Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HUDSON VALLEY HOLDING CORP | d719553d8k.htm |
 Metro New York’s
Premier Business Bank
May 2014
Exhibit 99.1 |
 2
Safe Harbor Statement
“Safe
Harbor”
Statement
under
the
Private
Securities
Litigation
Reform
Act
of
1995:
This presentation contains various forward-looking statements with respect to
earnings, credit quality and other financial and business matters within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-statements can be
identified by words such as “expects,”
“anticipates,”
“intends,”
“believes,”
“estimates,”
“predicts”
and words of similar import. The
Company cautions that these forward-looking statements are subject to numerous
assumptions, risks and uncertainties, and that statements
relating
to
future
periods
are
subject
to
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, include,
but are not limited to, statements regarding: (a) the OCC and other bank regulators
may require us to further modify or change our mix of assets, including our
concentration in certain types of loans, or require us to take further remedial actions; (b) our
inability to deploy our excess cash, reduce our expenses and improve our operating
leverage and efficiency; (c) our ability to pay quarterly cash
dividends to shareholders in light of our earnings, the current and future economic environment, Federal Reserve
Board guidance, our Bank’s capital plan and other regulatory requirements
applicable to Hudson Valley or Hudson Valley Bank; (d)
the
possibility
that
we
may
need
to
raise
additional
capital
in
the
future
and
our
ability
to
raise
such
capital
on
terms
that
are
favorable to us; (e) further increases in our non-performing loans and
allowance for loan losses; (f) ineffectiveness in managing our commercial
real estate portfolio; (g) lower than expected future performance of our investment portfolio; (h) inability to
effectively integrate and manage the new business and lending teams; (i) a lack of
opportunities for growth, plans for expansion (including opening new
branches) and increased or unexpected competition in attracting and retaining customers; (j) 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; (k) lower than expected
demand for our products and services; (l) possible additional impairment of our
goodwill and other intangible assets; (m) our inability to manage interest
rate risk; (n) increased expense and burdens resulting from the regulatory environment in which we
operate and our ability to comply with existing and future regulatory requirements;
(o) our inability to maintain regulatory capital above the minimum levels
Hudson Valley Bank has set as its minimum capital levels in its capital plan, or such higher capital
levels as may be required; (p) proposed legislative and regulatory action may
adversely affect us and the financial services industry; (q) 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;(r) future increased Federal Deposit Insurance Corporation, or
FDIC,
special
assessments
or
changes
to
regular
assessments;
(s)
potential
liabilities
under
federal
and
state
environmental
laws; (t) legislative and regulatory changes to laws governing New York
State’s taxation of HVB’s REIT subsidiary. For a more detailed
discussion of these factors, see the Risk Factors discussion in the Company’s most recent Annual Report on
Form 10-K. The forward-looking statements included in this presentation are
made only as of the date hereof and the Company undertakes no obligation to
update or revise any of its forward-looking statements. Unless otherwise
noted, information presented is from Company sources. |
 3
Hudson Valley: A Differentiated Business Model
•
$3 billion commercial bank focused on small and middle market businesses,
professional service firms and their principals –
they view us as their “private bankers”
•
Low-cost, core deposits = foundation of customer relationships
•
28 branches throughout Westchester, Rockland, the Bronx, Manhattan and Brooklyn in
New York
•
Historic growth achieved by taking deposit share from larger national bank
competitors Niche businesses
synergistically
complement each other to
form the core of HVB’s
business model
Focus on
Targeted
Niche
Segments
Attorneys
Not-For-
Profits
Property
Managers
Real
Estate
Developers
Municipal
-
ities
Trusts
General
Business |
 4
How is HVB Different?
