Exhibit No. | Description | |
99.1 | Press Release of Provident New York Bancorp, dated October 29, 2013. |
DATE: October 29, 2013 | By:/s/ Luis Massiani |
Exhibit Number | Description | |
99.1 | Press Release of Provident New York Bancorp, dated October 29, 2013 |
Provident New York Bancorp | |
400 Rella Boulevard | |
Montebello, NY 10901-4243 | |
News Release | T 845.369.8040 |
F 845.369.8255 | |
https://www.providentbanking.com |
FOR IMMEDIATE RELEASE | |
October 29, 2013 | |
PROVIDENT NEW YORK BANCORP CONTACT: | |
Luis Massiani, EVP & Chief Financial Officer | |
845.369.8040 |
▪ | Total loan originations were $1.2 billion for fiscal 2013. In the fourth quarter originations were $317.9 million compared to $347.7 million in the linked quarter, and $205.7 million for the fourth fiscal quarter of 2012. |
▪ | Total loans reached $2.4 billion at September 30, 2013, a $76.4 million increase compared to June 30, 2013, and a $293.4 million year-over-year increase. |
▪ | Tax equivalent net interest margin was 3.23% for the fourth quarter of fiscal 2013 compared to 3.46% in the linked quarter and 3.38% in the fourth quarter of fiscal 2012. The decline in net interest margin was principally due to interest expense on the senior notes. For the fiscal year 2013, tax equivalent net interest margin was 3.37%. |
▪ | The allowance for loan losses increased to $28.9 million at September 30, 2013 and the allowance as a percentage of non-performing loans increased to 107.3% from 90.2% at June 30, 2013. The allowance for loan losses as a percentage of total loans was 1.20% at September 30, 2013, compared to 1.21% in the linked quarter. The allowance ratios are inclusive of acquired Gotham loans that were recorded at fair value at acquisition date. |
▪ | Non-performing loans decreased from $39.8 million at September 30, 2012, to $26.9 million at September 30, 2013. |
▪ | Provision for loan losses for the quarter was $2.7 million and decreased by $1.2 million compared to the linked quarter. For the fourth quarter of fiscal 2012, the provision for loan losses was $3.5 million. |
▪ | For the fiscal year 2013, the core operating efficiency ratio was 62.6%. The core operating efficiency ratio in the fourth fiscal quarter of 2013 was 63.6% compared to 59.1% in the linked quarter and 72.0% for the fourth fiscal quarter of 2012. See the reconciliation of this non-GAAP financial measure on page 11. |
▪ | Total assets at September 30, 2013 were a record at $4.05 billion, increasing $26.2 million or 0.7% compared to September 30, 2012. |
▪ | Loans at September 30, 2013 increased $293.4 million or 13.8% on an annual basis compared to September 30, 2012. |
▪ | Commercial real estate and commercial and industrial loans increased $301.0 million or 21.3% compared to September 30, 2012. |
▪ | Acquisition development and construction loans declined to $102.5 million at September 30, 2013 from $144.1 million at September 30, 2012. |
▪ | Securities, excluding FHLB Stock, at September 30, 2013 increased $55.1 million as compared to September 30, 2012. As of September 30, 2013, securities represented 29.8% of total assets compared to 28.7% at September 30, 2012. The increase in securities was the result of investing the net proceeds raised in the senior notes offering. |
