YONKERS, N.Y., July 27, 2011 /PRNewswire/ -- Hudson Valley
Holding Corp. (NASDAQ: HUVL) today reported strong second quarter
2011 profitability, as the bank continued to drive loan growth and
increase its net interest margin.
The parent company of Hudson Valley
Bank increased net income to $7.4
million, or $0.42 per diluted
share, for the quarter ended June 30,
2011, compared to $4.8 million
or $0.27 per diluted share during the
first quarter of 2011. The Company reported a net loss of
$11.0 million or $(0.62) per diluted share for the second quarter
of 2010.
All earnings per share data reported today, including 2011 and
2010 quarterly EPS, reflect additional shares outstanding as a
result of Hudson Valley's 10 percent stock dividend issued in
December 2010.
The bank, which serves middle-market commercial customers and
their principals in Westchester
County, metropolitan New York
City, and lower Connecticut, also increased its net loan
balance at June 30, 2011 by 6.4
percent and 11.6 percent over March 31,
2011 and June 30, 2010,
respectively.
"Second quarter profits, and results overall, reflect the
tremendous progress we've made over the past year to strengthen the
foundation for Hudson Valley's
long-term success," President and Chief Executive Officer
James J. Landy said. "The
quarter's improvement in credit performance demonstrates meaningful
progress toward restoring the health of our loan portfolio, while
continued improvement in our net interest margin bolstered core
profitability. Despite the low-interest-rate environment and
increasing competition for high quality commercial borrowers, we're
generating loans, deposits, profits and capital at a healthy pace.
This pace allows us to return additional capital to our
shareholders with an increase to our quarterly cash dividend."
Hudson Valley's net interest
margin increased to 4.55 percent in the second quarter of 2011,
compared to 4.39 percent in the first quarter of 2011 and 4.15
percent in the second quarter of 2010. Hudson Valley continues to maintain superior net
interest margin relative to other banks, while reflecting the
current low-rate environment.
Indicative of the Bank's low-cost business model and streamlined
operations, Hudson Valley also
continued to maintain its strong efficiency ratio of 58.8 percent
in the second quarter of 2011, compared to 60.3 percent in the
first quarter of 2011 and 54.8 percent in the second quarter of
2010.
Core deposits were 93.1 percent of Hudson Valley's $2.4 billion in total deposits at June 30, 2011. Deposits totaled
$2.2 billion at March 31, 2011 and $2.4
billion at June 30, 2010.
The Company's average cost of deposits fell to 38 basis points
in the second quarter of 2011, compared to an average of 40 basis
points in the first quarter of 2011 and 56 basis points in the
second quarter of 2010.
Lending Activity
Hudson Valley reported a
sequential increase in net loans for the third consecutive quarter,
while loan balances continue to reflect industry wide softness in
demand. Net loans totaled $1.89
billion at June 30, 2011,
representing increases of 6.4 percent from March 31, 2011 and 11.6 percent from June 30, 2010.
Hudson Valley's primary source of
loan growth in the quarter was its very active multi-family lending
program. Multi-family loan balances continued to grow to
$364.7 million at June 30, 2011, representing increases of 46.7
percent from March 31, 2011 and 239.1
percent from June 30, 2010. The
Bank's authorization for its portfolio of newly originated
multi-family loans remains unchanged at $525
million.
In addition, the Company reported commercial real estate (CRE)
loans of $844.7 million at
June 30, 2011, representing increases
of 2.8 percent from March 31, 2011
and 7.7 percent from June 30, 2010.
As a business-focused community bank, CRE has historically
been Hudson Valley's single-largest
lending category, representing 43.7 percent of total loans at the
end of the second quarter of 2011.
Portfolio Credit Quality
As previously disclosed, the Company adopted a very aggressive
approach to resolving problem loans early last year, including
taking $46.5 million in loan loss
provisions in 2010, the majority of which were accrued in the
second quarter of last year.
For the second quarter of 2011, Hudson
Valley's loan loss provision was $1.5
million, compared to $5.5
million in the first quarter of 2011 and $28.5 million in the second quarter of 2010.
In addition, one loan held for sale had a valuation decrease
of $1.0 million recorded in
non-interest income in the second quarter of 2011.
Hudson Valley's total
nonperforming assets, including non-accrual loans, loans held for
sale, accruing loans delinquent over 90 days and other real estate
owned (OREO), were $64.5 million at
June 30, 2011, compared to
$64.7 million at March 31, 2011 and $75.6
million at June 30, 2010.
Nonperforming assets totaled 2.29 percent of total assets at
June 30, 2011, compared to 2.44
percent at March 31, 2011 and 2.62
percent at June 30, 2010.
Reflecting increased lending in the second quarter, as well as
non-performing assets at period end, the Bank's allowance for loan
losses was $41.9 million, or 2.17
percent of total loans, at June 30,
2011. Allowances were $40.3
million, or 2.21 percent of total loans, at March 31, 2011, and $47.1
million, or 2.70 percent of total loans, at June 30, 2010.
The Company recorded net recoveries of $0.1 million in the second quarter of 2011,
compared to net charge-offs of $4.1
million in the prior quarter and net charge-offs of
$20.8 million in the second quarter
of 2010. As a percentage of average loans, annualized net
recoveries were 0.01 percent in the second quarter of 2011,
compared to annualized net charge-offs of 0.95 percent in the first
quarter of 2011 and 4.80 percent in the second quarter of 2010.
"Our aggressive and comprehensive efforts to improve credit
quality are evident in this quarter's net charge-off improvement
and healthy recovery experience," Landy said. "While the
second quarter is particularly encouraging, as we've said before,
we expect an uneven, but generally improving trend. We
continue to see modest improvement in non-performing and delinquent
loans and will continue to maintain reserves as necessary to ensure
adequate coverage."
Capital Strength
Hudson Valley's capital ratios
remain in excess of "well capitalized" levels generally applicable
to banks under current regulations. At June
30, 2011, Hudson Valley Holding Corp. posted a total
risk-based capital ratio of 14.4 percent, a Tier 1 risk-based
capital ratio of 13.2 percent, and a Tier 1 leverage ratio of 9.8
percent.
