FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended: December 31, 1995
__________________________
Commission File Number 1-11684
__________________________
NEW YORK BANCORP INC.
________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 11-2869250
________________________________________________________________________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
241-02 Northern Boulevard, Douglaston, N. Y. 11362
________________________________________________________________________________
(Address of principal executive offices) (Zip Code)
(718) 631-8100
________________________________________________________________________________
(Registrant's telephone number, including area code)
Not Applicable
________________________________________________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
______ ______
Number of shares of common stock, par value $.01 per share, outstanding as of
January 31, 1996: 11,935,259.
NEW YORK BANCORP INC.
FORM 10-Q
INDEX
PART I - FINANCIAL INFORMATION Page
______________________________ ____
Item 1. Financial Statements:
Consolidated Statements of Financial Condition as
of December 31, 1995 and September 30, 1995 4
Consolidated Statements of Income for the Three
Months ended December 31, 1995 and 1994 5
Consolidated Statement of Changes in Shareholders'
Equity for the Three Months ended December 31, 1995 6
Consolidated Statements of Cash Flows for the
Three Months ended December 31, 1995 and 1994 7 - 8
Notes to Consolidated Financial Statements 9 - 12
Independent Auditors' Review Report 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 13 - 23
PART II - OTHER INFORMATION
___________________________
Item 1. Legal Proceedings 24
Item 2. Changes in Securities 24
Item 3. Defaults Upon Senior Securities 24
Item 4. Submission of Matters to a Vote of Security Holder 24
Item 5. Other Information 25
Item 6. Exhibits and Reports on Form 8-K 25
Signature Page 26
2
KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
Independent Auditors' Review Report
___________________________________
To the Board of Directors of New York Bancorp Inc.:
We have reviewed the condensed consolidated financial statements of New York
Bancorp Inc. and Subsidiary as of December 31, 1995, and for the three month
periods ended December 31, 1995 and 1994 as listed in the accompanying index.
These condensed consolidated financial statements are the responsibility of the
Company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of personnel responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
Effective October 1, 1995 the Company adopted provisions of Statement of
Accounting Standards No. 114 (Accounting by Creditors for Impairment of a Loan),
No. 118 (Accounting by Creditors for Impairment of a Loan - Income Recognition
and Disclosures) and No. 122 (Accounting for Mortgage Servicing Rights).
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated statement of financial condition of New York Bancorp
Inc. and Subsidiary as of September 30, 1995, and the related consolidated
statements of income, changes in shareholders' equity, and cash flows for the
year then ended (not presented herein); and in our report dated October 23,
1995, we expressed an unqualified opinion on those consolidated financial
statements. In our opinion, the information set forth in the accompanying
condensed consolidated statement of financial condition as of September 30,
1995, is fairly stated, in all material respects, in relation to the
consolidated statement of financial condition from which it has been derived.
KPMG Peat Marwick LLP
January 18, 1996
3
NEW YORK BANCORP INC. AND SUBSIDIARY
----- CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION -----
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
December 31, September 30,
1995 1995
____________ _____________
ASSETS
Cash and due from banks.............................. $ 30,284 $ 31,189
Money market investments............................. 11,400 13,915
Trading account securities........................... -- 2,003
Investment in debt and equity securities, net:
Held to maturity (estimated market value of
$1,181 and $21,107 at December 31, 1995
and September 30, 1995, respectively).............. 1,178 21,179
Available for sale................................. 55,107 46,273
Mortgage-backed securities, net:
Held to maturity (estimated market value of
$571,730 and $637,503 at December 31,
1995 and September 30, 1995, respectively)......... 584,431 664,726
Available for sale.................................. 266,815 206,794
Federal Home Loan Bank stock......................... 23,056 20,288
Loans receivable, net:
First mortgage loans............................... 1,394,408 1,389,776
Other loans........................................ 288,209 296,439
__________ _________
1,682,617 1,686,215
Less allowance for possible loan losses............ (20,723) (21,272)
__________ _________
Total loans receivable, net....................... 1,661,894 1,664,943
Accrued interest receivable.......................... 21,607 21,723
Premises and equipment, net.......................... 12,650 12,851
Other assets......................................... 26,866 25,708
__________ __________
Total assets...................................... $2,695,288 $2,731,592
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits.......................................... $1,757,211 $1,748,874
Borrowed funds..................................... 729,492 767,138
Mortgagors' escrow payments........................ 10,997 16,520
Accrued expenses and other liabilities............. 40,363 42,674
__________ __________
Total liabilities................................. 2,538,063 2,575,206
__________ __________
Commitments, contingencies and contracts (note 4)
SHAREHOLDERS' EQUITY (NOTES 4 AND 5):
Preferred stock, $.01 par value, 2,000,000 shares
authorized; none issued........................... -- --
Common stock, $.01 par value, 30,000,000 shares
authorized; 14,746,850 shares issued at December
31, 1995 and September 30, 1995; 11,878,974 and
12,138,974 shares outstanding at December 31,
1995 and September 30, 1995, respectively......... 147 147
Additional paid-in capital......................... 63,575 63,575
Retained earnings, substantially restricted........ 131,060 125,593
Treasury stock, at cost, 2,867,876 and 2,607,876
shares at December 31, 1995 and September 30,
1995, respectively (39,072) (33,740)
Unrealized appreciation on securities
available for sale, net of tax effect............. 1,515 811
__________ __________
Total shareholders' equity....................... 157,225 156,386
__________ __________
Total liabilities and shareholders' equity........ $2,695,288 $2,731,592
========== ==========
See accompanying notes to consolidated financial statements.
