EXHIBIT 99
PRESS RELEASE OF PROVIDENT NEW YORK BANCORP
EXHIBIT 99
| FOR IMMEDIATE RELEASE | Stock Symbol: PBNY | |
| January 15, 2009 | Traded on NASDAQ Global Select Market |
PROVIDENT BANK CONTACT:
Paul A. Maisch, EVP & Chief Financial Officer
Miranda Grimm, VP & Controller
845.369.8040
PROVIDENT NEW YORK BANCORP: 7% INCREASE IN QUARTERLY EPS TO $0.16
MONTEBELLO, NY – January 15, 2009 – Provident New York Bancorp (Nasdaq-Global Select Market: PBNY), the parent company of Provident Bank, today announced first quarter results for the fiscal year ended September 30, 2009. Net income for the quarter was $6.3 million, or $0.16 per diluted share, compared to net income of $5.9 million, or $0.15 per diluted share for the first quarter of fiscal 2008.
Key items for the quarter include:
| • | Net interest margin on a fully tax-equivalent basis was 4.0% for the first quarter of fiscal 2009 as compared to 3.74% for the first quarter of fiscal 2008, down from 4.16% for the linked quarter as prime based loans repriced down without comparable reduction in the cost of liabilities. |
| • | Deposits declined $91.1 million as year end short-term seasonal municipal deposits rolled off. Transaction accounts were $594.6 million at December 31, 2008 compared to $820.8 million at September 30, 2008, inclusive of $242.3 million in seasonal municipal tax deposits at September 30, 2008. Growth over fiscal year end 2008 levels was seen in the certificate of deposit category, which included $95.4 million in municipal certificates of deposits. |
| • | Loans grew $15.1 million over year-end 2008, mainly in the commercial sector, despite principal payments of $103.0 million. |
| • | Non-interest expense increased by 6.1% compared to the first quarter of 2008 while non-interest income grew 16.4% from gains on the sale of premises and equipment and securities. |
| • | The quarter’s efficiency ratio continued to improve from 61.8% in the first quarter of fiscal 2008 to 60.2% in the current quarter. |
| • | Net charge-offs for the quarter were $2.0 million, compared to $1.0 for the linked quarter, and $764,000 for the first quarter of fiscal 2008. |
| • | The provision for loan loss was $2.5 million, compared to $2.1 million for the linked quarter and $700,000 for the first quarter of fiscal 2008. |
President’s Comments
George Strayton, President and CEO, commented: “I’m pleased to report solid earnings for the quarter despite the continuing economic challenges facing the Hudson Valley and the nation. Although the housing down turn continues to stress the construction loan portfolio the charge-offs are concentrated in the community business sector of our loan portfolio, which led to additional provisions
of $2.5 million for the current quarter. The growth in our business loan portfolio and consumer loan portfolio reflects our confidence in our lending practices, our quality customers and our resilient market area. I am also pleased to note that traditional credit standards and pricing metrics have returned to the market creating an opportunity for Provident to grow its balance sheet with appropriately priced assets. In addition, the growth in core deposits shows that our customers are confident with our Bank’s financial strength and stability. We continue to be a solid bank that is committed to maintaining and expanding our lending programs to benefit our customers and community while maintaining our strong capital position”.
Net Interest Income and Margin
First quarter fiscal 2009 compared with first quarter fiscal 2008
Net interest income was $25.0 million for the first quarter of fiscal 2009, a $2.7 million increase from the same quarter of fiscal 2008. The net interest margin on a tax-equivalent basis was 4.0% for the first quarter of fiscal 2009, compared to 3.74% for the prior year’s first quarter. Due to decreases in the federal funds target rate, the yield on loan balances declined 102 basis points. For the same period, the cost of interest-bearing deposits decreased 110 basis points to 1.56% and the cost of borrowings decreased 133 basis points to 3.17%. The tax-equivalent yield on investments decreased 3 basis points compared to the same quarter in 2008.
