |
||||||||||||||||||||
| Interest and dividend income |
$ | 30,113 | $ | 28,345 | $ | 28,411 | $ | 28,168 | $ | 27,817 | ||||||||||
| Tax equivalent adjustment* |
830 | 852 | 861 | 955 | 962 | |||||||||||||||
| Interest expense |
4,874 | 4,263 | 4,506 | 4,930 | 5,026 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest income (tax equivalent) |
26,069 | 24,934 | 24,766 | 24,193 | 23,753 | |||||||||||||||
| Provision for loan losses |
3,500 | 2,312 | 2,850 | 1,950 | 8,784 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest income after provision for loan losses |
22,569 | 22,622 | 21,916 | 22,243 | 14,969 | |||||||||||||||
| Non-interest income |
9,026 | 7,979 | 7,971 | 7,176 | 9,056 | |||||||||||||||
| Non-interest expense |
28,784 | 21,162 | 21,290 | 20,721 | 24,382 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) before income tax expense |
2,811 | 9,439 | 8,597 | 8,698 | (357 | ) | ||||||||||||||
| Income tax expense (tax equivalent)* |
550 | 3,230 | 2,896 | 2,981 | 136 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) |
$ | 2,261 | $ | 6,209 | $ | 5,701 | $ | 5,717 | $ | (493 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Does not reflect allowance for loan losses of $28,282, $27,587, $27,787, $28,245, and $27,917. |
| * | Tax exempt income assumed at a statutory 35% federal rate |
| Three Months Ended | ||||||||||||||||||||
| 09/30/12 | 06/30/12 | 03/31/12 | 12/31/11 | 09/30/11 | ||||||||||||||||
| Performance Ratios (annualized) |
||||||||||||||||||||
| Return on Average Assets |
0.26 | % | 0.80 | % | 0.73 | % | 0.74 | % | -0.07 | % | ||||||||||
| Return on Average Equity |
1.89 | % | 5.65 | % | 5.22 | % | 5.26 | % | -0.45 | % | ||||||||||
| Non-Interest Income to Average Assets |
1.04 | % | 1.02 | % | 1.02 | % | 0.93 | % | 1.21 | % | ||||||||||
| Non-Interest Expense to Average Assets |
3.32 | % | 2.72 | % | 2.73 | % | 2.68 | % | 3.25 | % | ||||||||||
| Operating Efficiency Adjusted (2) |
71.98 | % | 65.53 | % | 67.86 | % | 67.80 | % | 70.24 | % | ||||||||||
| Analysis of Net Interest Income |
||||||||||||||||||||
| Yield on Loans |
4.97 | % | 5.01 | % | 5.03 | % | 5.13 | % | 5.22 | % | ||||||||||
| Yield on Investment Securities- Tax Equivalent |
2.44 | % | 2.79 | % | 2.81 | % | 2.96 | % | 2.81 | % | ||||||||||
| Yield on Earning Assets- Tax Equivalent |
4.01 | % | 4.20 | % | 4.22 | % | 4.26 | % | 4.33 | % | ||||||||||
| Cost of Deposits |
0.27 | % | 0.22 | % | 0.21 | % | 0.23 | % | 0.26 | % | ||||||||||
| Cost of Borrowings |
3.65 | % | 3.77 | % | 3.52 | % | 3.65 | % | 3.69 | % | ||||||||||
| Cost of Interest Bearing Liabilities |
0.83 | % | 0.78 | % | 0.84 | % | 0.92 | % | 0.98 | % | ||||||||||
| Net Interest Rate Spread- Tax Equivalent Basis |
3.18 | % | 3.42 | % | 3.38 | % | 3.34 | % | 3.35 | % | ||||||||||
| Net Interest Margin- Tax Equivalent Basis |
3.38 | % | 3.59 | % | 3.57 | % | 3.54 | % | 3.58 | % | ||||||||||
| Capital Information Data |
||||||||||||||||||||
| Tier 1 Leverage Ratio- Bank Only (Preliminary) |
7.57 | % | 8.67 | % | 8.30 | % | 8.51 | % | 8.14 | % | ||||||||||
| Tier 1 Risk-Based Capital- Bank Only (Preliminary) |
290,056 | 257,621 | 252,586 | 247,433 | 241,196 | |||||||||||||||
| Total Risk-Based Capital- Bank Only (Preliminary) |
315,338 | 283,033 | 277,512 | 273,911 | 265,307 | |||||||||||||||
| Tangible Capital Consolidated (3) |
322,373 | 278,549 | 274,837 | 272,515 | 265,644 | |||||||||||||||
| Tangible Capital as a % of Tangible Assets Consolidated (3) |
8.37 | % | 9.33 | % | 9.02 | % | 9.34 | % | 8.94 | % | ||||||||||
