|By Marketwired .||
|April 15, 2014 11:20 AM EDT||
MIDDLETOWN, NY--(Marketwired - April 15, 2014) - Greater Hudson Bank, N.A. (the "Bank") (OTCQB: GHDS), with assets of $354.5 million, today reported net income of $654,000 or $0.07 per common share for the first quarter of 2014 compared to $519,000 or $0.05 per common share for the 2013 first quarter. Return on average common stockholders' equity was 6.59 percent for the three months ended March 31, 2014 compared to 5.28 percent for the first quarter ended March 31, 2013.
Edward T. Lutz, President and CEO stated, "The first quarter results represent the first step in our plan to reach additional customers within our target markets and expand our market share. As evidence of our commitment to the Hudson Valley, we relocated our Warwick branch to a more visible location on Main Street. We believe this will create more opportunities to better serve our customers in the Warwick community. We are also looking to increase profitability and efficiency as our business grows and evolves. Our fundamental approach of building customer relationships and providing ready access to decision-makers and effective servicing of accounts is resonating with our clientele. We are excited about our prospects and look forward to continued progress throughout the year."
Financial highlights as of March 31, 2014 compared to December 31, 2013 are as follows:
- Total assets increased $18.7 million, or 5.6 percent, to $354.5 million.
- Loans, net of unearned income, increased $14.7 million, or 6.6 percent, to $235.4 million.
- Deposits increased $18.4 million, or 6.9 percent, to $285.7 million.
Performance highlights for the three months ended March 31, 2014 compared to the March 31, 2013 period are as follows:
- Net interest income increased $328,000, or 12.3 percent, to $3.0 million.
- Non-interest expense increased $284,000, or 14.1 percent, to $2.3 million.
- Non-interest income decreased $32,000, or 24.4 percent, to $99,000.
- Gains on securities transactions increased $422,000.
- Provision for loan losses increased $212,000 to $178,000.
- Provision for income taxes increased $87,000, or 29.2 percent, to $385,000.
"We are very pleased with the first quarter 2014 results," stated Kenneth J. Torsoe, chairman of the board of directors of Greater Hudson Bank. Mr. Torsoe further stated that, "We strongly feel that the changes we put in place last year are starting to yield results as we work to make Greater Hudson Bank the Hudson Valley's choice in banking. As other Banks turn their attention away from the Hudson Valley area, we continue to work to support the local businesses and consumers that make this region special."
*Results Unaudited Three months Ended March 31, SUMMARY OF OPERATIONS DATA: 2014 2013 ---------------- ----------------- Net interest income $ 2,997 $ 2,669 Provision for loan losses 178 (34) Noninterest income 99 131 Gains on securities transactions 422 - Noninterest Expense 2,301 2,017 ---------------- ----------------- Income before income taxes 1,039 817 Provision for income taxes 385 298 ---------------- ----------------- Net income $ 654 $ 519 ================ ================= Efficiency Ratio 74.3% 72.0% AVERAGE BALANCE SHEET DATA: 2014 2013 ---------------- ----------------- Earning Assets $ 332,406 $ 299,142 Total Interest Bearing Liabilities 275,593 249,721 Net interest spread 3.54% 3.50% Net interest margin 3.61% 3.57%
Net income increased for the three months ended March 31, 2014 compared to the three months ended March 31, 2013, due to increases in net interest income of $328,000 and security gains of $422,000. The increase in net interest income was driven by the growth in the loan portfolio over the past twelve months. The security gains realized in the first quarter of 2014 were the result of the Bank's ability to take advantage of market conditions in the first quarter of 2014. The increases in net interest income and security gains were partially offset by an increase in non-interest expense, primarily related to increases in legal fees, salary expense, and occupancy expense, reflecting the Bank's continued growth, as well as and an increase to the provisions for loan losses as loans, net of unearned income increased $14.7 million.
The provision for income taxes increased $87,000 for the first quarter of 2014 compared to the prior year period primarily as a result of an increase in income before income taxes for the three months ended March 31, 2014 compared to the three months ended March 31, 2013.
BALANCE SHEET & CREDIT QUALITY
SELECTED BALANCE SHEET DATA - Unaudited (in thousands, except ratios) March 31, Dec. 31, March 31, 2014 2013 2013 ------------------------------------ Total Investments $ 93,113 $ 91,080 $ 107,264 Loans, net of unearned income 235,405 220,742 182,024 Allowance for loan losses 3,940 3,861 2,531 Total assets 354,504 335,787 315,962 Total deposits 285,693 267,245 251,751 Borrowings 26,654 27,667 22,707 Nonperforming assets 6,279 3,666 1,861 Allowance for loan losses to total net loans 1.67% 1.75% 1.39% Nonperforming assets to total assets 1.77% 1.09% 0.59%
The Bank increased loans, net of unearned income, by $14.7 million as of March 31, 2014 compared to December 31, 2013. The increase in the loan portfolio was funded primarily by an increase in deposits of $18.4 million.
Nonperforming assets increased to $6.3 million as of March 31, 2014 from $3.7 million as of December 31, 2013. The increase is related to a limited number of loan relationships that the Bank is actively attempting to remediate and is closely monitoring.
EQUITY - Unaudited As of (in thousands, except ratios) March 31, Dec. 31, March 31, 2014 2013 2013 ------------- ------------- ------------- Tier 1 Capital $ 39,806 $ 39,146 $ 38,614 Total Stockholders' Equity $ 39,610 38,975 $ 39,362 Book value per common share 3.96 3.89 3.93 Tier 1 Leverage Ratio 11.4% 12.2% 12.2%
At March 31, 2014, the Bank had $39.6 million in stockholders' equity. The Bank's leverage ratio was 11.4 percent at March 31, 2014 compared to 12.2 percent at March 31, 2013. As a result, the Bank continues to be considered a well-capitalized institution under current Federal regulatory guidelines.
Greater Hudson Bank's annual Stockholder's Meeting will be held Thursday, May 22, 2014 at 10:00 a.m. at the Salvation Army Conference Center in West Nyack, NY. All shareholders and interested parties are invited to attend.
Greater Hudson Bank, N.A. founded in 2002, is headquartered in Middletown, New York. The Bank has 5 branches which are located in Middletown, Warwick and Monroe, Orange County, New York, Bardonia, Rockland County, New York, and White Plains, Westchester County, New York. The Bank is chartered by the Office of the Comptroller of the Currency and its deposits are insured by the Federal Deposit Insurance Corporation. Further information can be found on the Bank's website at www.GreaterHudsonBank.com.
Forward-Looking Statements: This Press Release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are to be considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risk and uncertainties, and that actual results may differ from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risk and uncertainties. In addition, any statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 28, 2017 02:45 AM EST Reads: 13,978
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Feb. 28, 2017 02:30 AM EST Reads: 1,837
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Feb. 28, 2017 02:15 AM EST Reads: 819
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 28, 2017 02:15 AM EST Reads: 7,087
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Feb. 28, 2017 02:15 AM EST Reads: 5,066
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 28, 2017 02:15 AM EST Reads: 690
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 28, 2017 01:45 AM EST Reads: 2,036
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Feb. 28, 2017 01:15 AM EST Reads: 2,819
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 11:45 PM EST Reads: 903
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 27, 2017 11:00 PM EST Reads: 9,166
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Feb. 27, 2017 10:15 PM EST Reads: 735
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 27, 2017 10:00 PM EST Reads: 1,303
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 27, 2017 09:15 PM EST Reads: 4,178
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Feb. 27, 2017 08:00 PM EST Reads: 7,972
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 27, 2017 07:45 PM EST Reads: 1,645