First quarter fiscal 2009 compared with linked quarter ended September 30, 2008
Net interest income decreased $491,000 from the quarter ended September 30, 2008. The tax-equivalent net interest margin decreased 16 basis points from 4.16% for the quarter ended September 30, 2008. As a result of the recent reductions in the federal funds target rate, the tax-equivalent yield on average interest-earning assets decreased by 25 basis points compared to the quarter ended September 30, 2008. The cost of average interest-bearing liabilities decreased 11 basis points from the same linked quarter end.
Non-Interest Income
First quarter fiscal 2009 compared with first quarter fiscal 2008
Non-interest income increased 16.4% to $5.8 million from the first quarter of fiscal 2008. Contributing to the increase were a $517,000 gain on the sale of premises and equipment, $331,000 in gains on sales of securities and increases in deposit service charges and fees of $116,000 or 3.8%. Title insurance and asset management fees decreased consistent with lower activity and asset valuation levels resulting from economic and market conditions.
First quarter fiscal 2009 compared with linked quarter ended September 30, 2008
Non-interest income increased 8.8% due to securities gains realized and the sale of premises and equipment that occurred during the first quarter of fiscal 2009.
Non-Interest Expense
First quarter fiscal 2009 compared with first quarter fiscal 2008
Non-interest expense increased 6.1% over the first quarter of fiscal 2008, due primarily to higher compensation and employee benefits partially offset by lower intangible amortization and professional fees. Compensation and employee benefits increased due to increased costs for employee related benefits, and additional employees hired, as the Company added resources to its municipal bank business and opened a branch location in Tarrytown, Westchester County, N.Y.
First quarter fiscal 2009 compared with linked quarter ended September 30, 2008
On a quarter-to-quarter basis, non-interest expense decreased by 1.4% with decreases seen in compensation and benefits, as well as all other categories with the exception of advertising and promotion, FDIC assessments and other non-interest expense.
Income Taxes
The Company’s effective tax rate was 30.7% for both the first quarter of fiscal 2009 and 2008. The Company’s effective tax rate for the linked quarter ended September 30, 2008 was 29.7%.
Key Balance Sheet Changes at December 31, 2008 vs. September 30, 2008
| • | Gross loans grew $15.1 million to $1.7 billion, largely due to a 1.5% increase in commercial loans and a 1.4% increase in consumer loans. |
| • | Securities increased $10.9 million to $845.6 million, as the Company maintained collateral for municipal deposits. |
| • | Period-end deposits decreased $91.1 million at December 31, 2008, as compared to September 30, 2008, primarily due to the run-off of seasonal municipal deposits. This run-off was offset in part by increases in certificates of deposit of $140.6 million of which $95.4 million were municipal deposits and $45.2 million were retail deposits |
Capital
Capital increased $17.8 million from September 30, 2008 to $417.0 million at December 31, 2008, due to a $3.8 million increase in the Company’s retained earnings to $142.5 million and stock based compensation transactions of $1.3 million. An increase in other comprehensive income of $12.6 million, added to the overall increase in capital. Stock repurchases were undertaken at lower levels than in recent quarters. As of December 31, 2008, 1,152,600 shares remain available for repurchase under the Company’s current stock repurchase program. Capital ratios remained strong with a Tier 1 capital ratio exceeding 8%.
Credit Quality
Net charge-offs for the quarter were $2.0 million (0.45% of average loans on an annualized basis) compared to $1.0 in the prior linked quarter and $764,000 for the quarter ended December 31, 2007. Losses continue to be concentrated in the credit-scored community business loan portfolio. Net charge-offs in the community business loan portfolio for the first quarter were $1.5 million on average outstandings of $107.3 million. During the quarter the Company provided $2.5 million in loan loss provisions, which was $544,000 in excess of net charge-offs. This resulted in an increase in the allowance for loan losses to $23.6 million, or 1.35% of loans outstanding, and 131% of non-performing loans. The primary reasons for increasing the allowance for loan losses continue to be the growth in the commercial and industrial and construction loan portfolios and the general economic slowdown. Nonperforming loans increased $1.2 million in the first quarter to $18.0 million (1.03% of loans) compared to September 30, 2008, primarily in the area of commercial loans. Non performing assets increased $2.9 million to $19.8 million (0.68% of assets) at December 31, 2008 compared to September 30, 2008 as the company completed the foreclosure of a property for $1.7 million in addition to the increase in non performing loans.