▪ | Deposits decreased $148.9 million between September 30, 2012 and September 30, 2013, mainly the result of a decrease in municipal deposits of $144.7 million compared to September 30, 2012. Non-municipal deposits were relatively unchanged between September 30, 2013 and 2012; however, non-interest bearing and interest bearing demand deposits increased $80.1 million, which represents year-over-year growth of approximately 10%. |
9/30/2013 | 9/30/2012 | 6/30/2013 | ||||||||||
Assets: | ||||||||||||
Cash and due from banks | $ | 113,090 | $ | 437,982 | $ | 109,166 | ||||||
Investment securities | 1,208,392 | 1,153,248 | 1,065,724 | |||||||||
HVIA assets held for sale | — | 4,550 | — | |||||||||
Loans held for sale | 1,011 | 7,505 | 1,539 | |||||||||
Loans: | ||||||||||||
Residential mortgage | 400,009 | 350,022 | 369,613 | |||||||||
Commercial real estate | 1,277,037 | 1,072,504 | 1,210,248 | |||||||||
Commercial and industrial | 439,787 | 343,307 | 453,145 | |||||||||
Acquisition, development and construction | 102,494 | 144,061 | 106,198 | |||||||||
Consumer | 193,571 | 209,578 | 197,330 | |||||||||
Total loans, gross | 2,412,898 | 2,119,472 | 2,336,534 | |||||||||
Allowance for loan losses | (28,877 | ) | (28,282 | ) | (28,374 | ) | ||||||
Total loans, net | 2,384,021 | 2,091,190 | 2,308,160 | |||||||||
Federal Home Loan Bank stock, at cost | 24,312 | 19,249 | 28,368 | |||||||||
Premises and equipment, net | 36,520 | 38,483 | 37,473 | |||||||||
Goodwill | 163,117 | 163,247 | 163,117 | |||||||||
Other amortizable intangibles | 5,891 | 7,164 | 6,201 | |||||||||
Bank owned life insurance | 60,914 | 59,017 | 60,412 | |||||||||
Other real estate owned | 6,022 | 6,403 | 4,376 | |||||||||
Other assets | 45,882 | 34,944 | 39,893 | |||||||||
Total assets | $ | 4,049,172 | $ | 4,022,982 | $ | 3,824,429 | ||||||
Liabilities: | ||||||||||||
Deposits | $ | 2,962,294 | $ | 3,111,151 | $ | 2,739,214 | ||||||
Borrowings | 560,986 | 345,176 | 552,805 | |||||||||
Mortgage escrow funds | 12,646 | 11,919 | 25,915 | |||||||||
Other liabilities | 30,380 | 63,614 | 26,330 | |||||||||
Total liabilities | 3,566,306 | 3,531,860 | 3,344,264 | |||||||||
Stockholders’ equity | 482,866 | 491,122 | 480,165 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,049,172 | $ | 4,022,982 | $ | 3,824,429 | ||||||
Shares of common stock outstanding at period end | 44,351,046 | 44,173,470 | 44,353,276 | |||||||||
Book value per share | $ | 10.89 | $ | 11.12 | $ | 10.83 | ||||||
Tangible book value per share | 7.08 | 7.26 | 7.01 | |||||||||
For the Quarter Ended | For the Twelve Months Ended | |||||||||||||||||||
9/30/2013 | 6/30/2013 | 9/30/2012 | 9/30/2013 | 9/30/2012 | ||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans and loan fees | $ | 27,723 | $ | 26,638 | $ | 24,396 | $ | 107,810 | $ | 91,010 | ||||||||||
Securities taxable | 4,748 | 4,189 | 3,909 | 17,509 | 16,538 | |||||||||||||||
Securities non-taxable | 1,235 | 1,500 | 1,543 | 5,682 | 6,497 | |||||||||||||||
Other earning assets | 197 | 266 | 265 | 1,060 | 992 | |||||||||||||||
Total interest income | 33,903 | 32,593 | 30,113 | 132,061 | 115,037 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 1,051 | 1,151 | 1,789 | 5,923 | 5,581 | |||||||||||||||
Borrowings | 4,744 | 3,125 | 3,085 | 13,971 | 12,992 | |||||||||||||||
Total interest expense | 5,795 | 4,276 | 4,874 | 19,894 | 18,573 | |||||||||||||||
Net interest income | 28,108 | 28,317 | 25,239 | 112,167 | 96,464 | |||||||||||||||
Provision for loan losses | 2,700 | 3,900 | 3,500 | 12,150 | 10,612 | |||||||||||||||
