8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, 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): July 28, 2008

PROVIDENT 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 July 28, 2008 Provident New York Bancorp issued a press release regarding its earnings for the third fiscal quarter ended June 30, 2008. The press release is included as Exhibit 99 to this report. 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: July 28, 2008	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 July 28, 2008

EX-99

EXHIBIT 99

PRESS RELEASE OF PROVIDENT NEW YORK BANCORP

FOR IMMEDIATE RELEASE	Stock Symbol: PBNY
July 28, 2008	Traded on NASDAQ Global Select Market

PROVIDENT BANK CONTACT:

Paul A. Maisch, EVP & Chief Financial Officer

Miranda Grimm, VP & Controller

845.369.8040

PROVIDENT NEW YORK BANCORP: 23% INCREASE IN QUARTERLY EPS TO $0.16.

MONTEBELLO, NY – July 28, 2008 – Provident New York Bancorp (Nasdaq-Global Select Market: PBNY), the parent company of Provident Bank today announced third quarter results for the fiscal year ending September 30, 2008. Net income for the quarter was $6.3 million, or $0.16 per diluted share, compared to net income of $5.4 million, or $0.13 per diluted share for the third quarter of fiscal 2007. On a year-to-date basis, net income was $17.3 million or $0.44 per diluted share for fiscal 2008, compared to $14.5 million or $0.35 per diluted share in fiscal 2007. This represents increases of 19.4% and 25.7% respectively over the same period for fiscal 2007.

Highlights for the quarter include:

• Net interest margin on a fully tax-equivalent basis was 4.04% for the third quarter of fiscal 2008, as compared to 3.80% for the third quarter of fiscal 2007, and 3.89% for the linked quarter ended March 31, 2008.

• The Company experienced 3.6% and 3.1% deposit growth over both fiscal year-end 2007 and the second quarter of fiscal 2008, respectively. Transaction accounts of $584.1 million have grown 11.0% since September 30, 2007.

• Loans grew $49.8million or 3.0% over year end 2007, mainly in the Commercial sector.

• Expense control continues to be strong as non-interest expense decreased in the prior year quarterly comparison, and increased by less than 1% on an annual basis. As a result the quarter’s efficiency ratio continued to improve from 69.7% in the third quarter of fiscal 2007 to 64.9% in the current year.

• Net charge-offs for the quarter were down to $812,000 from $1.9 million for the linked quarter and were up from $136,000 for the third quarter of fiscal 2007.

President’s Comments

George Strayton, President and CEO commented: “Our business model is performing well in this challenging economic environment as evidenced by the significant increase in earnings. During the quarter, we grew our commercial loans by $31 million, or 3%, and our transaction account balances increased by $56 million, or 11% and continue to average 31% of our quarterly deposits. While achieving this growth, we are beginning to benefit from the absence of the loan conduits and institutional lenders, enabling us to obtain improved loan terms and conditions. Consistent with its

longstanding credit policies, Provident Bank does not originate or invest in subprime loans, although we will continue to build loan loss reserves in light of the current slowing of the economy. Disciplined management of interest expense, coupled with our loan growth, enabled us to return to a 4% net interest margin. Solid fee income, coupled with expense control, has led to an overall improvement in our efficiency ratio of almost five percentage points compared to the same quarter last year”.

Net Interest Income and Margin

Third quarter of fiscal 2008 compared with third quarter of fiscal 2007

Net interest income was $24.2 million for the third quarter of fiscal 2008, a $1.9 million increase from the same quarter of fiscal 2007. The net interest margin on a tax-equivalent basis was 4.04% for the third quarter of fiscal 2008, compared to 3.80% for the prior year’s third quarter. The third quarter of fiscal 2007 included a $500,000 reduction in interest expense associated with repayment of borrowings connected to prior acquisitions. Due to decreases in the federal funds target rate, the yield on loan balances declined 85 basis points. For the same period, the cost of interest bearing deposits decreased 84 basis points to 1.76% and the cost of borrowings decreased 86 basis points to 3.64%. The tax-equivalent yield on investments increased 31 basis points compared to the same quarter in 2007.