4
NEW YORK BANCORP INC. AND SUBSIDIARY
----- CONSOLIDATED STATEMENTS OF INCOME -----
(UNAUDITED)
Three Months Ended
December 31,
_____________________
1995 1994(1)
________ __________
(In Thousands, except
per share amounts)
INTEREST INCOME:
Interest and fees on loans:
First mortgage loans................................... $28,412 $ 23,946
Other loans............................................ 6,529 6,246
_______ ________
Total interest and fees on loans...................... 34,941 30,192
Money market investments................................ 107 258
Trading account securities.............................. 13 162
Debt and equity securities - taxable.................... 1,395 1,215
Mortgage-backed securities.............................. 14,203 15,598
_______ ________
Total interest income................................. 50,659 47,425
_______ ________
INTEREST EXPENSE:
Deposits................................................ 15,881 14,989
Borrowed funds.......................................... 11,110 7,821
_______ ________
Total interest expense................................ 26,991 22,810
_______ ________
Net interest income................................... 23,668 24,615
Provision for possible loan losses........................ (300) (500)
_______ ________
Net interest income after provision
for possible loan losses............................. 23,368 24,115
_______ ________
OTHER OPERATING INCOME:
Loan fees and service charges........................... 631 763
Net gain (loss) on sales of mortgage loans
and securities available for sale...................... 507 (339)
Real estate operations, net............................. (133) (374)
Other................................................... 1,564 1,117
_______ ________
Total other operating income.......................... 2,569 1,167
_______ ________
OTHER OPERATING EXPENSES:
Compensation and benefits............................... 5,517 6,278
Occupancy, net.......................................... 2,040 2,038
Advertising and promotion............................... 855 745
Federal deposit insurance premiums...................... 965 1,141
Other................................................... 2,533 2,655
_______ ________
Total other operating expenses........................ 11,910 12,857
_______ ________
Income before income tax expense...................... 14,027 12,425
_______ ________
INCOME TAX EXPENSE:
Federal expense......................................... 4,242 3,929
State and local expense................................. 1,957 2,029
_______ ________
Total income tax expense.............................. 6,199 5,958
_______ ________
Net income............................................ $ 7,828 $ 6,467
======= ========
EARNINGS PER SHARE........................................ $ .64 $ .48
____________
(1) Restated to reflect the merger with Hamilton Bancorp, Inc. which was accounted
for as a pooling of interests.
See accompanying notes to consolidated financial statements.
5
NEW YORK BANCORP INC. AND SUBSIDIARY
----- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -----
THREE MONTHS ENDED DECEMBER 31, 1995
(UNAUDITED)
Unrealized
Appreciation
Additional on Securities
Common Paid-in Retained Treasury Available
Stock Capital Earnings Stock for Sale Total
_______ _________ ________ __________ _____________ _________
(Dollars in Thousands, Except Per Share Data)
Balance at September 30, 1995 $ 147 $ 63,575 $ 125,593 $ (33,740) $ 811 $ 156,386
Net income for the three months
ended December 31, 1995. -- -- 7,828 -- -- 7,828
Dividends declared on
common stock............ -- -- (2,361) -- -- (2,361)
Purchase of 260,000 shares
of treasury stock....... -- -- -- (5,332) -- (5,332)
Unrealized depreciation on
securities transferred from
held to maturity to
available for sale...... -- -- -- -- (223) (223)
Change in unrealized
appreciation on securities
available for sale...... -- -- -- -- 927 927
______ ________ _________ _________ ______ _________
Balance at December 31, 1995 $ 147 $ 63,575 $ 131,060 $ (39,072) $1,515 $ 157,225
====== ======== ========= ========= ====== =========
See accompanying notes to consolidated financial statements.
6
NEW YORK BANCORP INC. AND SUBSIDIARY
----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
(UNAUDITED)
Three Months Ended
December 31,
_______________________
1995 1994(1)
__________ __________
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income.......................................... $ 7,828 $ 6,467
__________ __________
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization...................... 531 474
Amortization and accretion of deferred fees,
discounts and premiums............................ 510 331
Provision for possible loan losses................. 300 500
Provision for losses on foreclosed real estate..... 156 426
Net (gain) loss on sale of foreclosed real estate.. 42 (105)
Net (gain) loss on sale of mortgage loans and
securities available for sale..................... (507) 339
Deferred income taxes.............................. 607 86
Amortization of ESOP and RRP compensation
expense........................................... -- 464
Net (increase) decrease in trading account......... 2,003 (165)
(Increase) decrease in accrued interest receivable. 116 (1,810)
Increase (decrease) in accrued interest payable.... 605 (2,360)
Increase (decrease) in accrued expenses and
other liabilities................................. (2,865) 579
Increase in other assets........................... (1,855) (3,707)
__________ _________
Total adjustments.................................. (357) (4,948)
__________ _________
Net cash provided by operating activities........... 7,471 1,519
__________ _________
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments on loans......................... 64,508 49,653
Principal payments on mortgage-backed securities.... 20,839 23,216
Principal payments, maturities and calls
on debt and equity securities...................... 37,000 84
Proceeds on sales of loans.......................... 16,386 13,663
Proceeds on sales of mortgage-backed securities
available for sale................................. -- 6,530
Proceeds on sales of debt and equity securities
available for sale................................. 2,718 --
Investment in first mortgage loans.................. (63,988) (74,992)
Investment in other loans........................... (15,012) (22,596)
Investment in mortgage-backed securities
available for sale................................. -- (6,929)
Investment in debt and equity securities available
for sale........................................... (28,284) (6,433)
Proceeds on sales of foreclosed real estate......... 616 2,287
Net purchases of Federal Home Loan Bank Stock....... (2,768) (800)
Other, net.......................................... (330) 99
__________ _________
Net cash provided by (used in) investing activities. 31,685 (16,218)
__________ _________
(Continued)
7
NEW YORK BANCORP INC. AND SUBSIDIARY
----- CONSOLIDATED STATEMENTS OF CASH FLOWS -----
(CONTINUED)
Three Months Ended
December 31,
_______________________
1995 1994(1)
__________ __________
(In Thousands)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing
demand, savings, money market,
and NOW accounts................................... $ 3,127 $ (46,578)
Net increase in time deposits....................... 5,210 29,654
Net increase (decrease) in borrowings with original
maturities of three months or less................. (18,221) 36,649
Repayment of long-term borrowings................... (19,425) (4,642)
Purchase of common stock for treasury............... (5,332) --
Payment of common stock dividends................... (2,412) (1,461)
Exercise of stock options........................... -- 38
Decrease in mortgagors' escrow accounts............. (5,523) (5,943)
__________ _________
Net cash provided by (used in) financing activities. (42,576) 7,717
__________ _________
Net decrease in cash and cash equivalents........... (3,420) (6,982)
Hamilton Bancorp, Inc. activity for the three
months ended December 31, 1994 .................... -- (5,771)
Cash and cash equivalents at beginning of year...... 45,104 41,865
__________ _________
Cash and cash equivalents at end of year............ $ 41,684 $ 29,112
========== =========
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of loans to real estate owned.............. $ 1,578 $ 1,164
========== =========
Transfer of mortgage-backed securities available
for sale to mortgage-backed securities
held to maturity .................................. $ 15,421 $ --
========== =========
Transfer of mortgage-backed securities held
to maturity to mortgage-backed securities
available for sale ................................ $ 84,109 $ --
========== =========
Transfer of debt and equity securities held to
maturity to debt and equity securities available
for sale .......................................... $ 15,000 $ --
========== =========
_____________
(1) Restated to reflect the merger with Hamilton Bancorp, Inc. which was
accounted for as a pooling of interests.
