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Marketwired
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Greater Hudson Bank Reports Increased Earnings for the Three and Twelve Months Ended December 31, 2015 / Net Income of $836,000 for the 2015 Fourth Quarter and $3.2 Million for the Year; Loan Portfolio Increases 10.1% for the Year; Investments Increase 12

BARDONIA, NY--(Marketwired - January 29, 2016) - Greater Hudson Bank (the "Bank") (OTCQX: GHDS), with assets of $432.7 million, today reported net income of $836,000 or $0.08 per common share for the fourth quarter of 2015 compared to $432,000 or $0.04 per common share for the 2014 fourth quarter. For the twelve months ended December 31, 2015, net income was $3.2 million or $0.32 per common share, compared to $2.7 million or $0.27 per common share for the twelve months ended December 31, 2014. Return on average common stockholders' equity was 7.42 percent and 7.24 percent for the three and twelve months ended December 31, 2015 compared to 4.14 percent and 6.51 percent for the three and twelve months ended December 31, 2014, respectively.

Edward T. Lutz, president and CEO stated, "We proudly present Greater Hudson's quarterly and full year results for the period ending December 31, 2015. Continued growth in net income and balance sheet growth reflect successful implementation of our strategy of measured expansion in our core markets. Our branch and lending staff continue to build lasting relationships with our clientele and our back office provides the support and technical expertise to ensure results are efficient and effective. The Greater Hudson team deserves recognition for their important and vital contribution to the Company's success."

Financial highlights as of December 31, 2015 compared to December 31, 2014 are as follows:

  • Total assets increased $38.3 million, or 9.7 percent, to $432.7 million.
  • Loans, net of unearned income, increased $25.8 million, or 10.1 percent, to $282.5 million.
  • Investments increased $14.4 million, or 12.7 percent, to $127.5 million.
  • Deposits increased $23.0 million, or 7.3 percent, to $340.0 million.

Performance highlights for the three months ended December 31, 2015 compared to the December 31, 2014 period are as follows:

  • Net interest income increased $167,000, or 4.9 percent, to $3.6 million.
  • Non-interest expense increased $307,000 or 14.7 percent to $2.4 million.
  • Provision for loan losses decreased $20,000.
  • Gains on securities transactions decreased $110,000.
  • Provision for income taxes decreased $642,000, or 62.3 percent to $389,000.

Performance highlights for the twelve months ended December 31, 2015 compared to the December 31, 2014 period are as follows:

  • Net interest income increased $936,000, or 7.3 percent, to $13.7 million.
  • Gains on securities transactions decreased $311,000.
  • Non-interest expense increased $704,000, or 7.9 percent, to $9.7 million.
  • Provision for loan losses increased $286,000.
  • Provision for income taxes decreased $904,000, or 37.8 percent, to $1.5 million.

Kenneth J. Torsoe, chairman of the board stated that, "The Board of Directors is pleased with the continued improved financial results produced by our staff. Our balance sheet and earnings metrics meet our expectations and correlate very well with our Strategic Plan and direction. We believe shareholders are receiving quality results and we expect continued progress as our business grows and prospers."

EARNINGS

*Results Unaudited             Three months Ended     Twelve months Ended   
                                  December 31,            December 31,      
                                     (in thousands, except ratios)          
SUMMARY OF OPERATIONS DATA:     2015        2014        2015        2014    
                             ----------- ----------- ----------- -----------
Net interest income           $   3,572   $   3,405   $  13,702   $  12,766 
Provision for loan losses           128         148         238         (48)
Noninterest income                  113         121         451         472 
Gains on securities                                                         
 transactions                        62         172         405         716 
Noninterest Expense               2,394       2,087       9,654       8,950 
                             ----------- ----------- ----------- -----------
Income before income taxes        1,225       1,463       4,666       5,052 
Provision for income taxes          389       1,031       1,489       2,393 
                             ----------- ----------- ----------- -----------
Net income                    $     836   $     432   $   3,177   $   2,659 
                             =========== =========== =========== ===========
                                                                            
Efficiency Ratio                   65.0%       59.2%       68.2%       67.6%
                                                                            
AVERAGE BALANCE SHEET DATA:     2015        2014        2015        2014    
                             ----------- ----------- ----------- -----------
Earning Assets                $ 414,551   $ 369,766   $ 391,763   $ 351,724 
Total Interest Bearing                                                      
 Liabilities                    332,253     302,643     315,529     288,291 
Net interest spread                3.32%       3.55%       3.44%       3.57%
Net interest margin                3.45%       3.68%       3.50%       3.63%