| Shares Outstanding |
44,173,470 | 37,899,007 | 37,899,007 | 37,883,008 | 37,864,008 | |||||||||||||||
| Shares Repurchased during qrtr (open market) |
— | — | — | — | 183,000 | |||||||||||||||
| Basic weighted common shares outstanding |
41,054,458 | 37,302,693 | 37,280,651 | 37,252,464 | 37,332,121 | |||||||||||||||
| Diluted common shares outstanding |
41,099,237 | 37,330,467 | 37,316,778 | 37,252,464 | 37,332,245 | |||||||||||||||
| Basic earnings (loss) per common share |
$ | 0.06 | $ | 0.17 | $ | 0.15 | $ | 0.15 | $ | (0.01 | ) | |||||||||
| Diluted earnings (loss) per common share |
0.06 | 0.17 | 0.15 | 0.15 | (0.01 | ) | ||||||||||||||
| Dividends Paid per common share |
0.06 | 0.06 | 0.06 | 0.06 | 0.06 | |||||||||||||||
| Book Value per common share |
11.14 | 11.69 | 11.60 | 11.55 | 11.39 | |||||||||||||||
| Tangible Book Value per common share (3) |
7.30 | 7.35 | 7.25 | 7.19 | 7.02 | |||||||||||||||
| Asset Quality Measurements |
||||||||||||||||||||
| Non-performing loans (NPLs): non-accrual |
$ | 35,444 | $ | 41,048 | $ | 47,269 | $ | 40,777 | $ | 36,477 | ||||||||||
| Non-performing loans (NPLs): still accruing |
4,370 | 3,450 | 4,693 | 5,136 | 4,090 | |||||||||||||||
| Other Real Estate Owned |
6,403 | 7,292 | 5,828 | 5,625 | 5,391 | |||||||||||||||
| Non-performing assets (NPAs) |
46,217 | 51,790 | 57,790 | 51,538 | 45,958 | |||||||||||||||
| Net Charge-offs |
2,805 | 2,512 | 3,308 | 1,622 | 10,252 | |||||||||||||||
| Net Charge-offs as % of average loans (annualized) |
0.57 | % | 0.55 | % | 0.74 | % | 0.37 | % | 2.41 | % | ||||||||||
| NPLs as % of total loans |
1.88 | % | 2.40 | % | 2.89 | % | 2.59 | % | 2.38 | % | ||||||||||
| NPAs as % of total assets |
1.15 | % | 1.64 | % | 1.80 | % | 1.67 | % | 1.46 | % | ||||||||||
| Allowance for loan losses as % of NPLs |
71 | % | 62 | % | 53 | % | 62 | % | 69 | % | ||||||||||
| Allowance for loan losses as % of Provident only loans |
1.47 | % | 1.49 | % | 1.54 | % | 1.59 | % | 1.64 | % | ||||||||||
| Special mention loans |
42,422 | 37,555 | 37,379 | 18,424 | 23,026 | |||||||||||||||
| Substandard / doubtful loans |
88,662 | 88,395 | 89,135 | 99,383 | 93,989 | |||||||||||||||
| (2) | The operating 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 operating efficiency ratio is typically expressed on a tax-equivalent basis. Moreover, most institutions, in calculating the the operating 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:
| 09/30/12 | 06/30/12 | 03/31/12 | 12/31/11 | 09/30/11 | ||||||||||||||||
| Total Assets |
$ | 4,022,781 | $ | 3,150,040 | $ | 3,210,871 | $ | 3,084,166 | $ | 3,137,402 | ||||||||||
| Goodwill and other amortizable intangibles |
(169,795 | ) | (164,579 | ) | (164,862 | ) | (165,167 | ) | (165,490 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Tangible Assets |
$ | 3,852,986 | $ | 2,985,461 | $ | 3,046,009 | $ | 2,918,999 | $ | 2,971,912 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Stockholders’ equity |
492,168 | 443,128 | 439,699 | 437,682 | 431,134 | |||||||||||||||
| Goodwill and other amortizable intangibles |
(169,795 | ) | (164,579 | ) | (164,862 | ) | (165,167 | ) | (165,490 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Tangible Stockholders’ equity |
$ | 322,373 | $ | 278,549 | $ | 274,837 | $ | 272,515 | $ | 265,644 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Outstanding Shares |
44,173,470 | 37,899,007 | 37,899,007 | 37,883,008 | 37,864,008 | |||||||||||||||