Net interest income after provision for loan losses | 25,408 | 24,417 | 21,739 | 100,017 | 85,852 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Deposit fees and service charges | 2,835 | 2,615 | 3,065 | 10,964 | 11,377 | |||||||||||||||
Net gain on sales of securities | 1,801 | 1,945 | 3,152 | 7,391 | 10,452 | |||||||||||||||
Other than temporary loss on securities | — | — | (3 | ) | (32 | ) | (47 | ) | ||||||||||||
Investment management fees | 673 | 613 | 776 | 2,413 | 3,143 | |||||||||||||||
Title insurance fees | 71 | 65 | 332 | 395 | 1,106 | |||||||||||||||
Bank owned life insurance | 502 | 496 | 512 | 1,998 | 2,050 | |||||||||||||||
Gain on sale of loans | 297 | 429 | 429 | 1,979 | 1,897 | |||||||||||||||
Loss on sale of HVIA | — | — | (135 | ) | — | (135 | ) | |||||||||||||
Other | 421 | 418 | 898 | 2,584 | 2,309 | |||||||||||||||
Total non-interest income | 6,600 | 6,581 | 9,026 | 27,692 | 32,152 | |||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Compensation and benefits | 12,409 | 11,320 | 12,873 | 47,833 | 46,038 | |||||||||||||||
Stock-based compensation plans | 513 | 547 | 302 | 2,239 | 1,187 | |||||||||||||||
Occupancy and office operations | 3,766 | 3,423 | 3,959 | 14,953 | 14,457 | |||||||||||||||
Merger-related expenses | 714 | 1,516 | 4,928 | 2,772 | 5,925 | |||||||||||||||
Advertising and promotion | 416 | 307 | 369 | 1,502 | 1,849 | |||||||||||||||
Professional fees | 740 | 526 | 1,136 | 3,393 | 4,247 | |||||||||||||||
Data and check processing | 460 | 588 | 715 | 2,520 | 2,802 | |||||||||||||||
Amortization of intangible assets | 310 | 337 | 334 | 1,296 | 1,245 | |||||||||||||||
FDIC insurance and regulatory assessments | 664 | 875 | 843 | 3,010 | 3,096 | |||||||||||||||
ATM/debit card expense | 400 | 465 | 438 | 1,722 | 1,711 | |||||||||||||||
Other real estate owned expense | 390 | (28 | ) | 573 | 1,562 | 1,618 | ||||||||||||||
Other | 2,585 | 1,913 | 2,314 | 8,239 | 7,782 | |||||||||||||||
Total non-interest expense | 23,367 | 21,789 | 28,784 | 91,041 | 91,957 | |||||||||||||||
Income before income tax expense | 8,641 | 9,209 | 1,981 | 36,668 | 26,047 | |||||||||||||||
Income tax expense | 3,312 | 2,833 | (280 | ) | 11,414 | 6,159 | ||||||||||||||
Net income | $ | 5,329 | $ | 6,376 | $ | 2,261 | $ | 25,254 | $ | 19,888 | ||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.15 | $ | 0.06 | $ | 0.58 | $ | 0.52 | ||||||||||
Diluted earnings per share | 0.12 | 0.15 | 0.06 | 0.58 | 0.52 | |||||||||||||||
Dividends declared per share | 0.12 | 0.06 | 0.06 | 0.30 | 0.24 | |||||||||||||||
Weighted average common shares: | ||||||||||||||||||||
Basic | 43,742,903 | 43,801,867 | 41,054,458 | 43,722,313 | 38,227,653 | |||||||||||||||
Diluted | 43,859,834 | 43,906,158 | 41,099,237 | 43,760,313 | 38,248,046 |
As of and for the Quarter Ended | |||||||||||||||||||
End of Period | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | ||||||||||||||
Total assets | $ | 4,049,172 | $ | 3,824,429 | $ | 3,710,440 | $ | 3,789,514 | $ | 4,022,982 | |||||||||
Securities available for sale | 954,393 | 889,747 | 945,678 | 991,298 | 1,010,872 | ||||||||||||||
Securities held to maturity | 253,999 | 175,977 | 183,535 | 139,874 | 142,376 | ||||||||||||||
Loans, gross 1 | 2,412,898 | 2,336,534 | 2,204,555 | 2,193,129 | 2,119,472 | ||||||||||||||
Goodwill | 163,117 | 163,117 | 163,117 | 163,247 | 163,247 | ||||||||||||||
Other amortizable intangibles | 5,891 | 6,201 | 6,538 | 6,926 | 7,164 | ||||||||||||||
Deposits | 2,962,294 | 2,739,214 | 2,799,658 | 2,904,384 | 3,111,151 | ||||||||||||||
