Provident New York Bancorp Announces Third Quarter 2012 Earnings of $0.17 per Diluted Share

MONTEBELLO, NY--(Marketwire - Jul 23, 2012) - Provident New York Bancorp (NYSE: PBNY), the parent company of Provident Bank, today announced third fiscal quarter results for the period ended June 30, 2012. Net income for the quarter was $6.2 million, or $0.17 per diluted share, compared to net income of $1.9 million, or $0.05 per diluted share for same quarter last year and $5.7 million, or $0.15 per diluted share for the linked quarter ended March 31, 2012.

President's Comments
Jack Kopnisky, President and CEO, commented: "In the third fiscal quarter, we continued to see the impact of our growth strategy in all areas of the Bank as a result of our focus on strong, consistent execution. This focus has resulted in historically high loan growth, which generated $206.2 million in total loan originations during the third quarter; of which a record $107 million were originated and funded during the month of June 2012. We have been able to accomplish this growth while maintaining strong credit underwriting standards, and increasing our net interest margin to 3.59% at June 30, 2012 from 3.57% in the previous quarter. Commercial loans balances have grown 29.1%, excluding ADC, and deposits are up 11.2% year over year as a result of our team based strategy in our legacy and New York City markets.

We continue to see strong earnings, bolstered by our strategy and the efficiencies that we have been able to gain over the last 9 months. Earnings for the quarter ending June 30, 2012, of $0.17 cents per diluted share, represents an increase of 240% over the $0.5 cents per diluted share reported for the same quarter last year. Year to date earnings of $17.6 million at June 30, 2012, represents a 44.1% increase over the prior year amount of $12.2 million. Our efficiency ratio has also improved as of June 30, 2012, to 65.5% from 71% at June 30, 2011.

Our focused management of non-performing loans showed significant progress during the third fiscal quarter, reducing to $44.5 million at June 30, 2012 from $52 million at March 31, 2012. This represents a 14.4% decrease in non-performing loans quarter over quarter. Net charge offs as a percentage of average loans improved to 55 basis points compared to 74 basis points last quarter and 103 basis points last year. The level of criticized/classified loans was down as are delinquency levels at June 30, 2012.

We received federal regulatory approval for our acquisition of Gotham Bank in July, 2012. We expect to complete the Gotham acquisition in August 2012."

Key items for the quarter

• Total loan originations were $206.2 million compared to $166.6 million in the linked quarter.
• Non-performing loans reduced by $7.5 million from $52 million at March 31, 2012, to $44.5 million at June 30, 2012.
• Provision for loan losses were $2.3 million compared to $2.9 million for the linked quarter, and $3.6 million for the same quarter last year.
• Coverage of allowance for loan losses to non-performing loans increased to 62% for the quarter as compared to 53% in the linked quarter, while the allowance for loan losses to total loans ended the period at 1.49%.
• Net interest margin improved by 2 basis points over the linked quarter to 3.59 percent.
• Securities gains were $1.4 million, after tax.

Net Interest Income and Margin
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Net interest income was $24.1 million for the third quarter of fiscal 2012, up $1.3 million from the same quarter of fiscal 2011. Reflecting the current interest rate environment, the tax-equivalent yield on investments decreased 8 basis points and loan yields were down 40 basis points compared to the third quarter fiscal 2011. As a result, the yield on interest-earning assets declined 30 basis points. The cost of deposits decreased 7 basis points to 0.22 percent, and the cost of borrowings increased by 10 basis points to 3.77 percent. The resulting net interest margin on a tax-equivalent basis was 3.59 percent for the third quarter of fiscal 2012, compared to 3.70 percent for the same period a year ago.

Third quarter fiscal 2012 compared with linked quarter ended March 31, 2012
Net interest income for the quarter ended June 30, 2012 increased compared to the linked quarter ended March 31, 2012 by $177,000. The tax-equivalent net interest margin increased to 3.59% from 3.57% in the linked quarter. Overall, loan yields remained above 5% throughout the quarter, while investment yields held steady at approximately 2.8%. Deposit costs increased by 1 basis point, while borrowings increased by a modest amount -- albeit at a lower borrowing volume, neither of which had a significant impact on the margin.

