Provident New York Bancorp (Nasdaq: PBNY) said its board authorized a fourth stock buyback program for up to two million shares, approximately 5 percent of the company's outstanding shares.

The company said the timing of the buyback will depend on certain factors, including market conditions and prices, the company's liquidity requirements and alternative uses of capitall.

About 850,000 shares of a previously authorized 2.1 million stock buyback program announced in Febrary remain, the company said.