Municipal deposits (included above) | 757,066 | 465,566 | 537,070 | 538,212 | 901,739 | ||||||||||||||
Borrowings | 560,986 | 552,805 | 367,976 | 345,411 | 345,176 | ||||||||||||||
Stockholders’ equity | 482,866 | 480,165 | 494,711 | 493,883 | 491,122 | ||||||||||||||
Tangible equity | 313,858 | 310,847 | 325,056 | 323,710 | 320,711 | ||||||||||||||
Average Balances | |||||||||||||||||||
Total assets | $ | 3,907,960 | $ | 3,745,356 | $ | 3,804,660 | $ | 3,792,201 | $ | 3,451,055 | |||||||||
Loans, gross: | |||||||||||||||||||
Residential mortgage | 379,640 | 366,823 | 360,840 | 344,064 | 352,724 | ||||||||||||||
Commercial real estate | 1,247,055 | 1,175,094 | 1,138,333 | 1,107,779 | 989,349 | ||||||||||||||
Commercial and industrial | 443,349 | 398,622 | 368,896 | 354,137 | 263,922 | ||||||||||||||
Acquisition, development and construction | 104,856 | 114,286 | 122,937 | 138,881 | 156,726 | ||||||||||||||
Consumer | 194,718 | 199,861 | 203,492 | 208,064 | 210,650 | ||||||||||||||
Loans, total 1 | 2,369,618 | 2,254,686 | 2,194,498 | 2,152,925 | 1,973,371 | ||||||||||||||
Securities (taxable) | 963,949 | 909,312 | 967,889 | 954,372 | 841,373 | ||||||||||||||
Securities (non-taxable) | 157,480 | 184,325 | 181,803 | 174,201 | 181,540 | ||||||||||||||
Total earning assets | 3,529,321 | 3,378,655 | 3,403,209 | 3,380,875 | 3,070,315 | ||||||||||||||
Deposits: | |||||||||||||||||||
Non-interest bearing demand | 669,067 | 625,684 | 641,194 | 649,077 | 592,962 | ||||||||||||||
Interest bearing demand | 426,602 | 461,390 | 508,129 | 469,180 | 398,493 | ||||||||||||||
Savings (including mortgage escrow funds) | 601,272 | 581,106 | 575,380 | 531,107 | 539,904 | ||||||||||||||
Money market | 715,351 | 777,857 | 877,101 | 908,262 | 756,655 | ||||||||||||||
Certificates of deposit | 335,616 | 338,017 | 355,917 | 380,244 | 303,788 | ||||||||||||||
Total deposits and mortgage escrow | 2,747,908 | 2,784,054 | 2,957,721 | 2,937,870 | 2,591,802 | ||||||||||||||
Borrowings | 653,147 | 440,579 | 345,717 | 345,951 | 336,217 | ||||||||||||||
Equity | 478,491 | 494,049 | 492,725 | 492,506 | 475,652 | ||||||||||||||
Tangible equity | 309,327 | 324,540 | 322,683 | 319,783 | 308,029 | ||||||||||||||
Condensed Tax Equivalent Income Statement | |||||||||||||||||||
Interest and dividend income | $ | 33,903 | $ | 32,593 | $ | 32,420 | $ | 33,145 | $ | 30,113 | |||||||||
Tax equivalent adjustment* | 666 | 808 | 802 | 785 | 830 | ||||||||||||||
Interest expense | 5,795 | 4,276 | 4,601 | 5,222 | 4,874 | ||||||||||||||
Net interest income (tax equivalent) | 28,774 | 29,125 | 28,621 | 28,708 | 26,069 | ||||||||||||||
Provision for loan losses | 2,700 | 3,900 | 2,600 | 2,950 | 3,500 | ||||||||||||||
Net interest income after provision for loan losses | 26,074 | 25,225 | 26,021 | 25,758 | 22,569 | ||||||||||||||
Non-interest income | 6,600 | 6,581 | 6,852 | 7,659 | 9,026 | ||||||||||||||
Non-interest expense | 23,367 | 21,789 | 23,339 | 22,546 | 28,784 | ||||||||||||||
Income before income tax expense | 9,307 | 10,017 | 9,534 | 10,871 | 2,811 | ||||||||||||||
Income tax expense (tax equivalent)* | 3,978 | 3,641 | 3,005 | 3,851 | 550 | ||||||||||||||
Net income | $ | 5,329 | $ | 6,376 | $ | 6,529 | $ | 7,020 | $ | 2,261 | |||||||||
1 Does not reflect allowance for loan losses of $28,877, $28,374, $27,544, $28,114 and $28,282. | |||||||||||||||||||
*Tax exempt income assumed at a statutory 35% federal tax rate. |
For the Quarter Ended | ||||||||||||||||||||
Per Share Data | 9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | |||||||||||||||