Noninterest Income
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Noninterest income totaled $8.0 million for the third quarter, an increase of $2.8 million over the third quarter of fiscal 2011. The primary driver of the increase was higher gains on sales of securities of $1.9 million and higher gains on sales of loans of $569,000.

Third quarter fiscal 2012 compared with linked quarter ended March 31, 2012
Noninterest income was stable on a linked quarter basis.

Noninterest Expense
Third quarter fiscal 2012 compared with third quarter fiscal 2011
Noninterest expense decreased $1.5 million, when compared to the third quarter fiscal 2011, mostly due to charges incurred during the third quarter of fiscal 2011 related to the change in our CEO. The third fiscal quarter of 2012 also included $451,000 of merger related expenses.

Third quarter fiscal 2012 compared with the linked quarter ended March 31, 2012
On a linked quarter basis, noninterest expense decreased $128,000. Compensation and benefits decreased due to a true up in accruals for the incentive compensation plan. Increases of $152,000 were seen in one-time expenses related to Gotham acquisition, totaling approximately $997,000 year to date.

Income Taxes
The Company recorded income tax expense for the third fiscal quarter of 2012 at an effective tax rate of 27.7 percent compared to (10.7) percent for the same period in fiscal 2011. The difference is primarily due to an increased write-off of credits in 2011, as well as larger tax-exempt municipal security interest relative to pre-tax income for fiscal 2011.

Credit Quality
Nonperforming loans decreased to $44.5 million at June 30, 2012 from $52.0 million at March 31, 2012. This improvement came primarily from returning one ADC relationship to performing status based on payment performance. Net charge-offs for the quarter ended June 30, 2012 were $2.5 million compared to $3.3 million for the linked quarter and $4.3 million for the third quarter of fiscal 2011. Charge-offs resulted primarily from write-downs of residential and commercial real estate in the process of foreclosure. The provision was $2.3 million for the current quarter, resulting in an allowance for loan losses of $27.6 million, or 62 percent of non-performing loans at June 30, 2012. This compares to 53 percent at March 31, 2012 and 61 percent at June 30, 2011. The provision was less than charge-offs as all of the charge-offs were previously considered in our allowance for loan loss methodologies and processes. Substandard loans decreased $2.1 million during the third fiscal quarter due to improvement in a number of loans which were ultimately upgraded. Special mention loans remained flat.

Key Balance Sheet Changes

• The balance sheet decreased $60.8 million or 1.9 percent compared to March 31, 2012 due primarily to decreases in investment securities of $142.1 million, partially offset by an increase in gross loans of $51.9 million.
• Deposits increased $74.2 million compared to March 31, 2012, excluding municipal and wholesale deposits, with the majority coming from transaction and money market accounts. Wholesale deposits were $50.4 million and $34.1 million at June 30, 2012 and March 31, 2012, respectively.
• Total loan originations during third quarter fiscal 2012 were $206.2 million compared to $166.6 million in the linked quarter. Commercial real estate balances including multi-family loans increased by $52.1 million or 6.1% over March 31, 2012 levels, more than offsetting declines in other categories.
• Securities decreased $142.1 million over March 31, 2012 levels, primarily due to purchases of $33.2 million in securities during the third fiscal quarter partially offset by sales of $82.5 million, with associated gains of $2.4 million, and $95.7 million in calls, maturities and principal pay downs.
• Foreclosed properties increased 25% over March 31, 2012 to $7.3 million at June 30, 2012, as we continue to actively manage our portfolios and move to resolution through foreclosure in a prudent and timely manner.

Capital and Liquidity
Provident Bank remained well-capitalized at June 30, 2012 with a Tier 1 Leverage ratio of approximately 8.41 percent. Tangible book value per share increased to $7.35 at June 30, 2012 from $7.25 at March 31, 2012. Total capital increased $3.4 million from March 31, 2012, to $443.1 million at June 30, 2012, due primarily to a net increase of $2.4 million in the Company's retained earnings and $698,000 in accumulated other comprehensive income.