| Tangible capital as a % of tangible assets (consolidated) |
8.37 | % | 9.33 | % | 9.02 | % | 9.34 | % | 8.94 | % | ||||||||||
| Tangible book value per share |
$ | 7.30 | $ | 7.35 | $ | 7.25 | $ | 7.19 | $ | 7.02 | ||||||||||
Selected Financial Condition Data to reconcile GAAP Earnings to Earnings excluding merger related expenses 2012:
| Excluding Merger Expense YTD |
Including Merger Expense As Reported YTD |
Excluding Merger Expense QTD |
Including Merger Expense As Reported QTD |
|||||||||||||
| (in thousands except share and per share data) | 09/30/12 | 09/30/12 | 09/30/12 | 09/30/12 | ||||||||||||
| Average Balances |
||||||||||||||||
| Total assets |
$ | 3,195,299 | $ | 3,195,299 | $ | 3,451,055 | $ | 3,451,055 | ||||||||
| Loans, gross: |
||||||||||||||||
| Real estate- residential mortgage |
368,264 | 368,264 | 352,724 | 352,724 | ||||||||||||
| Real estate- commercial mortgage |
862,439 | 862,439 | 989,349 | 989,349 | ||||||||||||
| Real estate- Acquisition, Development & Construction |
164,360 | 164,360 | 156,726 | 156,726 | ||||||||||||
| Commercial and industrial |
217,198 | 217,198 | 263,922 | 263,922 | ||||||||||||
| Consumer loans |
217,789 | 217,789 | 210,650 | 210,650 | ||||||||||||
| Loans total (1) |
1,830,050 | 1,830,050 | 1,973,371 | 1,973,371 | ||||||||||||
| Securities (taxable) |
778,994 | 778,994 | 841,373 | 841,373 | ||||||||||||
| Securities (non-taxable) |
188,520 | 188,520 | 181,540 | 181,540 | ||||||||||||
| Total earning assets |
2,843,902 | 2,843,902 | 3,070,315 | 3,070,315 | ||||||||||||
| Non earning assets |
351,397 | 351,397 | 380,740 | 380,740 | ||||||||||||
| Non-interest bearing checking |
520,265 | 520,265 | 592,962 | 592,962 | ||||||||||||
| Interest bearing NOW accounts |
399,819 | 399,819 | 398,493 | 398,493 | ||||||||||||
| Total transaction accounts |
920,084 | 920,084 | 991,455 | 991,455 | ||||||||||||
| Savings (including mortgage escrow funds) |
485,624 | 485,624 | 539,904 | 539,904 | ||||||||||||
| Money market deposits |
671,325 | 671,325 | 756,655 | 756,655 | ||||||||||||
| Certificates of deposit |
289,230 | 289,230 | 303,788 | 303,788 | ||||||||||||
| Total deposits and mortgage escrow |
2,366,263 | 2,366,263 | 2,591,802 | 2,591,802 | ||||||||||||
| Total interest bearing deposits (including escrow) |
1,845,998 | 1,845,998 | 1,998,840 | 1,998,840 | ||||||||||||
| Borrowings |
356,296 | 356,296 | 336,217 | 336,217 | ||||||||||||
| Equity |
446,112 | 447,065 | 472,100 | 475,652 | ||||||||||||
| Selected Operating Data: |
||||||||||||||||
| Condensed Tax Equivalent Income (Loss) Statement |
||||||||||||||||
| Interest and dividend income |
$ | 115,037 | $ | 115,037 | $ | 30,113 | $ | 30,113 | ||||||||
| Tax equivalent adjustment* |
3,498 | 3,498 | 830 | 830 | ||||||||||||
| Interest expense |
18,573 | 18,573 | 4,874 | 4,874 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net interest income (tax equivalent) |
99,962 | 99,962 | 26,069 | 26,069 | ||||||||||||
| Provision for loan losses |
10,612 | 10,612 | 3,500 | 3,500 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net interest income after provision for loan losses |
89,350 | 89,350 | 22,569 | 22,569 | ||||||||||||
| Non-interest income |
32,152 | 32,152 | 9,026 | 9,026 | ||||||||||||
| Non-interest expense |
86,032 | 91,957 | 23,856 | 28,784 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) before income tax expense |
35,470 | 29,545 | 7,739 | 2,811 | ||||||||||||
| Income tax expense (tax equivalent)* |
