NEW YORK, Nov. 20, 2007 (PRIME NEWSWIRE) -- Carver Bancorp, Inc. (the "Company") (Nasdaq:CARV), the holding company for Carver Federal Savings Bank, today announced its results of operations for the three- and six-month periods ended September 30, 2007, the second quarter of the fiscal year ending March 31, 2008 ("fiscal 2008").
The Company reported net income of $0.8 million and diluted earnings per share of $0.30 for the second quarter of fiscal 2008, compared to a net loss of $0.9 million and diluted loss per share of $0.36 for the second quarter of fiscal 2007. For the six month period ended September 30, 2007, the Company reported net income of $1.9 million, or $0.74 per diluted share, compared to a net loss of $0.1 million, or $0.04 per diluted share, for the prior year period last year. Excluding special charges in the three- and six-month periods ended September 30, 2006, on a non-GAAP basis the Company's adjusted net income was $0.7 million and $1.5 million, or $0.23 per diluted share and $0.59 per diluted share, respectively.
Deborah C. Wright, the Company's Chairman and CEO, stated: "Carver's earnings and other key metrics were stable in the second quarter, during an obviously challenging period for the banking industry. Net income was up modestly, on an ongoing basis year over year, as net interest margin increased 24% and fee income from our lending and retail businesses increased 41%. I'm pleased to note that credit quality remains solid. In addition, Carver's New Markets Tax Credit ("NMTC") award continues to provide a net income tax benefit. Nevertheless, expenses rose sharply as results include absorption of Community Capital Bank's ("CCB") operations, investments in new talent, costs in preparation for implementation of Sarbanes-Oxley Act Section 404 at the end of this fiscal year, and other consulting assistance. In coming months we will announce specific measures to improve our cost structure."
Ms. Wright also announced that on November 19, 2007, the Company's Board of Directors declared a cash dividend on its common stock of ten cents ($0.10) per share for the quarter ended September 30, 2007. Ms. Wright said: "The dividend reflects the Board of Directors' continued confidence in Carver's long-term growth and earnings outlook." The dividend will be payable on December 17, 2007 to stockholders of record at the close of business on December 3, 2007.
Income Statement Highlights
Second Quarter Results
The Company reported net income for the quarter ended September 30, 2007 of $0.8 million compared to a net loss of $0.9 million for the prior year period, an increase of $1.7 million. These results primarily reflect an increase in net interest income of $1.3 million and an increase in non-interest income of $1.8 million, offset by increases in non-interest expense of $1.0 million and a decline in income tax benefit of $0.4 million. The prior year period included special charges of $1.3 million in transaction costs to acquire CCB and $1.3 million to accelerate the Company's balance sheet repositioning.
Interest income increased by $2.7 million, or 28.9%, to $12.1 million for the quarter ended September 30, 2007, compared to $9.4 million in the prior year period. Interest income increased primarily as a result of an increase in average loan balances and yields this fiscal period compared to the prior year period. The average loan balance increased $131.8 million, or 26%, to $639.3 million in the quarter ended September 30, 2007 compared to $507.5 million for the prior year period, due to balances acquired from CCB and originations. The increase in interest income also benefited from the mix of loan originations offset by a decline in the average balance of mortgage-backed securities, though yields increased. Overall, the annualized average yield on total interest-earning assets increased 67 basis points to 6.85% for the quarter ended September 30, 2007 compared to 6.18% for the prior year period, reflecting increases in yields on loans and total securities of 44 basis points and 127 basis points, respectively.
Interest expense increased by $1.4 million, or 34.9%, to $5.6 million for the three months ended September 30, 2007, compared to $4.2 million for the prior year period. The higher interest expense resulted primarily from a 49 basis point increase in the annualized average cost of interest-bearing liabilities to 3.47% for the three months ended September 30, 2007, compared to 2.98% for the prior year period. Additionally, the average balance of interest-bearing liabilities increased $94.0 million, or 16.9%, to $649.5 million, compared to $555.5 million for the prior year period. The increase in interest expense was primarily the result of interest paid on deposits due to an increase of $101.6 million, or 21.8%, in the average balance of interest-bearing deposits to $567.5 million for the three months ended September 30, 2007, compared to $465.9 million for the prior year period. In addition, a 65 basis point increase in the rate paid on deposits to 3.23% compared to 2.58% for the prior year period contributed to the increase.
