8-K

SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  April 20, 2010PROVIDENT NEW YORK BANCORP(Exact Name of Registrant as Specified in Charter)

Delaware	0-25233	80-0091851
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

400 Rella Boulevard, Montebello, New York	10901
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (845) 369-8040

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.    Results of Operations and Financial Condition

On April 20, 2010 Provident New York Bancorp (the “Company”)  issued a press release regarding its earnings for the second fiscal quarter ending March 31, 2010. The press release is included as Exhibit 99 to this report.

The press release includes information about the Company’s earnings, excluding securities gains and the fair value adjustment of interest rate caps.  The Company presents earnings excluding these factors so that investors can better understand the results of its core banking operations and to better align with the views of the investment community,

The information included in Exhibit 99 is considered to be “furnished” and shall not be deemed “filed” under the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.    Financial Statements and Exhibits

The Index of Exhibits immediately precedes the attached exhibits.

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, hereunto duly authorized.

PROVIDENT NEW YORK BANCORP
DATE:	April 20, 2010	By:	/s/ Paul A. Maisch
			Paul A. Maisch
			Executive Vice President and
			Chief Financial Officer

EXHIBIT INDEX

The following exhibits are filed as part of this report:

Exhibit No.	Description
99	Press Release of Provident New York Bancorp Dated April 20, 2010

EX-99

Exhibit 99

Provident New York Bancorp Announces Second Quarter 2010 Earnings of $0.11 per Diluted Share

MONTEBELLO, N.Y.--(BUSINESS WIRE)--April 20, 2010--Provident New York Bancorp (NASDAQ-Global Select Market: PBNY), the parent company of Provident Bank, today announced second-quarter results for the fiscal year ending Sept. 30, 2010. Net income for the quarter was $4.2 million, or $0.11 per diluted share, compared to net income of $6.2 million, or $0.16 per diluted share for the linked quarter ended December 31, 2009 and net income of $5.5 million or $0.14 per diluted share for the second quarter of fiscal 2009.

President’s Comments

George Strayton, President and CEO stated, "I am pleased with our operating results. Both the linked quarter and the comparable quarter last year had higher levels of securities gains as we took action to lock-in gains embedded in our portfolio. After adjusting for gains on securities and the fair value of interest rate caps, net income substantially improved over last year primarily based upon significant reductions in loan loss provisions. I am also pleased to report that, as compared to the linked quarter, net charge-offs are down, non-performing loans at $27.7 are relatively flat and classified loans are down $4.2 million. Our asset quality ratios continue to compare favorably with our peers, with non-performing loans to total loans of 1.66%, and allowance for loan losses to non-performing loans of 110%. However, given our ADC portfolio we continue to be cautious as the economic recovery in the housing market is tepid, at best."

Strayton continued, “An encouraging sign for the Lower Hudson Valley is that our pipeline of approved commercial business loans at $105.5 million is at a level not seen since August 2008 and is double the level as of December 31, 2009. Average core deposits continue to grow with transaction accounts up $35.6 million from a year ago, further driving down our already exceptionally low cost of deposits. Our expansion efforts into targeted markets continued this past quarter with the opening of our new branch in Nyack, NY in January, as well as another loan production office in Yonkers, NY.”

Key items for the quarter

• Net charge-offs of $2.0 million are down from the quarter ending December 31, 2009. Our provision for loan losses of $2.5 million is flat compared to the linked quarter. Non-performing loans increased $1.0 million, primarily, due to one commercial relationship.
• Excluding securities gains and the fair value adjustment of interest rate caps, earnings were $0.09. This compares to $0.12 for the linked quarter and $0.05 for the second quarter of fiscal 2009. While we actively manage our portfolio as a component of our asset/liability management to control interest rate risk, we also present earnings excluding these factors so investors can better understand the results of our core banking operations and to better align with the views of the investment community, which tends to adjust for more variable components of income.
• Net interest margin on a tax equivalent basis is up 6 basis points to 3.76 percent over the linked quarter ended December 31, 2009, reflecting wider spreads on commercial loans and the further decrease of yields on interest-bearing deposits of 15 basis points over the linked quarter.
• Duration of the investment portfolio is now 2.99 years as compared to 3.12 years at March 31, 2009 and 2.94 years at December 31, 2009.
• Average transaction account balances increased to $718.3 million or 13.8 percent compared to year end September 30, 2009.