See accompanying notes to consolidated financial statements.
8
NEW YORK BANCORP INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include
the accounts of New York Bancorp Inc. ("New York Bancorp" or the
"Company") and its wholly-owned subsidiary, Home Federal Savings Bank
("Home Federal" or the "Savings Bank") and Subsidiaries, as of December
31, 1995 and September 30, 1995 and for the three month periods ended
December 31, 1995 and 1994.
On October 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 114, "Accounting by Creditors for Impairment
of a Loan" ("SFAS No. 114") and Statement of Financial Accounting
Standards No. 118, "Accounting by Creditors for Impairment of a Loan -
Income Recognition and Disclosures" (SFAS No. 118") which amended SFAS
No. 114, (collectively the "Statements""). Under the Statements, a loan
is considered impaired when it is probable that the Company will not
collect all amounts due according to the contractual terms of the loan
agreement. Certain loans are exempt from the provisions of the
Statements, including large groups of smaller-balance homogenous loans
that are collectively evaluated for impairment, such as residential
mortgage loans and consumer loans. The Statements require that impaired
loans that are within the scope of these Statements be measured based
on the present value of expected future cash flows discounted at the
loan's effective interest rate or, as a practical expedient, at the
loan's observable market price or the fair value of the collateral if
the loan is collateral dependent. The adoption of SFAS Nos. 114 and 118
did not have a significant effect on the Company's financial
statements.
On October 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 122, "Accounting for Mortgage Servicing
Rights" (SFAS No. 122"). The Statement establishes accounting standards
for mortgage servicing rights, which are the contractual right to
service loans owned by others, typically for a fee. Prior to this
Statement, only purchased mortgage servicing rights were capitalized as
an asset. SFAS No. 122 requires originated mortgage servicing rights
("OMSR") to be capitalized as an asset. OMSR represent mortgage
servicing rights acquired when an institution originates and
subsequently sells mortgage loans but retains the servicing rights. The
Statement also requires all capitalized mortgage servicing rights to be
evaluated for impairment based on their value. The adoption of SFAS No.
122 did not have a significant effect on the Company's operating
results or financial position.
9
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion
of management all necessary adjustments, consisting only of normal
recurring accruals necessary for a fair presentation, have been
included. The results of operations for the three month periods ended
December 31, 1995 are not necessarily indicative of the results that
may be expected for the entire fiscal year.
NOTE 2: INVESTMENT IN DEBT AND EQUITY SECURITIES AND MORTGAGE-BACKED SECURITIES
As permitted under recent guidance issued by the Financial Accounting
Standards Board, during the quarter, the Company transferred $99.1
million of its mortgage-backed securities and debt and equity
securities previously classified as held to maturity to the available
for sale classification. Additionally, mortgage-backed securities with
a carrying value and market value of approximately $15.4 million,
previously classified as available for sale, were transferred to the
held to maturity portfolio.
NOTE 3: LOANS RECEIVABLE, NET
In connection with the adoption of SFAS Nos. 114 and 118, at December
31, 1995, the Company's recorded investment in impaired loans was $14.0
million, all of which were on nonaccrual status. Due to charge-offs, or
the crediting of interest payments to principal, the loans do not have
an impairment reserve at December 31, 1995. No interest income was
recognized on these loans during the quarter ended December 31, 1995.
The average recorded investment in impaired loans during the current
quarter was $14.6 million. The allowance for possible loan losses
contains additional amounts for impaired loans, as deemed necessary, to
maintain reserves at levels considered adequate by management.
NOTE 4: COMMITMENTS, CONTINGENCIES AND CONTRACTS
At December 31, 1995, Home Federal had commitments of $75.5 million to
originate first mortgage and cooperative residential loans. Of this
amount, adjustable rate mortgage loans represented $59.9 million and
fixed rate mortgage loans with interest rates ranging from 5.50% to
10.625%, represented $15.6 million.
10
The Savings Bank is a party to interest rate swap arrangements to
extend the repricing or maturity of its liabilities in order to create
a more consistent and predictable interest rate spread. At December 31,
1995, outstanding notional amounts of interest rate swap arrangements
totaled $205.0 million. These interest rate swap arrangements have
maturities ranging from January 1996 to May 1996.
The Savings Bank has also entered into $300.0 million of interest rate
swap arrangements, $200.0 million of which begin in March 1996 and
mature in December 1996 and $100.0 million of which begin in June 1996
and mature in June 1997.
At December 31, 1995, the Savings Bank was servicing first mortgage
loans of approximately $525.3 million, which are either partially or
wholly-owned by others.
NOTE 5: STOCK REPURCHASE PLAN
During the quarter ended December 31, 1995, New York Bancorp
repurchased 260,000 shares under its present stock repurchase plan. At
December 31, 1995, the total number of Treasury shares amounted to
2,867,876. Additionally, at December 31, 1995, the Company had
authority to repurchase up to an additional 1,127,278 shares.
Repurchases may be made from time to time in open market transactions,
subject to availability of shares at prices deemed appropriate by New
York Bancorp.
