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Previous: MERCHANTS NEW YORK BANCORP INC, 8-K, EX-99.1, 2000-10-30 |
Next: FOCUS ENHANCEMENTS INC, S-4, 2000-10-30 |
EXHIBIT 99.2
------------
QUARTERLY REPORT TO STOCKHOLDERS
To Our Shareholder and Friends:
A 16% increase in net income and a 21% rise in earnings per share,
diluted, in the three months ended September 30th marked the 32nd
consecutive quarter of record earnings for Merchants New York Bancorp
(NASDAQ: NMS: MBNY). This was the result of quality loan growth, greater
investment income, a contribution of our asset-based lending subsidiary
and cost controls.
In the quarter ending September 30, 2000 net earnings rose to $6,384,583
or $0.34 per share, diluted, up from $5,500,571 or $0.28 per share,
diluted, in the 1999 third quarter.
In the nine month period of 2000 net earnings reached $17,391,784 or $0.93
per share, diluted, up from the then record same period last year of
$14,673,689 or $0.76 per share, diluted, up 18.5%.
On September 5, 2000 Merchants New York Bancorp announced it had entered
into a definitive merger agreement with Valley National Bancorp (NYSE:
VLY), Wayne, New Jersey. The merger is expected to close in the first
quarter of 2001. If the merger is concluded there will be no changes at
Merchants Bank. We will keep the name The Merchants Bank of New York and
will operate as a Division of Valley National Bank. Our clients will
receive the same attention from the same people they are accustomed to
dealing with.
The "Good Old Bank" continues and its motto remains: "The Safety of the
Depositors comes first - earnings will inevitably follow."
Cordially yours,
/s/ Spencer B. Witty
--------------------
Chairman of the Board
<PAGE>
MERCHANTS NEW YORK BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
For the Periods Ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
September 30, September 30,
2000 1999
--------------- --------------
ASSETS
<S> <C> <C>
Cash and Due from Banks $ 43,072,119 $ 42,915,580
Federal Funds Sold 8,000,000 6,000,000
Investment Securities Available for Sale at Market Value 567,492,364 613,033,278
Investment Securities Held to Maturity (Market Value of $242,270,656
in 2000 and $200,902,190 in 1999) 242,287,366 200,481,279
Loans, Net of Discounts, Less Allowance for Loan Losses
(Allowance is $10,300,353 in 2000 and $8,523,961 in 1999) 537,218,438 453,802,805
Bank Premises and Equipment 6,015,397 6,189,944
Customers' Liability on Acceptances 19,328,937 14,555,827
Other Assets 16,434,520 12,913,425
-------------- --------------
Total Assets $1,439,849,141 $1,349,862,138
-------------- --------------
LIABILITIES
Deposits $ 956,355,350 $ 898,028,229
Securities Sold Under Repurchase Agreements 260,000,000 170,000,000
FHLB Term Advances 70,000,000 130,000,000
Other Short-term Borrowings 14,919,718 14,491,893
Acceptances Outstanding 19,328,937 14,555,827
Other Liabilities 14,949,427 13,699,266
-------------- --------------
Total Liabilities 1,335,553,432 1,240,775,215
STOCKHOLDERS' EQUITY
Capital Stock $.001 Par Value;
40,000,000 Shares Authorized;
19,978,664 Shares issued in 2000 and 1999 19,978 19,978
Surplus 23,879,440 23,879,363
Undivided Profits 104,512,761 93,090,902
Treasury Stock at Cost,
1,331,121 and 725,960 Shares in 2000 & 1999,
Respectively (20,480,089) (10,296,603)
Accumulated Other Comprehensive Income, Net of Tax:
Unrealized (Depreciation) Appreciation on Securities
Available for Sale (3,636,381) 2,393,283
-------------- --------------
Total Stockholders' Equity 104,295,709 109,086,923
Total Liabilities and Stockholders' Equity $1,439,849,141 $1,349,862,138
============== ==============
</TABLE>
THE STOCK OF MERCHANTS NEW YORK BANCORP IS TRADED ON THE NASDAQ NATIONAL MARKET.
OUR SYMBOL IS "MBNY".