There are more than 32,000 small
and middle market companies with
revenues of $1 million or more in
our market
MARKET SHARE
PLAY IN LARGE
MARKET
•
Ability to achieve meaningful growth with small market share gains
•
With 0.32% deposit market share, HVB ranks 22nd in its five-county, $813
billion deposit market
•
Gaining just 13 bps of share would give HVB over $1B in incremental deposits
SUPERIOR SERVICE
AND TECHNOLOGY
•
Investing in sophisticated technology and business solutions on par with the
largest banks, with longstanding superior client service
•
Customers enjoy easy access to decision makers, who live and operate in the local
market
EFFECTIVE AT
COMPETING IN A
DENSE MARKET
•
Niche market segmentation is unique
•
Will start small and work our way into lead bank position
•
Referral
driven
–
satisfied
customers,
Business
Development
Board
Members
&
centers of influence in key niche focus areas |
 5
Summary Financial Highlights
(a)
Excluding effects of $1.9 million prepayment penalty on FHLB advances and $0.2 million
change related to NYS Corporate Tax Reform. Certain amounts in this column may
be considered non-GAAP financial measures. For a reconciliation to GAAP, please see the Company’s Form 8-K filed with the SEC
on April 28, 2014. Management believes these non-GAAP financial measures provide
information useful to investors in understanding the Company’s underlying
operating performance and trends, and facilitates comparisons with the performance of others banks.
(Dollars in thousands, except per share data)
2014
2014
2013
Net Interest Income
$21,729
$21,729
$21,246
Non Interest Income
$2,479
$4,339
$4,517
Non Interest Expense
$21,790
$21,790
$19,611
Net Income
$1,602
$2,877
$3,651
Diluted Earnings Per Share
$0.08
$0.14
$0.18
Dividends Per Share
$0.06
$0.06
$0.06
Net Interest Margin
3.14%
3.14%
3.18%
Return on Average Equity
2.23%
4.01%
5.02%
Return on Average Assets
0.22%
0.39%
0.51%
Efficiency Ratio
82.60%
82.60%
74.97%
Tangible Common Equity Ratio
9.6%
9.6%
9.6%
Average Assets
$2,935,509
$2,935,509
$2,859,443
Average Net Loans
$1,615,848
$1,615,848
$1,422,132
Average Deposits
$2,589,978
$2,589,978
$2,493,021
Average Stockholders' Equity
$286,740
$286,740
$290,950
Three Months Ended March 31
(a) |
 6
Asset Quality Remains Strong
Median of US-based, publicly traded commercial banks with assets between $1-$5
billion as of December 31, 2013. |
 Capital Ready for Deployment
Median of US-based, publicly traded commercial banks with assets between $1-$5
billion as of December 31, 2013. 7 |
 Working to Return to Historical Profitability
Goodwill impairment
$2.78
$1.49
-Pre-Tax Pre-Provision Diluted Earnings per Share is a Non-GAAP
measure. See Appendix slide for reconciliation 1.02
10.05
$2.78
$1.49
$0.90
$0.66
0.44
4.47
Income from loan sale
$0.22
$0.14
4.01
0.39
Prepayment penalty on FHLB advances and NYS Corporate Tax Reform
change
$3.84
$3.31
$2.58
$2.91
$1.97
($0.05)
$0.12
2008
2009
2010
2011
2012
2013
Q1 2014
14.76
8.74
1.75
(0.72)
6.82
0.39
2.23
2008
2009
2010
2011
2012
2013
Q1 2014
1.30
0.74
0.18
(0.08)
0.70
0.04
0.22
2008
2009
2010
2011
2012
2013
Q1 2014
$2.06
$1.24
$0.26
($0.11)
$1.01
$0.06
$0.08
2008
2009
2010
2011
2012
2013
Q1 2014
8 |
 9
HVB: Becoming a Better Bank
LEGACY STRENGTHS
•
Exceptional metro NYC core deposit franchise
•
Unique niche-lending focus
•
Highly asset-sensitive balance sheet
•
Disciplined expense management
RECENT
ACCOMPLISHMENTS
•
Exceeded loan growth and liquidity deployment targets in 2013
•
New business or expansion of existing products: ABL, Equipment
Financing, Residential Mortgage
•
Meaningfully reduced operating expenses by 4.5% in 2013*
–
Despite investments in compliance, talent and growth
initiatives
•
Strengthened governance and leadership
•
Developed sophisticated cash management and mobile banking
tools on par with the largest banks
WHERE WE’RE GOING
•
Investing in the Company to be BETTER, not just to be different
•
Nimbly adapting to new environments, products, and competitors
while capitalizing on legacy strengths
•
More effectively serving our niche markets and new markets with a
more diverse array of profitable, customized products that meet their
needs