NOTE 6: RECENT ACCOUNTING PRONOUNCEMENTS
In March 1995, the FASB issued Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets To Be Disposed Of" ("SFAS No. 121"). The
Statement is effective for financial statements issued for fiscal years
beginning after December 15, 1995. The Statement establishes accounting
standards for, among other things, the impairment of long-lived assets.
The Statement requires that long-lived assets be reviewed for
impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. Based upon a
review of the Statement, management does not believe that the adoption
of SFAS No. 121 would have a materially adverse effect on the Company.
11
In October 1995, the FASB issued Statement of Financial Accounting
Standards No. 123, Accounting for Stock-Based Compensation" ("SFAS No.
123"). The Statement is effective for fiscal years beginning after
December 15, 1995. The Statement establishes accounting and reporting
standards for stock-based employee compensation awards granted in
fiscal years that begin after December 15, 1994. Examples of such plans
are stock purchase plans, stock options, restricted stock, and stock
appreciation rights. The Statement defines a fair value based method of
accounting for employee stock options or similar equity instruments and
encourages all entities to adopt that method of accounting. Entities
may elect, however, to remain with previous accounting standards which
do not require the fair value method of accounting. Those entities
electing not to adopt the fair value method of accounting must make pro
forma disclosures of net income and earnings per share as if the fair
value method of accounting defined in the Statement were adopted. Under
the fair value based method, compensation cost is measured at the grant
date based on the value of the award and is recognized over the service
period, which is usually the vesting period. Management has not yet
performed a review to determine the effect this Statement could have on
the Company.
NOTE 7: PROPOSED LEGISLATIVE MATTERS
Pending Federal legislation currently provides for a one-time, special
assessment on all SAIF insured deposits of approximately $.85 to $.90
per $100 of deposits. If the assessment is made at the proposed rates,
the effect on the Savings Bank would be a charge in the period enacted
of approximately $6.8 million to $7.3 million on an after tax basis. It
is anticipated that if the one-time assessment is levied, the Savings
Bank may see a decrease in the annual deposit premium in future
periods.
There have also been proposals to merge the SAIF with the BIF,
eliminate the Federal Thrift Charter and, under certain conditions,
require institutions to recapture a portion of their Federal, state and
local bad debt reserves maintained for income tax purposes. If the bad
debt recapture is made at the income tax rates currently in effect, the
Company could have a one-time charge to future earnings of
approximately $5.0 million on an after tax basis related to the state
and local bad debt recapture.
No assurance can be given as to whether legislation as discussed above
will be enacted or, if enacted, what the terms of such legislation
would be.
12
NEW YORK BANCORP INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL POSITION
AND RESULTS OF OPERATIONS
A. GENERAL
New York Bancorp Inc. ("New York Bancorp" or the "Company") is a
savings and loan holding company. The Company, through its subsidiary, Home
Federal Savings Bank ("Home Federal" or the "Savings Bank"), operates as a
community savings bank. The Savings Bank's principal business consists of
attracting deposits from the general public and investing these deposits,
together with funds from ongoing operations and borrowings, in the
origination and purchase of residential and commercial mortgage loans,
cooperative residential loans and consumer loans. The Savings Bank maintains
a portion of its assets in mortgage-backed securities and debt and equity
securities, including obligations of the U. S. Government and federal
agencies, money market investments, corporate notes and other securities.
On January 27, 1995, Hamilton Bancorp, Inc. was merged with and into
New York Bancorp. The merger was accounted for as a pooling of interests, and
as a result, the Company's consolidated financial statements for the three
months ended December 31, 1994 have been retroactively restated to include
the consolidated amounts of Hamilton Bancorp, Inc.
B. FINANCIAL POSITION
Total assets at December 31, 1995 amounted to approximately $2.7
billion, the same amount as reported at September 30, 1995. As permitted
under recent guidance issued by the Financial Accounting Standards Board,
during the quarter, the Company transferred $99.1 million of its
mortgage-backed securities and debt and equity securities previously
classified as held to maturity to the available for sale classification.
Additionally, mortgage-backed securities with a carrying value and market
value of approximately $15.4 million, previously classified as available for
sale, were transferred to the held to maturity portfolio.
13
C. ASSET/LIABILITY MANAGEMENT
The Company is subject to interest rate risk to the extent that its
interest-bearing liabilities reprice or mature more or less frequently, or on
a different basis, than its interest-earning assets. The Company utilizes gap
management as part of its approach to controlling interest rate risk and
maximizing net interest margin. The Company does not have a mandated targeted
one year gap, but historically has managed the gap so that it will range from
a modest positive to a modest negative position, which would generally result
in upper-end ranges of positive to negative positions of 15%. The size and
direction of the gap is determined by management, reflecting its views on the
direction of interest rates and general market conditions. The Company's
cumulative one year gap as a percent of total interest-earning assets
amounted to a negative 13.8% at December 31, 1995 as compared to a negative
12.5% at September 30, 1995.
A negative gap denotes liability sensitivity which in a given period
will result in more liabilities than assets being subject to repricing.
Generally, liability sensitive gaps would result in a net positive effect on
net interest margin in a declining interest rate environment. Alternatively,
liability sensitive gaps would generally result in a net negative effect on
net interest margin and, consequently, net income in an increasing interest
rate environment. Assets and liabilities with similar repricing
characteristics, however, may not reprice to the same degree. As a result,
the Company's gap position does not necessarily predict the impact of changes
in general levels of interest rates on net interest margin. The Company's net
interest margin decreased to 3.61% in the first quarter of fiscal year 1996,
compared to 3.90% in the first quarter of fiscal year 1995, reflecting the
greater upward repricing of the Savings Bank's interest-bearing liabilities
versus interest-earning assets in connection with the interest rate
environment under which the Company operates. However, the net interest
margin of 3.61% for the current quarter reflects a 7 basis point increase
from the net margin of 3.54% for the quarter ended September 30, 1995,
reflecting the recent decline in short term interest rates.