Additional Information
Provident Bank has elected not to participate in the US Treasury Department’s Capital Purchase Program (“CPP”). Provident decided not to participate because we have a strong, well capitalized balance sheet and believes that we are positioned to withstand the current economic headwinds. The Company does not hold any preferred stock of either FNMA or FHLMC (Fannie Mae or Freddie Mac) and currently has 120 shares (with an original cost of less than $1,000) of FNMA common stock. The Company holds $32.2 million in Federal Home Loan Bank debentures of government sponsored enterprises in its securities portfolio, $579.5 million in mortgage backed securities issued by FHLMC and FNMA and approximately $9.5 million in private label CMO pass through securities, all of which are performing at December 31, 2008.
Note:
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.
Headquartered in Montebello, New York, Provident Bank is an independent full-service community bank. Provident Bank operates 33 branches that serve the Hudson Valley region and Bergen County, New Jersey. The bank offers a complete line of commercial, retail and investment management and trust services. Visit the Provident Bank web site atwww.providentbanking.com.
Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(unaudited, in thousands, except share and per share data)
| December 31, 2008 | September 30, 2008 | December 31, 2007 | ||||||||||
Assets: | ||||||||||||
Cash and due from banks | $ | 41,186 | $ | 125,810 | $ | 43,231 | ||||||
Total securities | 845,578 | 834,701 | 816,287 | |||||||||
Loans held for sale | 485 | 189 | — | |||||||||
Loans: | ||||||||||||
One- to four-family residential mortgage loans | 510,991 | 513,381 | 500,172 | |||||||||
Commercial real estate, commercial business and construction loans | 983,504 | 969,432 | 909,404 | |||||||||
Consumer loans | 252,110 | 248,740 | 245,861 | |||||||||
Total loans, gross | 1,746,605 | 1,731,553 | 1,655,437 | |||||||||
Allowance for loan losses | (23,645 | ) | (23,101 | ) | (20,325 | ) | ||||||
Total loans, net | 1,722,960 | 1,708,452 | 1,635,112 | |||||||||
Federal Home Loan Bank stock, at cost | 29,156 | 28,675 | 33,949 | |||||||||
Premises and equipment, net | 37,226 | 36,716 | 31,338 | |||||||||
Goodwill | 160,861 | 160,861 | 161,154 | |||||||||
Other amortizable intangibles | 7,090 | 7,674 | 9,583 | |||||||||
Bank owned life insurance | 48,163 | 47,650 | 41,252 | |||||||||
Other assets | 28,846 | 33,643 | 27,436 | |||||||||
Total assets | $ | 2,921,551 | $ | 2,984,371 | $ | 2,799,342 | ||||||
Liabilities: | ||||||||||||
Deposits | ||||||||||||
Demand deposits | $ | 380,466 | $ | 487,890 | $ | 364,306 | ||||||
NOW deposits | 214,093 | 332,904 | 153,292 | |||||||||
Total transaction accounts | 594,559 | 820,794 | 517,598 | |||||||||
Savings | 336,139 | 335,986 | 342,015 | |||||||||
Money market deposits | 300,890 | 306,504 | 255,237 | |||||||||
Certificates of deposit | 666,554 | 525,913 | 557,688 | |||||||||