Credit Quality

Net charge-offs for the second fiscal quarter were $2.0 million compared to $2.6 million in the linked quarter and $4.3 million for the second fiscal quarter of 2009. We have seen charge-offs abate in the community business loan portfolio this current quarter. Net charge-offs were fairly equally distributed between C&I, community business and 1-4 family residential categories. We have added $2.5 million to our allowance for loan loss bringing the balance to $30.4 million, or 110 percent of non performing loans. This compares to 114 percent at September 30, 2009.

Substandard loans at March 31, 2010 were $95.9 million compared to $100.7 million at December 31, 2009, while special mention loans were $49.8 million and $48.1 million, respectively. Non-performing loans were $27.7 million compared to $26.7 million at December 31, 2009, while non performing assets went from $29.4 million to $30.6 million for the same period. We continue to work with several significant ADC relationships that are in performing status but not progressing as originally planned.

The table below outlines non-performing assets at March 31, 2010, by category with the related weighted loan to value ratios and specific reserves against such loans:

								WLTV after
	Book				Specific			Specific
Loans with Specific Reserves	Value		WLTV*		Reserve			Reserve
ADC	$	2,790	71	%	$		1,166	60	%
Commercial mortgage		5,171	78				611	62
Residential mortgage		3,454	77				760	67
Loans with out Specific Reserves
ADC		7,647	70				-	70
Commercial mortgage		1,991	76				-	76
Residential Mortgage		4,544	75				-	75
Total Mortgage secured		25,597	74				2,537	68
Loans not Mortgage Secured
Loans with specific reserves		1,023					638
Loans without specific reserves		1,054
Total non-performing loans		27,674					3,175
General reserves							27,269
Troubled Debt Restructures		416
Total allowance for loan losses						$	30,444
ORE balance		2,466
Total non-performing assets	$	30,556

*Weighted average LTV is the gross loan value plus negative escrows (before specific reserves) divided by current appraised value of the collateral securing the loan.

Net Interest Income and Margin

Second quarter fiscal 2010 compared with second quarter fiscal 2009

Net interest income was $22.9 million for the second quarter of fiscal 2010, a $701,000 decrease from the same quarter of fiscal 2009. The net interest margin on a tax-equivalent basis was 3.76 percent for the second quarter of fiscal 2010, compared to 3.80 percent for same period a year ago. The tax-equivalent yield on investments decreased 172 basis points compared to the second fiscal quarter in 2009. As a result, the yield on interest-earning assets declined 51 basis points. For the same period, the cost of interest-bearing deposits decreased 73 basis points to 0.57 percent, and the cost of borrowings decreased by only 7 basis points to 3.64 percent, reflecting the carrying cost of term borrowings that matured. The Bank has $282.5 million of term borrowings from the FHLB that are callable over the next eight years and do not reflect the recent interest rate reduction in the cost of funding.

Second quarter fiscal 2010 compared with linked quarter ended December 31, 2009

Net interest income for the quarter ended March 31, 2010, increased a modest $48,000 to $22.9 million from the linked quarter ended December 31, 2009. The tax-equivalent net interest margin increased 6 basis points from 3.70 percent from the linked quarter. During the quarter the Bank sold or had called $135.6 million in securities and purchased $194.8 million. The overall yield of the investment portfolio and other earning assets declined 6 basis points during the second quarter, reflecting purchases at yields lower than the book yields of sold or called securities. Interest bearing deposit costs declined 15 basis points reflecting the continued discipline of our deposit pricing philosophy.

Year to date fiscal 2010 compared to 2009

Net interest income declined year over year primarily due to lower yields on investments and loans, with little change in long term borrowings cost, partially offset by declines in deposit yields.

Noninterest Income

Second quarter fiscal 2010 compared with second quarter fiscal 2009

Noninterest income totaled $6.1 million for the fiscal second quarter, a decrease of $5.0 million from $11.1 million in the second quarter of fiscal 2009. The decrease was due mainly to gains on sales of securities of $6.1 million in fiscal 2009 compared to $1.9 million in fiscal 2010. The Company continues to realize a portion of the recent appreciation in its securities portfolio, monetizing other comprehensive income and reducing prepayment risk. Other factors contributing to the decrease were gains on the sale of loans with gains of $117,000 and $290,000 in 2010 and 2009, respectively; a $616,000 fair market loss on interest rate caps in fiscal 2010 and declines in deposit fees and service charges of $291,000, which were partially offset by the $177,000 increase in investment management fees.

