Greater Hudson Bank, N.A., with assets of $282.7 million, reported a net income for its first quarter ending March 31 of $438,000, or $0.04 per common share, compared with $159,000 or $0.02 per common share for the first quarter of 2010, an increase of $279,000 or 175.8 percent.
“We are pleased to report that Greater Hudson Bank has continued to show growth and a positive return for our shareholders in the first quarter of the year,” said Kenneth J. Torsoe, chairman of the board of directors.
“The bank”™s customers and the local communities have demonstrated a continued trust and confidence in us, which has been invaluable and gratifying reasons for its sustained success and profitability.”
Financial highlights for the quarter compared with year ago results include:
Ӣ Total assets increased $62.3 million, or 28.2 percent, to $282.7
million.
Ӣ Net loans increased $28.3 million, or 26.8 percent, to $134.2
million.
Ӣ Investments increased $26.4 million, or 28.8 percent, to $118.2
million.
Ӣ Deposits increased $54.7 million, or 29.5 percent, to $240.1 million.
Ӣ Net interest income increased $0.7 million, or 39.2 percent, to $2.3 million.
Ӣ Provision for loan losses decreased $63,000, or 29.0 percent, to $154,000.
Ӣ Non-interest expense increased $174,000, or 13.2 percent, to $1.5 million.
“Our loan portfolio grew substantially from the first quarter of 2010 to
the first quarter of 2011 as we continue to provide credit in our local
markets. Net interest income, our primary source of income, also grew
significantly as we continued to increase our earning assets and saw
improvements in our cost of funds,” said Eric Wiggins, the bank”™s president and CEO. “Our balance sheet remains solid with a high level of liquidity, sound asset quality and very strong capital ratios. While the economic recovery has been slower than we had hoped, Greater Hudson continues to be well positioned to meet the needs of local businesses and consumers now and as conditions improve.”
Greater Hudson Bank, formerly the Community Bank of Orange, has been a
success since it was bought and several former key employees of the former
Union State Bank came on board. The bank is headquartered in Middletown and has four branches in Middletown, Warwick, Bardonia and White Plains.
It is the first community bank founded in Orange County in 50 years.
