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Provident New York Bancorp Reports Operating Results (10-Q)

May 10, 2012 | About:
10qk

10qk

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Provident New York Bancorp (PBNY) filed Quarterly Report for the period ended 2012-03-31.

Provident Ny Bp has a market cap of $315.8 million; its shares were traded at around $8.11 with a P/E ratio of 20.8 and P/S ratio of 2.2. The dividend yield of Provident Ny Bp stocks is 2.9%. Provident Ny Bp had an annual average earning growth of 9.3% over the past 10 years.

Highlight of Business Operations:

Provision for Loan Losses. The Company records provisions for loan losses, which are charged to earnings, in order to maintain the allowance for loan losses at a level necessary to absorb incurred loan losses inherent in the existing portfolio. The Company recorded $2.9 million in loan loss provisions for the quarter ended March 31, 2012 compared to $2.1 million at March 31, 2011. Refer to the credit quality section for a discussion on net charge-offs and nonperforming loans. Net charge-offs for the quarter ended March 31, 2012 were $3.3 million, which included $1.7 million of specific reserves recorded in prior periods, compared to net charge-offs of $3.0 million for the same period in 2011.

Non-interest income for the three months ended March 31, 2012 increased by $2.2 million to $8.0 million over the second quarter of fiscal 2011. The primary drivers of the increase was higher gains on sales of securities of $2.9 million compared to $748,000 for the same period last year.

Provision for Loan Losses. The Company records provisions for loan losses, which are charged to earnings, in order to maintain the allowance for loan losses at a level necessary to absorb probable incurred loan losses inherent in the existing portfolio. The Company recorded $4.8 million in loan loss provisions for the six months ended March 31, 2012, compared to $4.2 million for 2011. Refer to the credit quality section for a discussion on net charge-offs and nonperforming loans. Net charge-offs for the six months ended March 31, 2012 were $4.9 million, which included $3.4 million of specific reserves recorded in prior periods.

Our cash flows are derived from operating activities, investing activities and financing activities as reported in the Consolidated Statements of Cash Flows in our consolidated financial statements. Our primary investing activities are the origination of commercial real estate and residential one- to four-family loans, and the purchase of investment securities and mortgage-backed securities. During the six months ended March 31, 2012 and 2011, our loan originations totaled $398.2 million and $299.5 million, respectively. Purchases of securities available for sale totaled $311.7 million and $357.2 million for the six months ended March 31, 2012 and 2011, respectively. Purchases of securities held to maturity totaled $77.1 million and $8.0 million for the six months ended March 31, 2012 and 2011, respectively. These activities were funded primarily by sales of securities, by borrowings and by principal repayments on loans and securities. Loan origination commitments totaled $63.4 million at March 31, 2012, and consisted of $51.4 million at adjustable or variable rates and $12.0 million at fixed rates. Unused lines of credit granted to customers were $234.9 million at March 31, 2012. We anticipate that we will have sufficient funds available to meet current loan commitments and lines of credit.

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10qk
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