Total deposits | 1,898,142 | 1,989,197 | 1,672,538 | |||||||||
Borrowings | 566,519 | 566,008 | 686,508 | |||||||||
Mortgage escrow funds and other | 39,892 | 30,008 | 38,373 | |||||||||
Total liabilities | 2,504,553 | 2,585,213 | 2,397,419 | |||||||||
Stockholders’ equity | 416,998 | 399,158 | 401,923 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,921,551 | $ | 2,984,371 | $ | 2,799,342 | ||||||
Shares of common stock outstanding at period end | 39,832,857 | 39,815,213 | 40,125,457 | |||||||||
Book value per share | $ | 10.47 | $ | 10.03 | $ | 10.02 | ||||||
Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited, in thousands, except share and per share data)
| Quarter Ended December 31, | Quarter Ended September 30, | ||||||||
| 2008 | 2007 | 2008 | |||||||
Interest and dividend income: | |||||||||
Loans and loan fees | $ | 25,827 | $ | 28,631 | $ | 26,532 | |||
Securities taxable | 7,893 | 7,916 | 7,889 | ||||||
Securities non-taxable | 1,854 | 1,634 | 1,767 | ||||||
Other earning assets | 297 | 664 | 518 | ||||||
| 35,871 | 38,845 | 36,706 | |||||||
Interest expense: | |||||||||
Deposits | 5,807 | 8,923 | 5,449 | ||||||
Borrowings | 5,018 | 7,548 | 5,720 | ||||||
Total interest expense | 10,825 | 16,471 | 11,169 | ||||||
Net interest income | 25,046 | 22,374 | 25,537 | ||||||
Provision for loan losses | 2,500 | 700 | 2,100 | ||||||
Net interest income after provision for loan losses | 22,546 | 21,674 | 23,437 | ||||||
Non-interest income: | |||||||||
Deposit fees and service charges | 3,138 | 3,022 | 3,246 | ||||||
Net gain on sales of securities | 331 | — | — | ||||||
Title insurance fees | 212 | 269 | 300 | ||||||
Bank owned life insurance | 513 | 434 | 515 | ||||||
Gain on sale of premises and equipment | 517 | — | — | ||||||
Investment management fees | 608 | 763 | 770 | ||||||
Other | 452 | 471 | 475 | ||||||
Total non-interest income | 5,771 | 4,959 | 5,306 | ||||||
Non-interest expense: | |||||||||
Compensation and benefits | 9,711 | 8,630 | 10,109 | ||||||
Stock-based compensation plans | 857 | 996 | 916 | ||||||
Occupancy and office operations | 3,079 | 2,925 | 3,125 | ||||||
Advertising and promotion | 826 | 867 | 710 | ||||||
Professional fees | 706 | 883 | 751 | ||||||
Data and check processing | 565 | 573 | 638 | ||||||
Amortization of intangible assets | 584 | 690 | 611 | ||||||
FDIC insurance and regulatory assessments | 431 | 199 | 234 | ||||||
ATM/debit card expense | 518 | 501 | 524 | ||||||
Other | 1,958 | 1,858 | 1,881 | ||||||
Total non-interest expense | 19,235 | 18,122 | 19,499 | ||||||
Income before income tax expense | 9,082 | 8,511 | 9,244 | ||||||
Income tax expense | 2,791 | 2,617 | 2,749 | ||||||
Net income | $ | 6,291 | $ | 5,894 | $ | 6,495 | |||
Per common share: | |||||||||
Basic earnings | $ | 0.16 | $ | 0.15 | $ | 0.17 | |||
Diluted earnings | 0.16 | 0.15 | 0.17 | ||||||
Dividends declared | 0.06 | 0.06 | 0.06 | ||||||
Weighted average common shares: | |||||||||