$0.20 Cash Dividend
Declared
The Hudson Valley Board of Directors has determined that the
Company's performance in recent quarters, including the progress of
its credit quality improvement efforts, warranted an increase in
the amount of capital returned to shareholders through cash
dividends at this time. The Board declared a $0.05 or 33% increase in the cash dividend to
$0.20 per share, payable to all
common stock shareholders of record as of the close of business on
August 12, 2011. The dividend will be
distributed to shareholders on or about August 22, 2011.
Common Stock to Transfer to NYSE
On July 21, 2011 the Company
announced the pending transfer of the listing of its common stock
from the NASDAQ Global Select Market to the New York Stock
Exchange. Effective August 2,
2011, Hudson Valley common
stock will trade on the NYSE under the new ticker symbol "HVB".
Second Quarter and Six Month Review
Net income for the three month period ended June 30, 2011 was $7.4
million or $0.42 per diluted
share, an increase of $18.4 million
compared to a net loss of $11.0
million or $(0.62) per diluted
share for the same period in the prior year. Net income for the six
month period ended June 30, 2011 was
$12.3 million or $0.69 per diluted share, an increase of
$18.4 million compared to a net loss
of $6.1 million or $(0.35) per diluted share for the same period in
the prior year. Per share amounts for the 2010 periods have been
adjusted to reflect the effects of the 10 percent stock dividend
issued in December 2010.
The increases in earnings resulted primarily from significant
decreases in the provision for loan losses which totaled
$1.5 million and $7.0 million, respectively, for the three and six
month periods ended June 30, 2011,
compared to $28.5 million and
$34.1 million, respectively, for the
same periods in the prior year. The 2011 provisions are
significantly lower than those in 2010, however, the provisions in
both 2011 and 2010 are reflective of continued weakness in the
overall economy necessitating the Company's decision to follow a
more aggressive strategy for problem asset resolution. The severity
of the decline in real estate values has provided new market
opportunities for the disposition of distressed assets as investors
search for yield in the current low interest rate environment and
our more aggressive policy has begun to take advantage of those
opportunities. As part of the revised resolution strategy, the
Company continues to reevaluate each problem loan and make a
determination of net realizable value based on management's
estimation of the most probable outcome considering the individual
characteristics of each asset against the likelihood of resolution
with the current borrower, expectations for resolution through the
court system, or other available market opportunities.
Total loans increased $115.6
million and $202.5 million,
respectively, during the three and six month periods ended
June 30, 2011 compared to the prior
year end. These increases resulted primarily from strong demand for
local market multi-family loans and increases in commercial real
estate loans partially offset by decreased loan demand in other
sectors of the market, charge-offs and pay downs of existing loans.
The Company recognized $4.1 million
of net charge-offs during the six month period ended June 30, 2011. The Company has continued to
experience a slowdown in payments of certain loans, such as
construction loans, whose repayment is often dependent on sales of
completed properties, as well as higher than normal levels of
delinquent and nonperforming loans in other sectors of the loan
portfolio, all of which have been adversely impacted by the
economic downturn and decline in the real estate market. The
Company, however, continues to provide lending availability to both
new and existing customers.
Nonperforming assets increased slightly to $64.5 million at June 30,
2011, compared to $64.1
million at December 31, 2010.
Overall asset quality continued to be adversely affected by the
current state of the economy and the real estate market. Although
there is growing evidence that the current economic downturn may
have begun to slowly turn around, higher than normal levels of
delinquent and nonperforming loans, slowdowns in repayments and
declines in the loan-to-value ratios on existing loans continued
during the first half of 2011. Despite recent improvement in most
economic indicators, the Company's loan portfolio continued to be
adversely impacted by the effects of severe declines in the demand
for and values of virtually all commercial and residential real
estate properties. These declines, together with the limited
availability of residential mortgage financing, resulted in
continued downward pressure on the overall asset quality of the
Company's loan portfolio. In addition, significant increases in
filings of bankruptcy and foreclosure proceedings continue to
overload the court systems and have resulted in what the Company
believes to be unacceptable delays in attempts to obtain title to
real estate and other collateral through conventional foreclosure.
As a result of these factors, since the second quarter of 2010, the
Company has followed the more aggressive strategy for resolving
problem assets discussed above including consideration of sales of
certain nonperforming loans.
Total deposits increased $184.0
million during the six month period ended June 30, 2011, compared to the prior year end.
The Company continued to experience significant growth in new
customers both in existing branches and new branches added during
the last two years. Proceeds from deposit growth were used to fund
loan growth, reduce maturing term borrowings or were retained in
liquid investments, principally interest earning bank deposits.
The Company has continued to repay maturing long-term borrowings
with liquidity provided primarily by core deposit growth.
Additional liquidity from deposit growth was retained in the
Company's short-term liquidity portfolios, available to fund future
loan growth. With interest rates remaining at historical low
levels, this increase in liquidity contributed to margin
compression. This compression has been offset by reinvestment of
available liquidity in new loans, primarily local market
multi-family loans and a $66.3
million reduction of term borrowings since June 30, 2010, of which $51.3 million occurred in the first half of 2011.
The resulting net interest margin of 4.55 percent for the
three month period ended June 30,
2011, increased compared to 4.39 percent for the three month
period ended March 31, 2011, and 4.15
percent for three month period ended June
30, 2010.
As a result of the aforementioned activity in the Company's core
businesses of loans and deposits and other asset/liability
management activities, tax equivalent basis net interest income
increased by $1.6 million or 5.6
percent to $30.2 million for the
three month period ended June 30,
2011, compared to $28.6
million for the same period in the prior year. Tax
equivalent basis net interest income increased by $0.6 million or 1.0 percent to $58.3 million for the six month period ended
June 30, 2011, compared to
$57.7 million for the same period in
the prior year. The effect of the adjustment to a tax equivalent
basis was $0.6 million and
$1.2 million, respectively, for the
three and six month periods ended June 30,
2011, compared to $0.9 million
and $1.8 million, respectively, for
the same periods in the prior year.