Shares repurchased during qtr (open market) | — | — | — | — | — | |||||||||||||||
Basic earnings per share | $ | 0.12 | $ | 0.15 | $ | 0.15 | $ | 0.16 | $ | 0.06 | ||||||||||
Diluted earnings per share | 0.12 | 0.15 | 0.15 | 0.16 | 0.06 | |||||||||||||||
Dividends declared per share | 0.12 | 0.06 | 0.06 | 0.06 | 0.06 | |||||||||||||||
Tangible book value per share | 7.08 | 7.01 | 7.33 | 7.30 | 7.26 | |||||||||||||||
Shares of common stock outstanding | 44,351,046 | 44,353,276 | 44,353,276 | 44,348,787 | 44,173,470 | |||||||||||||||
Basic weighted average common shares outstanding | 43,742,903 | 43,801,867 | 43,743,640 | 43,637,315 | 41,054,458 | |||||||||||||||
Diluted weighted average common shares outstanding | 43,859,834 | 43,906,158 | 43,848,486 | 43,721,091 | 41,099,237 | |||||||||||||||
Performance Ratios (annualized) | ||||||||||||||||||||
Return on average assets | 0.54 | % | 0.68 | % | 0.70 | % | 0.73 | % | 0.26 | % | ||||||||||
Return on average equity | 4.42 | % | 5.18 | % | 5.37 | % | 5.65 | % | 1.89 | % | ||||||||||
Return on average tangible equity 1 | 6.83 | % | 7.88 | % | 8.21 | % | 8.71 | % | 2.92 | % | ||||||||||
Non-interest income to average assets | 0.67 | % | 0.70 | % | 0.73 | % | 0.80 | % | 1.04 | % | ||||||||||
Non-interest expense to average assets | 2.37 | % | 2.33 | % | 2.49 | % | 2.36 | % | 3.32 | % | ||||||||||
Core operating efficiency 1 | 63.6 | % | 59.1 | % | 64.6 | % | 62.9 | % | 72.0 | % | ||||||||||
Analysis of Net Interest Income | ||||||||||||||||||||
Yield on loans | 4.70 | % | 4.80 | % | 4.93 | % | 5.04 | % | 4.97 | % | ||||||||||
Yield on investment securities - tax equivalent2 | 2.35 | % | 2.38 | % | 2.32 | % | 2.29 | % | 2.44 | % | ||||||||||
Yield on earning assets - tax equivalent2 | 3.89 | % | 3.97 | % | 3.96 | % | 3.98 | % | 4.01 | % | ||||||||||
Cost of deposits | 0.15 | % | 0.17 | % | 0.22 | % | 0.28 | % | 0.27 | % | ||||||||||
Cost of borrowings | 2.88 | % | 2.84 | % | 3.49 | % | 3.58 | % | 3.65 | % | ||||||||||
Cost of interest bearing liabilities | 0.84 | % | 0.66 | % | 0.70 | % | 0.79 | % | 0.83 | % | ||||||||||
Net interest rate spread - tax equivalent basis2 | 3.05 | % | 3.31 | % | 3.26 | % | 3.19 | % | 3.18 | % | ||||||||||
Net interest margin - tax equivalent basis2 | 3.23 | % | 3.46 | % | 3.41 | % | 3.37 | % | 3.38 | % | ||||||||||
Capital | ||||||||||||||||||||
Tier 1 leverage ratio - Bank only | 9.33 | % | 8.49 | % | 8.62 | % | 8.23 | % | 7.49 | % | ||||||||||
Tier 1 risk-based capital - Bank only | $ | 363,274 | 3 | $ | 311,507 | 3 | $ | 304,696 | $ | 297,089 | $ | 289,441 | ||||||||
Total risk-based capital - Bank only | 392,376 | 3 | 340,077 | 3 | 332,447 | 325,410 | 317,929 | |||||||||||||
Tangible equity - consolidated (1) | 310,847 | 310,847 | 325,056 | 323,710 | 320,711 | |||||||||||||||
Tangible equity as a % of tangible assets - consolidated 1 | 8.09 | % | 8.50 | % | 9.18 | % | 8.94 | % | 8.32 | % | ||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing loans (NPLs) non-accrual | $ | 22,807 | $ | 27,244 | $ | 27,019 | $ | 27,730 | $ | 35,444 | ||||||||||
Non-performing loans (NPLs) still accruing | 4,099 | 4,216 | 4,257 | 5,823 | 4,370 | |||||||||||||||
Other real estate owned | 6,022 | 4,376 | 5,486 | 7,053 | 6,403 | |||||||||||||||
Non-performing assets (NPAs) | 32,928 | 35,836 | 36,762 | 40,606 | 46,217 | |||||||||||||||
Net charge-offs | 2,197 | 3,070 | 3,170 | 3,118 | 2,805 | |||||||||||||||
