Click here to close now.


News Feed Item

Greater Hudson Bank, N.A. Reports Increased Earnings for 2014 First Quarter

Net Income Increased 26.0% and the Loan Portfolio Increases 6.6% for the 2014 First Quarter

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.


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

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.

Jenet Ferris
(845) 367-4998

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).