The Company's non interest income was $3.8 million and $9.1
million, respectively, for the three and six month periods
ended June 30, 2011. This represented
increases of $1.1 million or 40.7
percent and $3.6 million or 65.5
percent, respectively, compared to $2.7
million and $5.5 million,
respectively, for the same periods in the prior year. These
increases partially resulted from an increase in investment
advisory fees. Fee income from this source increased primarily as a
result of the effects of continued improvement in both domestic and
international equity markets. Assets under management were
approximately $1.5 billion at
June 30, 2011 compared to
$1.2 billion at June 30, 2010. Non interest income also included
recognized pre-tax impairment charges on securities available for
sale of $0.1 million and $0.2 million, respectively, for the three and six
month periods ended June 30, 2011 and
$0.5 million and $2.3 million, respectively, for the same periods
in the prior year. The impairment charges were related to the
Company's investments in pooled trust preferred securities. The
Company has continued to hold its investments in pooled trust
preferred securities as it does not believe that the current market
value estimates for these investments are indicative of their
underlying value. The pooled trust preferred securities are
primarily backed by various U.S. financial institutions many of
which are experiencing severe financial difficulties as a result of
the current economic downturn.
Continuation of these conditions may result in additional
impairment charges on these securities in the future. Non interest
income also included other losses of $1.0
million and $0.9 million,
respectively, for the three and six month periods ended
June 30, 2011 and $1.4 million and $1.4
million, respectively, for the same periods in the prior
year. These losses related to sales and revaluations of other real
estate owned and loans held for sale.
Non interest expense was $20.6
million and $41.1 million,
respectively, for the three and six month periods ended
June 30, 2011. This represented
increases of $2.5 million or 13.8
percent and $4.5 million or 12.3
percent, respectively, compared to $18.1
million and $36.6 million,
respectively, for the same periods in the prior year. Increases in
non interest expense resulted primarily from the Company's
reinstatement of an incentive compensation plan previously
terminated in 2009, increase in costs associated with problem loan
resolution and other real estate owned, investment in technology
and personnel to accommodate growth and the expansion of services
and products available to new and existing customers.
Conference Call
As previously announced, Hudson Valley will hold a
second quarter earnings
conference call Wednesday, July
27, 2011 at 10:00 AM
ET:
Domestic (toll
free): 1-877-317-6789
International
(toll): +1-412-317-6789.
All participants should dial in at least ten minutes prior
to the call and request the "HUVL Second Quarter Earnings
call."
A replay of the call will be available one hour from the
close of the conference through August
11, 2011 at 9:00 AM
ET:
Domestic Toll Free: 1-877-344-7529 -
Conference # 10001855
International Toll:
+1-412-317-0088 - Conference # 10001855.
Participants will be required to state their name and
company upon entering call
The Company webcast will be available live at 10:00 AM ET, and archived after the call, through
our website at www.hudsonvalleybank.com.
About Hudson Valley
Holding Corp.
About Hudson Valley Holding Corp: Hudson Valley Holding Corp.
(HUVL), headquartered in Yonkers,
NY, is the parent company of Hudson
Valley Bank (HVB). Hudson Valley
Bank is a Westchester based
Bank with more than $2.8 billion in
assets, serving the metropolitan area with 35 branches located in
Westchester, Rockland, the Bronx, Manhattan and Brooklyn in New
York and Fairfield County
and New Haven County, in
Connecticut. HVB specializes in
providing a full range of financial services to businesses,
professional services firms, not-for-profit organizations and
individuals; and provides investment management services through a
subsidiary, A. R. Schmeidler &
Co., Inc. Hudson Valley Holding Corp.'s common stock is traded on
the NASDAQ Global Select Market under the ticker symbol "HUVL" and
is included in the Russell 3000® Index. Additional information on
Hudson Valley Bank can be obtained
on their web-site at
www.hudsonvalleybank.com.
**********************************************************************
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|
|
Hudson Valley Holding Corp.
("Hudson Valley") has made in
this press release
various forward-looking statements within
the meaning of the Private
Securities Litigation Reform Act
of 1995 with respect to
earnings, credit quality and other
financial and business
matters for periods
subsequent to June 30, 2011. These
statements may be identified by
such forward-looking terminology
as "expect", "may", "will",
"anticipate", "continue", "believe" or
similar statements or
variations of such
terms. Hudson
Valley cautions that these
forward-looking statements are
subject to numerous
assumptions, risks and
uncertainties, and that statements
relating to subsequent periods
increasingly are subject
to greater uncertainty
because of the increased likelihood
of changes in underlying factors
and assumptions. Actual
results could differ materially from
forward-looking statements.
Factors that may cause actual
results to differ materially
from those contemplated by such
forward-looking statements, in
addition to those
risk factors disclosed in the
Hudson Valley's Annual
Report on Form 10-K for
the year ended December
31, 2010 include, but are
not limited to,
statements regarding:
- further increases in our
non-performing loans and
allowance for loan
losses;
- ineffectiveness in managing our
commercial real estate
portfolio;
- lower than expected future performance
of our investment portfolio;
- a lack of
opportunities for
growth, plans
for expansion
(including
opening new branches)
and increased or unexpected competition in
attracting and retaining
customers;
- continued poor economic conditions
generally and in our market
area in particular, which
may adversely affect the ability
of borrowers to repay their
loans and the value
of real property or other
property held as collateral
for such loans;
- lower than expected demand for our
products and services;
- possible impairment of our
goodwill and other
intangible assets;
- our inability to manage
interest rate risk;
- increased expense and burdens resulting from the
regulatory environment in
which we operate and our ability to comply with
existing and future
regulatory requirements;
- our inability to maintain
regulatory capital above the levels
required by the Office of
the Comptroller of the
Currency, or the OCC, for
Hudson Valley Bank and the
levels required for us to
be "well-capitalized", or such
higher capital levels as
may be required;
- proposed legislative and
regulatory action may adversely
affect us and the
financial services
industry;
- legislative and regulatory actions
(including the impact of the
Dodd-Frank Wall Street
Reform and Consumer
Protection Act and related
regulations) may
subject us to additional
regulatory oversight
which may result in increased
compliance costs and/or
require us to change our
business model;
- future increased Federal Deposit
Insurance Corporation, or FDIC,
special assessments or changes
to regular
assessments;
- our inability to
raise additional capital
in the future;
- potential liabilities under
federal and state
environmental laws; and
- limitations on dividends
payable by Hudson
Valley or Hudson Valley
Bank.
