Click here to close now.

SYS-CON MEDIA Authors: Lori MacVittie, Esmeralda Swartz, AppDynamics Blog, Mike Kavis, Cloud Best Practices Network

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
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
WHOA.com has announced the newest addition to its data center footprint with the expansion into Equinix's newest state-of-the-art facility: DC-11 Washington, DC IBX+. Located in Ashburn, VA, this data center expands Whoa.com's presence to meet rapidly expanding customer demand for secure cloud solutions. Equinix, Inc. operates International Business Exchange™ (IBX®) data centers in 32 markets across 15 countries in the Americas, EMEA, and Asia-Pacific. Equinix is committed to operating faciliti...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...