* Total non-interest expense of $100.1 million for 2013 included
non-recurring charges of $18.7 million pre-tax goodwill impairment and $1.3 million non-operating
expense related to branch consolidations. |
 10
DISCIPLINED EXECUTION
•Unwavering focus on strategy for diversifying balance
sheet •
Launched ABL (Q4’13) and Equipment Financing businesses (Q1’14)
•
Increase of $104 million in residential mortgage and home equity loans over the
last five quarters
•Instituted ERM platform suitable for $10-$15 billion-asset bank
PRUDENT LIQUIDITY DEPLOYMENT CONTINUES
10
(Dollars in millions)
Recent Successes
$25
$112
$143
$122
$402
$72
$28
$47
$6
$12
$93
-$10
Q1-2013
Q2-2013
Q3-2013
Q4-2013
2013 Total
Q1-2014
New Loan Originations and Purchases
Securities growth |
$1,250,000 $1,300,000
$1,350,000
$1,400,000
$1,450,000
$1,500,000
$1,550,000
$1,600,000
$1,650,000
$1,700,000
2013 Q1
2013 Q2
2013 Q3
2013 Q4
2014 Q1
Total Gross Loans
Liquidity Deployment
LENDING MOMENTUM
•
$402
million
in
loan
originations
and
purchases
in
2013
exceeded
$200
million
target
•
Growth
outpaced
runoff,
adding
$161
million
in
net
new
loans
for
2013
•
Strong Q1 2014 pace, with $27.9 million in net new loans.
11 |
 12
Diversifying Offering: Liquidity Deployment
•
Methodically deploying excess liquidity from Q1’12 loan sales and
abundant cash generation
•
Building on core competency with CRE lending while launching new
or expanding products for niche commercial customers and their
owners, principals and managers:
1.
Jumbo residential mortgage and home equity products complementing
commercial offerings
2.
Recent launches of asset-based lending (ABL) and equipment financing
businesses will increase portfolio diversity
3.
Continue to pursue quality in-market CRE, moving up-market and building
on strong reputation in our marketplace |
 13
Diversifying Offering: Residential Real Estate
•
Jumbo residential mortgage and home equity products support personal
financing needs for in-market borrowers
–
For existing commercial customer owners, principals and managers, a
broader array of competitive residential options than previously
offered
–
For prospective customers, a whole new line of products at our bankers’
disposal to develop new commercial relationships
LOAN BALANCES ($M)
March 31, 2014
INTEREST INCOME ($M)
March 31, 2014
Every ~$27 million in
additional residential
real estate balances
adds $1 million to
HVB’s annual interest
income*
* Assumes 1Q14 residential mortgage yield of 3.75%
Residential Mortgage & Home Equity
All Other |
 14
14
Diversifying Offering: Asset Based Lending
•
HVB Capital Credit LLC launched in November 2013
•
Diversifies and improves risk profile of overall portfolio
•
Offering a growing array of products and services in demand by small-
and mid-sized commercial customers and prospects in metro NYC and
beyond
•
Flexible alternative financing solutions to companies with credit needs
between
$2.5
million
and
$25
million
–
a
range
typically
underserved
by
the country’s largest banks
•
Addition
of
veteran
ABL
team
builds
on
long
record
of
attracting
top
talent from national/multinational banks
•
Every
~$20
million
in
additional
ABL
balances
adds
$1
million
to
HVB’s
annual interest income*
* Assumes 1Q’14 ABL origination yield of 4.9% |
 15
Diversifying Offering: Equipment Financing
•
HVB Equipment Capital LLC launched in March 2014
•
Nationwide lender to customers, wholesale partners and manufacturers, providing
equipment leasing and lending for a wide range of income-producing
equipment, including:
–
Manufacturing
–
Healthcare
–
Technology
–
Transportation
•
Focus on seizing opportunities to finance small and middle-market transactions
in the $100,000 to $5 million range
•
Offers new and existing customers a flexible alternative to traditional commercial
loans, enhancing cash flow and preserving working capital
|
 16
16
Moving Upmarket with Technology
•
Over the past two years, implemented risk management systems and
capital management framework typical of a $10-$25 billion bank, with our
$3 billion balance sheet
•
An investment of $4 million, recognized over five years, for enhanced
technology solutions for business customers will be made, with the
solutions rolled out in 2014.
