|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.
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
Mar. 6, 2015 09:00 AM EST Reads: 1,470
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
Mar. 6, 2015 09:00 AM EST Reads: 801
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
Mar. 6, 2015 09:00 AM EST Reads: 2,486
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
Mar. 6, 2015 09:00 AM EST Reads: 1,573
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
Mar. 6, 2015 09:00 AM EST Reads: 1,365
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Mar. 6, 2015 05:00 AM EST Reads: 2,803
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
Mar. 6, 2015 04:00 AM EST Reads: 1,239
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Mar. 6, 2015 04:00 AM EST Reads: 3,080
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
Mar. 6, 2015 03:30 AM EST Reads: 2,837
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Mar. 6, 2015 03:15 AM EST Reads: 4,738
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Mar. 6, 2015 02:45 AM EST Reads: 4,091
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Mar. 6, 2015 02:30 AM EST Reads: 4,757
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
Mar. 6, 2015 02:30 AM EST Reads: 1,335
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Mar. 6, 2015 02:00 AM EST Reads: 3,176
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
Mar. 6, 2015 01:30 AM EST Reads: 3,689
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
Mar. 6, 2015 01:30 AM EST Reads: 3,816
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
Mar. 6, 2015 12:30 AM EST Reads: 3,736
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
Mar. 6, 2015 12:15 AM EST Reads: 3,917
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Mar. 6, 2015 12:00 AM EST Reads: 3,171
The cloud is now a fact of life but generating recurring revenues that are driven by solutions and services on a consumption model have been hard to implement, until now. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, will discuss how a top European telco has leveraged the innovative recurring revenue generating capability of the consumption cloud to enable a unique cloud monetization model to drive results.
Mar. 5, 2015 08:00 PM EST Reads: 1,969