Second quarter fiscal 2010 compared with linked quarter ended December 31, 2009

Noninterest income decreased on a linked-quarter basis, due to lower levels of securities gains realized and the fair market loss on interest rate caps of $616,000 compared to a gain of $380,000 in the quarter ended December 31, 2009. The Company purchased $50 million notional value of interest rate caps to assist in offsetting a portion of interest rate exposure should short term rate increases lead to rapid increases in general levels of market interest rates on deposits within the next five years.

Year to date fiscal 2010 compared to 2009

Non interest income was $14.2 million in the six months ended March 31, 2010 compared to $16.9 million for the six months ended March 31, 2009, a decrease of $2.7 million. Net gains on sales of securities were down $2.2 million and the cumulative loss on the interest rate caps was $236,000.

Noninterest Expense

Second quarter fiscal 2010 compared with second quarter fiscal 2009

Non interest expense increased $1.1 million when compared to the second quarter fiscal 2009. The increase is due primarily to increased medical and pension expense, FDIC insurance and occupancy expense. Occupancy expense increased due primarily to maintenance expense on buildings and equipment.

Second quarter fiscal 2010 compared with linked quarter ended December 31, 2009

On a quarter-to-quarter basis, non-interest expense increased due to expenses related to occupancy (result of our harsh winter), scheduled employee salary increases as well as increased regulatory assessments.

Year to date fiscal 2010 compared to 2009

Non-interest expense increased 4.5% year over year. Employee benefits and incentive accruals, occupancy and equipment expenses and FDIC assessments were primarily responsible for the increase.

Income Taxes

The effective tax rate for the three months ended March 31, 2010 second quarter fiscal 2010 was 22.5% compared to 26.9% for the same period in the prior year. The decline is due to tax exempt municipal securities and BOLI income being a larger portion of overall pretax income in the current period. Similarly, the effective tax rate for the six month period ended March 31, 2010 was 26.0% compared to 29.0% for the same period in the prior year.

Key Balance Sheet Changes

• Period-end total deposits increased $137.3 million as compared to the linked quarter. Total deposits decreased $75.3 million from September 30, 2009, as municipal tax deposits of $201 million as of year end were utilized by the individual municipalities.
• While overall loan demand is weak due to the economic slowdown, commercial loan originations during the second fiscal quarter 2010 were $80.5 million, an increase of 32 percent over the second fiscal quarter of 2009. We are seeing residential originations slow in our market as a result of the increase in refinance rates. Net loans totaled $1.64 billion, compared to $1.67 billion at September 30, 2009.
• Securities increased $55.5 million to $932.7 million, as the Company continued investing cash generated by deposit inflows into medium term securities.
• Borrowings decreased over September 30, 2009 levels as $17.5 million of FHLBNY advances matured.
• The Company repurchased 316,723 shares of common stock during the quarter at a cost of $2.6 million. There are 1,831,167 shares remaining under its repurchase authorization.

Capital and Liquidity

Provident Bank remained well-capitalized with excellent liquidity in the second fiscal quarter 2010 as unpledged securities totaled in excess of $375 million. The Bank’s Tier 1 leverage ratio is at 8.62 percent. The Company’s tangible capital as a percent of tangible assets increased to 9.28 percent as of March 31, 2010, while its tangible book value per share remained essentially the same at $6.61 per share. Total capital decreased $5.1 million from September 30, 2009, to $422.4 million at March 31, 2010, due to a net increase of $3.7 million in the Company’s retained earnings, an increase of $4.0 million due to stock based compensation items and offset by a $5.1 million decrease in accumulated other comprehensive income. In addition the Company repurchased 918,923 common shares, at a cost of $7.7 million during the fiscal year.