Basic | 38,583,580 | 39,469,995 | 38,589,361 | ||||||
Diluted | 38,818,569 | 39,805,026 | 38,893,860 | ||||||
Selected Financial Condition Data:
(in thousands except share and per share data)
| Three Months Ended | |||||||||||||||||
| 12/31/08 | 09/30/08 | 06/30/08 | 03/31/08 | 12/31/07 | |||||||||||||
| (In thousands) | |||||||||||||||||
End of Period | |||||||||||||||||
Total assets | $ | 2,921,551 | $ | 2,984,371 | $ | 2,850,554 | $ | 2,823,506 | $ | 2,799,342 | |||||||
Loans, gross (1) | 1,746,605 | 1,731,553 | 1,687,851 | 1,653,638 | 1,655,437 | ||||||||||||
Securities available for sale | 795,017 | 791,688 | 777,161 | 801,784 | 780,714 | ||||||||||||
Securities held to maturity | 50,561 | 43,013 | 41,442 | 35,484 | 35,573 | ||||||||||||
Bank owned life insurance | 48,163 | 47,650 | 47,135 | 41,680 | 41,252 | ||||||||||||
Goodwill | 160,861 | 160,861 | 160,861 | 161,214 | 161,154 | ||||||||||||
Other amortizable intangibles | 7,090 | 8,329 | 8,966 | 9,633 | 10,324 | ||||||||||||
Other non-earning assets | 66,072 | 67,318 | 71,108 | 63,906 | 58,033 | ||||||||||||
Deposits | 1,898,142 | 1,989,197 | 1,775,720 | 1,722,101 | 1,672,538 | ||||||||||||
Borrowings | 566,519 | 566,008 | 635,596 | 664,115 | 686,508 | ||||||||||||
Equity | 416,998 | 399,158 | 401,141 | 408,163 | 401,923 | ||||||||||||
Average Balances | |||||||||||||||||
Total assets | $ | 2,907,948 | $ | 2,867,613 | $ | 2,822,885 | $ | 2,813,448 | $ | 2,780,360 | |||||||
Loans, gross: | |||||||||||||||||
Real estate- residential mortgage | 510,386 | 513,016 | 510,383 | 500,930 | 499,915 | ||||||||||||
Real estate- commercial mortgage | 553,483 | 552,930 | 528,308 | 530,267 | 537,440 | ||||||||||||
Real estate- construction & land development | 176,135 | 159,698 | 150,900 | 153,816 | 152,615 | ||||||||||||
Commercial and industrial | 246,913 | 244,537 | 229,122 | 219,782 | 210,425 | ||||||||||||
Consumer loans | 249,738 | 241,776 | 240,488 | 243,552 | 243,456 | ||||||||||||
Loans total (1) | 1,736,655 | 1,711,957 | 1,659,201 | 1,648,347 | 1,643,851 | ||||||||||||
Securities (taxable) | 647,414 | 629,322 | 653,292 | 661,947 | 644,336 | ||||||||||||
Securities (non-taxable) | 189,316 | 183,115 | 177,933 | 168,968 | 164,144 | ||||||||||||
Total earning assets | 2,582,405 | 2,535,187 | 2,503,004 | 2,494,913 | 2,467,655 | ||||||||||||
Non earning assets | 325,543 | 332,426 | 319,881 | 318,535 | 312,705 | ||||||||||||
Non-interest bearing checking | 380,021 | 379,679 | 357,515 | 370,843 | 357,246 | ||||||||||||
Interest bearing NOW accounts | 231,807 | 198,621 | 189,629 | 169,187 | 143,396 | ||||||||||||
Total transaction accounts | 611,828 | 578,300 | 547,144 | 540,030 | 500,642 | ||||||||||||
Savings (including mortgage escrow funds) | 347,826 | 371,499 | 364,763 | 342,412 | 348,670 | ||||||||||||
Money market deposits | 304,346 | 302,205 | 311,120 | 267,310 | 259,931 | ||||||||||||
Certificates of deposit | 595,595 | 539,269 | 545,413 | 561,935 | 581,204 | ||||||||||||