The Company did not provide for additional loan reserves for the three months ended September 30, 2007, as it considers the overall allowance for loan losses to be adequate.
Total non-interest income for the quarter ended September 30, 2007 increased $1.8 million to $1.5 million, compared to a loss of $0.3 million for the prior year period. The increase in non-interest income resulted mainly from an increase of $0.3 million in loan fees and service charges to $0.5 million compared to $0.2 million for the prior year period. In addition, the prior year period included a $1.3 million charge associated with the balance sheet repositioning initiative implemented to improve margins.
Non-interest expense for the quarter ended September 30, 2007 increased $1.0 million, or 15.3%, to $7.2 million compared to $6.2 million for the prior year period. The increase in non-interest expense reflects absorption of CCB's operations and was primarily due to an increase of $0.8 million in employee compensation and benefits to $3.1 million compared to $2.3 million, $0.3 million in net occupancy expense to $0.9 million compared to $0.6 million, and $1.1 million in other non-interest expense to $2.6 million compared to $1.5 million, respectively, for the prior year period. Other non-interest expense includes investments in new talent, costs in preparation for implementation of Sarbanes-Oxley Act Section 404 at the end of this fiscal year, and other consulting assistance. The increase in other non-interest expense was offset by a decrease of $1.3 million in merger related expenses compared to the prior year period.
For the quarter ended September 30, 2007, income tax benefit decreased $0.4 million, or 90.5%, resulting in a tax benefit of $44,000 compared to a tax benefit of $0.5 million for the prior year period. The reduction in tax benefit reflects taxable income of $0.7 million for the quarter ended September 30, 2007 compared to a loss of $1.4 million for the prior year period. The current period income tax expense of $0.3 million was offset by the benefit of the NMTC award totaling $0.4 million for the quarter ended September 30, 2007. As previously disclosed, the Company is expected to receive benefits from the NMTC award over approximately seven years.
Six-Month Results
Net income for the six months ended September 30, 2007 was $1.9 million compared to a net loss of $0.1 million for the prior year period, an increase of $2.0 million. These results primarily reflect an increase in net interest income of $2.9 million and an increase in non-interest income of $2.0 million, offset by increases in non-interest expense of $2.7 million, and income tax expense of $0.1 million compared to a prior year period benefit of $19,000.
Interest income for the six month period ending September 30, 2007, increased $5.5 million, or 30.0%, to $24.0 million, compared to $18.5 million for the prior year period. The increase in interest income was primarily due to higher yields and average balances of interest-earning assets of 83 basis points and $88.0 million, respectively. These results were primarily driven by increases in average loan balances of $128.2 million and yields on loans of 58 basis points, offset by lower income from total securities and federal funds sold of $0.8 million and $0.1 million, respectively, driven by lower average balances.
Interest expense for the six month period ended September 30, 2007, increased $2.6 million, or 32.4%, to $10.9 million, compared to $8.3 million for the prior year period. The increase in interest expense resulted primarily from a 48 basis point increase in the annualized average cost of interest-bearing liabilities to 3.43%, compared to 2.95% for the prior year period. In addition, the increase in interest expense is due to growth in the average balance of interest-bearing liabilities of $80.9 million, or 14.5%, to $638.6 million, compared to $557.7 million for the prior year period.
The Company did not provide for additional loan reserves for the six months ended September 30, 2007, as it considers the overall allowance for loan losses to be adequate.
Non-interest income for the six month period ended September 30, 2007, increased $2.0 million to $2.6 million compared to $0.6 million for the prior year period, which included a $1.3 million charge related to the Company's balance sheet repositioning. Additionally for the six month period, there was a $0.4 million increase in loan fees and service charges to $0.9 million compared to $0.5 million for the prior year period.