About Provident New York Bancorp

Headquartered in Montebello, New York, Provident New York Bancorp is the parent company of Provident Bank, an independent full-service community bank. Provident Bank operates 35 branches that serve the Hudson Valley region. The Bank offers a complete line of commercial, retail and investment management services. For more information, visit the Company’s web site at www.providentbanking.com.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS

In addition to historical information, this earnings release may contain forward-looking statements for purposes of applicable securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties. There are a number of important factors described in documents previously filed by the Company with the Securities and Exchange Commission, and other factors that could cause the Company’s actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

Financial information contained in this release should be considered to be an estimate pending completion of the filing of the Company’s Quarterly Report on Form 10Q for the quarter ended March, 31, 2010 with the Securities and Exchange Commission. While the Company is not aware of any need to revise the results disclosed in this release, accounting literature may require adverse information received by management between the date of this release and the filing of the 10-Q to be reflected in the results of the fiscal quarter, even though the new information was received by management subsequent to the date of this release.

Reconciliation of Adjusted Earnings:
									Quarter
	Quarter Ended								Ended
	March 31,								December 31,
	2010				2009				2009
Net Income
Net Income	$	4,167		$		5,544		$		6,166
Securities gains1		(1,119	)			(3,619	)			(1,418	)
Fair value loss (gain) on interest rate caps1		366				-				(226	)
Net adjusted income	$	3,414			$	1,925			$	4,522
Earnings per common share
Diluted Earnings per common share	$	0.11			$	0.14			$	0.16
Securities gains1		(0.03	)			(0.09	)			(0.04	)
Fair value loss (gain) on interest rate caps1		0.01				-				(0.01	)
Diluted adjusted earnings per common share	$	0.09			$	0.05			$	0.12
Non-interest income
Total non-interest income	$	6,113			$	11,123			$	8,093
Security gains		(1,884	)			(6,093	)			(2,388	)
Fair value loss (gain) on interest rate caps		616				-				(380	)
Adjusted non interest-income	$	4,845			$	5,030			$	5,325
1After marginal tax effect 40.61%

Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(unaudited, in thousands, except share and per share data)
		March 31,			September 30,			March 31,
		2010			2009			2009
Assets:
Cash and due from banks	$	37,831		$	160,408		$	139,190
Total securities		932,669			877,197			790,225
Loans held for sale		2,566			1,213			3,918
Loans:
One- to four-family residential mortgage loans		432,847			460,728			496,862
Commercial real estate, commercial business		777,400			789,396			795,877
Acquisition, development and construction loans		213,321			201,611			189,484
Consumer loans		243,860			251,522			253,284
Total loans, gross		1,667,428			1,703,257			1,735,507
Allowance for loan losses		(30,444	)		(30,050	)		(26,437	)
Total loans, net		1,636,984			1,673,207			1,709,070
Federal Home Loan Bank stock, at cost		22,765			23,177			23,407
Premises and equipment, net		42,446			40,692			37,759
Goodwill		160,861			160,861			160,861
Other amortizable intangibles		4,524			5,489			6,533
Bank owned life insurance		49,945			49,611			48,654
Other assets		45,365			30,038			35,084
Total assets	$	2,935,956		$	3,021,893		$	2,954,701
Liabilities:
Deposits
Retail	$	164,515		$	169,122		$	155,958
Commercial		246,624			236,516			197,206
Municipal		15,743			86,596			12,126
Personal NOW deposits		133,922			127,595			118,938
Business NOW deposits		32,507			36,972			22,632
Municipal NOW deposits		102,603			188,074			91,210
Total transaction accounts		695,914			844,875			598,070
Savings		383,941			357,814			356,585
Money market deposits		445,350			384,632			426,120
Certificates of deposit		481,748			494,961			627,991
Total deposits		2,006,953			2,082,282			2,008,766
Borrowings		421,306			430,628			438,646
Borrowings Senior Note		51,495			51,494			51,493
Mortgage escrow funds and other		33,830			30,033			34,390
Total liabilities		2,513,584			2,594,437			2,533,295
Stockholders’ equity		422,372			427,456			421,406
Total liabilities and stockholders’ equity	$	2,935,956		$	3,021,893		$	2,954,701
Shares of common stock outstanding at period end		38,861,477			39,547,207			39,876,754
Book value per share	$	10.87		$	10.81		$	10.57

Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited, in thousands, except share and per share data)
							Quarter
		Quarter Ended					Ended			Six Months Ended
		March 31,					December 31,			March 31,
		2010			2009		2009			2010			2009
Interest and dividend income:
	Loans and loan fees	$	22,655		$	23,859	$	23,400		$	46,055		$	49,686
	Securities taxable		4,724			7,533		4,752			9,476			15,426
	Securities non-taxable		1,901			1,910		1,895			3,796			3,764
	Other earning assets		347			284		371			718			581
			29,627			33,586		30,418			60,045			69,457
Interest expense:
	Deposits		2,201			5,274		2,790			4,991			11,081
	Borrowings		4,492			4,677		4,742			9,234			9,695
Total interest expense			6,693			9,951		7,532			14,225			20,776
Net interest income			22,934			23,635		22,886			45,820			48,681
Provision for loan losses			2,500			7,100		2,500			5,000			9,600
Net interest income after provision for loan losses			20,434			16,535		20,386			40,820			39,081
Non-interest income:
	Deposit fees and service charges		2,744			3,035		2,993			5,737			6,173
	Net gain on sales of securities		1,884			6,093		2,388			4,272			6,424
	Title insurance fees		237			201		311			548			413
	Bank owned life insurance		496			492		554			1,050			1,005
	Gain (loss) on sale of premises and equipment		(10	)		-		(44	)		(54	)		517
	Gain on sale of loans		117			290		283			400			296
	Investment management fees		776			599		779			1,555			1,207
	Fair value (loss) gain interest rate caps		(616	)		-		380			(236	)		-
	Other		485			413		449			934			859
Total non-interest income			6,113			11,123		8,093			14,206			16,894
Non-interest expense:
	Compensation and benefits		10,824			9,857		10,264			21,088			19,568
	Stock-based compensation plans		581			825		452			1,033			1,682
	Occupancy and office operations		3,537			3,218		3,326			6,863			6,297
	Advertising and promotion		794			1,024		742			1,536			1,850
	Professional fees		914			876		834			1,748			1,582
	Data and check processing		577			598		550			1,127			1,163
	Amortization of intangible assets		472			557		493			965			1,141
	FDIC insurance and regulatory assessments		931			769		784			1,715			1,200
	ATM/debit card expense		536			470		554			1,090			988
	Other		2,007			1,882		1,895			3,902			3,840
Total non-interest expense			21,173			20,076		19,894			41,067			39,311
Income before income tax expense			5,374			7,582		8,585			13,959			16,664
Income tax expense			1,207			2,038		2,419			3,626			4,829
Net income		$	4,167		$	5,544	$	6,166		$	10,333		$	11,835
Per common share:
	Basic earnings	$	0.11		$	0.14	$	0.16		$	0.27		$	0.30
	Diluted earnings		0.11			0.14		0.16			0.27			0.30
	Dividends declared		0.06			0.06		0.06			0.12			0.12
Weighted average common shares:
	Basic		38,188,191			38,627,212		38,575,909			38,384,180			38,605,156
	Diluted		38,237,431			38,811,114		38,649,174			38,402,841			38,813,879