We assume no
obligation
for updating
any such forward-looking
statements at any given time
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
For the
three months ended June 30, 2011 and 2010
|
|
Dollars in
thousands, except per share amounts
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Jun
30
|
|
|
2011
|
2010
|
|
Interest Income:
|
|
|
|
Loans, including
fees
|
$27,941
|
$27,127
|
|
Securities:
|
|
|
|
Taxable
|
3,147
|
3,560
|
|
Exempt from Federal
income taxes
|
1,150
|
1,621
|
|
Federal funds
sold
|
23
|
36
|
|
Deposits in
banks
|
201
|
166
|
|
Total interest income
|
32,462
|
32,510
|
|
Interest Expense:
|
|
|
|
Deposits
|
2,290
|
3,319
|
|
Securities sold
under repurchase agreements and other short-term
borrowings
|
57
|
71
|
|
Other
borrowings
|
501
|
1,440
|
|
Total interest
expense
|
2,848
|
4,830
|
|
Net Interest
Income
|
29,614
|
27,680
|
|
Provision for loan
losses
|
1,546
|
28,548
|
|
Net interest income after
provision for loan losses
|
28,068
|
(868)
|
|
Non Interest
Income:
|
|
|
|
Service
charges
|
1,552
|
1,612
|
|
Investment advisory
fees
|
2,753
|
2,289
|
|
Recognized
impairment charge on securities available for sale (includes $184
and $1,256 of total losses in
2011 and 2010, respectively,
less $141 and $745 of losses on securities available for sale,
recognized in other
comprehensive income in 2011 and
2010, respectively)
|
(43)
|
(511)
|
|
Realized gains on
securities available for sale, net
|
-
|
7
|
|
Losses on sales and
revaluation of loans held for sale and other real estate owned,
net
|
(1,000)
|
(1,359)
|
|
Other
income
|
569
|
646
|
|
Total non interest
income
|
3,831
|
2,684
|
|
Non Interest
Expense:
|
|
|
|
Salaries and
employee benefits
|
11,263
|
9,508
|
|
Occupancy
|
2,202
|
1,911
|
|
Professional
services
|
1,749
|
1,549
|
|
Equipment
|
1,107
|
969
|
|
Business
development
|
590
|
548
|
|
FDIC
assessment
|
686
|
1,187
|
|
Other operating
expenses
|
3,051
|
2,466
|
|
Total non interest
expense
|
20,648
|
18,138
|
|
Income (Loss) Before Income
Taxes
|
11,251
|
(16,322)
|
|
Income Taxes
(Benefit)
|
3,819
|
(5,367)
|
|
Net Income (Loss)
|
$7,432
|
($10,955)
|
|
Basic Earnings Per Common Share
(1)
|
$0.42
|
($0.62)
|
|
Diluted Earnings Per Common
Share (1)
|
$0.42
|
($0.62)
|
|
|
|
|
|
(1) June 2010 per share
amounts have been restated to reflect the effects of the 10% stock
dividend issued in December 2010.
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|
For the six
months ended June 30, 2011 and 2010
|
|
Dollars in
thousands, except per share amounts
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Jun
30
|
|
|
2011
|
2010
|
|
Interest Income:
|
|
|
|
Loans, including
fees
|
$54,273
|
$54,691
|
|
Securities:
|
|
|
|
Taxable
|
6,097
|
7,247
|
|
Exempt from Federal
income taxes
|
2,311
|
3,331
|
|
Federal funds
sold
|
49
|
78
|
|
Deposits in
banks
|
365
|
259
|
|
Total interest income
|
63,095
|
65,606
|
|
Interest Expense:
|
|
|
|
Deposits
|
4,564
|
6,654
|
|
Securities sold
under repurchase agreements and other short-term
borrowings
|
104
|
148
|
|
Other
borrowings
|
1,345
|
2,938
|
|
Total interest
expense
|
6,013
|
9,740
|
|
Net Interest
Income
|
57,082
|
55,866
|
|
Provision for loan
losses
|
6,997
|
34,130
|
|
Net interest income after
provision for loan losses
|
50,085
|
21,736
|
|
Non Interest
Income:
|
|
|
|
Service
charges
|
3,592
|
3,415
|
|
Investment advisory
fees
|
5,359
|
4,514
|
|
Recognized
impairment charge on securities available for sale (includes $957
and $3,013 of total losses in 2011
and 2010, respectively, less
$753 and $730 of losses on securities available for sale,
recognized in other
comprehensive income in 2011 and
2010, respectively)
|
(204)
|
(2,283)
|
|
Realized gains on
securities available for sale, net
|
-
|
75
|
|
Losses on sales and
revaluation of loans held for sale and other real estate owned,
net
|
(873)
|
(1,424)
|
|
Other
income
|
1,176
|
1,180
|
|
Total non interest
income
|
9,050
|
5,477
|
|
Non Interest
Expense:
|
|
|
|
Salaries and
employee benefits
|
22,081
|
19,380
|
|
Occupancy
|
4,547
|
4,096
|
|
Professional
services
|
3,202
|
2,864
|
|
Equipment
|
2,117
|
1,935
|
|
Business
development
|
1,096
|
1,110
|
|
FDIC
assessment
|
1,797
|
2,275
|
|
Other operating
expenses
|
6,258
|
4,932
|
|
Total non interest
expense
|
41,098
|
36,592
|
|
Income (Loss) Before Income
Taxes
|
18,037
|
(9,379)
|
|
Income Taxes
(Benefit)
|
5,781
|
(3,279)
|
|
Net Income (Loss)
|
$12,256
|
($6,100)
|
|
Basic Earnings Per Common Share
(1)
|
$0.69
|
($0.35)
|
|
Diluted Earnings Per Common
Share (1)
|
$0.69
|
($0.35)
|
|
|
|
|
|
(1) 2010 per share amounts
have been restated to reflect the effects of the 10% stock dividend
issued in December 2010.