Non-interest expense for the six month period ended September 30, 2007, increased $2.7 million, or 24.8%, to $13.7 million compared to $11.0 million for the prior year period. The increase in non-interest expense was primarily due to increases of $1.7 million in employee compensation and benefits to $6.3 million compared to $4.6 million, $0.6 million in net occupancy expense to $1.8 million compared to $1.2 million, and $1.6 million in other expenses to $4.5 million compared to $2.9 million, respectively, for the prior year period, offset by a decrease of $1.3 million in merger related expenses in the prior year period.
Income taxes increased $0.1 million for the six month period ended September 30, 2007, resulting in a tax expense of $0.1 million compared to a tax benefit of $19,000 for the prior year period. The reduction in tax benefit reflects the taxable income of $2.0 million for the six month period ended September 30, 2007 compared to a loss of $0.1 million for the prior year period. The income tax expense of $0.8 million for the six month period ended September 30, 2007 was offset by the benefit of the NMTC award totaling $0.7 million.
Financial Condition Highlights
At September 30, 2007, total assets increased $25.0 million, or 3.4%, to $765.0 million compared to $740.0 million at March 31, 2007. The increase in total assets was primarily the result of an increase in loans receivable and loans held-for-sale of $27.9 million and an increase in cash and cash equivalents of $3.8 million partially offset by a decrease in investment securities of $8.7 million. Total loans receivable, including loans held-for-sale, increased $27.9 million, or 4.6%, to $637.1 million at September 30, 2007 compared to $609.2 million at March 31, 2007. The increase resulted primarily from an increase in construction loans of $27.4 million. The increase in cash and cash equivalents was primarily a result of a $5.3 million increase in cash and due from banks which was partially offset by a $1.3 million decrease in Federal funds sold. Total securities decreased $8.7 million, or 12.9%, to $58.4 million at September 30, 2007 compared to $67.1 million at March 31, 2007 due to collection of normal principal repayments and maturities.
At September 30, 2007, total liabilities increased by $24.2 million, or 3.5%, to $712.5 million compared to $688.3 million at March 31, 2007. The increase in total liabilities was primarily the result of a net increase of $20.5 million in advances and borrowed money and $5.9 million of additional customer deposits, offset by a reduction of $2.2 million in other liabilities. The increase in advances and borrowed money was primarily the result of repurchase obligations of $30.0 million at September 30, 2007 compared to zero repurchase obligations at March 31, 2007, offset by a $9.5 million reduction in FHLB advances. Deposits increased as a result of an increase in certificates of deposits of $20.5 million, offset by decreases of $7.7 million in savings, $4.0 million in checking and $2.9 million in money market deposit accounts.
At September 30, 2007, total stockholders' equity increased $1.0 million, or 1.8%, to $52.6 million at September 30, 2007 compared to $51.6 million at March 31, 2007. The increase in total stockholders' equity was primarily attributable to net income for the six months ended September 30, 2007 totaling $1.9 million, partially offset by dividends paid of $0.5 million, the repurchase of common stock totaling $0.4 million and a decrease of $0.2 million in accumulated other comprehensive income following mark-to-market of Carver's available-for-sale securities.
Stock Repurchase Program
During the quarter ended September 30, 2007, the Company purchased an additional 29,400 shares of its common stock under its stock repurchase program. To date, the Company has purchased a total of 146,174 shares of the total 231,635 approved under the program, at an average price per share of $16.54. The number of shares yet to be repurchased is 85,461 shares.
