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, 2004
OR
o 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)
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Delaware |
14-1803212 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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One Hudson City Centre, Hudson New York |
12534 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant's telephone number, including area code: (518) 828-4600 |
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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 o NO
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b - 2 of the Act). x YES o NO
As of November 3, 2004 there were issued and outstanding 30,602,549 shares of the Registrant's Common Stock.
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HUDSON RIVER BANCORP, INC.
FORM 10-Q
INDEX
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Page |
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PART I |
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FINANCIAL INFORMATION |
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Item 1 |
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Financial Statements (unaudited): |
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Consolidated Balance Sheets at September 30, 2004 and March 31, 2004 ........................................... |
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Consolidated Income Statements for the three and six months ended September 30, 2004 and 2003 |
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Consolidated Statements of Cash Flows for the six months ended September 30, 2004 and 2003 .... |
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Notes to Unaudited Consolidated Interim Financial Statements ............................................................ |
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Item 2 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations ................ |
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Item 3 |
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Quantitative and Qualitative Disclosures about Market Risk ...................................................................... |
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Item 4 |
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Controls and Procedures .................................................................................................................................... |
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PART II |
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OTHER INFORMATION |
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Item 1 |
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Legal Proceedings................................................................................................................................................ |
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Item 2 |
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Unregistered Sales of Equity Securities & Use of Proceeds ......................................................................... |
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Item 3 |
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Defaults Upon Senior Securities........................................................................................................................ |
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Item 4 |
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Submissions of Matters to a Vote of Security Holders ................................................................................. |
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Item 5 |
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Other Information................................................................................................................................................. |
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Item 6 |
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Exhibits .................................................................................................................................................................. |
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Exhibit Index ......................................................................................................................................................... |
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Signatures ............................................................................................................................................................. |
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Item 1. Financial Statements |
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Hudson River Bancorp, Inc. Consolidated Balance Sheets (unaudited) | |||||||||||
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September 30, |
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March 31, | |||
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(In thousands, except share and per share data) |
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2004 |
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2004 | ||||||
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Assets |
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Cash and due from banks |
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$ 46,048 |
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$ 59,184 | |||||
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Money market investments |
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- |
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50,210 | |||||
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Federal funds sold |
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- |
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56,286 | |||||
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Cash and cash equivalents |
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46,048 |
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165,680 | ||||
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Securities available for sale, at fair value |
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645,278 |
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650,524 | |||||
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Federal Home Loan Bank of New York (FHLB) stock, at cost |
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19,427 |
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22,936 | ||||||
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Loans |
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1,714,039 |
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1,665,699 | ||||
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Allowance for loan losses |
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(40,166) |
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(40,252) | |||||
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Net loans |
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1,673,873 |
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1,625,447 | ||||
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Accrued interest receivable |
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10,633 |
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9,958 | |||||
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Premises and equipment, net |
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27,507 |
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27,401 | |||||
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Other real estate owned (OREO) and repossessed property |
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443 |
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497 | ||||||
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Goodwill |
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65,304 |
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65,304 | ||||
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Other intangible assets, net |
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4,534 |
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4,981 | ||||
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Other assets |
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46,221 |
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46,102 | ||||
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Total assets |
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$ 2,539,268 |
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$ 2,618,830 | ||||