At December 31, 1995, the Savings Bank's interest-earning assets
principally consisted of adjustable rate mortgage and other loans and
securities, multi-tranched fixed rate REMIC securities and an assortment of
fixed rate mortgage and other loans. At December 31, 1995, 52.37% of such
interest-earning assets were adjustable rate assets. The amount of total
adjustable rate loans repricing upward over the next four quarters will
amount to $245.6 million, $153.8 million, $168.5 million, and $146.1 million,
respectively. Within the framework of the targeted one year gap, the Savings
Bank may choose to extend the maturity of its funding source and/or reduce
the repricing mismatches by using interest rate swaps and financial futures
arrangements. Additionally, the Savings Bank uses interest rate caps and
interest rate floor arrangements to assist in further insulating the Savings
Bank from volatile interest rate changes. At December 31, 1995, the amount of
unamortized gain on terminated interest rate floor arrangements amounted to
$6.6 million.
14
In connection with its asset/liability management strategy, at
December 31, 1995 Home Federal maintained interest rate swap arrangements
with a notional amount of $205.0 million. For $140.0 million of the $205.0
million of interest rate swap arrangements, the Savings Bank receives a
variable rate (which is matched against the related variable rate borrowing)
and pays a fixed rate, thus locking in a spread on fixed rate mortgage loans
or fixed rate mortgage-backed securities during the term of the swap. Such
swaps have maturities ranging from January 1996 to May 1996. For the
remaining $65.0 million of interest rate swaps, the Savings Bank is receiving
a fixed rate of 5.80% and pays a variable rate based on Federal Funds (5.60%
on December 31, 1995). This interest rate swap effectively unwound $65.0
million (of the aforementioned $140.0 million in interest rate swaps) where
the Savings Bank was receiving a variable rate based on Federal funds (5.60%
at December 31, 1995) and paying a fixed rate of 4.04%. The term of such
swaps extends through January 1996.
The Savings Bank has also entered into $300.0 million of interest rate
swap arrangements, $200.0 million of which begin in March 1996 and mature in
December 1996 and $100.0 million of which begin in June 1996 and mature in
June 1997. On these $300.0 million of interest rate swap arrangements, the
Savings Bank will receive a variable rate (which is matched against the
related variable rate borrowing) and pay a fixed rate during the term of the
swap.
At December 31, 1995 the Company had approximately $2.6 million in
contracts for purposes of hedging the "Standard & Poor's 500" index. The call
options maturities range from March 1999 through October 1999. The Savings
Bank uses stock indexed call options for purposes of hedging its MarketSmart
CD's and MarketSmart I.R.A. CD's.
D. LIQUIDITY AND CAPITAL RESOURCES
Home Federal is required to maintain minimum levels of liquid assets
as defined by the Office of Thrift Supervision (the "OTS") regulations. This
requirement, which may be varied by the OTS, is based upon a percentage of
withdrawable deposits and short-term borrowings. The required ratio is
currently 5%. The Savings Bank's ratio was 5.19% during December 1995 and
5.28% during September 1995.
The Savings Bank's liquidity levels will vary depending upon savings
flows, future loan fundings, operating needs and general prevailing economic
conditions. Because of the multitude of available funding sources, the
Savings Bank does not foresee any problems in generating liquidity to meet
its operational and regulatory requirements.
The Savings Bank's lending and investment activities are predominately
funded by deposits, Federal Home Loan Bank of New York advances, reverse
repurchase agreements with primary government securities dealers,
subordinated capital notes, scheduled amortization and prepayments, and funds
provided by operations.
15
During the quarter ended December 31, 1995, New York Bancorp
repurchased 260,000 shares under its present stock repurchase plan. At
December 31, 1995, the total number of Treasury shares amounted to 2,867,876.
Additionally, at December 31, 1995, the Company had authority to repurchase
up to an additional 1,127,278 shares. Repurchases may be made from time to
time in open market transactions, subject to availability of shares at prices
deemed appropriate by New York Bancorp.
As of December 31, 1995, Home Federal is considered a "well
capitalized" institution under the prompt corrective action regulations and
continues to exceed all regulatory capital requirements as detailed in the
following table:
TANGIBLE CAPITAL CORE CAPITAL(1) RISK-BASED CAPITAL(2)
_____________________ ______________________ ______________________
Amount Percentage Amount Percentage Amount Percentage
_________ ___________ __________ ___________ _________ ___________
(Dollars in Thousands)
Capital for regulatory
purposes............ $141,229 5.22% $141,229 5.22% $151,746 11.89%
Minimum regulatory
requirement......... 40,609 1.50 81,218 3.00 102,066 8.00
________ ____ ________ ____ ________ _____
Excess............... $100,620 3.72% $ 60,011 2.22% $ 49,680 3.89%
======== ==== ======== ==== ======== =====
____________
(1) Beginning December 19, 1992, the core capital requirement was effectively increased
to 4.00% since OTS regulations stipulate that as of that date an institution with less
than 4.00% core capital will be deemed to be classified as "undercapitalized."
(2) In August 1993, the OTS adopted a final regulation which incorporates an interest rate
risk component into its existing risk-based capital standard. The regulation requires
certain institutions with more than a "normal level" of interest rate risk to maintain
capital in addition to the 8.0% risk-based capital requirement. The Savings Bank does not
anticipate that its risk-based capital requirement will be materially affected as a
result of this regulation.
(3) For purposes of determining capital for regulatory purposes, unrealized appreciation
(depreciation) on securities available for sale, net of tax effect, is excluded.
(4) For tangible and core capital, the ratio is to adjusted total assets. For risk-based
capital, the ratio is to total risk-weighted assets.
E. ANALYSIS OF CORE EARNINGS
The Company's profitability is primarily dependent upon net interest
income, which represents the difference between interest and fees earned on
loans, mortgage-backed securities and investments in debt and equity
securities, and the cost of deposits and borrowings. Net interest income is
dependent on the difference between the average balances and rates earned on
interest-earning assets versus the average balances and rates paid on
interest-bearing deposits and borrowings. Net income is further affected by
other operating income, other operating expenses and taxes.
16
The following table sets forth certain information relating to the
Company's average consolidated statements of financial condition and reflect
the average yield on assets and average cost of liabilities for the periods
indicated. Such yields and costs are derived by dividing annualized income or
expense by the average balance of assets (which include nonaccrual loans) or
liabilities, respectively, for the periods shown.