Asset Quality
At September 30, 2007, non-performing assets totaled $3.7 million, or 0.58% of total loans receivable compared to $4.5 million, or 0.74% of total loans receivable at March 31, 2007. At September 30, 2007 the ratio of the allowance for loan losses to non-performing loans was 146.2%, compared to 119.9% at March 31, 2007. At September 30, 2007 the ratio of the allowance for loan losses to total loans receivable was 0.84%, compared to 0.89% at March 31, 2007.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates ten full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at www.carverbank.com.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except per share data)
Sept. 30, March 31,
2007 2007
--------- ---------
(Unaudited)
ASSETS
Cash and cash equivalents:
Cash and due from banks $ 19,937 $ 14,619
Federal funds sold -- 1,300
Interest earning deposits 1,284 1,431
--------- ---------
Total cash and cash equivalents 21,221 17,350
Securities:
Available-for-sale, at fair value
(including pledged as collateral
of $40,366 and $34,649 at September
30 and March 31, 2007, respectively) 40,572 47,980
Held-to-maturity, at amortized cost
(including pledged as collateral
of $17,286 and $18,581 at September
30 and March 31, 2007,
respectively; fair value of
$17,624 and $19,005 at September
30 and March 31, 2007, respectively) 17,868 19,137
--------- ---------
Total securities 58,440 67,117
Loans held-for-sale 25,901 23,226
Gross loans receivable:
Real estate mortgage loans 555,096 533,667
Consumer and commercial loans 56,083 52,293
Allowance for loan losses (5,338) (5,409)
--------- ---------
Total loans receivable, net 605,841 580,551
Office properties and equipment, net 15,181 14,626
Federal Home Loan Bank of New York
stock, at cost 2,660 3,239
Bank owned life insurance 8,955 8,795
Accrued interest receivable 4,460 4,335
Goodwill 6,370 5,716
Core deposit intangibles, net 608 684
Other assets 15,385 14,313
--------- ---------
Total assets $ 765,022 $ 739,952
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 620,950 $615,122
Advances from the FHLB-NY and other
borrowed money 81,609 61,093
Other liabilities 9,907 12,110
--------- ---------
Total liabilities 712,466 688,325
Stockholders' equity:
Common stock (par value $0.01 per
share: 10,000,000 shares;
authorized; 2,524,691 shares
issued; 2,480,722 and 2,507,985
shares outstanding at September 30
and March 31, 2007, respectively 25 25
Additional paid-in capital 24,062 23,996
Retained earnings 28,919 27,436
Unamortized awards of common stock
under ESOP and MRP (4) (4)
Treasury stock, at cost (43,969 and
16,706 shares at September 30 and
March 31, 2007, respectively) (694) (277)
Accumulated other comprehensive
income 248 451
--------- ---------
Total stockholders' equity 52,556 51,627
--------- ---------
Total liabilities and stockholders'
equity $ 765,022 $ 739,952
========= =========
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Six Months
Ended Ended
September 30, September 30,
2007 2006 2007 2006
------- ------- ------- -------
Interest Income:
Loans $11,184 $ 8,317 $22,177 $16,208
Mortgage-backed securities 474 842 976 1,775
Investment securities 401 168 855 349
Federal funds sold 29 53 41 169
------- ------- ------- -------
Total interest income 12,088 9,380 24,049 18,501
Interest expense:
Deposits 4,570 3,026 8,901 6,021
Advances and other borrowed
money 1,055 1,143 2,030 2,233
------- ------- ------- -------
Total interest expense 5,625 4,169 10,931 8,254
Net interest income
before provision for
loan losses 6,463 5,211 13,118 10,247
Provision for loan losses -- -- -- --
------- ------- ------- -------
Net interest income after
provision for loan
losses 6,463 5,211 13,118 10,247
