|By Marketwired .||
|November 6, 2012 11:39 AM EST||
MIDDLETOWN, NY -- (Marketwire) -- 11/06/12 -- Greater Hudson Bank, N.A. (the "Bank") (OTCQB: GHDS), with assets of $328.2 million, today reported net income for the 2012 third quarter of $777,000 or $0.08 per common share, compared to $918,000 or $0.09 per common share for the 2011 third quarter, a decrease of $141,000 or 15.4 percent. Return on average common stockholders' equity was 8.07 percent for the third quarter of 2012 compared to 10.38 percent for the 2011 third quarter.
For the nine months ended September 30, 2012, net income was $1.877 million, or $0.19 per common share compared to $1.950 million, also $0.19 per common share for the nine months ended September 30, 2011, a decrease of approximately $73,000, or 3.7 percent. Return on average common stockholders' equity was 6.62 percent for the nine months ended September 30, 2012 compared to 7.63 percent for the 2011 nine month period.
Excluding security gains, earnings from operations increased $462,000 or 17.8 percent and $1.0 million or 13.8 percent for the three and nine months ended September 30, 2012, respectively, compared to the prior year periods.
The Bank is also very proud to report that since the October 2008 recapitalization, it has earned back all of the $8.8 million in losses incurred since the Bank opened in 2002 and now has $396,000 in retained earnings.
Commenting on the third quarter of 2012, Kenneth J. Torsoe, chairman of the board of directors of Greater Hudson Bank, stated, "We understand that the environment in which we are operating continues to be a challenging one for not only the economy in general, but the banking industry as well. However, in spite of the low interest rate environment, limited small and-medium sized business loan demand, and the need for increased resources focused on ever-changing government regulations, we have made progress as a community bank. We want those in our communities to know that we are here to help them and we have money to lend, especially for those severely affected by Hurricane Sandy. Our Greater Hudson Bank team is working hard to attract new quality loans, as we understand that it is the health and growth of our small and-medium sized businesses that will help to rebuild and sustain the communities we serve."
Mr. Torsoe also stated that, "We do not believe that Hurricane Sandy will have a material effect on the Bank's financial statements."
Financial highlights as of and for the three months ended September 30, 2012 compared to the September 30, 2011 period are as follows:
- Total assets increased $26.1 million, or 8.6 percent, to $328.2 million.
- Net loans increased $42.7 million, or 29.9 percent, to $185.5 million.
- Investments decreased $27.9 million, or 19.5 percent, to $115.3 million.
- Deposits increased $14.7 million, or 5.9 percent, to $263.8 million.
- Net interest income increased $482,000, or 18.9 percent, to $3.0 million.
- Non-interest expense increased $271,000, or 17.5 percent, to $1.8 million.
- Provision for income taxes decreased $100,000, or 17.6 percent, to $467,000.
Financial highlights as of and for the nine months ended September 30, 2012 compared to the September 30, 2011 period are as follows:
- Net interest income increased $1.3 million, or 17.3 percent, to $8.6 million.
- Provision for loan losses increased $202,000 or 76.6 percent, to $466,000.
- Non-interest expense increased $996,000, or 22.0 percent, to $5.5 million.
- Provision for income taxes decreased $103,000, or 8.4 percent, to $1.1 million.
Eric J. Wiggins, president and CEO of Greater Hudson Bank, stated, "Our earnings this year have been impacted primarily by additional expansion and staffing costs, however, the extended low interest rate environment has placed further pressure on margins. In spite of this, we have been successful in maintaining our net interest margin as we have transitioned our balance sheet from lower yielding investment securities into additional loans to local businesses and property owners. Our efforts have resulted in net loans outstanding increasing 30% year-over-year and enabled us to grow our net interest income over 17% year-over-year. Excluding security gains, the Bank's pre-tax operating income has increased 18% when compared with the 3rd quarter in 2011."
"In addition, our efficiency ratio of 58.9% for the 3rd quarter 2012 has improved from the 2nd quarter 2012 ratio of 72.2% as earnings have begun to absorb the additional expenses related to our new branch and loan center, as well as staffing added in the first half of the year."
Mr. Wiggins further commented, "The Bank's non-performing assets declined significantly since the 2nd quarter as the Bank received payment in full on a large loan relationship during the 3rd quarter. Non-performing assets declined from $1.56 million to $725 thousand and the ratio of non-performing assets to total assets improved from 0.47% to 0.22% for the same period. The Bank had no additional OREO properties following the disposal of its only OREO in the second quarter."
*Results Unaudited Three months Ended Nine months Ended September 30, September 30, (in thousands, except ratios) SUMMARY OF OPERATIONS DATA: 2012 2011 2012 2011 --------- --------- --------- --------- Net interest income $ 3,039 $ 2,557 $ 8,630 $ 7,360 Provision for loan losses 32 31 466 264 Noninterest income 45 64 110 173 Net gains on securities transactions 8 440 255 440 Noninterest Expense 1,816 1,545 5,526 4,530 --------- --------- --------- --------- Income before income taxes 1,244 1,485 3,003 3,179 Provision for income taxes 467 567 1,126 1,229 --------- --------- --------- --------- Net income $ 777 $ 918 $ 1,877 $ 1,950 ========= ========= ========= ========= Efficiency Ratio 58.9% 58.9% 63.2% 60.1% AVERAGE BALANCE SHEET DATA: 2012 2011 2012 2011 --------- --------- --------- --------- Earning Assets $ 312,662 $ 267,074 $ 306,431 $ 269,185 Total Interest Bearing Liabilities 263,743 247,398 261,956 234,279 Net interest spread 3.74% 3.77% 3.63% 3.53% Net interest margin 3.89% 3.83% 3.75% 3.65%
Net interest income increased for both the three and nine months ended September 30, 2012 compared to the 2011 comparable periods as a result of an increase in the balance of the Bank's average earning assets. The increase in net interest income was partially offset by the increase in average interest bearing liabilities for both the three and nine months ended September 30, 2012 compared to the 2011 comparable periods.