About Provident New York Bancorp
Headquartered in Montebello, N.Y., Provident Bank, with $3.2 billion in assets, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City marketplace through teams of dedicated and experienced relationship managers. Our franchise includes 36 Financial Centers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Provident Bank 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 the filing with the Securities and Exchange Commission of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. 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 period, even though the new information was received by management subsequent to the date of this release.

Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(unaudited, in thousands, except share and per share data)
					June 30,				September 30,				March 31,
					2012				2011				2012
Assets:
Cash and due from banks					$	111,400			$	281,512			$	89,019
Total securities						885,433				849,884				1,027,541
Loans held for sale						5,369				4,176				1,736
Loans:
	One- to four-family residential mortgage loans					357,943				389,765				366,675
	Commercial real estate, commercial business					1,114,764				913,279				1,053,208
	Acquisition, development and construction loans					165,125				175,931				163,808
	Consumer loans					213,195				224,824				215,421
			Total loans, gross			1,851,027				1,703,799				1,799,112
	Allowance for loan losses					(27,587	)			(27,917	)			(27,787	)
			Total loans, net			1,823,440				1,675,882				1,771,325
Federal Home Loan Bank stock, at cost						18,207				17,584				17,129
Premises and equipment, net						38,877				40,886				39,162
Goodwill						160,861				160,861				160,861
Other amortizable intangibles						3,718				4,629				4,001
Bank owned life insurance						58,506				56,967				57,987
Foreclosed properties						7,292				5,391				5,828
Other assets						36,937				39,630				36,282
			Total assets		$	3,150,040			$	3,137,402			$	3,210,871
Liabilities:
	Deposits
		Retail			$	167,527			$	194,299			$	167,247
		Commercial				320,849				296,505				314,177
		Municipal				15,936				160,422				20,339
		Personal NOW deposits				203,290				164,637				198,084
		Business NOW deposits				39,170				37,092				34,407
		Municipal NOW deposits				180,433				200,773				182,098
			Total transaction accounts			927,205				1,053,728				916,352
		Savings				476,349				429,825				479,648
		Money market deposits				673,498				509,483				698,899
		Certificates of deposit				255,039				303,659				274,089
			Total deposits			2,332,091				2,296,695				2,368,988
	Borrowings					314,154				323,522				313,849
	Borrowings Senior Note					-				51,499				-
	Mortgage escrow funds and other liabilities					60,667				34,552				88,335
			Total liabilities			2,706,912				2,706,268				2,771,172
Stockholders' equity						443,128				431,134				439,699
			Total liabilities and stockholders' equity		$	3,150,040			$	3,137,402			$	3,210,871
Shares of common stock outstanding at period end						37,899,007				37,864,008				37,899,007
Book value per share					$	11.69			$	11.39			$	11.60