Third quarter fiscal 2008 compared with linked quarter ended March 31, 2008

Net interest income increased $947,000 from the quarter ended March 31, 2008. The tax-equivalent net interest margin increased 15 basis points from 3.89% for the quarter ended March 31, 2008. As a result of the recent reductions in the federal funds target rate, the tax-equivalent yield on average interest earning assets decreased by 23 basis points compared to the quarter ended March 31, 2008. The cost of average interest bearing liabilities decreased 48 basis points from the same linked quarter end. We attribute a substantial portion of this decrease to a continuing disciplined approach of pricing interest-bearing deposits.

Year-to-date comparison fiscal 2008 to fiscal 2007

On a year-to-date basis, net interest income increased $7.3 million for the nine-month period ended June 30, 2008 as compared to the same period in 2007, with the tax-equivalent net interest margin increasing from 3.52% to 3.89%.

Non-Interest Income

Third quarter of fiscal 2008 compared with third quarter of fiscal 2007

Non-interest income increased $36,000 to $5.0 million, relatively unchanged from the third quarter of fiscal 2007. Deposit service charges and fees increased $252,000, or 8.8%, which were offset by a decline in title insurance fees associated with a lower level of mortgage loan originations and lower “other” non-interest income, due to $235,000 in interest recorded on an IRS refund received in the third quarter of fiscal 2007.

Third quarter fiscal 2008 compared with linked quarter ended March 31, 2008

Non-interest income decreased $729,000 due to a net gain on the sale of securities of $961,000 realized in the linked quarter. Deposit service charges and fees, title insurance fees and investment management fees all increased over the linked quarter.

Year-to-date comparison fiscal 2008 to fiscal 2007

Non-interest income increased 5.4% compared to the same period in 2007. The largest increases were seen in deposit fees and service charges, investment management fees and net gains on security sales. Declines were seen in title insurance fees, and bank owned life insurance (due to a death benefit received in 2007) and “other” non-interest income (due to an IRS interest refund and exiting the student loan business in 2007).

7

Non-Interest Expense

Third quarter of fiscal 2008 compared with third quarter of fiscal 2007

Non-interest expense decreased $95,000 over the third quarter of fiscal 2007. The primary reason for the decrease was the maturity of the Company’s first step ESOP loan in December 2007, in addition to lower advertising and promotion expense. Compensation and employee benefits increased due to employee related benefits and additional employees hired, as the Company added resources to its municipality business and opened a branch location in Tarrytown, Westchester County. Occupancy expense increased as the Company invested in branch relocations and recorded closure costs of $175,000.

Third quarter fiscal 2008 compared with linked quarter ended March 31, 2008

On a quarter-to-quarter basis, non-interest expense remained relatively unchanged with modest increases seen in compensation and benefits, and advertising and promotion, which were offset by declines in occupancy, professional fees, and data and check processing.

Year-to-date comparison fiscal 2008 to fiscal 2007

Non-interest expense increased by $457,000 or 0.8%, over year-to-date 2007 primarily due to compensation and benefits, and occupancy expense from indexed increases in rental costs and the costs of branch relocations and closures. These categories were partially offset by decreases in stock based compensation, the ESOP loan maturity, professional fees and advertising and promotion.

Income Taxes

The company’s effective tax rate was 28.8% for the third quarter of fiscal 2008, compared to 30.9% for the same period last year. The decrease was due to increased investment in tax-exempt securities as compared to the prior period and the maturity of the first step ESOP loan which was primarily non-deductible expense, as well as the Company recording a tax expense credit for expired reserves. The Company’s effective tax rate for the linked quarter ended March 31, 2008 was 28.1%. The effective tax rate for year-to-date 2008 was 29.3% compared to 30.0% for fiscal 2007.