11,079 | 9,657 | 848 | 550 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | 24,391 | $ | 19,888 | $ | 6,891 | $ | 2,261 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Does not reflect allowance for loan losses of $28,282. |
| * | Tax exempt income assumed at a statutory 35% federal rate |
Selected Financial Condition Data to reconcile GAAP Earnings to Earnings excluding merger related expenses for 2012:
| Year to Date Excluding Merger Expense |
Year to Date Including Merger Expense |
Quarter to Date Excluding Merger Expense |
Quarter to Date Including Merger Expense |
|||||||||||||
| (in thousands except share and per share data) | 09/30/12 | 09/30/12 | 09/30/12 | 09/30/12 | ||||||||||||
| Performance Ratios1 |
||||||||||||||||
| Return on Average Assets |
0.76 | % | 0.62 | % | 0.79 | % | 0.26 | % | ||||||||
| Return on Average Equity |
5.47 | % | 4.45 | % | 5.76 | % | 1.89 | % | ||||||||
| Non-Interest Income to Average Assets |
1.01 | % | 1.01 | % | 1.04 | % | 1.04 | % | ||||||||
| Non-Interest Expense to Average Assets |
2.69 | % | 2.88 | % | 2.75 | % | 3.32 | % | ||||||||
| Earnings Per Share Information |
||||||||||||||||
| Merger expense net of tax |
4,503 | 4,503 | 4,630 | 4,630 | ||||||||||||
| Tax rate |
24.00 | % | 24.00 | % | 6.00 | % | 6.00 | % | ||||||||
| Non interest expense |
86,032 | 91,957 | 23,856 | 28,784 | ||||||||||||
| Net Income |
24,391 | 19,888 | 6,891 | 2,261 | ||||||||||||
| Basic weighted common shares outstanding |
38,227,653 | 38,227,653 | 41,054,458 | 41,054,458 | ||||||||||||
| Diluted common shares outstanding |
38,248,046 | 38,248,046 | 41,099,237 | 41,099,237 | ||||||||||||
| Basic (loss) earnings per common share |
$ | 0.64 | $ | 0.52 | $ | 0.17 | $ | 0.06 | ||||||||
| 1 | Annualized for quarterly data |
Selected Financial Condition Data to reconcile GAAP Earnings to Earnings excluding restructuring and defined benefit settlement (“DBS”) charges for 2011:
| Year to Date Excluding Restructuring DBS charges |
Year to Date Including Restructuring DBS charges |
Quarter to Date Excluding Restructuring DBS charges |
Quarter to Date Including Restructuring DBS charges |
|||||||||||||
| (in thousands except share and per share data) | 09/30/11 | 09/30/11 | 09/30/11 | 09/30/11 | ||||||||||||
| Performance Ratios1 |
||||||||||||||||
| Return on Average Assets |
0.76 | % | 0.40 | % | 0.34 | % | -0.07 | % | ||||||||
| Return on Average Equity |
3.69 | % | 2.75 | % | 5.76 | % | -0.45 | % | ||||||||
| Non-Interest Income to Average Assets |
1.02 | % | 1.02 | % | 1.21 | % | 1.21 | % | ||||||||
| Non-Interest Expense to Average Assets |
2.89 | % | 3.06 | % | 2.82 | % | 3.25 | % | ||||||||
| Earnings Per Share Information |
||||||||||||||||
| Restructuring and defined benefit settlement charge net of taxes |
4,028 | 4,028 | 3,009 | 3,009 | ||||||||||||
| Tax rate |
19.00 | % | 19.00 | % | 6.00 | % | 6.00 | % | ||||||||
| Non interest expense |
85,138 | 90,111 | 21,181 | 24,382 | ||||||||||||
| Net Income |
15,767 | 11,739 | 2,516 | (493 | ) | |||||||||||
| Basic weighted common shares outstanding |
37,452,596 | 37,452,596 | 41,054,458 | 41,054,458 | ||||||||||||
| Diluted common shares outstanding |
37,453,542 | 37,453,542 | 41,099,237 | 41,099,237 | ||||||||||||
| Basic (loss) earnings per common share |
$ | 0.42 | $ | 0.31 | $ | 0.06 | $ | (0.01 | ) | |||||||
| 1 | Annualized for quarterly data |
Selected Financial Condition Data to reconcile GAAP Earnings to Earnings excluding restructuring and defined benefit settlement charges for 2011:
| Excluding Merger Expense YTD |