Quarter Ended December 31,
________________________________________________________________________
1995 1994(1)
___________________________________ ___________________________________
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
___________ _________ _______ __________ ________ _______
(Dollars in Thousands)
ASSETS:
Interest-earning assets:
First mortgage loans ............ $ 1,386,258 $ 28,412 8.20% $ 1,176,710 $ 23,946 8.14%
Other loans ..................... 291,691 6,529 8.93 300,459 6,246 8.29
Mortgage-backed securities ...... 861,566 14,203 6.59 956,371 15,598 6.52
Money market investments ........ 7,903 107 5.39 18,598 258 5.50
Trading account securities ...... 874 13 5.70 13,019 162 4.93
Debt and equity securities ...... 83,853 1,395 6.64 74,499 1,215 6.51
___________ ________ __________ ________
Total interest-earning assets ..... 2,632,145 50,659 7.69 2,539,656 47,425 7.46
________ ________
Non-interest-earning assets ....... 47,439 34,255
___________ __________
Total assets .................... $ 2,679,584 $ 2,573,911
=========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities:
Deposits ........................ $ 1,746,167 15,881 3.62 $ 1,775,778 14,989 3.35
Borrowed funds .................. 734,805 11,110 6.02 588,520 7,821 5.29
___________ ________ ___________ ________
Total interest-bearing liabilities 2,480,972 26,991 4.33 2,364,298 22,810 3.83
________ ________
Other liabilities ................. 42,298 36,960
___________ ___________
Total liabilities ............... 2,523,270 2,401,258
Shareholders' equity .............. 156,314 172,653
___________ ___________
Total liabilities and
shareholders' equity ........... $ 2,679,584 $ 2,573,911
=========== ===========
NET INTEREST INCOME/INTEREST RATE
SPREAD ............................. $ 23,668 3.36% 24,615 3.63%
======== ==== ======== ====
NET EARNING ASSETS/NET
INTEREST MARGIN .................... $ 151,173 3.61% $ 175,358 3.90%
=========== ==== =========== ====
PERCENTAGE OF INTEREST-EARNING ASSETS
TO INTEREST-BEARING LIABILITIES .... 106.09% 107.42%
====== ======
(1) Restated to reflect the merger with Hamilton Bancorp, Inc., which was accounted for as a pooling of interests.
F. COMPARISON OF THREE MONTHS ENDED DECEMBER 31, 1995 AND 1994
General
_______
New York Bancorp's net income for the quarters ended December 31, 1995
and 1994 was $7.8 million, or $.64 per share, and $6.5 million, or $.48 per
share, respectively. Comments regarding the components of net income are
detailed in the following paragraphs.
17
Interest Income
_______________
Interest income on interest-earning assets for the quarter ended
December 31, 1995 increased by $3.2 million, or 6.8%, to $50.7 million
compared to the quarter ended December 31, 1994. The increase in interest
income is attributable to a $92.5 million increase in average
interest-earning assets, coupled with a 23 basis point increase in yield.
Interest and fee income on loans for the quarter ended December 31,
1995 increased by $4.7 million, or 15.7%, to $34.9 million compared to $30.2
million for the same quarter in 1994. The increase in loan income reflects a
$200.8 million increase in the average loan balance to $1.678 billion,
coupled with a 6 basis point increase in yield on first mortgage loans and a
64 basis point increase in yield on other loans. Interest on mortgage-backed
securities for the quarter ended December 31, 1995 decreased by $1.4 million
to $14.2 million as compared to the same quarter in 1994. This decrease in
income is primarily due to a $94.8 million decrease in the average balance
which, however, was partially offset by a 7 basis point increase in yield.
Money market investment income decreased $.2 million as an 11 basis point
decrease in yield was coupled with a $10.7 million decrease in the average
balance. Interest on trading account securities decreased $.1 million in the
current quarter as compared to the prior year period as an increase in the
yield of 77 basis points was more than offset by a decrease in the average
balance of $12.1 million. The decrease in the average balance of money market
investments and trading account securities is due to the Company investing
these funds in higher yielding assets and/or utilizing the funds to reduce
certain short-term borrowed funds. Interest and dividends on debt and equity
securities increased by $.2 million to $1.4 million in the current quarter
compared to $1.2 million in the comparable prior year quarter. The increase
in income is attributed to a $9.4 million increase in the average balance,
coupled with a 13 basis point increase in yield.
Interest Expense
________________
Interest expense on interest-bearing liabilities for the quarter ended
December 31, 1995 increased by $4.2 million, or 18.3%, to $27.0 million
compared to the quarter ended December 31, 1994. The increase in interest
expense for the quarter primarily reflects a 50 basis point increase in cost
on interest-bearing liabilities to 4.33%, coupled with a $116.7 million
growth in interest-bearing liabilities to $2.481 billion. The increase in the
cost of interest-bearing liabilities reflects the increased utilization of
short-term borrowed funds which reprice faster than deposit liabilities. The
impact of the Savings Bank's use of interest rate swaps and other off-balance
sheet instruments was to decrease interest expense by $.8 million for the
quarter ended December 31, 1995 and increase interest expense by $.1 million
for the quarter ended December 31, 1994.
18
Interest expense on deposits increased by $.9 million to $15.9 million
for the quarter ended December 31, 1995, compared to the quarter ended
December 31, 1994. This increase reflects a 27 basis point increase in the
average cost of deposits from 3.35% in 1994 to 3.62% in 1995. This increase,
however, was partially offset by a $29.6 million decrease in the average
balance of deposits to $1.746 billion during the quarter ended December 31,
1995. Interest expense on borrowed funds increased $3.3 million to $11.1
million for the quarter ended December 31, 1995 as compared to the quarter
ended December 31, 1994. This increase reflects a $146.3 million increase in
the average balance of borrowed funds to $734.8 million, coupled with a 73
basis point increase in the average cost of borrowed funds from 5.29% during
the quarter ended December 31, 1994 to 6.02% during the quarter ended
December 31, 1995. The increase in the average cost of deposits and borrowed
funds reflects the higher interest rate environment in the current fiscal
quarter as compared to the same quarter last year.
Provision for Possible Loan Losses
__________________________________
Home Federal provided $.3 million and $.5 million for possible loan
losses during the quarters ended December 31, 1995 and 1994, respectively.
