Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K AMENDMENT NO. 1 - STERLING BANCORP | d428181d8ka.htm |
| EX-99.2 - UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET OF PROVIDENT NEW YORK - STERLING BANCORP | d428181dex992.htm |
Exhibit 99.1
GOTHAM BANK OF NEW YORK
BALANCE SHEET
| June 30, 2012 |
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| Assets: |
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| Cash and due from banks |
$ | 152,437 | ||
| Total available for sale securities |
67,571 | |||
| Loans: |
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| Commercial real estate, commercial business |
207,268 | |||
| Consumer loans |
477 | |||
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|
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| Total loans, gross |
207,745 | |||
| Allowance for loan losses |
(1,910 | ) | ||
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| Total loans, net |
205,835 | |||
| Federal Home Loan Bank stock, at cost |
1,045 | |||
| Accrued interest receivable |
308 | |||
| Premises and equipment, net |
500 | |||
| Other assets |
1,794 | |||
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|
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| Total assets |
$ | 429,490 | ||
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| Liabilities: |
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| Deposits |
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| Demand Deposits |
$ | 80,528 | ||
| NOW deposits |
8,598 | |||
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|
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| Total transaction accounts |
89,126 | |||
| Savings |
4,543 | |||
| Money market deposits |
130,110 | |||
| Certificates of deposit |
140,756 | |||
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|
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| Total deposits |
364,535 | |||
| Securities sold under agreements to repurchase |
20,000 | |||
| FHLB andvances |
10,000 | |||
| Other liabilities |
1,979 | |||
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|
|
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| Total liabilities |
396,514 | |||
| Common stock |
3,052 | |||
| Additional paid in capital |
2,747 | |||
| Treasury stock |
(763 | ) | ||
| Retained earnings |
28,048 | |||
| Accumulated other comprehensive loss, net of taxes |
(108 | ) | ||
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|
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| Stockholders’ equity |
32,976 | |||
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|
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| Total liabilities and stockholders’ equity |
$ | 429,490 | ||
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GOTHAM BANK OF NEW YORK
STATEMENTS OF INCOME
| For the Six Months Ended June 30, |
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| 2012 | 2011 | |||||||
| Interest income: |
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| Loans |
$ | 5,050 | $ | 3,959 | ||||
| Investment securities |
1,042 | 2,916 | ||||||
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| Total interest and dividend income |
6,092 | 6,875 | ||||||
| Interest expense: |
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| Deposits |
1,503 | 1,433 | ||||||
| Borrowings |
342 | 653 | ||||||
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|
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| Total interest expense |
1,845 | 2,086 | ||||||
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| Net interest income |
4,247 | 4,789 | ||||||
| Provision for loan losses |
(492 | ) | 397 | |||||
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| Net interest income after provision for loan losses |
4,739 | 4,392 | ||||||
| Non-interest income: |
||||||||
| Deposit fees and service charges |
120 | 109 | ||||||
| Net gain on sale of securities |
1,693 | 678 | ||||||
| Other |
200 | 142 | ||||||
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| Total non-interest income |
2,013 | 929 | ||||||
| Non-interest expense: |
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| Compensation and employee benefits |
1,843 | 2,204 | ||||||
| Occupancy and office operations |
539 | 567 | ||||||
| Advertising and promotion |
37 | 38 | ||||||
| Professional fees |
331 | 265 | ||||||
| FDIC insurance and regulatory assessments |
109 | 222 | ||||||
| Other |
306 | 322 | ||||||
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| Total non-interest expense |
3,165 | 3,618 | ||||||
| Income before income tax expense |
3,587 | 1,703 | ||||||
| Income tax expense |
1,623 | 778 | ||||||
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| Net Income |
$ | 1,964 | $ | 925 | ||||
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GOTHAM BANK OF NEW YORK
STATEMENT OF CASH FLOWS
| Six months ended 30-Jun-12 |
Six months ended 30-Jun-11 |
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| Cash Flows from operating activities |
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| Net income |
$ | 1,964 | $ | 925 | ||||
| Adjustments |
||||||||
| Provision for loan losses |
(492 | ) | 397 | |||||
| Depreciation and amoritization |
54 | 87 | ||||||
| Net realized gain on sales of securities |
(1,693 | ) | (678 | ) | ||||
| Stock based compensation expense |
3 | 19 | ||||||
| Changes in assets and liabilities |
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| Accrued interest receivable |
825 | (161 | ) | |||||
| Other Assets |
(816 | ) | (649 | ) | ||||
| Other liabilities |
380 | 1,746 | ||||||
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| Net cash from operating activities |
225 | 1,686 | ||||||
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| Cash flows from investing activities |
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| Changes in available for sale securities |
139,088 | (104,402 | ) | |||||
| Changes in held to maturity securities |
— | 77,244 | ||||||
| Changes in net loans |
(26,100 | ) | (24,374 | ) | ||||
| Net decrease (increase) in FHLB stock |
— | 29 | ||||||
| Changes in premises and equipment |
8 | (19 | ) | |||||
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| Net cash for investing activities |
112,996 | (51,522 | ) | |||||
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| Cash flows from financing activities |
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| Net change in deposits |
(4,920 | ) | 18,095 | |||||
| Cash dividends paid |
(147 | ) | (503 | ) | ||||
| Purchase of treasury stock |
— | (126 | ) | |||||
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| Net cash from financing activities |
(5,067 | ) | 17,466 | |||||
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| Net increase in cash and cash equivalents |
108,154 | (32,370 | ) | |||||
| Cash and cash equivalents at beginning of year |
44,283 | 43,034 | ||||||
| Cash and cash equivalents at end of year |
$ | 152,437 | $ | 10,664 | ||||
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