The increase in net income for the three months ended December 31, 2015 compared to the three months ended December 31, 2014, is primarily attributable to an increase in net interest income of $167,000 as a result of an increase in earning assets combined with a decrease to the provision for income taxes of $642,000 as a result of the valuation allowance recorded against the Bank's New York State deferred tax asset that was booked in the fourth quarter of 2014. The valuation allowance arose as a result of changes in the New York State Tax Law enacted in 2014. Based on the changes to the New York State Tax Law, starting in 2015, the Bank is not taxable for state purposes as a result of the benefit of deductions for lending in the state of New York. The increase in net interest income and decrease in the provision for income taxes were partially offset by a decrease in security gains of $110,000 and an increase to noninterest expense of $307,000, primarily attributable to increases in other employee expenses, occupancy expense, data processing expense, and the reserve for unfunded commitments.

Net income for the twelve months ended December 31, 2015 increased $518,000 compared to the twelve months ended December 31, 2014. The increase was primarily attributable to an increase in net interest income of $936,000 due to an increase in average earning assets of $40.0 million combined with a decrease in the provision for income taxes of $904,000 primarily as a result of the valuation allowance recorded against the Bank's New York State deferred tax asset that was booked in the fourth quarter of 2014, as result of the changes in the New York State Tax Law enacted in 2014, as noted above. The increase in net interest income and decrease in the provision for income taxes were partially offset by a decrease in security gains of $311,000 and an increase in non-interest expense of $704,000, primarily attributable to increases in salaries expense, other employee expenses, data processing expense, and the reserve for unfunded commitments.

BALANCE SHEET & CREDIT QUALITY

SELECTED BALANCE SHEET DATA - Unaudited:                   As of            
(in thousands, except ratios)                    December 31,  December 31, 
                                                     2015          2014     
                                                 ------------- -------------
Total Investments                                 $   127,460   $   113,104 
Loans, net of unearned income                         282,548       256,745 
Allowance for loan losses                               3,555         3,306 
Total assets                                          432,701       394,367 
Total deposits                                        340,011       316,976 
Borrowings                                             45,335        32,313 
Nonperforming assets                                    3,185         2,986 
Allowance for loan losses to total net loans             1.26%         1.29%
Nonperforming assets to total assets                     0.74%         0.76%

The Bank increased loans, net of unearned income, by $25.8 million and investments by $14.4 million as of December 31, 2015 compared to December 31, 2014. The increase in the loan portfolio and investments were funded by an increase in total deposits of $23.0 million, as well as an increase in borrowings of $13.0 million during the year.

Nonperforming assets increased to $3.2 million as of December 31, 2015 from $3.0 million as of December 31, 2014. The balance is related to a limited number of loan relationships that the Bank is actively attempting to remediate and is closely monitoring.

CAPITAL

EQUITY - Unaudited                                            As of         
(in thousands, except ratios)                              December 31,     
                                                         2015       2014    
                                                       ---------- ----------
Tier 1 Capital                                          $ 43,093   $ 41,333 
Total Stockholders' Equity                                44,352     41,532 
Book value per common share                                 4.42       4.14 
Tier 1 Leverage Ratio                                       10.0%      10.6%

At December 31, 2015, the Bank had $44.4 million in stockholders' equity. The Bank's leverage ratio was 10.0 percent at December 31, 2015 compared to 10.6 percent at December 31, 2014. The Bank continues to be considered a well-capitalized institution under current Federal regulatory guidelines.

Greater Hudson Bank's annual Stockholders' Meeting will be held Thursday, April 28, 2016 at 10:00 a.m. at the Salvation Army Conference Center in West Nyack, NY 10994. All shareholders and interested parties are invited to attend.

Greater Hudson Bank, founded in 2002, is headquartered in Bardonia, NY. The Bank, which specializes in providing customized banking services to Hudson Valley based businesses, non-profits and municipal agencies is chartered by the New York State Department of Financial Services and its deposits are insured by the FDIC. As evidence of the Bank's financial strength, Greater Hudson Bank has been recognized with a superior rating by the country's leading independent bank rating and research firm, BauerFinancial, Inc. Further information can be found on the Bank's website at www.GreaterHudsonBank.com or by calling 844-GREAT-11.

Forward-Looking Statements: This Press Release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are to be considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risk and uncertainties, and that actual results may differ from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risk and uncertainties. In addition, any statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.

Contact: 
Jenet Ferris
(845) 367-4998

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