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
|
|
June 30,
2011 and December 31, 2010
|
|
Dollars in
thousands, except per share and share amounts
|
|
|
|
|
|
|
Jun
30
|
Dec
31
|
|
|
2011
|
2010
|
|
ASSETS
|
|
|
|
Cash and non interest earning
due from banks
|
$47,685
|
$25,876
|
|
Interest earning deposits in
banks
|
223,517
|
258,280
|
|
Federal funds sold
|
36,441
|
72,071
|
|
Securities available for sale,
at estimated fair value (amortized cost of $461,903 in
|
|
|
|
2011 and $440,792
in 2010)
|
461,825
|
443,667
|
|
Securities held to maturity, at
amortized cost (estimated fair value of $15,464 in
|
|
|
|
2011 and $17,272
in 2010)
|
14,484
|
16,267
|
|
Federal Home Loan Bank of New
York (FHLB) stock
|
4,732
|
7,010
|
|
Loans held for sale
|
4,506
|
7,811
|
|
Loans (net of allowance for loan
losses of $41,889 in 2011 and $38,949 in 2010)
|
1,888,761
|
1,689,187
|
|
Accrued interest and other
receivables
|
13,127
|
16,396
|
|
Premises and equipment,
net
|
27,218
|
28,611
|
|
Other real estate
owned
|
2,370
|
11,028
|
|
Deferred income tax,
net
|
27,161
|
25,043
|
|
Bank owned life
insurance
|
26,770
|
25,976
|
|
Goodwill
|
23,842
|
23,842
|
|
Other intangible
assets
|
2,043
|
2,454
|
|
Other assets
|
13,333
|
15,514
|
|
TOTAL ASSETS
|
$2,817,815
|
$2,669,033
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Deposits:
|
|
|
|
Non interest bearing
|
$857,732
|
$756,917
|
|
Interest bearing
|
1,560,659
|
1,477,495
|
|
Total deposits
|
2,418,391
|
2,234,412
|
|
Securities sold under repurchase
agreements and other short-term borrowings
|
43,673
|
36,594
|
|
Other borrowings
|
36,484
|
87,751
|
|
Accrued interest and other
liabilities
|
23,581
|
20,359
|
|
TOTAL LIABILITIES
|
2,522,129
|
2,379,116
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
Preferred Stock, $0.01 par
value; authorized 15,000,000 shares; no shares
|
|
|
|
outstanding
in 2011 and 2010, respectively
|
0
|
0
|
|
Common stock, $0.20 par value;
authorized 25,000,000 shares: outstanding
|
|
|
|
17,689,049 and
17,665,908 shares in 2011 and 2010, respectively
|
3,798
|
3,793
|
|
Additional paid-in
capital
|
347,245
|
346,750
|
|
Retained earnings
(deficit)
|
2,961
|
(3,989)
|
|
Accumulated other comprehensive
income (loss)
|
(754)
|
927
|
|
Treasury stock, at cost;
1,299,414 shares in 2011 and 2010
|
(57,564)
|
(57,564)
|
|
Total stockholders'
equity
|
295,686
|
289,917
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$2,817,815
|
$2,669,033
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Average
Balances and Interest Rates
|
|
For the
three months ended June 30, 2011 and 2010
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth the average balances of interest earning
assets and interest bearing liabilities for the periods indicated,
as well as total interest and corresponding yields and
rates.
|
|
|
Three Months
Ended June 30,
|
|
|
|
2011
|
|
|
|
2010
|
|
|
(Unaudited)
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
|
Balance
|
Interest
(3)
|
Rate
|
|
Balance
|
Interest
(3)
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
Deposits in Banks
|
$250,408
|
$201
|
0.32%
|
|
$316,380
|
$166
|
0.21%
|
|
Federal funds sold
|
41,988
|
23
|
0.22%
|
|
62,114
|
36
|
0.23%
|
|
Securities: (1)
|
|
|
|
|
|
|
|
|
Taxable
|
358,474
|
3,147
|
3.51%
|
|
386,195
|
3,560
|
3.69%
|
|
Exempt from federal
income taxes
|
110,642
|
1,769
|
6.40%
|
|
165,845
|
2,494
|
6.02%
|
|
Loans, net (2)
|
1,840,076
|
27,941
|
6.07%
|
|
1,731,967
|
27,127
|
6.27%
|
|
Total interest earning
assets
|
2,601,588
|
33,081
|
5.09%
|
|
2,662,501
|
33,383
|
5.02%
|
|
|
|
|
|
|
|
|
|
|
Non interest earning
assets:
|
|
|
|
|
|
|
|
|
Cash & due from
banks
|
50,110
|
|
|
|
48,753
|
|
|
|
Other assets
|
140,332
|
|
|
|
138,224
|
|
|
|
Total non interest earning
assets
|
190,442
|
|
|
|
186,977
|
|
|
|
Total assets
|
$2,792,030
|
|
|
|
$2,849,478
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Money
market
|
$969,145
|
$1,603
|
0.66%
|
|
$961,839
|
$2,167
|
0.90%
|
|
Savings
|
112,632
|
115
|
0.41%
|
|
112,318
|
133
|
0.47%
|
|
Time
|
169,824
|
384
|
0.90%
|
|
209,038
|
665
|
1.27%
|
|
Checking with
interest
|
290,163
|
188
|
0.26%
|
|
361,091
|
354
|
0.39%
|
|
Securities sold under repo &
other st borrowings
|
45,350
|
57
|
0.50%
|
|
60,917
|
71
|
0.47%
|
|
Other borrowings
|
46,379
|
501
|
4.32%
|
|
118,465
|
1,440
|
4.86%
|
|
Total interest bearing
liabilities
|
1,633,493
|
2,848
|
0.70%
|
|
1,823,668
|
4,830
|
1.06%
|
|
Non interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Demand deposits
|
841,503
|
|
|
|
716,312
|
|
|
|
Other liabilities
|
23,804
|
|
|
|
16,739
|
|
|
|
Total non interest bearing
liabilities
|
865,307
|
|
|
|
733,051
|
|
|
|
Stockholders' equity
(1)
|
293,230
|
|
|
|
292,759
|
|
|
|
Total liabilities and
stockholders' equity
|
$2,792,030
|
|
|
|
$2,849,478
|
|
|
|
Net interest earnings
|
|
$30,233
|
|
|
|
$28,553
|
|
|
Net yield on interest earning
assets
|
|
|
4.65%
|
|
|
|
4.29%
|
|
-----------------------------------------------------
|
|
|
|
|
|
|
|
|
(1) Excludes unrealized gains
(losses) on securities available for sale. Management believes that
this presentation more closely reflects actual performance, as it
is more consistent with the Company's stated asset/liability
management strategies, which have not resulted in significant
realization of temporary market gains or losses on securities
available for sale which were primarily related to changes in
interest rates. Effects of these adjustments are presented in the
table below.