Non-interest income:
Depository fees and charges 686 601 1,315 1,210
Loan fees and service
charges 512 245 890 490
Write-down of loans held
for sale -- (702) -- (702)
Gain (loss) on sale of
securities 79 (645) 79 (645)
Gain (loss) on sale of
loans (19) 76 28 88
Gain on sale of fixed
assets 1 3 1 3
Other 194 85 276 163
------- ------- ------- -------
Total non-interest
income (loss) 1,453 (337) 2,589 607
Non-interest expense:
Employee compensation and
benefits 3,145 2,326 6,317 4,611
Net occupancy expense 928 610 1,765 1,194
Equipment, net 513 514 1,105 991
Merger related expenses -- 1,256 -- 1,258
Other 2,610 1,536 4,514 2,921
------- ------- ------- -------
Total non-interest
expense 7,196 6,242 13,701 10,975
Income (loss) before
income taxes 720 (1,368) 2,006 (121)
Income tax (benefit) expense (44) (464) 99 (19)
------- ------- ------- -------
Net income (loss) $ 764 $ (904) $ 1,907 $ (102)
======= ======= ======= =======
Earnings (loss) per common
share:
Basic $ 0.31 $ (0.36) $ 0.76 $ (0.04)
======= ======= ======= =======
Diluted $ 0.30 $ (0.36) $ 0.74 $ (0.04)
======= ======= ======= =======
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED SELECTED KEY RATIOS
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
---------------------- ----------------------
Selected Statistical
Data: 2007 2006 2007 2006
---------- ---------- ---------- ----------
Return on average
assets (1) 0.40% -0.56% 0.51% -0.03%
Return on average
equity (2) 6.03% -7.46% 7.62% -0.42%
Net interest
margin (3) 3.66% 3.46% 3.76% 3.37%
Interest rate
spread (4) 3.38% 3.20% 3.46% 3.12%
Efficiency ratio (5) 90.90% 128.07% 87.23% 101.11%
Operating expenses to
average assets (6) 3.78% 3.87% 3.64% 3.40%
Average equity to
average assets (7) 6.59% 7.98% 6.63% 7.45%
Average interest-
earning assets to
average interest-
bearing liabilities 1.09x 1.09x 1.09x 1.09x
Net income per share
- basic $ 0.31 $ (0.36) $ 0.76 $ (0.04)
Net income per share
- diluted $ 0.30 $ (0.36) $ 0.74 $ (0.04)
Average shares
outstanding
- basic 2,490,045 2,509,088 2,497,666 2,507,466
Average shares
outstanding -
diluted 2,559,507 2,570,002 2,569,770 2,568,969
Cash dividends $ 0.10 $ 0.08 $ 0.19 $ 0.17
Dividend payout
ratio (8) 32.46% n/a 24.80% n/a
Capital Ratios:
---------------
Tier I leverage
capital ratio (9) 7.89% 7.24% 7.89% 7.24%
Tier I risk-based
capital ratio (9) 7.90% 8.96% 7.90% 8.96%
Total risk-based
capital ratio (9) 10.00% 9.79% 10.00% 9.79%
September 30, March 31,
---------------------- ----------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Asset Quality Ratios:
---------------------
Non performing assets
to total assets (10) 0.48% 0.50% 0.61% 0.42%
Non performing loans
to total loans
receivable (10) 0.58% 0.57% 0.74% 0.55%
Allowance for loan
losses to total
loans receivable 0.84% 0.88% 0.89% 0.81%
Allowance for loan
losses to non-
performing loans 146.21% 154.90% 119.93% 147.10%
(1) Net income, annualized, divided by average total assets.
(2) Net income, annualized, divided by average total equity.
(3) Net interest income, annualized, divided by average interest-
earning assets.
(4) Combined weighted average interest rate earned less combined
weighted average interest rate cost.
(5) Operating expenses divided by sum of net interest income plus
non-interest income.
(6) Non-interest expenses, annualized, divided by average total
assets.
(7) Average equity divided by average assets for the period ended.
(8) Dividends paid on common stock during the period divided by
net income for the period.
(9) These ratios reflect consolidated bank only.
(10) Non performing assets consist of non-accrual loans, loans
accruing 90 days or more past due and real estate owned.