The reduction in the provision for possible loan losses reflects the
improvement in management's assessment for anticipated losses inherent in the
loan portfolios. The Savings Bank's ratio of its allowance for possible loan
losses to total nonaccrual loans amounted to 71.9% and 68.4% at December 31,
1995 and 1994, respectively.
At December 31, 1995, the Company's recorded investment in impaired
loans was $14.0 million, all of which were on nonaccrual status. Due to
charge-offs, or the crediting of interest payments to principal, the loans do
not have an impairment reserve at December 31, 1995. No interest income was
recognized on these loans during the quarter ended December 31, 1995. The
average recorded investment in impaired loans during the current quarter was
$14.6 million. The allowance for possible loan losses contains additional
amounts for impaired loans, as deemed necessary, to maintain reserves at
levels considered adequate by management.
As part of the Savings Bank's determination of the adequacy of the
allowance for loan losses, the Savings Bank monitors its loan portfolio
through its Asset Classification Committee. The Committee, which meets no
less than quarterly, consists of employees who are independent of the loan
origination process and members of management. This Committee reviews
individual loans with the lending officers and assesses risks relating to the
collectibility of these loans. The Asset Classification Committee determines
the adequacy of the allowance for possible loan losses through ongoing
analysis of historical loss experience, the composition of the loan
portfolios, delinquency levels, underlying collateral values and cash flow
values. Utilizing these procedures, management believes that the allowance at
December 31, 1995 is sufficient to cover anticipated losses inherent in the
loan portfolios.
Nonaccrual loans at December 31, 1995 amounted to $28.8 million, or
1.71% of total loans, as compared to $30.4 million, or 1.80% of total loans,
at September 30, 1995 and as compared to $37.8 million, or 2.56% of total
loans, at December 31, 1994.
19
The following table sets forth the Savings Bank's nonaccrual loans at
the dates indicated:
December 31, September 30,
1995 1995
____________ _____________
(In Thousands)
Nonaccrual Loans
________________
First mortgage loans:
One to four family conventional residential $13,619 $13,391
Commercial real estate..................... 13,124 14,447
_______ _______
26,743 27,838
_______ _______
Other loans - Cooperative residential loans.. 2,092 2,534
_______ _______
Total nonaccrual loans................... $28,835 $30,372
======= =======
The amount of interest income on nonaccrual loans that would have been
recorded had these loans been current in accordance with their original
terms, was $777,000 and $875,000 for the three month periods ended December
31, 1995 and 1994, respectively. The amount of interest income that was
recorded on these loans was $169,000 and $253,000 for the three month periods
ended December 31, 1995 and 1994, respectively.
Additionally, at December 31, 1995, the Savings Bank had $2.8 million
in real estate owned as compared to $2.0 million at September 30, 1995 or
$4.7 million at December 31, 1994. Further, at December 31, 1995 the Savings
Bank also had seventeen restructured commercial real estate loans amounting
to approximately $8.5 million for which interest is being recorded in
accordance with the loans' restructured terms. The amount of the interest
income lost on these restructured loans is immaterial.
The Savings Bank also has $4.9 million of consumer and other loans
which are past due 90 days and still accruing interest as of December 31,
1995. Of the $4.9 million, $2.9 million represent loans guaranteed by the
United States Department of Education through the New York State Higher
Education Services Corporation.
The Savings Bank's allowance for possible loan losses at December 31,
1995 was $20.7 million, which represented 71.9% of nonaccrual loans or 1.2%
of total loans, compared to $21.3 million at September 30, 1995, which
represented 70.0% of nonaccrual loans or 1.3% of total loans.
20
The following is a summary of the activity in the Savings Bank's
allowance for possible loan losses for the quarters ended December 31:
Summary of Loan Loss Experience
_______________________________
As of and for the
Quarter Ended
December 31,
_____________________
1995 1994
________ _________
(In Thousands)
Allowance for possible loan losses, beginning of quarter $ 21,272 $ 25,705
Charge-offs:
Commercial real estate ................................. (395) (54)
Residential real estate ................................ (132) (370)
Other loans ............................................ (343) (33)
________ ________
Total charge-offs ..................................... (870) (457)
Less recoveries - other loans .......................... 21 3
________ ________
Net charge-offs ........................................ (849) (454)
________ ________
Addition to allowance charged to expense ............... 300 500
________ ________
Hamilton Bancorp, Inc.'s net activity for the
quarter ended December 31, 1994 ....................... -- 87
________ ________
Allowance for possible loan losses, at end of quarter .. $ 20,723 $ 25,838
======== ========
Net Interest Income After Provision for Possible Loan Losses
____________________________________________________________
Net interest income after provision for possible loan losses for the
quarter ended December 31, 1995 amounted to $23.4 million, representing a
decrease of $.7 million from the $24.1 million amount during the quarter ended
December 31, 1994. This decrease primarily reflects a 29 basis point decrease in
the Savings Bank's net interest margin from 3.90% in 1994 to 3.61% in 1995.
Other Operating Income
______________________
Other operating income amounted to $2.6 million for the quarter ended
December 31, 1995, compared to $1.2 million for the prior year quarter,
primarily reflecting an $.8 million improvement in net gain (loss) on the sales
of mortgage loans and securities available for sale, and a $.4 million increase
in banking related fees.
Other Operating Expenses
________________________
Other operating expenses totaled $11.9 million, or 1.77% of average assets,
during the quarter ended December 31, 1995, compared to $12.8 million, or 1.98%
of average assets during the quarter ended December 31, 1994. The $.9 million
decrease in other operating expense was primarily attributed to a decrease in
compensation and benefits primarily as a result of consolidation efficiencies
from the merger with Hamilton Bancorp, Inc. in January 1995. Additionally,
federal deposit insurance premium expense was down by $.2 million, primarily
reflecting the reduced premium relative to the Savings Bank's BIF insured
deposits acquired in connection with its acquisition of Union Savings Bank in
1992.
21
Income Tax Expense
__________________
Income taxes increased $.2 million to $6.2 million for an effective
tax rate of 44.2% during the quarter ended December 31, 1995 versus an
effective tax rate of 48.0% during the quarter ended December 31, 1994.