|
|
(2) Includes loans
classified as non-accrual.
|
|
(3) The data contained in the
table has been adjusted to a tax equivalent basis, based on the
Company's federal statutory rate of 35 percent. Management believes
that this presentation provides comparability of net interest
income and net interest margin arising from both taxable and
tax-exempt sources and is consistent with industry practice and SEC
rules. Effects of these adjustments are presented in the table
below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Average
Balances and Interest Rates
|
|
For the six
months ended June 30, 2011 and 2010
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth the average balances of interest earning
assets and interest bearing liabilities for the periods indicated,
as well as total interest and corresponding yields and
rates.
|
|
|
Six Months
Ended June 30,
|
|
|
|
2011
|
|
|
|
2010
|
|
|
(Unaudited)
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
|
Balance
|
Interest
(3)
|
Rate
|
|
Balance
|
Interest
(3)
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
Deposits in Banks
|
$263,609
|
$365
|
0.28%
|
|
$249,140
|
$259
|
0.21%
|
|
Federal funds sold
|
43,318
|
49
|
0.23%
|
|
75,036
|
78
|
0.21%
|
|
Securities: (1)
|
|
|
|
|
|
|
|
|
Taxable
|
349,276
|
6,097
|
3.49%
|
|
374,450
|
7,247
|
3.87%
|
|
Exempt from federal
income taxes
|
112,988
|
3,555
|
6.29%
|
|
167,881
|
5,125
|
6.11%
|
|
Loans, net (2)
|
1,784,059
|
54,273
|
6.08%
|
|
1,745,062
|
54,691
|
6.27%
|
|
Total interest earning
assets
|
2,553,250
|
64,339
|
5.04%
|
|
2,611,569
|
67,400
|
5.16%
|
|
|
|
|
|
|
|
|
|
|
Non interest earning
assets:
|
|
|
|
|
|
|
|
|
Cash & due from
banks
|
45,591
|
|
|
|
45,401
|
|
|
|
Other assets
|
146,736
|
|
|
|
139,995
|
|
|
|
Total non interest earning
assets
|
192,327
|
|
|
|
185,396
|
|
|
|
Total assets
|
$2,745,577
|
|
|
|
$2,796,965
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Money
market
|
$919,924
|
$3,142
|
0.68%
|
|
$925,967
|
$4,347
|
0.94%
|
|
Savings
|
113,695
|
242
|
0.43%
|
|
112,547
|
261
|
0.46%
|
|
Time
|
177,107
|
819
|
0.92%
|
|
208,088
|
1,339
|
1.29%
|
|
Checking with
interest
|
285,510
|
361
|
0.25%
|
|
345,044
|
707
|
0.41%
|
|
Securities sold under repo &
other st borrowings
|
42,545
|
104
|
0.49%
|
|
63,480
|
148
|
0.47%
|
|
Other borrowings
|
60,642
|
1,345
|
4.44%
|
|
121,106
|
2,938
|
4.85%
|
|
Total interest bearing
liabilities
|
1,599,423
|
6,013
|
0.75%
|
|
1,776,232
|
9,740
|
1.10%
|
|
Non interest bearing
liabilities:
|
|
|
|
|
|
|
|
|
Demand deposits
|
830,784
|
|
|
|
705,159
|
|
|
|
Other liabilities
|
23,260
|
|
|
|
21,132
|
|
|
|
Total non interest bearing
liabilities
|
854,044
|
|
|
|
726,291
|
|
|
|
Stockholders' equity
(1)
|
292,110
|
|
|
|
294,442
|
|
|
|
Total liabilities and
stockholders' equity
|
$2,745,577
|
|
|
|
$2,796,965
|
|
|
|
Net interest earnings
|
|
$58,326
|
|
|
|
$57,660
|
|
|
Net yield on interest earning
assets
|
|
|
4.57%
|
|
|
|
4.42%
|
|
-----------------------------------------------------
|
|
|
|
|
|
|
|
|
(1) Excludes unrealized gains
(losses) on securities available for sale. Management believes that
this presentation more closely reflects actual performance, as it
is more consistent with the Company's stated asset/liability
management strategies, which have not resulted in significant
realization of temporary market gains or losses on securities
available for sale which were primarily related to changes in
interest rates. Effects of these adjustments are presented in the
table below.
|
|
(2) Includes loans
classified as non-accrual.
