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Provident New York Bancorp in Montebello said Wednesday that it has agreed to acquire Gotham Bank of New York for roughly $40.5 million in cash.
January 18 -
Provident New York Bancorp (PBNY) will raise $100 million through a debt offering.
June 27 -
Provident New York Bancorp (PBNY) and Sterling Bancorp (STL) have reached a settlement with shareholders who alleged that Sterling's board violated its fiduciary duty and failed to disclose crucial information about the two companies' pending merger.
September 13 -
Provident New York says the addition of Sterling Bancorp will super-size returns. Analysts are sold on the combo but question whether the profitability projections for it are realistic.
April 5 -
The $3.8 billion-asset Provident said Thursday it would pay $344 million in stock for Sterling, or about 1.3 shares of Provident stock for each Sterling share.
April 4 -
Provident New York scouted other potential targets in the New York City region besides Sterling, but too many of them still think they can survive as independents, CEO Jack Kopnisky says.
April 4
Provident New York Bancorp (PBNY) in Montebello, N.Y., reported strong earnings in the quarter that ended Sept. 30 thanks to loan growth and a major decrease in merger-related expenses.
The $4 billion-asset Provident posted a profit of $5.3 million, up 130% from the same quarter in 2012. At 12 cents, earnings per share were two cents lower than the estimates of analysts polled by Bloomberg.
The company's net interest income rose 12%, to $28.1 million, primarily because of higher average loan volumes. Provident attributed a $1.4 million interest expense to the
Provident's noninterest income dropped 26%, to $6.6 million. The company attributed the decline to a 43% decrease in net gain on sales of securities as well as falling revenue from investment management and title insurance fees.
Noninterest expenses plummeted 61%, to $23.4 million, thanks largely to an 86% million decrease in merger-related expenses connected to the company's
Improved credit quality allowed Provident to shave 23% from its loan-loss provision, which fell to $2.7 million. Net chargeoffs fell 21%, to $2.2 million.
Provident's