•
Applications for small and mid-sized companies, including mobile banking
applications and enhanced lockbox and other cash management tools
•
Designing sophisticated cash management resources for larger companies to
be competitive with the best cash management platforms offered in our
marketplace –
on par with the largest banks
–
Sophisticated
platforms
allow
us
to
meet
the
treasury
management
needs
of larger businesses
»
For example, in the past we have served law firms with 5-10
partners; now we can serve firms with 20-100 partners
|
  17
Diversification Progress
LOAN COMPOSITION –
March 31, 2014
(1)
Total is gross of unearned income.
Loan Balances
March 31
$ in Millions
2014
REAL ESTATE
C&D - RESIDENTIAL
38
$
C&D - NON RESIDENTIAL
43
OWNER OCCUPIED CRE
162
NON-OWNER OCCUPIED CRE
426
MULTIFAMILY LOANS
250
1-4 FAMILY MORTGAGE
315
HOME EQUITY
114
COMMERCIAL & INDUSTRIAL
284
CONSUMER
10
LEASE FINANCING
14
OTHER
3
TOTAL (1)
$1,659
C&D -
RESIDENTIAL
2%
C&D
-
NON
RESIDENTIAL
2%
OWNER
OCCUPIED
CRE
10%
NON-OWNER
OCCUPIED
CRE
26%
MULTIFAMILY
LOANS
15%
1-4 FAMILY
MORTGAGE
19%
HOME
EQUITY
7%
COMMERCIAL
&
INDUSTRIAL
16%
CONSUMER
1%
LEASE
FINANCING
1% |
 18
Legacy Strength: Core Deposit Franchise
DEPOSIT
COMPOSITION
–
Mar.
31,
2014
CORE FUNDING
-Core Deposits defined as total deposits less time deposits
>$100,000. 91%
64%
87%
97%
50%
60%
70%
80%
90%
100%
2008
2009
2010
2011
2012
2013
Q1 2014
Loans/Deposits
Core Deposits/Total Deposits
Money
Market
36%
Demand
38%
Savings 5%
Time > $100m
3%
Time < $100m
1%
Checking with
Interest 17%
TOTAL DEPOSITS -
$2,562
Million |
 19
Continued Deposit Growth Drives Profitability
67.2%
CORE
DEPOSITS
(1)
96.7% CORE
DEPOSITS
(1)
VS.
89.5% FOR
PEERS
(2)
(1)
Core deposits defined as total deposits less time deposits > $100,000 and
brokered deposits. December 2006 Includes approximately $127 million of deposits as part of New
York National Bank acquisition
(2)
Peers = Median of US-based, publicly traded commercial banks with assets
between $1-$5 billion as of December 31, 2013. $0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
$888
$1,027
$1,125
$1,235
$1,408
$1,626
$1,813
$1,839
$2,173
$2,234
$2,425
$2,520
$2,634
$2,562
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Demand Deposits
Checking with Interest
Money Market Accounts
Savings Accounts
Time Deposits < $100m
Time Deposits > $100m
Brokered Deposits |
 20
Net Interest Margin
(1)
Fully tax equivalent basis.
(2)
Peers = Median of US-based, publicly traded commercial banks with assets
between $1-$5 billion as of December 31, 2013. VS. 3.63%
PEERS
(1,2)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Q1 2014
N
ET
NTEREST
M
ARGIN
(FTE)
IELD
ON
OANS
C
OST
OF
EPOSITS
F
EDERAL
F
UNDS
ATE
I
Y
L
D
R
4.89%
3.19%
4.84%
0.17% |
 21
Core Deposits Differentiate HVB from Peers
(1)
Core Deposits defined as total deposits less time deposits >$100,000 and
brokered deposits. (2)
Peers = Median of US-based, publicly traded commercial banks with assets
between $1-$5 billion as of December 31, 2013. (3)
Represents Net Loans to Deposits
3/31/13
3/31/14
HVB
HVB
Peers
(2)
Non Interest Bearing/Total Deposits
40%
38%
22%
Core Deposits / Total Deposits
(1)
96%
97%
90%
Deposits / Total Funding
98%
99%
91%
Loans / Deposits Ratio
(3)
56%
64%
80%
Net Interest Margin (FTE)
3.24%
3.19%
3.63%
Cost of Total Deposits
20 bp
17 bp
38 bp
Deposit Metrics |
 Deposit Franchise Provides Funding Advantage
COST OF
DEPOSITS
YIELD ON
LOANS
HVB’s deposit costs
are relatively stable and
lower than peers over
interest rate cycles
HVB’s average loan
yields are in line with
peer banks
22
Source: SNL Financial. Data for SNL $1-$5B Banks reflects the median of
US-based, publicly traded commercial banks with assets between $1-$5 billion as of December 31, 2013. |
 Positioned for Rising Rates
INTEREST RATE SENSITIVITY
Percent Change in Net Interest Income from
Gradual 12-month Change in Rates
As of March 31, 2014
Median impact
among banks with
similar interest rate
sensitivity method*
+0.93%
*Source: SNL Financial. Median of 49 banks reporting interest rate sensitivity
using a percent change to net interest income method for a gradual 12-
month increase of 200 basis points, as of December 31, 2013.