Total deposits and mortgage escrow | 1,859,595 | 1,791,273 | 1,768,440 | 1,711,687 | 1,690,447 | ||||||||||||
Total interest bearing deposits | 1,479,574 | 1,411,594 | 1,410,925 | 1,340,844 | 1,333,201 | ||||||||||||
Borrowings | 628,988 | 655,281 | 629,325 | 675,150 | 665,380 | ||||||||||||
Equity | 401,104 | 402,314 | 405,692 | 405,326 | 403,146 | ||||||||||||
Other comprehensive income / (loss) (SFAS 115), reflected in stockholders’ equity | 6,597 | (5,892 | ) | (2,708 | ) | 5,638 | 1,477 | ||||||||||
Selected Operating Data: | |||||||||||||||||
Condensed Tax Equivalent Income Statement | |||||||||||||||||
Interest and dividend income | $ | 35,871 | $ | 36,706 | $ | 36,066 | $ | 37,365 | $ | 38,845 | |||||||
Tax equivalent adjustment* | 998 | 951 | 929 | 918 | 880 | ||||||||||||
Interest expense | 10,825 | 11,169 | 11,878 | 14,124 | 16,471 | ||||||||||||
Net interest income (tax equivalent) | 26,044 | 26,488 | 25,117 | 24,159 | 23,254 | ||||||||||||
Provision for loan losses | 2,500 | 2,100 | 1,400 | 3,000 | 700 | ||||||||||||
Net interest income after provision for loan losses | 23,544 | 24,388 | 23,717 | 21,159 | 22,554 | ||||||||||||
Non-interest income | 5,771 | 5,306 | 5,024 | 5,753 | 4,959 | ||||||||||||
Non-interest expense | 19,235 | 19,499 | 18,955 | 18,924 | 18,122 | ||||||||||||
Income before income tax expense | 10,080 | 10,195 | 9,786 | 7,988 | 9,391 | ||||||||||||
Income tax expense (tax equivalent)* | 3,789 | 3,700 | 3,480 | 2,905 | 3,497 | ||||||||||||
Net income | $ | 6,291 | $ | 6,495 | $ | 6,306 | $ | 5,083 | $ | 5,894 | |||||||
| (1) | Does not reflect allowance for loan losses of $23,645, $23,101, $22,001, $21,413 and $20,325 |
| * | Tax exempt income assumed at a 35% federal rate |
| Three Months Ended | ||||||||||||||||||||
| 12/31/08 | 09/30/08 | 06/30/08 | 03/31/08 | 12/31/07 | ||||||||||||||||
Performance Ratios (annualized) | ||||||||||||||||||||
Return on Average Assets | 0.86 | % | 0.90 | % | 0.90 | % | 0.73 | % | 0.84 | % | ||||||||||
Return on Average Equity | 6.22 | % | 6.42 | % | 6.25 | % | 5.04 | % | 5.80 | % | ||||||||||
Non-Interest Income to Average Assets | 0.79 | % | 0.74 | % | 0.72 | % | 0.82 | % | 0.71 | % | ||||||||||
Non-Interest Expense to Average Assets | 2.62 | % | 2.71 | % | 2.70 | % | 2.71 | % | 2.59 | % | ||||||||||
Operating Efficiency Adjusted (2) | 60.2 | % | 59.4 | % | 60.8 | % | 63.1 | % | 61.8 | % | ||||||||||
Analysis of Net Interest Income | ||||||||||||||||||||
Yield on: | ||||||||||||||||||||
Loans | 5.98 | % | 6.25 | % | 6.30 | % | 6.63 | % | 7.00 | % | ||||||||||
Investment Securities- Tax Equivalent | 5.09 | % | 5.19 | % | 5.18 | % | 5.19 | % | 5.12 | % | ||||||||||
Earning Assets- Tax Equivalent | 5.66 | % | 5.91 | % | 5.94 | % | 6.17 | % | 6.39 | % | ||||||||||
Cost of: | ||||||||||||||||||||
Interest Bearing Deposits | 1.56 | % | 1.54 | % | 1.76 | % | 2.34 | % | 2.66 | % | ||||||||||
Borrowings | 3.17 | % | 3.47 | % | 3.64 | % | 3.78 | % | 4.50 | % | ||||||||||
