Hudson Valley Holding Corp. reported third quarter earnings declined to $3.1 million, or $0.16 a share, compared to earnings of $8.5 million, or $0.25 a share a year ago, with the Yonkers bank”™s president expressing disappointment over the company”™s bottom line.
Third quarter profitability for the parent of Hudson Valley Bank was impacted by a credit impairment charge on one loan relationship and by the continued impact of the bank”™s excess cash position, the company said Oct. 24.
“Knowing that Hudson Valley Bank”™s proven focus on small- and middle-market commercial customers is capable of delivering so much more, we”™re certainly not satisfied with the bottom line, even as we”™re pleased to report a profitable third quarter,” said Stephen R. Brown, president and CEO of Hudson Valley Bank and Hudson Valley Holding Corp.
The bank”™s assets increased 4.6 percent to $2.93 billion as of Sept. 30, compared to total assets of $2.8 billion as of Dec. 31, 2011.
Total deposits were also up over the period, to $2.55 billion as of Sept. 30, compared to total deposits of $2.43 billion nine months prior.