23 |
 24
Deposit Premium
DEPOSIT PREMIUM
AT PERIOD END
Deposit premium defined as market value less common equity as a percentage of total
deposits Data for Metro NY Competitors and SNL $1-$5B Banks reflects the
median of each group. See Appendix for Metro NY competitors. WORKING TO
RESTORE SUPERIOR VALUATION OF PREMIER DEPOSIT FRANCHISE |
 25
HVB: Becoming a Better Bank
LEGACY STRENGTHS
•
Exceptional metro NYC core deposit franchise
•
Unique niche-lending focus
•
Highly asset-sensitive balance sheet
•
Disciplined expense management
RECENT
ACCOMPLISHMENTS
•
Exceeded loan growth and liquidity deployment targets in 2013
•
New business or expansion of existing products: ABL, Equipment
Financing, Residential Mortgage
•
Meaningfully reduced operating expenses by 4.5% in 2013*
–
Despite investments in compliance, talent and growth
initiatives
•
Strengthened governance and leadership
•
Developed sophisticated cash management and mobile banking
tools on par with the largest banks
WHERE WE’RE GOING
•
Investing in the Company to be BETTER, not just to be different
•
Nimbly adapting to new environments, products, and competitors
while capitalizing on legacy strengths
•
More effectively serving our niche markets and new markets with a
more diverse array of profitable, customized products that meet their
needs
* Total non-interest expense of $100.1 million for 2013 included
non-recurring charges of $18.7 million pre-tax goodwill impairment and $1.3 million non-operating
expense related to branch consolidations. |
 26
THANK YOU
FOR YOUR INTEREST IN
HUDSON VALLEY HOLDING CORP. |
 27
APPENDIX
FINANCIAL DETAIL AND
NON-GAAP RECONCILIATION |
 28
Metro New York Competitors
Astoria Financial Corporation
Northfield Bancorp, Inc.
BCB Bancorp, Inc.
Oritani Financial Corp.
Center Bancorp, Inc.
Peapack-Gladstone Financial Corporation
ConnectOne Bancorp, Inc.
People's United Financial, Inc.
Dime Community Bancshares, Inc.
Provident Financial Services, Inc.
First of Long Island Corporation
Signature Bank
Flushing Financial Corporation
Sterling Bancorp
Intervest Bancshares Corporation
Tompkins Financial Corporation
Investors Bancorp, Inc. (MHC)
Unity Bancorp, Inc.
Kearny Financial Corp. (MHC)
Valley National Bancorp
Lakeland Bancorp, Inc.
Webster Financial Corporation
New York Community Bancorp, Inc. |
 Quarterly Summary Financial Highlights
29 |
  30
Quarterly Loan Balances
(1)
Total is gross of unearned income.
(Dollars in Millions)
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
REAL ESTATE
C&D - RESIDENTIAL
53
$
48
$
34
$
27
$
35
$
41
$
41
$
38
$
C&D - NON RESIDENTIAL
43
43
41
43
37
42
47
43
OWNER OCCUPIED CRE
229
195
181
177
186
191
168
162
NON-OWNER OCCUPIED CRE
405
389
369
399
408
408
425
426
MULTIFAMILY LOANS
213
209
196
195
196
215
227
250
1-4 FAMILY MORTGAGE
237
214
216
189
222
289
321
315
HOME EQUITY
109
109
109
106
107
107
111
114
COMMERCIAL & INDUSTRIAL
231
266
288
250
261
255
259
284
CONSUMER
19
20
19
17
16
15
15
10
LEASE FINANCING
14
14
14
11
10
12
14
14
OTHER
3
3
3
1
2
2
3
3
TOTAL (1)
1,557
$
1,510
$
1,470
$
1,415
$
1,480
$
1,577
$
1,631
$
1,659
$
Period Ending |
 31
Non-GAAP Reconciliation
(a) Excluding the loan sale in the first quarter of 2012 resulting in a
gross gain of $15.9 million. (b) Excluding the
$18.7 million pre-tax goodwill impairment and $1.3 million non-operating expense related to branch
consolidations. (c) Excluding effects of
$1.9 million prepayment penalty on FHLB advances and $0.2 million change related to NYS Corporate Tax Reform.