Selected Financial Condition Data:		Three Months Ended
(in thousands except share and per share data)		03/31/10		12/31/09		09/30/09		06/30/09		03/31/09
End of Period
Total assets		$	2,935,956	$	2,917,789	$	3,021,893	$	2,824,356	$	2,954,701
Loans, gross (1)			1,667,428		1,677,032		1,703,257		1,714,429		1,735,507
Securities available for sale			888,994		851,028		832,583		689,286		739,595
Securities held to maturity			43,675		46,501		44,614		42,790		50,630
Bank owned life insurance			49,945		49,448		49,611		49,106		48,654
Goodwill			160,861		160,861		160,861		160,861		160,861
Other amortizable intangibles			4,524		4,996		5,489		6,002		6,533
Other non-earning assets			87,811		88,976		70,730		68,735		72,843
Deposits			2,006,953		1,869,643		2,082,282		1,872,983		2,008,766
Borrowings			472,801		584,717		482,122		488,228		490,139
Equity			422,372		420,326		427,456		420,775		421,406
Other comprehensive income / (loss) related to investment,
securities reflected in stockholders' equity			3,970		2,342		9,502		1,531		6,977
Average Balances
Total assets		$	2,918,953	$	2,886,880	$	2,837,511	$	2,875,999	$	2,961,719
Loans, gross:
Real estate- residential mortgage			436,967		451,894		465,472		484,276		504,406
Real estate- commercial mortgage			539,679		538,646		548,195		547,846		551,011
Real estate- Acquisition, Development & Construction			212,454		202,864		191,826		190,875		185,911
Commercial and industrial			234,356		239,698		246,590		245,375		248,047
Consumer loans			248,134		252,354		252,667		254,475		254,216
Loans total (1)			1,671,590		1,685,456		1,704,750		1,722,847		1,743,591
Securities (taxable)			694,815		626,734		576,363		520,948		623,470
Securities (non-taxable)			203,153		201,706		192,733		196,385		197,786
Total earning assets			2,581,554		2,563,965		2,511,431		2,549,237		2,632,350
Non earning assets			337,399		322,915		326,080		326,762		329,369
Non-interest bearing checking			419,389		418,961		402,643		373,252		365,971
Interest bearing NOW accounts			298,935		291,844		228,761		227,039		241,190
Total transaction accounts			718,324		710,805		631,404		600,291		607,161
Savings (including mortgage escrow funds)			380,600		372,911		386,943		378,263		352,199
Money market deposits			428,605		397,710		394,718		394,628		405,221
Certificates of deposit			446,301		477,377		494,530		575,713		646,527
Total deposits and mortgage escrow			1,973,830		1,958,803		1,907,595		1,948,895		2,011,108
Total interest bearing deposits			1,554,441		1,539,842		1,504,952		1,575,643		1,645,137
Borrowings			500,226		485,759		488,443		488,846		511,340
Equity			422,129		424,338		423,361		421,529		417,652
Selected Operating Data:
Condensed Tax Equivalent Income Statement
Interest and dividend income		$	29,627	$	30,418	$	30,482	$	31,651	$	33,586
Tax equivalent adjustment*			1,023		1,020		991		1,031		1,029
Interest expense			6,693		7,532		8,019		8,925		9,951
	Net interest income (tax equivalent)		23,957		23,906		23,454		23,757		24,664
Provision for loan losses			2,500		2,500		4,500		3,500		7,100
	Net interest income after provision for loan
	losses		21,457		21,406		18,954		20,257		17,564
Non-interest income			6,113		8,093		7,804		15,255		11,123
Non-interest expense			21,173		19,894		19,359		21,517		20,076
Income before income tax expense			6,397		9,605		7,399		13,995		8,611
Income tax expense (tax equivalent)*			2,230		3,439		2,323		5,045		3,067
	Net income	$	4,167	$	6,166	$	5,076	$	8,950	$	5,544
(1) Does not reflect allowance for loan losses of $30,444, $29,967, $30,050, $28,027 and $26,437
* Tax exempt income assumed at a 35% federal rate