Provident New York Bancorp and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited, in thousands, except share and per share data)
									Three
			Three Months Ended						Months Ended			Nine Months Ended
			June 30,						March 31,			June 30,
			2012			2011			2012			2012			2011
Interest and dividend income:
	Loans and loan fees		$	22,312		$	22,261		$	22,153		$	66,614		$	67,505
	Securities taxable			4,224			3,607			4,415			12,629			10,668
	Securities non-taxable			1,581			1,829			1,599			4,954			5,655
	Other earning assets			228			237			244			727			968
Total interest income				28,345			27,934			28,411			84,924			84,796
Interest expense:
	Deposits			1,262			1,493			1,217			3,792			4,720
	Borrowings			3,001			3,637			3,289			9,907			11,578
Total interest expense				4,263			5,130			4,506			13,699			16,298
Net interest income				24,082			22,804			23,905			71,225			68,498
Provision for loan losses				2,312			3,600			2,850			7,112			7,800
Net interest income after provision for loan losses				21,770			19,204			21,055			64,113			60,698
Non-interest income:
	Deposit fees and service charges		$	2,816		$	2,674		$	2,706		$	8,312		$	8,085
	Net gain on sales of securities			2,412			542			2,899			7,300			5,492
	Other than temporary loss on securities			(6	)		(27	)		-			(44	)		(27	)
	Title insurance fees			249			312			265			774			949
	Bank owned life insurance			518			488			502			1,538			1,535
	Gain on sale of loans			578			9			450			1,468			861
	Investment management fees			802			815			800			2,367			2,347
	Fair value gain (loss) on interest rate caps			(14	)		(259	)		(40	)		(57	)		(27	)
	Other			624			663			389			1,468			1,681
Total non-interest income				7,979			5,217			7,971			23,126			20,896
Non-interest expense:
	Compensation and benefits			10,845			11,122			11,395			33,165			33,533
	Stock-based compensation plans			326			284			284			885			859
	Merger related expenses			451			-			299			997			-
	Restructuring charge(severance/branch relocation)			-			1,494			-			-			1,772
	Occupancy and office operations			3,388			3,423			3,409			10,498			10,815
	Advertising and promotion			440			855			427			1,480			2,651
	Professional fees			1,128			1,137			1,056			3,111			3,242
	Data and check processing			705			712			710			2,087			2,045
	Amortization of intangible assets			283			305			305			911			1,088
	FDIC insurance and regulatory assessments			782			587			743			2,253			2,274
	ATM/debit card expense			437			400			425			1,273			1,159
	Foreclosed property expense			428			461			412			1,045			494
	Other			1,949			1,889			1,825			5,468			5,797
Total non-interest expense				21,162			22,669			21,290			63,173			65,729
Income before income tax expense				8,587			1,752			7,736			24,066			15,865
Income tax expense				2,378			(187	)		2,035			6,439			3,633
Net income			$	6,209		$	1,939		$	5,701		$	17,627		$	12,232
	Basic earnings per common share		$	0.17		$	0.05		$	0.15		$	0.47		$	0.33
	Diluted earnings per common share			0.17			0.05			0.15			0.47			0.33
	Dividends declared			0.06			0.06			0.06			0.18			0.18
Weighted average common shares:
	Basic			37,302,693			37,368,391			37,280,651			37,278,507			37,472,548
	Diluted			37,330,467			37,370,213			37,316,778			37,292,366			37,473,167