Net charge-offs as a % of average loans (annualized) | 0.37 | % | 0.54 | % | 0.58 | % | 0.58 | % | 0.57 | % | ||||||||||
NPLs as a % of total loans | 1.12 | % | 1.35 | % | 1.42 | % | 1.53 | % | 1.88 | % | ||||||||||
NPAs as a % of total assets | 0.81 | % | 0.94 | % | 0.99 | % | 1.07 | % | 1.15 | % | ||||||||||
Allowance for loan losses as a % of NPLs | 107.3 | % | 90.2 | % | 88.1 | % | 83.8 | % | 71.0 | % | ||||||||||
Allowance for loan losses as a % of total loans | 1.20 | % | 1.21 | % | 1.25 | % | 1.28 | % | 1.33 | % | ||||||||||
Allowance for loan losses as a % of total loans, excluding Gotham loans1 | 1.27 | % | 1.30 | % | 1.36 | % | 1.41 | % | 1.47 | % | ||||||||||
Special mention loans | $ | 13,530 | $ | 24,327 | $ | 41,778 | $ | 29,755 | $ | 42,422 | ||||||||||
Substandard / doubtful loans | 61,230 | 62,165 | 70,688 | 83,109 | 88,674 | |||||||||||||||
1 See reconciliation of non-GAAP measure on following page. | ||||||||||||||||||||
2 Tax equivalent adjustment represents interest income earned on municipal securities divided by the applicable Federal tax rate of 35% for all periods presented. | ||||||||||||||||||||
3 Represents preliminary results for the quarter ended September 30, 2013. |
As of and for the Quarter Ended | ||||||||||||||||||||||||
9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | ||||||||||||||||||||
The Company provides supplemental reporting of non-GAAP measures as management believes this information is useful to investors. | ||||||||||||||||||||||||
The following table shows the reconciliation of stockholders’ equity to tangible equity and the tangible equity ratio: | ||||||||||||||||||||||||
Total assets | $ | 4,049,172 | $ | 3,824,429 | $ | 3,710,440 | $ | 3,789,514 | $ | 4,022,982 | ||||||||||||||
Goodwill and other amortizable intangibles | (169,008 | ) | (169,318 | ) | (169,655 | ) | (170,173 | ) | (170,411 | ) | ||||||||||||||
Tangible assets | 3,880,164 | 3,655,111 | 3,540,785 | 3,619,341 | 3,852,571 | |||||||||||||||||||
Stockholders’ equity | 482,866 | 480,165 | 494,711 | 493,883 | 491,122 | |||||||||||||||||||
Goodwill and other amortizable intangibles | (169,008 | ) | (169,318 | ) | (169,655 | ) | (170,173 | ) | (170,411 | ) | ||||||||||||||
Tangible stockholders’ equity | 313,858 | 310,847 | 325,056 | 323,710 | 320,711 | |||||||||||||||||||
Shares of common stock outstanding at period end | 44,351,046 | 44,353,276 | 44,353,276 | 44,348,787 | 44,173,470 | |||||||||||||||||||
Tangible equity as a % of tangible assets | 8.09 | % | 8.50 | % | 9.18 | % | 8.94 | % | 8.32 | % | ||||||||||||||
Tangible book value per share | $ | 7.08 | $ | 7.01 | $ | 7.33 | $ | 7.30 | $ | 7.26 | ||||||||||||||
The Company believes that tangible equity is useful as a tool to help assess a company’s capital position. | ||||||||||||||||||||||||
The following table shows the reconciliation of return on average tangible equity: | ||||||||||||||||||||||||
Average stockholders’ equity | $ | 478,491 | $ | 494,049 | $ | 492,725 | $ | 492,506 | $ | 475,652 | ||||||||||||||
Average goodwill and other amortizable intangibles | (169,164 | ) | (169,509 | ) | (170,042 | ) | (172,723 | ) | (167,623 | ) | ||||||||||||||
Average tangible stockholders’ equity | 309,327 | 324,540 | 322,683 | 319,783 | 308,029 | |||||||||||||||||||
Net income | 5,329 | 6,376 | 6,529 | 7,020 | 2,261 | |||||||||||||||||||
Net income, if annualized | 21,142 | 25,574 | 26,479 | 27,851 | 8,995 | |||||||||||||||||||