Key Balance Sheet Changes at June 30, 2008 vs. September 30, 2007

• Gross loans grew $49.8 million to $1.7 billion, largely due to a 4.6% increase in commercial loans and a 2.0% increase in residential mortgage loans.

• Securities decreased $13.8 million to $818.6 million, primarily due to the maturity of government agency securities.

• Period end deposits increased $62.0 million at June 30, 2008, as compared to September 30, 2007, primarily due to increases in transaction accounts of $57.8 million or 11.0%, which in turn has benefited net interest income.

• The Company invested an additional $5.0 million in bank owned life insurance during the quarter.

Capital

Capital decreased $3.9 million from September 30, 2007 to $401.1 million at June 30, 2008, due to purchases of treasury stock. Treasury stock repurchases during the third quarter of fiscal 2008 totaled 306,443 shares and 1,570,757 shares fiscal year-to-date, at a cost of $3.9 million and $19.8 million, respectively. These purchases were partially offset by increases in the Company’s net income of $17.3 million, after dividends of $7.1 million, stock based compensation credits of $4.1 million and an improvement in other comprehensive income (loss) of $1.2 million, net of a reduction during the quarter of $8.3 million. As of June 30, 2008, 1,165,901 shares remain available for repurchase under the Company’s current stock repurchase program.

8

Credit Quality

Net charge-offs for the quarter were $812,000, down from $1.9 million in the prior linked quarter and up from $136,000 for the quarter ended June 30, 2007. Net charge-offs year-to-date are $3.5 million or an annualized 0.28% of the average loan portfolio. Losses continue to be concentrated in the credit-scored community business loan portfolio. Net charge-offs in this portfolio for the third quarter were $731,800 on average outstandings of $99.2 million. During the quarter the Company provided $1.4 million in loan loss provisions, which was $588,000 in excess of net charge-offs. This resulted in an increase in the allowance for loan losses to $22.0 million, or 1.30% of loans outstanding, and 154% of non-performing loans. The primary reasons for increasing the allowance for loan losses were growth in the commercial and industrial and construction loan portfolios, and to a lesser degree an increase in classified loans. Nonperforming assets increased $692,000 to $14.4 million compared to March 31, 2008.

Additional Information

The Company does not hold any preferred stock of either FNMA or FHLMC (Fannie Mae or Freddie Mac) and currently has 120 shares of FNMA common stock. The Company holds $5 million in FNMA debentures in its securities portfolio and holds $615.7 million in mortgage backed securities issued by FHLMC and FNMA.

Note:

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

Headquartered in Montebello, New York, Provident Bank is an independent full-service community bank. Provident Bank operates 33 branches that serve the Hudson Valley region and Bergen County, New Jersey. The bank offers a complete line of commercial, retail and investment management and trust services. Visit the Provident Bank web site at www.providentbanking.com.

9

Provident New York Bancorp and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION

(unaudited, in thousands, except share and per share data)