Selected Financial Condition Data:				Three Months Ended
(in thousands except share and per share data)				06/30/12			03/31/12			12/31/11			09/30/11				06/30/11
End of Period
Total assets				$	3,150,040		$	3,210,871		$	3,084,166		$	3,137,402			$	2,976,057
Loans, gross (1)					1,851,027			1,799,112			1,775,893			1,703,799				1,685,272
Securities available for sale					714,200			852,717			785,462			739,844				919,805
Securities held to maturity					171,233			174,824			182,076			110,040				25,425
Bank owned life insurance					58,506			57,987			57,485			56,967				56,454
Goodwill					160,861			160,861			160,861			160,861				160,861
Other amortizable intangibles					3,718			4,001			4,306			4,629				4,967
Other non-earning assets					83,106			80,020			78,710			85,907				88,321
Deposits					2,332,091			2,368,988			2,135,555			2,296,695				2,098,073
Borrowings					314,154			313,849			468,543			375,021				401,831
Equity					443,128			439,699			437,682			431,134				429,037
Other comprehensive income related to investment securities reflected in stockholders' equity					14,141			13,780			15,823			13,604				5,769
Average Balances
Total assets				$	3,133,958		$	3,131,854		$	3,062,520		$	2,978,273			$	2,915,988
Loans, gross:
	Real estate- residential mortgage				360,487			374,498			385,269			398,420				384,582
	Real estate- commercial mortgage				868,963			838,935			752,325			681,165				648,371
	Real estate- Acquisition, Development & Construction				165,442			163,116			172,155			186,398				198,120
	Commercial and industrial				205,051			197,507			203,929			208,181				222,128
	Consumer loans				215,555			220,537			224,422			226,687				228,993
Loans total (1)					1,815,498			1,794,593			1,738,100			1,700,851				1,682,194
Securities (taxable)					778,782			799,753			696,293			717,893				688,445
Securities (non-taxable)					182,003			185,062			205,366			208,692				208,643
Total earning assets					2,797,093			2,792,042			2,715,027			2,634,941				2,580,429
Non earning assets					336,865			339,812			347,493			343,332				335,559
Non-interest bearing checking					483,589			503,539			500,621			486,504				464,197
Interest bearing NOW accounts					412,072			389,846			398,885			309,729				296,677
Total transaction accounts					895,661			893,385			899,506			796,233				760,874
Savings (including mortgage escrow funds)					493,234			463,971			445,236			461,566				444,913
Money market deposits					697,342			654,013			577,387			504,476				529,286
Certificates of deposit					265,375			284,737			302,713			371,907				346,903
Total deposits and mortgage escrow					2,351,612			2,296,106			2,224,842			2,134,182				2,081,976
Total interest bearing deposits					1,868,023			1,792,567			1,724,221			1,647,678				1,617,779
Borrowings					320,237			375,766			392,785			391,391				397,531
Equity					441,956			439,384			431,129			433,841				424,961
Selected Operating Data:
Condensed Tax Equivalent Income (Loss) Statement
Interest and dividend income				$	28,345		$	28,411		$	28,168		$	27,817			$	27,934
Tax equivalent adjustment*					852			861			955			962				985
Interest expense					4,263			4,506			4,930			5,026				5,130
		Net interest income (tax equivalent)			24,934			24,766			24,193			23,753				23,789
Provision for loan losses					2,312			2,850			1,950			8,784				3,600
		Net interest income after provision for loan losses			22,622			21,916			22,243			14,969				20,189
Non-interest income					7,979			7,971			7,176			9,056				5,217
Non-interest expense					21,162			21,290			20,721			24,382				22,669
Income (loss) before income tax expense					9,439			8,597			8,698			(357	)			2,737
Income tax expense (tax equivalent)*					3,230			2,896			2,981			136				798
		Net income (loss)		$	6,209		$	5,701		$	5,717		$	(493	)		$	1,939

(1)		Does not reflect allowance for loan losses of $27,587, $27,787, $28,245, $27,917, and $29,385.
*		Tax exempt income assumed at a statutory 35% federal rate