2
<PAGE>
MERCHANTS NEW YORK BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months Ended September 30, 2000 and 1999
<TABLE>
<CAPTION>
September 30, 2000 September 30, 1999
------------------ ------------------
<S> <C> <C>
INTEREST AND DIVIDEND INCOME
Loans $33,779,905 $24,399,759
Securities:
Taxable 41,122,838 37,563,150
Non-Taxable 3,407,850 3,440,290
Other 778,066 373,176
----------- -----------
Total Interest and Dividend Income 79,088,659 65,776,375
INTEREST EXPENSE
Deposits 21,679,934 19,290,926
Securities Sold Under Repurchase Agreements 10,128,168 6,481,630
FHLB Term Advances 3,694,240 2,120,287
Other Short-term Borrowings 751,383 502,268
----------- -----------
Total Interest Expense 36,253,725 28,395,111
Net Interest Income 42,834,934 37,381,264
Provision for Loan Losses 2,475,000 1,215,000
Net Interest Income After Provision for Loan Losses 40,359,934 36,166,264
Non Interest Income 5,492,399 4,767,932
Non Interest Expense 19,641,677 19,083,486
----------- -----------
Income Before Income Taxes 26,210,656 21,850,710
Provision for Income Taxes 8,818,872 7,177,021
----------- -----------
NET INCOME $17,391,784 $14,673,689
----------- -----------
Earnings per share, basic $0.93 $0.76
Earnings per share, diluted $0.93 $0.76
=========== ===========
</TABLE>
THE STOCK OF MERCHANTS NEW YORK BANCORP IS TRADED ON THE NASDAQ NATIONAL MARKET.
OUR SYMBOL IS "MBNY".
3
<PAGE>
Merchants New York Bancorp
AND
The Merchants Bank Of New York
Spencer B. Witty
Chairman of the Board
James G. Lawrence
President & Chief Executive Officer
William J. Cardew
Vice Chairman & Chief Operating Officer
Rudolf H. Hertz*
Vice Chairman of the Board
Charles I. Silberman*
Vice Chairman of the Board
Eric W. Gould
Executive Vice President & Treasurer
M. Nasette Aranda
Vice President & Comptroller
Karen L. Deitz
Corporate Secretary
Directors
---------
Charles J. Baum
William J. Cardew
Eric W. Gould
Rudolf H. Hertz
James G. Lawrence
Robinson Markel
Paul Meyrowitz
Alan Mirken
Mitchell J. Nelson
Leonard Schlussel
Charles I. Silberman
Marcia Toledano
Spencer B. Witty
*Officer of Bancorp
4
<PAGE>
THE MERCHANTS BANK OF NEW YORK
AND SUBSIDIARY
Executive Vice President & Chief Credit Officer
Stephen A. Barrow
Executive Vice President & Treasurer
Eric W. Gould
Senior Vice Presidents & Division Heads
Rosemarie A. Calabro Leonard S. Levine
Joseph M. Cestone Janet L. Markel
Senior Vice Presidents
Michael D. Altman Joseph R. Criscione
Gerald H. Attanasio Lester Nadel
Vice Presidents & Department/Group Managers
Ruth T. Aimetti, Human Resources Joseph J. Nicolosi, Corp. Lending I
M. Nasette Aranda, Comptroller T. John Santoro, R.E. & Admin Svcs.
Andrew S. Baron, Corp. Lending I Kenneth J. Satchwill, Corp. Lending II
Brian Cardew, Corp. Lending II Mary J. Scarpelli, Auditor
James K. Moore, Corp. Lending I
Corporate Secretary
Karen L. Deitz
Vice Presidents
Javier R. Carrera Lawrence I. Kohn Ralph Salvaggio
John U. Doekker Simeon Kovacic Brian T. Schillino
Joseph I. Edelman Mitchell S. Krener Dennis J. Sheridan
Michael S. Hassani Mary Jane G. Lerias Thomas J. Stackhouse
Leonard Katcher Patricia A. Miller Joseph J. Wynne
Elliot Reiner
Assistant Vice Presidents
Orlando S. Acevedo David S. Kaplan Kenneth Renga, AAP
Philip S. Cameron James T. Kung Patricia A. Revell
John J. Cronin William A. Matos Elaine P. Sacks
Fontaine Firenze Ronald Mattioli Raymond F. Tornabene
Babulal P. Kapadia M. Carolina Nolasco Harry Woods
Joseph Radice
Assistant Vice Presidents & Assistant Comptrollers
Joanna Robinson Perrie H. McCloud
Assistance Vice President & Assistant Auditor
Allan W. Trowbridge, CISA
5
<PAGE>
Assitant Comptroller
Richard A. Francia
Assistant Auditor
Rolando Tubungbanua
Assistant Cashiers
Amelita L. Antonio Temistocles Garces, Jr. Frances Nardella
Peter G. Balram Paul A Gotta Avelino Ordiales
James W. Bogart Paul L. Hammer Pamela G. Patterson
John V. Buoniconti Hetty A. Johnson Eugene P. Schreiner
Kenrick Clarke Emilie Llerena Gloria R. Trujillo
Georgette W. Coombs Debra J. Lott Esteban A. Espiritu
Immaculada C. Marquez
MERCHANTS NEW YORK COMMERCIAL CORP.
Irwin Schwartz
President and Chief Executive Officer
Alexander Rodetis, Jr.
Executive Vice President
Joseph M. Triscoli
Vice President
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