|
|
(3) The data contained in the
table has been adjusted to a tax equivalent basis, based on the
Company's federal statutory rate of 35 percent. Management believes
that this presentation provides comparability of net interest
income and net interest margin arising from both taxable and
tax-exempt sources and is consistent with industry practice and SEC
rules. Effects of these adjustments are presented in the table
below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Average
Balances and Interest Rates
|
|
Non-GAAP
disclosures
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
Jun
30
|
Jun
30
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
Total interest earning
assets:
|
|
|
|
|
|
As reported
|
$2,601,546
|
$2,667,221
|
$2,553,508
|
$2,615,350
|
|
Unrealized gain (loss) on
securities
|
|
|
|
|
|
available-for-sale
(1)
|
(42)
|
4,720
|
258
|
3,781
|
|
|
|
|
|
|
|
Adjusted total interest earning
assets
|
$2,601,588
|
$2,662,501
|
$2,553,250
|
$2,611,569
|
|
|
|
|
|
|
|
Net interest
earnings:
|
|
|
|
|
|
As reported
|
$29,614
|
$27,680
|
$57,082
|
$55,866
|
|
Adjustment to tax
equivalency basis (2)
|
619
|
873
|
1,244
|
1,794
|
|
|
|
|
|
|
|
Adjusted net interest
earnings
|
$30,233
|
$28,553
|
$58,326
|
$57,660
|
|
|
|
|
|
|
|
Net yield on interest earning
assets:
|
|
|
|
|
|
As reported
|
4.55%
|
4.15%
|
4.47%
|
4.27%
|
|
Effects of (1) and (2)
above
|
0.10%
|
0.14%
|
0.10%
|
0.15%
|
|
|
|
|
|
|
|
Adjusted net yield on interest
earning assets
|
4.65%
|
4.29%
|
4.57%
|
4.42%
|
|
|
|
|
|
|
|
Average stockholders'
equity:
|
|
|
|
|
|
As reported
|
$293,390
|
$295,695
|
$292,413
|
$296,812
|
|
Effects of (1) and (2)
above
|
160
|
2,936
|
303
|
2,370
|
|
|
|
|
|
|
|
Adjusted average stockholders'
equity
|
$293,230
|
$292,759
|
$292,110
|
$294,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Financial
Highlights
|
|
Second
Quarter 2011
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
3 mos
end
|
3 mos
end
|
6 mos
end
|
6 mos
end
|
|
|
Jun
30
|
Jun
30
|
Jun
30
|
Jun
30
|
|
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
Net Interest
Income
|
$29,614
|
$27,680
|
$57,082
|
$55,866
|
|
Non Interest
Income
|
$3,831
|
$2,684
|
$9,050
|
$5,477
|
|
Non Interest
Expense
|
$20,648
|
$18,138
|
$41,098
|
$36,592
|
|
Net Income
(Loss)
|
$7,432
|
($10,955)
|
$12,256
|
($6,100)
|
|
Net Interest
Margin
|
4.55%
|
4.15%
|
4.47%
|
4.27%
|
|
Net Interest Margin
(FTE)
|
4.65%
|
4.29%
|
4.57%
|
4.42%
|
|
|
|
|
|
|
|
Diluted Earnings (Loss)
Per Share (1)
|
$0.42
|
($0.62)
|
$0.69
|
($0.35)
|
|
Dividends Per Share
(1)
|
$0.15
|
$0.21
|
$0.30
|
$0.42
|
|
Return on Average
Equity
|
10.13%
|
-14.82%
|
8.38%
|
-4.11%
|
|
Return on Average
Assets
|
1.06%
|
-1.54%
|
0.89%
|
-0.44%
|
|
|
|
|
|
|
|
Average Balances:
|
|
|
|
|
|
Average Assets
|
$2,791,988
|
$2,854,198
|
$2,745,835
|
$2,800,746
|
|
Average Net
Loans
|
$1,840,076
|
$1,731,967
|
$1,784,059
|
$1,745,062
|
|
Average
Investments
|
$469,116
|
$552,040
|
$462,264
|
$542,331
|
|
Average Interest Earning
Assets
|
$2,601,546
|
$2,667,221
|
$2,553,508
|
$2,615,350
|
|
Average
Deposits
|
$2,383,267
|
$2,360,598
|
$2,327,020
|
$2,296,805
|
|
Average
Borrowings
|
$91,729
|
$179,382
|
$103,187
|
$184,586
|
|
Average Interest Bearing
Liabilities
|
$1,633,493
|
$1,823,668
|
$1,599,423
|
$1,776,232
|
|
Average Stockholders'
Equity
|
$293,390
|
$295,695
|
$292,413
|
$296,812
|
|
|
|
|
|
|
|
Asset Quality - During
Period:
|
|
|
|
|
|
Provision for loan
losses
|
$1,546
|
$28,548
|
$6,997
|
$34,130
|
|
Net Charge-offs
|
($57)
|
$20,784
|
$4,056
|
$25,647
|
|
Annualized Net
Charge-offs/Avg Net Loans
|
-0.01%
|
4.80%
|
0.45%
|
2.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 2010 per share amounts have
been restated to reflect the effects of the 10% stock dividend
issued in December 2010.