	June 30, 2008			September 30, 2007			June 30, 2007
Assets:
Cash and due from banks	$	46,208		$	47,291		$	44,485
Total securities		818,603			832,443			836,365
Loans:
One- to four-family residential mortgage loans		510,832			500,825			501,795
Commercial real estate, commercial business and construction loans		936,567			895,233			876,023
Consumer loans		240,452			242,000			236,023
Total loans, gross		1,687,851			1,638,058			1,613,841
Allowance for loan losses		(22,001	)		(20,389	)		(20,699	)
Total loans, net		1,665,850			1,617,669			1,593,142
Federal Home Loan Bank stock, at cost		31,823			32,801			29,827
Premises and equipment, net		34,625			30,079			30,004
Goodwill		160,861			161,154			161,154
Other amortizable intangibles		8,966			11,041			11,782
Bank owned life insurance		47,135			40,818			40,387
Other assets		36,483			28,803			35,655
Total assets	$	2,850,554		$	2,802,099		$	2,782,801
Liabilities:
Deposits
Demand deposits	$	384,381		$	363,731		$	355,990
NOW deposits		199,681			162,537			164,790
Total transaction accounts		584,062			526,268			520,780
Savings		351,431			346,430			369,886
Money market deposits		300,919			277,793			268,424
Certificates of deposit		539,308			563,193			589,737
Total deposits		1,775,720			1,713,684			1,748,827
Borrowings		635,596			661,242			595,411
Mortgage escrow funds and other		38,097			22,084			36,244
Total liabilities		2,449,413			2,397,010			2,380,482
Stockholders’ equity		401,141			405,089			402,319
Total liabilities and stockholders’ equity	$	2,850,554		$	2,802,099		$	2,782,801
Shares of common stock outstanding at period end		39,839,335			41,230,618			41,666,538
Book value per share	$	10.07		$	9.82		$	9.66

10

Provident New York Bancorp and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Unaudited, in thousands, except share and per share data)

	Quarter Ended June 30,				Quarter Ended March 31, 2008		Year to Date Ended June 30,
	2008		2007				2008		2007
Interest and dividend income:
Loans and loan fees	$	25,630	$	27,896	$	26,840	$	81,101	$	80,847
Securities		9,774		9,449		9,799		29,123		29,923
Other earning assets		662		641		726		2,052		1,819
		36,066		37,986		37,365		112,276		112,589
Interest expense:
Deposits		6,187		9,010		7,785		22,895		26,985
Borrowings		5,691		6,645		6,339		19,578		23,111
Total interest expense		11,878		15,655		14,124		42,473		50,096
Net interest income		24,188		22,331		23,241		69,803		62,493
Provision for loan losses		1,400		400		3,000		5,100		1,200
Net interest income after provision for loan losses		22,788		21,931		20,241		64,703		61,293
Non-interest income:
Deposit fees and service charges		3,100		2,848		3,061		9,183		8,478
Net gain on sales of securities		22		0		961		983		4
Title insurance fees		274		308		76		619		855
Bank owned life insurance		455		432		428		1,317		1,613
Investment management fees		750		759		729		2,242		2,107
Other		423		641		498		1,392		1,871
Total non-interest income		5,024		4,988		5,753		15,736		14,928
Non-interest expense:
Compensation and benefits		9,245		8,567		9,061		26,936		24,517
Stock-based compensation plans		973		1,433		924		2,893		4,286
Occupancy and office operations		3,090		2,827		3,294		9,309		8,670
Advertising and promotion		933		1,267		828		2,628		3,024
Professional fees		813		914		892		2,588		2,982
Data and check processing		646		659		694		1,913		1,949
Amortization of intangible assets		636		746		662		1,988		2,323
ATM/debit card expense		456		471		455		1,412		1,365
Other		2,163		2,166		2,114		6,334		6,428
Total non-interest expense		18,955		19,050		18,924		56,001		55,544
Income before income tax expense		8,857		7,869		7,070		24,438		20,677
Income tax expense		2,551		2,433		1,987		7,155		6,199
Net income	$	6,306	$	5,436	$	5,083	$	17,283	$	14,478
Per common share:
Basic earnings	$	0.16	$	0.13	$	0.13	$	0.44	$	0.35
Diluted earnings		0.16		0.13		0.13		0.44		0.35
Dividends declared		0.06		0.05		0.06		0.18		0.15
Weighted average common shares:
Basic		38,719,917		40,722,093		38,847,528		39,014,150		41,012,030
Diluted		39,110,353		41,223,958		39,214,041		39,402,248		41,551,464

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Selected Financial Condition Data:

	Three Months Ended
(in thousands except share and per share data)	06/30/08			03/31/08		12/31/07		09/30/07			06/30/07
	(In thousands)
End of Period
Total assets	$	2,850,554		$	2,823,506	$	2,799,342	$	2,802,099		$	2,782,801
Loans, gross (1)		1,687,851			1,653,638		1,655,437		1,638,058			1,613,841
Securities available for sale		777,161			801,784		780,714		794,997			794,949
Securities held to maturity		41,442			35,484		35,573		37,446			41,416
Bank owned life insurance		47,135			41,680		41,252		40,818			40,387
Goodwill		160,861			161,214		161,154		161,154			161,154
Other amortizable intangibles		8,966			9,633		10,324		11,041			11,782
Other non-earning assets		71,108			63,906		58,033		58,882			65,659
Deposits		1,775,720			1,722,101		1,672,538		1,713,684			1,748,827
Borrowings		635,596			664,115		686,508		661,242			595,411
Equity		401,141			408,163		401,923		405,089			402,319
Average Balances
Total assets	$	2,822,885		$	2,813,448	$	2,780,360	$	2,783,640		$	2,772,666
Loans, gross:
Real estate- residential mortgage		510,383			500,930		499,915		500,261			489,998
Real estate- commercial mortgage		528,308			530,267		537,440		539,618			541,364
Real estate- construction & land development		150,900			153,816		152,615		144,615			123,774
Commercial and industrial		229,122			219,782		210,425		205,832			197,493
Consumer loans		240,488			243,552		243,456		238,073			232,508
Loans total (1)		1,659,201			1,648,347		1,643,851		1,628,399			1,585,137
Securities (taxable)		653,292			661,947		644,336		660,937			695,016
Securities (non-taxable)		177,933			168,968		164,144		156,328			149,125
Total earning assets		2,503,004			2,494,913		2,467,655		2,458,422			2,441,036
Non earning assets		319,881			318,535		312,705		325,218			331,630
Non-interest bearing checking		357,515			370,843		357,246		360,705			348,698
Interest bearing NOW accounts		189,629			169,187		143,396		152,926			160,187
Total transaction accounts		547,144			540,030		500,642		513,631			508,885
Savings (including mortgage escrow funds)		364,763			342,412		348,670		380,749			383,955
Money market deposits		311,120			267,310		259,931		266,714			256,541
Certificates of deposit		545,413			561,935		581,204		585,115			589,733
Total deposits and mortgage escrow		1,768,440			1,711,687		1,690,447		1,746,209			1,739,114
Total interest bearing deposits		1,410,925			1,340,844		1,333,201		1,385,504			1,390,416
Borrowings		629,325			675,150		665,380		612,274			593,467
Equity		405,692			405,326		403,146		401,617			409,528
Other comprehensive income / (loss) (SFAS 115), reflected in stockholders’ equity		(2,708	)		5,638		1,477		(3,917	)		(4,696	)
Selected Operating Data:
Condensed Tax Equivalent Income Statement
Interest and dividend income	$	36,066		$	37,365	$	38,845	$	39,035		$	37,986
Tax equivalent adjustment*		929			918		880		832			807
Interest expense		11,878			14,124		16,471		16,792			15,655
Net interest income (tax equivalent)		25,117			24,159		23,254		23,075			23,138
Provision for loan losses		1,400			3,000		700		600			400
Net interest income after provision for loan losses		23,717			21,159		22,554		22,475			22,738
Non-interest income		5,024			5,753		4,959		4,918			4,988
Non-interest expense		18,955			18,924		18,122		19,045			19,050
Income before income tax expense		9,786			7,988		9,391		8,348			8,676
Income tax expense (tax equivalent)*		3,480			2,905		3,497		3,200			3,240
Net income	$	6,306		$	5,083	$	5,894	$	5,148		$	5,436

(1) Does not reflect allowance for loan losses of $22,001, $21,413, $20,325, $20,389 and $20,699

