MIDDLETOWN, NY -- (Marketwire) -- 11/06/12 -- Greater Hudson Bank, N.A. (the "Bank") (OTCQB: GHDS), with assets of $328.2 million, today reported net income for the 2012 third quarter of $777,000 or $0.08 per common share, compared to $918,000 or $0.09 per common share for the 2011 third quarter, a decrease of $141,000 or 15.4 percent. Return on average common stockholders' equity was 8.07 percent for the third quarter of 2012 compared to 10.38 percent for the 2011 third quarter.
For the nine months ended September 30, 2012, net income was $1.877 million, or $0.19 per common share compared to $1.950 million, also $0.19 per common share for the nine months ended September 30, 2011, a decrease of approximately $73,000, or 3.7 percent. Return on average common stockholders' equity was 6.62 percent for the nine months ended September 30, 2012 compared to 7.63 percent for the 2011 nine month period.
Excluding security gains, earnings from operations increased $462,000 or 17.8 percent and $1.0 million or 13.8 percent for the three and nine months ended September 30, 2012, respectively, compared to the prior year periods.
The Bank is also very proud to report that since the October 2008 recapitalization, it has earned back all of the $8.8 million in losses incurred since the Bank opened in 2002 and now has $396,000 in retained earnings.
Commenting on the third quarter of 2012, Kenneth J. Torsoe, chairman of the board of directors of Greater Hudson Bank, stated, "We understand that the environment in which we are operating continues to be a challenging one for not only the economy in general, but the banking industry as well. However, in spite of the low interest rate environment, limited small and-medium sized business loan demand, and the need for increased resources focused on ever-changing government regulations, we have made progress as a community bank. We want those in our communities to know that we are here to help them and we have money to lend, especially for those severely affected by Hurricane Sandy. Our Greater Hudson Bank team is working hard to attract new quality loans, as we understand that it is the health and growth of our small and-medium sized businesses that will help to rebuild and sustain the communities we serve."
Mr. Torsoe also stated that, "We do not believe that Hurricane Sandy will have a material effect on the Bank's financial statements."
Financial highlights as of and for the three months ended September 30, 2012 compared to the September 30, 2011 period are as follows:
•Total assets increased $26.1 million, or 8.6 percent, to $328.2 million. •Net loans increased $42.7 million, or 29.9 percent, to $185.5 million. •Investments decreased $27.9 million, or 19.5 percent, to $115.3 million. •Deposits increased $14.7 million, or 5.9 percent, to $263.8 million. •Net interest income increased $482,000, or 18.9 percent, to $3.0 million. •Non-interest expense increased $271,000, or 17.5 percent, to $1.8 million. •Provision for income taxes decreased $100,000, or 17.6 percent, to $467,000.
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