(Dollars in thousands except share and per
share data)
2008
2009
2010
2011
2012(a)
2012
2013(b)
2013
Q1 2014(c )
Q1 2014
Net Income as reported
30,877
$
19,012
$
5,113
$
(2,137)
$
19,824
$
29,181
$
12,962
$
1,130
$
2,877
$
1,602
$
Income attributable to participating
shares as reported
-
-
-
-
(78)
(115)
(153)
(13)
(39)
(22)
Net Income attributable to common
shares as reported
30,877
$
19,012
$
5,113
$
(2,137)
$
19,745
$
29,065
$
12,809
$
1,116
$
2,838
$
1,580
$
Net Income as reported
30,877
$
19,012
$
5,113
$
(2,137)
$
19,824
$
29,181
$
12,962
$
1,130
$
2,877
$
1,602
$
Exclude:
Income Tax (1)
15,646
7,310
(1,406)
(5,413)
10,367
16,945
3,500
(4,625)
1,509
739
Provision for Loan Loss (2)
11,025
24,306
46,527
64,154
8,507
8,507
2,476
2,476
78
78
Income attributable to participating
shares (3)
-
-
-
-
(153)
(216)
12
12
(61)
(33)
Pre-tax, Pre-provision Earnings
57,548
$
50,628
$
50,234
$
56,605
$
38,545
$
54,417
$
18,949
$
(1,008)
$
4,403
$
2,385
$
Weighted Average Diluted common
shares
14,973,866
15,307,674
19,455,971
19,462,055
19,545,037
19,545,037
19,718,995
19,718,995
19,718,995
19,718,995
Diluted Earnings per Share as reported
2.06
$
1.24
$
0.26
$
(0.11)
$
1.01
$
1.49
$
0.65
$
0.06
$
0.14
$
0.08
$
Effects of (1) and (2) above
1.79
2.07
2.32
3.02
0.96
1.30
0.31
(0.11)
0.08
0.04
Pre-Tax, Pre-Provision Diluted Earnings
per Common Share
3.84
$
3.31
$
2.58
$
2.91
$
1.97
$
2.78
$
0.96
$
(0.05)
$
0.22
$
0.12
$
Tangible Equity Ratio:
Total Stockholders' Equity:
As reported
207,500
$
293,678
$
289,917
$
277,562
$
290,971
$
290,971
$
284,309
$
284,309
$
287,553
$
287,553
$
Less: Goodwill and other intangible
assets
25,040
27,118
26,296
25,493
24,745
24,745
5,855
5,855
5,807
5,807
Tangible stockholders' equity
182,460
$
266,560
$
263,621
$
252,069
$
266,226
$
266,226
$
278,454
$
278,454
$
281,746
$
281,746
$
Total Assets:
As reported
2,540,890
$
2,665,556
$
2,669,033
$
2,797,670
$
2,891,246
$
2,891,246
$
2,999,199
$
2,999,199
$
2,906,201
$
2,906,201
$
Less: Goodwill and other intangible
assets
25,040
27,118
26,296
25,493
24,745
24,745
5,855
5,855
5,807
5,807
Tangible assets
2,515,850
$
2,638,438
$
2,642,737
$
2,772,177
$
2,866,501
$
2,866,501
$
2,993,344
$
2,993,344
$
2,900,394
$
2,900,394
$
Tangible equity ratio
7.3%
10.1%
10.0%
9.1%
9.3%
9.3%
9.3%
9.3%
9.7%
9.7% |
 32
THANK YOU FOR YOUR INTEREST IN
HUDSON VALLEY HOLDING CORP.
www.hudsonvalleybank.com
May 2014 |