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Selected
Balance Sheet Data
|
|
Second
Quarter 2011
|
|
(Dollars in
thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
Jun
30
|
Mar
31
|
Dec
31
|
Sep
30
|
Jun
30
|
|
|
2011
|
2011
|
2010
|
2010
|
2010
|
|
|
|
|
|
|
|
|
Period End
Balances:
|
|
|
|
|
|
|
Total Assets
|
$2,817,815
|
$2,655,273
|
$2,669,033
|
$2,830,059
|
$2,883,239
|
|
Total
Investments
|
$476,309
|
$448,973
|
$459,934
|
$491,908
|
$505,196
|
|
Net Loans
|
$1,888,761
|
$1,774,679
|
$1,689,187
|
$1,671,730
|
$1,693,083
|
|
Goodwill and Other
Intangible Assets
|
$25,885
|
$26,090
|
$26,296
|
$26,501
|
$26,707
|
|
Total Deposits
|
$2,418,391
|
$2,243,613
|
$2,234,412
|
$2,374,079
|
$2,411,063
|
|
Total Stockholders'
Equity
|
$295,686
|
$290,654
|
$289,917
|
$287,652
|
$282,502
|
|
Common Shares Outstanding
(1)
|
17,689,049
|
17,686,063
|
17,665,908
|
17,632,080
|
17,632,080
|
|
Book Value Per Share
(1)
|
$16.72
|
$16.43
|
$16.41
|
$16.31
|
$16.02
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio -
HVHC
|
9.8%
|
9.9%
|
9.6%
|
9.1%
|
9.0%
|
|
Tier 1 Risk Based Capital
Ratio - HVHC
|
13.2%
|
13.5%
|
13.9%
|
13.7%
|
14.0%
|
|
Total Risk Based Capital
Ratio - HVHC
|
14.4%
|
14.8%
|
15.2%
|
15.0%
|
15.2%
|
|
Tier 1 Leverage Ratio -
HVB
|
9.1%
|
9.1%
|
8.8%
|
8.3%
|
8.1%
|
|
Tier 1 Risk Based Capital
Ratio - HVB
|
12.3%
|
12.4%
|
12.8%
|
12.5%
|
12.6%
|
|
Total Risk Based Capital
Ratio - HVB
|
13.5%
|
13.7%
|
14.0%
|
13.7%
|
13.9%
|
|
|
|
|
|
|
|
|
Loan Categories:
|
|
|
|
|
|
|
Commercial Real
Estate
|
$844,741
|
$821,959
|
$796,253
|
$788,016
|
$784,012
|
|
Construction
|
148,439
|
168,567
|
174,369
|
176,223
|
203,124
|
|
Residential
|
671,638
|
548,346
|
467,326
|
451,344
|
454,529
|
|
Commercial and
Industrial
|
227,008
|
234,742
|
245,263
|
254,506
|
254,840
|
|
Individuals
|
29,620
|
30,616
|
33,257
|
25,705
|
29,992
|
|
Lease Financing
|
13,329
|
14,923
|
15,783
|
16,856
|
17,822
|
|
Total Loans
|
$1,934,775
|
$1,819,153
|
$1,732,251
|
$1,712,650
|
$1,744,319
|
|
|
|
|
|
|
|
|
Asset Quality - Period
End:
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
$41,889
|
$40,287
|
$38,949
|
$36,886
|
$47,127
|
|
Loans 31-89 Days Past Due
Accruing
|
$12,361
|
$12,745
|
$21,004
|
$9,732
|
$6,380
|
|
Loans 90 Days or More Past
Due Accruing (90 PD)
|
$0
|
$0
|
$1,625
|
$197
|
$448
|
|
Nonaccrual Loans
(NAL)
|
$57,617
|
$54,433
|
$43,684
|
$41,918
|
$69,562
|
|
Other Real Estate Owned
(OREO)
|
$2,370
|
$4,810
|
$11,028
|
$9,393
|
$5,578
|
|
Nonperforming Loans Held
For Sale (HFS)
|
$4,506
|
$5,506
|
$7,811
|
$21,864
|
$0
|
|
Nonperforming Assets (90
PD+NAL+OREO+HFS)
|
$64,493
|
$64,749
|
$64,148
|
$73,372
|
$75,588
|
|
Allowance / Total
Loans
|
2.17%
|
2.21%
|
2.25%
|
2.15%
|
2.70%
|
|
NAL / Total
Loans
|
2.98%
|
2.99%
|
2.52%
|
2.45%
|
3.99%
|
|
NAL + 90 PD / Total
Loans
|
2.98%
|
2.99%
|
2.62%
|
2.46%
|
4.01%
|
|
NAL + 90 PD + OREO / Total
Assets
|
2.13%
|
2.23%
|
2.11%
|
1.82%
|
2.62%
|
|
Nonperforming Assets /
Total Assets
|
2.29%
|
2.44%
|
2.40%
|
2.59%
|
2.62%
|
|
|
|
|
|
|
|
|
(1) Share and per share
amounts for September 2010 and June 2010 have been restated to
reflect the effects of the 10% stock dividend issued in December
2010.
|
|
|
|
|
|
|
|
|
|
|
|
HUDSON
VALLEY HOLDING CORP. AND SUBSIDIARIES
|
|
Selected
Income Statement Data
|
|
Second
Quarter 2011
|
|
(Dollars in
thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
3 mos
end
|
3 mos
end
|
3 mos
end
|
3 mos
end
|
3 mos
end
|
|
|
Jun
30
|
Mar
31
|
Dec
31
|
Sep
30
|
Jun
30
|
|
|
2011
|
2011
|
2010
|
2010
|
2010
|
|
|
|
|
|
|
|
|
Interest Income
|
$32,462
|
$30,633
|
$31,196
|
$31,537
|
$32,510
|
|
Interest Expense
|
2,848
|
3,165
|
3,659
|
4,284
|
4,830
|
|
Net Interest Income
|
29,614
|
27,468
|
27,537
|
27,253
|
27,680
|
|
Provision for Loan
Losses
|
1,546
|
5,451
|
5,825
|
6,572
|
28,548
|
|
Non Interest Income
|
3,831
|
5,219
|
4,405
|
3,843
|
2,684
|
|
Non Interest Expense
|
20,648
|
20,450
|
19,132
|
18,422
|
18,138
|
|
Income (Loss) Before Income
Taxes
|
11,251
|
6,786
|
6,985
|
6,102
|
(16,322)
|
|
Income Taxes
(Benefit)
|
3,819
|
1,962
|
(157)
|
2,031
|
(5,367)
|
|
Net Income (Loss)
|
$7,432
|
$4,824
|
$7,142
|
$4,071
|
($10,955)
|
|
Diluted Earnings (Loss) per
share (1)
|
$0.42
|
$0.27
|
$0.41
|
$0.23
|
($0.62)
|
|
Net Interest Margin
|
4.55%
|
4.39%
|
4.29%
|
4.09%
|
4.15%
|
|
Average Cost of Deposits
(2)
|
0.38%
|
0.40%
|
0.44%
|
0.51%
|
0.56%
|
|
|
|
|
|
|
|
|
(1) Share and per share
amounts for September 2010 and June 2010 have been restated to
reflect the effects of the 10% stock dividend issued in December
2010.
|
|
(2) Includes noninterest bearing
deposits
|
|
|
|
|
|
|
|
|
|
SOURCE Hudson Valley Holding Corp.