Return on average tangible equity | 6.83 | % | 7.88 | % | 8.21 | % | 8.71 | % | 2.92 | % | ||||||||||||||
The Company believes that the return on average tangible stockholders’ equity is useful as a tool to help asses a company’s use of tangible equity. | ||||||||||||||||||||||||
The following table shows the reconciliation of the allowance for loan losses to total loans and to total loans excluding Gotham loans: | ||||||||||||||||||||||||
Total loans | $ | 2,412,898 | $ | 2,336,534 | $ | 2,204,555 | $ | 2,193,129 | $ | 2,119,472 | ||||||||||||||
Gotham loans | (133,493 | ) | (152,825 | ) | (176,383 | ) | (194,518 | ) | (201,794 | ) | ||||||||||||||
Total loans, excluding Gotham loans | 2,279,405 | 2,183,709 | 2,028,172 | 1,998,611 | 1,917,678 | |||||||||||||||||||
Allowance for loan losses | 28,877 | 28,374 | 27,544 | 28,114 | 28,282 | |||||||||||||||||||
Allowance for loan losses to total loans | 1.20 | % | 1.21 | % | 1.25 | % | 1.28 | % | 1.33 | % | ||||||||||||||
Allowance for loan losses to total loans, excluding Gotham loans | 1.27 | % | 1.30 | % | 1.36 | % | 1.41 | % | 1.47 | % | ||||||||||||||
As required by GAAP, the Company recorded at fair value the loans acquired in the Gotham transaction. These loans carry no allowance for loan losses for the periods reflected above. |
As of and for the Quarter Ended | ||||||||||||||||||||
9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | ||||||||||||||||
The following table shows the reconciliation of the quarterly core operating efficiency ratio: | ||||||||||||||||||||
Net interest income | $ | 28,108 | $ | 28,317 | $ | 27,819 | $ | 27,923 | $ | 25,239 | ||||||||||
Non-interest income | 6,600 | 6,581 | 6,852 | 7,659 | 9,026 | |||||||||||||||
Total net revenues | 34,708 | 34,898 | 34,671 | 35,582 | 34,265 | |||||||||||||||
Tax equivalent adjustment on securities interest income | 666 | 808 | 802 | 785 | 830 | |||||||||||||||
Net gain on sales of securities | (1,801 | ) | (1,945 | ) | (2,229 | ) | (1,416 | ) | (3,152 | ) | ||||||||||
Other than temporary loss on securities | — | — | 7 | 25 | 3 | |||||||||||||||
Other, (other gains and fair value loss on interest rate caps) | 81 | — | — | (4 | ) | (64 | ) | |||||||||||||
Core total revenues | 33,654 | 33,761 | 33,251 | 34,972 | 31,882 | |||||||||||||||
Non-interest expense | 23,367 | 21,789 | 23,339 | 22,546 | 28,784 | |||||||||||||||
Merger-related expenses | (714 | ) | (1,516 | ) | (542 | ) | — | (4,928 | ) | |||||||||||
Charge for asset write-downs | (564 | ) | — | — | — | — | ||||||||||||||
Other real estate owned expense | (390 | ) | 28 | (915 | ) | (285 | ) | (573 | ) | |||||||||||
Amortization of intangible assets | (310 | ) | (337 | ) | (388 | ) | (261 | ) | (334 | ) | ||||||||||
Core non-interest expense | 21,389 | 19,964 | 21,494 | 22,000 | 22,949 | |||||||||||||||
Core efficiency ratio | 63.6 | % | 59.1 | % | 64.6 | % | 62.9 | % | 72.0 | % | ||||||||||
The following table shows the reconciliation of the full year core operating efficiency ratio: |
For the Twelve Months Ended | |||||||||
9/30/2013 | 9/30/2012 | ||||||||
Net interest income | $ | 112,167 | $ | 96,464 | |||||
Non-interest income | 27,692 | 32,152 | |||||||
Total net revenues | 139,859 | 128,616 | |||||||
Tax equivalent adjustment on securities interest income | 3,060 | 3,498 | |||||||
Net gain on sales of securities | (7,391 | ) | (10,452 | ) | |||||
Other than temporary loss on securities | 32 | 47 | |||||||
Other, (other gains and fair value loss on interest rate caps) | 77 | (12 | ) | ||||||
