Greater Hudson Bank has posted its first quarterly profit since being founded seven years ago.
The bank”™s net income for the three months that ended June 30 was $126,946 compared with a net loss of $1,710 for the same period last year.
Net income per common share for the quarter was $0.01 compared with $0.001 in the prior year period.
The bank, formerly Community Bank of Orange, ended the quarter with assets of $145.1 million, an increase of $40.2 million since Dec. 31.
“The bank”™s performance is well ahead of plan and we look forward to continuing this strong performance and extending our market and services throughout the Hudson Valley,” said Eric Wiggins, president and CEO of the Middletown-based bank. “We plan to be in Westchester County by year end 2009 or early 2010, subject to obtaining any required regulatory approvals.”
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From June 30, 2008 to June 30, 2009, total assets increased $84.6 million or 139.8 percent, total deposits increased $63.4 million or 130.7 percent and the loan portfolio increased $29.5 million or 65.7 percent, according to the bank.
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The bank has branches in Middletown, Warwick and Bardonia.
“The overwhelming support of our clients in Orange and Rockland counties make our plans to move into Westchester County by the end of the year even more exciting,” said Kenneth J. Torsoe, chairman of the board.
“Our ability to reach profitability so quickly is a reflection of the local need and desire to have a community bank such as ourselves as an option for consumers and businesses alike. We look forward to bringing the same local commitment, expertise and service to the consumers and businesses in Westchester that have been so well received in Orange and Rockland.”