		Three Months Ended
		06/30/12			03/31/12			12/31/11			09/30/11			06/30/11
Performance Ratios (annualized)
Return on Average Assets			0.80	%		0.73	%		0.74	%		-0.07	%		0.27	%
Return on Average Equity			5.65	%		5.22	%		5.26	%		-0.45	%		1.83	%
Non-Interest Income to Average Assets			1.02	%		1.02	%		0.93	%		1.21	%		0.72	%
Non-Interest Expense to Average Assets			2.72	%		2.73	%		2.68	%		3.25	%		3.12	%
Operating Efficiency Adjusted (2)			65.53	%		67.86	%		67.80	%		70.24	%		70.99	%
Analysis of Net Interest Income
Yield on Loans			5.01	%		5.03	%		5.13	%		5.22	%		5.41	%
Yield on Investment Securities- Tax Equivalent			2.79	%		2.81	%		2.96	%		2.81	%		2.87	%
Yield on Earning Assets- Tax Equivalent			4.20	%		4.22	%		4.26	%		4.33	%		4.50	%
Cost of Deposits			0.22	%		0.21	%		0.23	%		0.26	%		0.29	%
Cost of Borrowings			3.77	%		3.52	%		3.65	%		3.69	%		3.67	%
Cost of Interest Bearing Liabilities			0.78	%		0.84	%		0.92	%		0.98	%		1.02	%
Net Interest Rate Spread- Tax Equivalent Basis			3.42	%		3.38	%		3.34	%		3.35	%		3.48	%
Net Interest Margin- Tax Equivalent Basis			3.59	%		3.57	%		3.54	%		3.58	%		3.70	%
Capital Information Data
Tier 1 Leverage Ratio- Bank Only (Preliminary)			8.41	%		8.30	%		8.51	%		8.14	%		8.77	%
Tier 1 Risk-Based Capital- Bank Only (Preliminary)			250,164			252,586			247,433			241,196			246,291
Total Risk-Based Capital- Bank Only (Preliminary)			274,751			277,512			273,967			265,307			271,483
Tangible Capital Consolidated (3)			278,549			274,837			272,515			265,644			263,209
Tangible Capital as a % of Tangible Assets Consolidated (3)			9.33	%		9.02	%		9.34	%		8.94	%		9.37	%
Shares Outstanding			37,899,007			37,899,007			37,883,008			37,864,008			38,005,866
Shares Repurchased during qrtr(open market)			-			-			-			183,000			66,108
Basic weighted common shares outstanding			37,302,693			37,280,651			37,252,464			37,332,121			37,368,391
Diluted common shares outstanding			37,330,467			37,316,778			37,252,464			37,332,245			37,370,213
Basic (loss) earnings per common share		$	0.17		$	0.15		$	0.15		$	(0.01	)	$	0.05
Diluted (loss) earnings per common share			0.17			0.15			0.15			(0.01	)		0.05
Dividends Paid per common share			0.06			0.06			0.06			0.06			0.06
Book Value per common share			11.69			11.60			11.55			11.39			11.29
Tangible Book Value per common share (3)			7.35			7.25			7.19			7.02			6.93
Asset Quality Measurements
Non-performing loans (NPLs): non-accrual		$	41,048		$	47,269		$	40,777		$	36,477		$	42,226
Non-performing loans (NPLs): still accruing			3,450			4,693			5,136			4,090			5,837
Other Real Estate Owned			7,292			5,828			5,625			5,391			5,184
Non-performing assets (NPAs)			51,790			57,790			51,538			45,958			53,247
Troubled Debt Restructures still accruing			12,110			7,939			8,543			9,326			7,447
Net Charge-offs			2,512			3,308			1,622			10,252			4,345
Net Charge-offs as % of average loans (annualized)			0.55	%		0.74	%		0.37	%		2.41	%		1.03	%
NPLs as % of total loans			2.40	%		2.89	%		2.59	%		2.38	%		2.85	%
NPAs as % of total assets			1.64	%		1.80	%		1.67	%		1.46	%		1.79	%
Allowance for loan losses as % of NPLs			62	%		53	%		62	%		69	%		61	%
Allowance for loan losses as % of total loans			1.49	%		1.54	%		1.59	%		1.64	%		1.74	%
Special mention loans			37,555			37,379			18,424			23,026			24,099
Substandard / doubtful loans			86,907			89,135			99,383			93,989			103,825

(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 institutions, in calculating the 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:

		06/30/12			03/31/12			12/31/11			09/30/11			06/30/11
Total Assets		$	3,150,040		$	3,210,871		$	3,084,166		$	3,137,402		$	2,976,057
Goodwill and other amortizable intangibles			(164,579	)		(164,862	)		(165,167	)		(165,490	)		(165,828	)
Tangible Assets		$	2,985,461		$	3,046,009		$	2,918,999		$	2,971,912		$	2,810,229
Stockholders' equity			443,128			439,699			437,682			431,134			429,037
Goodwill and other amortizable intangibles			(164,579	)		(164,862	)		(165,167	)		(165,490	)		(165,828	)
Tangible Stockholders' equity		$	278,549		$	274,837		$	272,515		$	265,644		$	263,209
Outstanding Shares			37,899,007			37,899,007			37,883,008			37,864,008			38,005,866
Tangible capital as a % of tangible assets (consolidated)			9.33	%		9.02	%		9.34	%		8.94	%		9.37	%
Tangible book value per share		$	7.35		$	7.25		$	7.19		$	7.02		$	6.93