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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X]          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2003

 

OR

 

[   ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

Commission file number 000-24187

 

 

 

HUDSON RIVER BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Delaware

 

14-1803212

(State or other jurisdiction of incorporation)

 

(IRS Employer Identification Number)

 

 

 

 

 

 

 

One Hudson City Centre

 

 

Hudson New York, 12534

 

(Address of principal executive offices and zip code)

 

 

 

 

(518)  828-4600

 

Registrant's telephone number, including area code:

 

 

 

 

 

 

 

 

                Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

                 [X] YES     [   ] NO

 

                As of November 3, 2003, there were issued and outstanding 15,154,897 shares of the Registrant's Common Stock.

 

 

 

 

FORM 10-Q

HUDSON RIVER BANCORP, INC.

INDEX

 

 

                                                                                                                                                     &nb sp;                                          

PART I.  FINANCIAL INFORMATION

 

                                ITEM 1.  Financial Statements (unaudited)

 

                                                                Consolidated Balance Sheets at September 30, 2003

                                                                and March 31, 2003

 

Consolidated Income Statements for the three and six months

ended September 30, 2003 and 2002

 

                                                                Consolidated Statements of Cash Flows for the six months

                                                                ended September 30, 2003 and 2002

 

                                                                Notes to Unaudited Consolidated Interim

                                                                Financial Statements

 

                                ITEM 2.  Management’s Discussion and Analysis of Financial

                                                Condition and Results of Operations

 

                                ITEM 3.  Quantitative and Qualitative Disclosures about

                                                Market Risk

 

                                ITEM 4. Controls and Procedures

 

PART II.  OTHER INFORMATION

 

                                ITEM 1.  Legal Proceedings

 

                                ITEM 2.  Changes in Securities and Use of Proceeds

 

                                ITEM 3.  Defaults Upon Senior Securities

 

                                ITEM 4.  Submission of Matters to a Vote of Security Holders

 

                                ITEM 5.  Other Information

 

                                ITEM 6.  Exhibits and Reports on Form 8-K

 

EXHIBIT INDEX

 

SIGNATURE PAGE

 

 

 

 

 

 

 

 

 

2

 

 

Item 1. Financial Statements

 

 

 

 

 

Hudson River Bancorp, Inc.

Consolidated Balance Sheets

(unaudited)

 

 

 

 

 

September 30,

 

March 31,

(In thousands, except share and per share data)

 

2003

 

2003

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and due from banks

 

 

$      80,411 

 

$       64,869 

Federal funds sold

 

 

170,800 

 

303,300 

     Cash and cash equivalents

 

 

 

251,211 

 

368,169 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

529,411 

 

341,524 

Federal Home Loan Bank of New York (FHLB) stock, at cost

 

18,524 

 

19,332 

 

 

 

 

 

 

 

 

Loans

 

 

 

1,605,553 

 

1,649,086 

Allowance for loan losses

 

 

(38,912)

 

(38,276)

     Net loans

 

 

 

1,566,641 

 

1,610,810 

 

 

 

 

 

 

 

 

Accrued interest receivable

 

 

9,499 

 

9,634 

Premises and equipment, net

 

 

28,221 

 

28,447 

Other real estate owned (OREO) and repossessed property

 

703 

 

834 

Goodwill

 

 

 

65,304 

 

65,304 

Other intangible assets, net

 

 

 

5,480 

 

6,021 

Other assets

 

 

 

42,072 

 

44,837 

     Total assets

 

 

 

$2,517,066 

 

$  2,494,912 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

  Deposits:

 

 

 

 

 

 

 

     Savings

 

 

 

 

602,367 

 

577,259 

     N.O.W. and money market

 

 

370,851 

 

353,257 

     Time deposits

 

 

 

641,309 

 

677,605 

     Noninterest-bearing

 

 

216,214 

 

190,252 

          Total deposits

 

 

 

1,830,741 

 

1,798,373