As a result of market conditions, net gains on securities transactions decreased $432,000 and $185,000 for the three and nine months ended September 30, 2012 compared to the three and nine months ended September 30, 2011, respectively.
The provision for credit losses increased $202,000 for the nine months ended September 30, 2012 compared to the 2011 comparable period, primarily due to an increase in net loans outstanding for 2012 of $28.6 million compared to an increase of $18.4 million in 2011.
Non-interest expense increased $271,000 and $996,000 for the three and nine months ended September 30, 2012 compared to the prior year periods. The increase was driven by increases in salaries, occupancy, supplies, and marketing expenses associated with the opening of the new branch and loan center in Monroe, NY, as well as to support the Bank's overall growth in its balance sheet.
The provision for income taxes decreased $100,000 and $103,000 for the three and nine months ended September 30, 2012 compared to the prior year periods as a result of lower net income.
BALANCE SHEET & CREDIT QUALITY
SELECTED BALANCE SHEET DATA - Unaudited: As of (in thousands, except ratios) September 30, Dec. 31, September 30, 2012 2011 2011 ------------- ----------- ------------- Total Investments $ 115,285 $ 130,645 $ 143,219 Federal funds sold - 64 67 Loans, net of unearned income 185,479 156,830 142,760 Allowance for loan losses 2,598 2,148 1,998 Total assets 328,166 299,185 302,076 Total deposits 263,804 245,810 249,096 Borrowings 22,733 15,000 15,000 Nonperforming assets 725 910 1,108 Allowance for loan losses to total net loans 1.40% 1.37% 1.40% Nonperforming assets to total assets 0.22% 0.30% 0.37%
The Bank increased loans, net of unearned income $42.7 million as of September 30, 2012 compared to the prior year period. The increase in the loan portfolio was funded primarily by net security sales and redemptions in the investment portfolio, which decreased by $27.9 million as of September 30, 2012, a $14.7 million, or 5.9 percent increase in deposits to $263.8 million, and an increase of $7.7 million in Federal Home Loan Bank of New York advances as of September 30, 2012 compared to September 30, 2011.
The Bank's total assets have increased over the past year from $302.1 million to $328.2 million and the Bank's total non-performing assets have decreased from $1.1 million to $0.7 million from September of 2011 to September of 2012, respectively. As a result, the Bank's nonperforming assets to total assets ratio has decreased from 0.37 percent to 0.22 percent over the past year.
EQUITY - Unaudited As of (in thousands, except ratios) September 30, 2012 2011 ----------- ----------- Tier 1 Capital $ 37,956 $ 34,400 Total Stockholders' Equity 39,113 36,095 Book value per common share 3.91 3.61 Tier 1 Leverage Ratio 11.5% 11.3%
At September 30, 2012, the Bank had $39.1 million in stockholders' equity, representing an increase of $3.0 million from September 30, 2011. As of September 30, 2012, the Bank's leverage ratio was 11.5 percent and as a result, the Bank continues to be considered a well-capitalized institution under Federal regulatory requirements.
Greater Hudson Bank, N.A. founded in 2002, is headquartered in Middletown, New York and was the first community bank chartered in Orange County, New York in over fifty years. 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.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 7, 2015 02:00 AM EDT Reads: 1,216
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 7, 2015 01:15 AM EDT Reads: 844
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
Jul. 6, 2015 11:00 PM EDT Reads: 1,916
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Jul. 6, 2015 05:00 PM EDT Reads: 2,162
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Jul. 6, 2015 05:00 PM EDT Reads: 1,974
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 6, 2015 04:30 PM EDT Reads: 685
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desktop, Cloud Storage, Disaster Recovery, Integrated Applications and Security.
Jul. 6, 2015 02:45 PM EDT Reads: 1,106
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manu...
Jul. 6, 2015 02:15 PM EDT Reads: 1,187
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 6, 2015 02:15 PM EDT Reads: 1,894
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. 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 Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Jul. 6, 2015 02:00 PM EDT Reads: 1,436
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
Jul. 6, 2015 01:45 PM EDT Reads: 2,158
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer’s modular architecture, full-featured API, and sophisticated automation pro...
Jul. 6, 2015 01:15 PM EDT Reads: 2,220
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 6, 2015 01:15 PM EDT Reads: 1,847
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Jul. 6, 2015 01:00 PM EDT Reads: 1,776
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 6, 2015 12:15 PM EDT Reads: 2,103
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Jul. 6, 2015 11:45 AM EDT Reads: 2,600
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps 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 today!
Jul. 6, 2015 11:30 AM EDT Reads: 1,785
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
Jul. 6, 2015 11:15 AM EDT Reads: 1,824
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
Jul. 6, 2015 11:00 AM EDT Reads: 2,555
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
Jul. 6, 2015 09:45 AM EDT Reads: 1,498