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
(In thousands)
(Unaudited)
For the Three Months Ended September 30,
-------------------------------------------------------
2007 2006
------------------------- --------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
-------- -------- ----- -------- -------- -----
Interest
Earning
Assets:
Loans (1) $639,264 $ 11,184 7.00% $507,492 $ 8,317 6.56%
Investment
securities
(2) 28,475 401 5.63% 16,086 168 4.18%
Mortgage-
backed
securities 35,838 474 5.29% 79,578 842 4.23%
Fed funds
sold 2,171 29 5.36% 3,927 53 5.35%
-------- -------- ----- -------- -------- -----
Total
interest-
earning
assets 705,748 12,088 6.85% 607,083 9,380 6.18%
Non-interest
-earning
assets 55,964 37,927
-------- --------
Total
assets $761,712 $645,010
======== ========
Interest
Bearing
Liabilities:
Deposits:
Now demand $ 24,933 $ 24 0.39% $ 23,198 $ 16 0.27%
Savings
and clubs 132,991 265 0.80% 135,629 220 0.64%
Money market 45,529 258 2.27% 38,584 235 2.42%
Certificates
of deposit 361,231 4,014 4.46% 266,942 2,549 3.79%
Mortgagors
deposits 2,793 9 1.29% 1,571 6 1.52%
-------- -------- ----- -------- -------- -----
Total
deposits 567,477 4,570 3.23% 465,924 3,026 2.58%
Borrowed
money 82,027 1,055 5.16% 89,531 1,143 5.06%
-------- -------- ----- -------- -------- -----
Total
interest-
bearing
liabilities 649,504 5,625 3.47% 555,455 4,169 2.98%
Non-interest
-bearing
liabilities:
Demand 53,028 31,977
Other
liabilities 9,006 9,116
-------- --------
Total
liabil-
ities 711,538 596,548
Stockholders'
equity 50,174 48,462
-------- --------
Total
liabilities
&
stock-
holders'
equity $761,712 $645,010
======== -------- ======== --------
Net interest
income $ 6,463 $ 5,211
======== ========
Average
interest
rate spread 3.38% 3.20%
===== =====
Net interest
margin 3.66% 3.46%
===== =====
(1) Includes non-accrual loans
(2) Includes FHLB-NY stock
CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
(In thousands)
(Unaudited)
For the Six Months Ended September 30,
--------------------------------------------------
2007 2006
----------------------- ------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ------- ------- -------- -------
Interest Earning
Assets:
Loans(1) $628,677 $22,177 7.06% $500,515 $16,208 6.48%
Investment
securities(2) 29,831 855 5.73% 16,887 349 4.13%
Mortgage-backed
securities 37,464 976 5.21% 85,723 1,775 4.14%
Fed funds sold 1,555 41 5.29% 6,821 169 4.94%
-------- ------- ----- -------- ------- -----
Total interest-
earning assets 697,527 24,049 6.90% 609,946 18,501 6.07%
Non-interest-earning
assets 55,231 37,673
-------- --------
Total assets $752,758 $647,619
======== ========
Interest Bearing
Liabilities:
Deposits:
Now demand $ 24,951 $ 58 0.47% $ 24,943 $ 39 0.31%
Savings and clubs 135,120 530 0.79% 137,542 443 0.64%
Money market 46,193 501 2.18% 39,164 477 2.43%
Certificates of
deposit 350,817 7,792 4.45% 264,516 5,048 3.81%
Mortgagors deposits 2,807 20 1.43% 1,870 14 1.49%
-------- ------- ----- -------- ------- -----
Total deposits 559,888 8,901 3.19% 468,035 6,021 2.57%
Borrowed money 78,683 2,030 5.17% 89,708 2,233 4.96%
-------- ------- ----- -------- ------- -----
Total interest-
bearing
liabilities 638,571 10,931 3.43% 557,743 8,254 2.95%
Non-interest-bearing
liabilities:
Demand 53,809 31,562
Other liabilities 10,447 10,075
-------- --------
Total liabilities 702,827 599,380
Stockholders' equity 49,931 48,239
-------- --------
Total liabilities
& stockholders'
equity $752,758 $647,619
======== ------- ======== -------
Net interest income $13,118 $10,247
======= =======
Average interest
rate spread 3.46% 3.12%
===== =====
Net interest margin 3.76% 3.37%
===== =====
(1) Includes non-accrual loans
(2) Includes FHLB-NY stock