Greater Hudson BankÂ
With assets of $302.1 million, Greater Hudson Bank reported net income for the 2011 third quarter ending Sept. 20 of $918,000, compared with $619,000 for the 2010 third quarter, an increase of 48.3 percent.
Net income was $1.95 million as of third quarter 2011, as compared with $1.3 million during the same quarter in 2010, attributed to the bank taking advantage of market conditions in the current year.
Eric Wiggins, president/CEO of GHB, said in a statement to shareholders, “The bank has reported substantial increases in its net interest income, as well as pre-tax operating income and net income year to date. This is the result of continuing to grow our earning assets while keeping a close eye on expenses … the bank was also able to take advantage of a decline in interest rates and sell some of its investment securities for a gain … we are fortunate to have an expanding customer base.”
KeyCorp
KeyCorp announced third-quarter net income from contributing operations attributable to Key common shareholders of $229 million in its Oct. 20 report, compared with a net income of $163 million for third quarter 2010.
The results for the third quarter of 2011 reflect an improvement in noninterest expense and lower credit costs from the same period one year ago.
For the nine-month period ending Sept. 30, net income from continuing operations was $656 million, compared with a net income from continuing operations of $121 million for the same period in 2010.
Chairwoman/CEO Beth Mooney said in a statement, “Our financial results demonstrate consistent positive momentum for Key as we continue executing our relationship strategy, improving credit quality and maintaining disciplined expense control. … we look forward to continuing our support of small and medium-sized businesses and have committed $5 billion in lending capital over the next three years to foster growth and expansion in this important segment.”
Provident BankÂ
Provident Bancorp, the parent company of Provident Bank announced its fourth-quarter and fiscal year results for the period ending Sept. 30, saying
net loss was $493,000, compared with a net income of $5.4 million for the same quarter of 2010. Net income for fiscal 2011 was $11.7 million, compared with $20.5 million for fiscal 2010.
Jack Kopnisky, president/CEO, commented on the bank”™s performance in a report to shareholders.
“We have substantially completed a review of operations and opportunities at Provident and new strategies designed to drive growth in revenues and earning have been implemented.”
Kopnisky said long-range goals came at a cost, including fourth-quarter 2011 charges of $2.1 million associated with the relocation of two branches and $1.1 million of severance expenses associated with workforce alignment. He was encouraged by commercial loan originations, $147.3 million for the fourth quarter, up by $21.7 million over the same quarter in 2010.
“During the quarter, we opened two new commercial banks in Bergen County, N.J., as part of our revenue enhancement strategies. These locations already have loans in our pipeline. While fiscal 2011 was challenging on many fronts, we have taken the necessary steps to position the company for growth, as well as risk mitigation, in the upcoming year.”
Provident also announced its plans to enter New York City in its first expansion since 2007. Dave Bagatelle, founder of Herald National, was one of the founders of Signature Bank and has spent his entire banking career in the New York City marketplace. Bagatelle will serve as executive vice president of Provident Bank and will be president of its New York City market.
“With his experience in the market and track record of success, David is the perfect choice for us to lead the effort,” Kopnisky said in a statement. Kopnisky, who has a substantial successful track record of his own in the financial markets, was appointed president/CEO of Provident bank in July, replacing George Strayton, who had led the bank for 25 years prior to his July 5 retirement.
Tompkins Financial
Tompkins Financial Corp. reported a net income of $7.9 million for third quarter 2011, an increase over the $7.4 million reported during the same period in 2010.
For the nine months ending Sept. 30, net income was $7.9 million, compared with $7.5 million for the same third-quarter period in 2010. Net income for the nine months ending Sept. 30 was $26 million, compared with $24.9 million for the same period last year.
“Growth has been challenging in the current economic climate,” said Stephen Romaine, president/CEO in his report to shareholders. “Our strategy of balancing reasonable growth expectations with prudent management of risk has continued to serve us well in these challenging times. Despite an increase in net charge-offs during the quarter, the general trend in credit quality, as evidenced by a continued decline in classified loans, has continued to improve over the last several quarters. Although the interest rate and economic environment will remain a challenge for our business, we are extremely pleased to see continued growth in a majority of our key business lines.”
Tompkins Financial Corp. operates 45 banking offices in New York state, served by its three community banks ”“ Tompkins Trust Co., The Bank of Castile and Mahopac National Bank; insurance through Tompkins Insurance Agencies Inc. and wealth management through Tompkins Financial Advisors.