Including Merger Expense As Reported YTD |
Excluding Merger Expense QTD |
Including Merger Expense As Reported QTD |
|||||||||||||
| (in thousands except share and per share data) | 09/30/11 | 09/30/11 | 09/30/11 | 09/30/11 | ||||||||||||
| Average Balances |
||||||||||||||||
| Total assets |
$ | 2,949,251 | $ | 2,949,251 | $ | 2,978,273 | $ | 2,978,273 | ||||||||
| Loans, gross: |
||||||||||||||||
| Real estate- residential mortgage |
392,509 | 392,509 | 398,420 | 398,420 | ||||||||||||
| Real estate- commercial mortgage |
638,928 | 638,928 | 681,165 | 681,165 | ||||||||||||
| Real estate- Acquisition, Development & Construction |
207,026 | 207,026 | 186,398 | 186,398 | ||||||||||||
| Commercial and industrial |
224,056 | 224,056 | 208,181 | 208,181 | ||||||||||||
| Consumer loans |
231,384 | 231,384 | 226,687 | 226,687 | ||||||||||||
| Loans total (1) |
1,693,903 | 1,693,903 | 1,700,851 | 1,700,851 | ||||||||||||
| Securities (taxable) |
695,961 | 695,961 | 717,893 | 717,893 | ||||||||||||
| Securities (non-taxable) |
213,450 | 213,450 | 208,692 | 208,692 | ||||||||||||
| Total earning assets |
2,609,748 | 2,609,748 | 2,634,941 | 2,634,941 | ||||||||||||
| Non earning assets |
339,503 | 339,503 | 343,332 | 343,332 | ||||||||||||
| Non-interest bearing checking |
472,388 | 472,388 | 486,504 | 486,504 | ||||||||||||
| Interest bearing NOW accounts |
315,623 | 315,623 | 309,729 | 309,729 | ||||||||||||
| Total transaction accounts |
788,011 | 788,011 | 796,233 | 796,233 | ||||||||||||
| Savings (including mortgage escrow funds) |
432,227 | 432,227 | 461,566 | 461,566 | ||||||||||||
| Money market deposits |
489,347 | 489,347 | 504,476 | 504,476 | ||||||||||||
| Certificates of deposit |
373,142 | 373,142 | 371,907 | 371,907 | ||||||||||||
| Total deposits and mortgage escrow |
2,082,727 | 2,082,727 | 2,134,182 | 2,134,182 | ||||||||||||
| Total interest bearing deposits (including escrow) |
1,610,339 | 1,610,339 | 1,647,678 | 1,647,678 | ||||||||||||
| Borrowings |
422,816 | 422,816 | 391,391 | 391,391 | ||||||||||||
| Equity |
426,913 | 427,290 | 433,841 | 433,841 | ||||||||||||
| Selected Operating Data: |
||||||||||||||||
| Condensed Tax Equivalent Income (Loss) Statement |
||||||||||||||||
| Interest and dividend income |
$ | 112,614 | $ | 112,614 | $ | 27,817 | $ | 27,817 | ||||||||
| Tax equivalent adjustment* |
4,007 | 4,007 | 962 | 962 | ||||||||||||
| Interest expense |
21,324 | 21,324 | 5,026 | 5,026 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net interest income (tax equivalent) |
95,297 | 95,297 | 23,753 | 23,753 | ||||||||||||
| Provision for loan losses |
16,584 | 16,584 | 8,784 | 8,784 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net interest income after provision for loan losses |
78,713 | 78,713 | 14,969 | 14,969 | ||||||||||||
| Non-interest income |
29,951 | 29,951 | 9,056 | 9,056 | ||||||||||||
| Non-interest expense |
90,111 | 90,111 | 24,382 | 24,382 | ||||||||||||
|
|
|
|
|
|
|
|
|
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| Income (loss) before income tax expense |
18,553 | 18,553 | (357 | ) | (357 | ) | ||||||||||
| Income tax expense (tax equivalent)* |
6,814 | 6,814 | 136 | 136 | ||||||||||||
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| Net income (loss) |
$ | 11,739 | $ | 11,739 | $ | (493 | ) | $ | (493 | ) | ||||||
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| (1) | Does not reflect allowance for loan losses of $27,917. |
| * | Tax exempt income assumed at a statutory 35% federal rate |