22
G. SELECTED FINANCIAL DATA
The following table sets forth certain selected financial data.
Three Months Ended
December 31,
_______________________
1995 1994(1)
_________ __________
(Dollars in Thousands,
except per share amounts)
FINANCIAL RATIOS (2)
____________________
Average Yield:
First mortgage loans.................................. 8.20% 8.14%
Other loans........................................... 8.93 8.29
Money market investments.............................. 5.39 5.50
Trading account securities............................ 5.70 4.93
Debt and equity securities............................ 6.64 6.51
Mortgage-backed securities............................ 6.59 6.52
All interest-earning assets.......................... 7.69 7.46
Average cost:
Deposits.............................................. 3.62 3.35
Borrowed funds........................................ 6.02 5.29
All interest-bearing liabilities..................... 4.33 3.83
Net interest rate spread................................ 3.36 3.63
Net interest margin..................................... 3.61 3.90
Average interest-earning assets to
average interest-bearing liabilities................... 106.09 107.42
Return on average assets................................ 1.16 1.00
Return on average common equity......................... 19.92 14.86
Operating expense to average assets..................... 1.77 1.98
Equity to asset ratio at December 31.................... 5.83 6.71
SHARE INFORMATION:
_________________
Earnings per share.................................... $ .64 $ .48
Weighted average number of common shares and
equivalents outstanding.............................. 12,219,570 13,431,393
Number of shares outstanding at December 31........... 11,878,974 13,227,410
Book value per share at December 31................... $ 13.24 $ 13.11
NET INTEREST POSITION:
_____________________
Excess of average interest-earning assets
over average interest-bearing liabilities............ $ 151,173 $ 175,358
LOAN HIGHLIGHTS:
_______________
Loan originations..................................... $ 70,620 $ 89,171
Loan purchases........................................ $ 8,511 $ 8,606
Loan sales............................................ $ 16,296 $ 14,066
Loans serviced for others at December 31.............. $ 525,331 $ 524,869
Loan servicing fees................................... $ 403 $ 457
ADJUSTABLE RATE ASSETS AT DECEMBER 31:
_____________________________________
First mortgage loans and mortgage-backed securities... $ 1,144,049 $ 904,052
Other loans, money market investments, trading
account securities, and debt and equity securities... $ 230,522 $ 304,609
Total adjustable rate assets as a percent of
total interest-earning assets....................... 52.37% 47.84%
___________
(1) Restated to reflect the merger with Hamilton Bancorp, Inc., which was accounted
for as a pooling of interests.
(2) Selected financial ratios were computed using daily average balances and
annualized, where applicable.
23
PART II - OTHER INFORMATION
___________________________
Item 1. Legal Proceedings
__________________________
Not Applicable
Item 2. Changes in Securities
______________________________
Not applicable
Item 3. Defaults Upon Senior Securities
________________________________________
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
____________________________________________________________
(a) The Company's Annual Meeting of Shareholders was held January 23, 1996.
(b) See Item 4-C below
(c) At such meeting, the shareholders approved the following matters:
1. The election of the following individuals as Directors for a term
of 3 years each:
Broker
Votes For Votes Withheld Non-Votes
__________ ______________ _________
Patrick E. Malloy, III 11,126,556 41,783 -0-
Michael A. McManus, Jr. 11,127,246 41,093 -0-
Josiah T. Austin 11,121,612 46,727 -0-
Walter R. Ruddy 11,125,606 42,733 -0-
Additionally, the following individuals represent the names of the
other Directors whose term of office as a Director continued after
the meeting:
Stan I. Cohen
Geraldine A. Ferraro
Peter D. Goodson
John E. D. Grunow, Jr.
Ronald H. McGlynn
Robert A. Simms
2. The ratification of KPMG Peat Marwick LLP as independent
accountants of the Company for the fiscal year ending September 30,
1996, as reflected by 11,108,249 votes for, 28,117 votes against,
31,973 abstentions and no broker non-votes.
(d) Not applicable
24
Item 5. Other Information
__________________________
Not applicable
Item 6. Exhibits and Reports on Form 8-K
_________________________________________
(a) Exhibits
________
Exhibit
Number Description
_______
3.1 Certificate of Incorporation of New York Bancorp Inc., as
amended(1)
3.2 Bylaws of New York Bancorp Inc., as amended(2)
11 Statements re: computation of per share earnings
27 Financial Data Schedule
(1) Incorporated by reference to Exhibits filed with New York Bancorp Inc.'s
1992 Form 10-K
(2) Incorporated by reference to Exhibits filed with New York Bancorp Inc.'s
1994 Form 10-K
(b) Reports on Form 8-K
___________________
None
25
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NEW YORK BANCORP INC.
(Registrant)
Date: February 7, 1996 By: /s/ Michael A. McManus, Jr.
__________________________________
Michael A. McManus, Jr.
President and
Chief Executive Officer
Date: February 7, 1996 By: /s/ Stan I. Cohen
__________________________________
Stan I. Cohen
Senior Vice President,
Controller and Secretary
26
NEW YORK BANCORP INC.
241-02 Northern Boulevard
Douglaston, New York 11362
Form 10-Q
December 31, 1995
Exhibit 11. Statement re: Computation of Per Share Earnings
Three Months Ended
December 31,
_____________________
1995 1994
__________ __________
(In Thousands, except
per share amounts)
Net income............................................. $ 7,828 $ 6,467
======= =======
Weighted average common shares outstanding............. 11,940 12,856
Common stock equivalents due to dilutive
effect of stock options............................... 280 575
_______ _______
Total weighted average common shares and
equivalents outstanding............................... 12,220 13,431
======= =======
Primary earnings per share............................. $ .64 $ .48
===== ======
Total weighted average common shares and
equivalents outstanding............................... 12,220 13,431
Additional dilutive shares using ending
period market value versus average market
value for the period when utilizing the
treasury stock method regarding stock options......... 52 --
_______ ______
Total shares for fully diluted earnings per share...... 12,272 13,431
======= =======
Fully diluted earnings per share....................... $ .64 $ .48
===== ======