Interest Bearing Liabilities | 2.04 | % | 2.15 | % | 2.34 | % | 2.82 | % | 3.27 | % | ||||||||||
Net Interest Tax Equivalent: | ||||||||||||||||||||
Net Interest Rate Spread- Tax Equivalent Basis | 3.62 | % | 3.76 | % | 3.60 | % | 3.35 | % | 3.12 | % | ||||||||||
Net Interest Margin- Tax Equivalent Basis | 4.00 | % | 4.16 | % | 4.04 | % | 3.89 | % | 3.74 | % | ||||||||||
Capital Information Data | ||||||||||||||||||||
Tier 1 Leverage Ratio- Bank Only | 8.32 | % | 8.01 | % | 8.32 | % | 8.14 | % | 8.22 | % | ||||||||||
Tier 1 Risk-Based Capital- Bank Only | 228,697 | 226,054 | 223,391 | 215,420 | 215,920 | |||||||||||||||
Total Risk-Based Capital- Bank Only | 252,342 | 249,155 | 245,392 | 236,833 | 236,245 | |||||||||||||||
Tangible Capital Consolidated | 249,047 | 229,968 | 231,314 | 237,316 | 231,186 | |||||||||||||||
Tangible Capital as a % of Tangible Assets Consolidated | 9.04 | % | 8.17 | % | 8.63 | % | 8.95 | % | 8.80 | % | ||||||||||
Shares Outstanding | 39,832,857 | 39,815,213 | 39,839,335 | 40,086,491 | 40,125,457 | |||||||||||||||
Shares Repurchased during quarter | 13,301 | 34,122 | 306,443 | 147,514 | 1,116,800 | |||||||||||||||
Basic weighted common shares outstanding | 38,583,580 | 38,589,361 | 38,719,917 | 38,847,528 | 39,469,995 | |||||||||||||||
Diluted common shares outstanding | 38,818,569 | 38,893,860 | 39,110,353 | 39,214,041 | 39,805,026 | |||||||||||||||
Per Common Share: | ||||||||||||||||||||
Basic Earnings | $ | 0.16 | $ | 0.17 | $ | 0.16 | $ | 0.13 | $ | 0.15 | ||||||||||
Diluted Earnings | 0.16 | 0.17 | 0.16 | 0.13 | 0.15 | |||||||||||||||
Dividends Paid | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | |||||||||||||||
Book Value | 10.47 | 10.03 | 10.07 | 10.18 | 10.02 | |||||||||||||||
Tangible Book Value | 6.25 | 5.78 | 5.81 | 5.92 | 5.76 | |||||||||||||||
Asset Quality Measurements | ||||||||||||||||||||
Non-performing loans (NPLs): non-accrual | $ | 13,486 | $ | 13,589 | $ | 9,595 | $ | 9,014 | $ | 6,053 | ||||||||||
Non-performing loans (NPLs): still accruing | 4,561 | 3,289 | 4,647 | 4,536 | 3,317 | |||||||||||||||
Non-performing assets (NPAs) | 19,821 | 16,962 | 14,380 | 13,688 | 9,507 | |||||||||||||||
Net Charge-offs | 1,957 | 1,001 | 812 | 1,912 | 764 | |||||||||||||||
Net Charge-offs as % of average loans (annualized) | 0.45 | % | 0.23 | % | 0.20 | % | 0.46 | % | 0.19 | % | ||||||||||
NPLs as % of total loans | 1.03 | % | 0.97 | % | 0.84 | % | 0.82 | % | 0.57 | % | ||||||||||
NPAs as % of total assets | 0.68 | % | 0.57 | % | 0.50 | % | 0.48 | % | 0.34 | % | ||||||||||
Allowance for loan losses as % of NPLs | 131 | % | 137 | % | 154 | % | 158 | % | 217 | % | ||||||||||
Allowance for loan losses as % of total loans | 1.35 | % | 1.33 | % | 1.30 | % | 1.29 | % | 1.23 | % | ||||||||||
| (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 financial 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 noninterest income). We follow these practices. |