Core total revenues | 135,637 | 121,697 | |||||||
Non-interest expense | 91,041 | 91,957 | |||||||
Merger-related expenses | (2,772 | ) | (5,925 | ) | |||||
Charge for asset write-downs | (564 | ) | — | ||||||
Other real estate owned expense | (1,562 | ) | (1,618 | ) | |||||
Amortization of intangible assets | (1,296 | ) | (1,245 | ) | |||||
Core non-interest expense | 84,847 | 83,169 | |||||||
Core efficiency ratio | 62.6 | % | 68.3 | % |
The core efficiency ratio reflects total revenues inclusive of the tax equivalent adjustment on municipal securities and excludes securities gains, other than temporary impairments and the other adjustments shown above. Core non-interest expense is adjusted to exclude the effect of merger-related expenses, non-recurring charges, other real estate expense and amortization of intangible assets. The Company believes this non-GAAP information provides useful information to users to assess the Company’s core operations. |
For the Quarter Ended | ||||||||||||||||||||
9/30/2013 | 6/30/2013 | 3/31/2013 | 12/31/2012 | 9/30/2012 | ||||||||||||||||
The following table shows the reconciliation of net income and earnings per share excluding merger-related expense and charge for asset write-downs: | ||||||||||||||||||||
Income before income tax expense | $ | 8,641 | $ | 9,209 | $ | 8,732 | $ | 10,086 | $ | 1,981 | ||||||||||
Income tax expense | 3,312 | 2,833 | 2,203 | 3,066 | (280 | ) | ||||||||||||||
Net income | 5,329 | 6,376 | 6,529 | 7,020 | 2,261 | |||||||||||||||
Merger-related expenses | 714 | 1,516 | 542 | — | 4,928 | |||||||||||||||
Income tax benefit | 274 | 466 | 137 | — | 697 | |||||||||||||||
After-tax merger-related expenses | 440 | 1,050 | 405 | — | 4,231 | |||||||||||||||
Charge for asset write-downs | 564 | — | — | — | — | |||||||||||||||
Income tax benefit | 216 | — | — | — | — | |||||||||||||||
After-tax charge for asset write-downs | 348 | — | — | — | — | |||||||||||||||
Net income excluding merger-related expense and charge for asset write-downs | $ | 6,117 | $ | 7,426 | $ | 6,934 | $ | 7,020 | $ | 6,492 | ||||||||||
Diluted weighted average common shares outstanding | 43,859,834 | 43,906,158 | 43,848,486 | 43,721,091 | 41,099,237 | |||||||||||||||
Diluted EPS as reported | $ | 0.12 | $ | 0.15 | $ | 0.15 | $ | 0.16 | $ | 0.06 | ||||||||||
Diluted EPS excluding merger-related expenses and charge for asset write-downs | 0.14 | 0.17 | 0.16 | 0.16 | 0.16 | |||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||
9/30/2013 | 9/30/2012 | |||||||||||||||||||
Income before income tax expense | $ | 36,668 | $ | 26,047 | ||||||||||||||||
Income tax expense | 11,414 | 6,159 | ||||||||||||||||||
Net income | 25,254 | 19,888 | ||||||||||||||||||
Merger-related expenses | 2,772 | 5,925 | ||||||||||||||||||
Income tax benefit | 863 | 1,401 | ||||||||||||||||||
After-tax merger-related expenses | 1,909 | 4,524 | ||||||||||||||||||
Charge for asset write-downs | 564 | — | ||||||||||||||||||
Income tax benefit | 176 | — | ||||||||||||||||||
After-tax charge for asset write-downs | 388 | — | ||||||||||||||||||
Net income excluding merger-related expenses and charge for asset write-downs | $ | 27,552 | $ | 24,412 | ||||||||||||||||
Diluted weighted average common shares outstanding | 43,760,313 | 38,248,046 | ||||||||||||||||||
Diluted EPS as reported | $ | 0.58 | $ | 0.52 | ||||||||||||||||
Diluted EPS excluding merger-related expenses and charge for asset write-downs | 0.63 | 0.64 | ||||||||||||||||||