* Tax exempt income assumed at a 35% federal rate

12

	Three Months Ended
	06/30/08			03/31/08			12/31/07			09/30/07			06/30/07
Performance Ratios (annualized)
Return on Average Assets		0.90	%		0.73	%		0.84	%		0.73	%		0.78	%
Return on Average Equity		6.25	%		5.04	%		5.80	%		5.09	%		5.32	%
Non-Interest Income to Average Assets		0.72	%		0.82	%		0.71	%		0.70	%		0.72	%
Non-Interest Expense to Average Assets		2.70	%		2.71	%		2.59	%		2.71	%		2.75	%
Operating Efficiency		64.9	%		65.3	%		66.3	%		70.1	%		69.7	%
Analysis of Net Interest Income
Yield on:
Loans		6.30	%		6.63	%		7.00	%		7.18	%		7.15	%
Investment Securities- Tax Equivalent		5.18	%		5.19	%		5.12	%		4.94	%		4.87	%
Earning Assets- Tax Equivalent		5.94	%		6.17	%		6.39	%		6.43	%		6.37	%
Cost of:
Interest Bearing Deposits		1.76	%		2.34	%		2.66	%		2.70	%		2.60	%
Borrowings		3.64	%		3.78	%		4.50	%		4.76	%		4.50	%
Interest Bearing Liabilities		2.34	%		2.82	%		3.27	%		3.33	%		3.16	%
Net Interest Tax Equivalent:
Net Interest Rate Spread- Tax Equivalent Basis		3.60	%		3.35	%		3.12	%		3.10	%		3.21	%
Net Interest Margin- Tax Equivalent Basis		4.04	%		3.89	%		3.74	%		3.72	%		3.80	%
Capital Information Data
Tier 1 Leverage Ratio- Bank Only		8.32	%		8.14	%		8.22	%		8.07	%		8.16	%
Tier 1 Risk-Based Capital- Bank Only		223,391			215,420			215,920			212,497			212,906
Total Risk-Based Capital- Bank Only		245,392			236,833			236,245			232,886			233,605
Tangible Capital Consolidated		231,314			237,316			231,186			233,662			230,175
Tangible Capital as a % of Tangible Assets Consolidated		8.63	%		8.95	%		8.80	%		8.88	%		8.75	%
Shares Outstanding		39,839,335			40,086,491			40,125,457			41,230,618			41,666,538
Shares Repurchased Per Stock Repurchase Program		306,443			147,514			1,116,800			460,490			757,500
Basic weighted common shares outstanding		38,719,917			38,847,528			39,469,995			40,101,720			40,722,093
Diluted common shares outstanding		39,110,353			39,214,041			39,805,026			40,543,035			41,223,958
Per Common Share:
Basic Earnings	$	0.16		$	0.13		$	0.15		$	0.13		$	0.13
Diluted Earnings		0.16			0.13			0.15			0.13			0.13
Dividends Paid		0.06			0.06			0.06			0.05			0.05
Book Value		10.07			10.18			10.02			9.82			9.66
Tangible Book Value		5.81			5.92			5.76			5.67			5.52
Asset Quality Measurements
Non-performing loans (NPLs): non-accrual		9,595			9,014			6,053			3,509			3,956
Non-performing loans (NPLs): still accruing		4,647			4,536			3,317			3,749			3,716
Non-performing assets (NPAs)		14,380			13,688			9,507			7,397			8,377
Net Charge-offs		812			1,912			764			910			136
Net Charge-offs as % of average loans (annualized)		0.20	%		0.46	%		0.19	%		0.22	%		0.03	%
NPLs as % of total loans		0.84	%		0.82	%		0.57	%		0.44	%		0.48	%
NPAs as % of total assets		0.50	%		0.48	%		0.34	%		0.26	%		0.30	%
Allowance for loan losses as % of NPLs		154	%		158	%		217	%		281	%		270	%
Allowance for loan losses as % of total loans		1.30	%		1.29	%		1.23	%		1.26	%		1.28	%

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