Welcome!

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."

EARNINGS

*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.

CAPITAL

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.

Contact: 
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
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
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).
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...