Provident New York Bancorp cont.
		Three Months Ended
		03/31/10			12/31/09			09/30/09			06/30/09			03/31/09
Performance Ratios (annualized)
Return on Average Assets		0.58	%		0.85	%		0.71	%		1.25	%		0.76	%
Return on Average Equity		4.00	%		5.76	%		4.76	%		8.52	%		5.38	%
Non-Interest Income to Average Assets		0.85	%		1.11	%		1.09	%		2.13	%		1.52	%
Non-Interest Expense to Average Assets		2.94	%		2.73	%		2.71	%		3.00	%		2.75	%
Operating Efficiency Adjusted (2)		71.73	%		65.40	%		63.59	%		71.7	%		65.7	%
Analysis of Net Interest Income
Yield on Loans		5.59	%		5.61	%		5.59	%		5.64	%		5.63	%
Yield on Investment Securities- Tax Equivalent		3.45	%		3.67	%		3.87	%		4.70	%		5.17	%
Yield on Earning Assets- Tax Equivalent		4.82	%		4.86	%		4.97	%		5.14	%		5.33	%
Cost of Interest Bearing Deposits		0.57	%		0.72	%		0.84	%		1.04	%		1.30	%
Cost of Borrowings		3.64	%		3.87	%		3.92	%		3.96	%		3.71	%
Cost of Interest Bearing Liabilities		1.32	%		1.48	%		1.60	%		1.73	%		1.87	%
Net Interest Rate Spread- Tax Equivalent Basis		3.49	%		3.39	%		3.38	%		3.41	%		3.46	%
Net Interest Margin- Tax Equivalent Basis		3.76	%		3.70	%		3.71	%		3.74	%		3.80	%
Capital Information Data
Tier 1 Leverage Ratio- Bank Only		8.62	%		8.85	%		8.64	%		9.04	%		8.49	%
Tier 1 Risk-Based Capital- Bank Only		239,050			243,955			246,339			240,392			235,902
Total Risk-Based Capital- Bank Only		263,917			268,225			270,807			264,076			259,686
Tangible Capital Consolidated (3)		256,987			254,469			261,106			253,912			254,012
Tangible Capital as a % of Tangible Assets Consolidated (3)		9.28	%		9.25	%		9.14	%		9.55	%		9.11	%
Shares Outstanding		38,861,477			39,061,035			39,547,207			39,613,454			39,876,754
Shares Repurchased during qrtr(open market)		316,723			602,200			86,860			315,650			0
Basic weighted common shares outstanding		38,188,191			38,575,909			38,405,947			38,536,716			38,627,212
Diluted common shares outstanding		38,237,431			38,649,174			38,532,411			38,683,135			38,811,114
Basic Earnings per common share	$	0.11		$	0.16		$	0.13		$	0.23		$	0.14
Diluted Earnings per common share		0.11			0.16			0.13			0.23			0.14
Dividends Paid per common share		0.06			0.06			0.06			0.06			0.06
Book Value per common share		10.87			10.76			10.81			10.62			10.57
Tangible Book Value per common share (3)		6.61			6.51			6.60			6.41			6.37
Asset Quality Measurements
Non-performing loans (NPLs): non-accrual	$	21,210		$	21,432		$	21,909		$	20,600		$	21,567
Non-performing loans (NPLs): still accruing		6,464			5,262			4,560			3,180			4,861
Troubled Debt Restructures		416			419			674			1,199			0
Non-performing assets (NPAs)		30,556			29,445			28,855			26,566			28,202
Net Charge-offs		2,023			2,583			2,477			1,910			4,308
Net Charge-offs as % of average loans (annualized)		0.48	%		0.61	%		0.58	%		0.44	%		0.99	%
NPLs as % of total loans		1.66	%		1.59	%		1.55	%		1.39	%		1.52	%
NPAs as % of total assets		1.04	%		1.01	%		0.95	%		0.90	%		0.95	%
Allowance for loan losses as % of NPLs		110	%		112	%		114	%		118	%		100	%
Allowance for loan losses as % of total loans		1.83	%		1.79	%		1.76	%		1.63	%		1.52	%
(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 non interest income). We follow these practices.
(3) Provident Bank provides supplemental reporting of Non-GAAP tangible equity ratios as management believes this information is useful to investors. The following table shows the reconciliation of tangible equity and the tangible equity ratio:
		03/31/10			12/31/09			09/30/09			06/30/09			03/31/09
Total Assets	$	2,935,956		$	2,917,789		$	3,021,893		$	2,824,356		$	2,954,701
Goodwill and other amortizable intangibles		(165,385	)		(165,857	)		(166,350	)		(166,863	)		(167,394	)
Tangible Assets	$	2,770,571		$	2,751,932		$	2,855,543		$	2,657,493		$	2,787,307
Stockholders' equity		422,372			420,326			427,456			420,775			421,406
Goodwill and other amortizable intangibles		(165,385	)		(165,857	)		(166,350	)		(166,863	)		(167,394	)
Tangible Stockholders' equity	$	256,987		$	254,469		$	261,106		$	253,912		$	254,012
Outstanding Shares		38,861,477			39,061,035			39,547,207			39,613,454			39,876,754
Tangible capital as a % of tangible assets (consolidated)		9.28	%		9.25	%		9.14	%		9.55	%		9.11	%
Tangible book value per share	$	6.61		$	6.51		$	6.60		$	6.41		$	6.37

CONTACT:
Provident New York Bancorp
Paul A. Maisch, EVP & Chief Financial Officer
Miranda Grimm, VP & Controller
845-369-8040