Executive Overview - Hudson United Bancorp ("the Company")
(NYSE:HU) today reported significant progress towards the
repositioning of its balance sheet in preparation for the merger of
the Company and TD Banknorth Inc., which is anticipated to close
during the first quarter of 2006. Core loans increased $144.0
million during the third quarter and core deposits excluding time
deposits increased $656.7 million representing annualized growth
rates of 11.6% and 57.1% respectively. The investment securities
portfolio decreased by $368.8 million with the proceeds applied to
decreases of $206.2 million in time deposits excluding brokered
certificates of deposits, a decrease of $216.9 in total brokered
deposits and a $284.9 million decrease in borrowings. The Company
today reported net income of $14.8 million, or $0.33 per diluted
share, for the quarter ended September 30, 2005 compared to the
$0.72 per diluted share reported for the comparable quarter in
2004. Net income for the third quarter of 2005 includes merger
related expenses of $3.1 million, foreclosed property expense of
$8.6 million, a provision of $2.4 million related to Landfill Gas
investments held for sale, $1.0 million of additional marketing
expense and a $1.1 million reduction in Section 29 U.S. Federal
income tax credits. The Company's return on average equity was
11.03% and return on average assets was 0.64% for the third quarter
of 2005. The net interest margin was 3.46% The Company's return on
average equity was 26.07% and return on average assets was 1.46%
for the third quarter of 2004. The net interest margin was 3.93%.
The Company's diluted EPS for the first nine months of 2005 was
$1.77 per diluted share. The Company's return on average equity was
19.90% and return on average assets was 1.17% for the first nine
months of 2005. The net interest margin was 3.69%. For the first
nine months of 2004 the Company reported diluted EPS of $2.12 per
share. The Company's return on average equity was 26.38% and return
on average assets was 1.50%. The net interest margin was 4.09%. "We
are pleased to report strong growth in our loans, retail deposits
and non-interest income from continuing lines of business" said
Kenneth T. Neilson, Chairman, President and CEO. "An additional
$1.0 million in marketing expense during the third quarter allowed
us to achieve a 29.9% annualized branch deposit increase of local
deposits which were utilized to fund core loan growth of $144.0
million and repay brokered deposits of $216.9 million. Our core
loan growth was 11.6% annualized. Our average branch size grew by
$2.2 million during the quarter and we expect continued strong
growth in the fourth quarter as we continue our marketing
expenditures and position ourselves for the upcoming merger with TD
Banknorth." Results of Operations for Quarter End and Year to Date
September 30, 2005 Net interest income for the third quarter of
2005 was $72.4 million and the net interest margin was 3.46%. Net
interest income for the third quarter of 2004 was $80.0 million and
the net interest margin was 3.93%. Net interest income decreased by
$7.6 million in the third quarter of 2005 compared to the third
quarter of 2004. Net interest margin was increased by higher yields
on loans and reduced by lower yields on investment securities and
increased yields on borrowings and public sector deposits. The net
interest margin was also affected by the Company maintaining higher
liquidity (fed funds) to repay borrowings as they mature. Net
interest income for the first nine months of 2005 was $226.4
million and the net interest margin was 3.69%. Net interest income
for the first nine months of 2004 was $ 236.0 million and the net
interest margin was 4.09%. Net interest income decreased by $9.6
million in the first nine months of 2005 compared to the first nine
months of 2004. The decrease in net interest income in the first
nine months of 2005 compared to the first nine months of 2004 was
due primarily to higher interest expense on deposits and
borrowings. This was offset in part by higher yields on new loans
being originated in a higher interest rate environment. Interest
income on securities increased in the first nine months of 2005
compared to the comparable period in 2004 due to an increase in the
average volume being partially offset by a decline in average
yield. The commercial loan portfolio quality remains good while
increased consumer loan net charge offs in 2005 resulted in the
provision for loan and lease losses of $11.2 million for the third
quarter of 2005 compared to $4.5 million for the third quarter of
2004. The increase in the provision is a result of increases in
loan growth, non-performing consumer loans charged off during the
quarter and increased credit card delinquencies. Net charge offs
for the third quarter of 2005 were $11.3 million compared to $4.3
million for the third quarter of 2004. The provision for loan and
lease losses was $21.4 million for the first nine months of 2005
and $14.9 million for the first nine months of 2004. The increase
in the provision is a result of increases in loan growth,
non-performing consumer loans charged off during the quarter and
increased credit card delinquencies. Net charge offs for the first
nine months ended 2005 were $22.9 million compared to $15.7 million
for the first nine months ended 2004. Noninterest income was $34.6
million in the third quarter of 2005 and $44.4 million in the third
quarter of 2004. Noninterest income for the third quarter of 2004
included $12.1 million of securities gains. Credit card fee income
increased by $1.7 million and loan fees decreased by $1.7 million
in the third quarter of 2005 as compared to the comparable period
in 2004. During the fourth quarter of 2004 the Company sold its
merchant processing business. Loan fees for the third quarter 2004
include $2.0 million of merchant processing fees from the sold
portfolio which were zero in 2005. Noninterest income was $101.3
million in the first nine months of 2005 and $119.0 million in the
first nine months of 2004. Noninterest income for the first nine
months of 2005 decreased by $17.7 million compared to the first
nine months of 2004. The decrease in noninterest income in 2005
compared to 2004 was due to a $14.2 million decrease in security
gains and a $4.7 million decrease in loan fees. During the fourth
quarter of 2004 the Company sold its merchant processing business.
Loan fees for the first nine months ended 2004 include $5.0 million
of merchant processing fees from the sold portfolio which were zero
in 2005. Credit card fee income increased by $5.3 million in the
first nine months of 2005 compared to the comparable period in
2004. A decrease was also experienced in income from Landfill
Investments related to bankruptcy claims in the amount of $4.7
million in the second quarter of 2004. Noninterest expense was
$78.4 million for the third quarter of 2005 compared to $ 75.9
million for the third quarter of 2004. The increase in non interest
expense is primarily due to higher foreclosed property expense
related to a property that was foreclosed in December 2004 totaling
$8.3 million. Increases in non interest expense was also
experienced in marketing expense as a result of marketing programs
aimed at increasing deposit growth and in merger related expenses.
These increases were partially offset by a decrease in salaries and
benefits and outside services for data processing. Salaries and
benefits for the three months ended September 30, 2004 includes a
$7.9 million charge related to severance, retirement and early
vesting of certain benefits. The decrease in outside services is
due to lower expenses associated with the modification of the
Company's data processing and item processing contracts during the
third quarter of 2004. Noninterest expense in 2005 includes a
provision of $2.4 million to reduce the carrying value of the
landfill gas investments to their net realizable value less cost to
sell. Noninterest expense was $219.8 million for the first nine
months of 2005 compared to $212.2 million for the first nine months
of 2004. The increase in noninterest expense in the first nine
months of 2005 compared to the first nine months of 2004 was
primarily due to increases in expense from Landfill Investments,
foreclosed property expense and merger related expense. Expense
from Landfill Investments includes a provision of $8.9 million to
reduce the carrying value of the landfill gas investments to their
net realizable value less cost to sell. Higher foreclosed property
expense is related to a write down of a property that was
foreclosed in December of 2004. Foreclosed property expense
includes $10.4 million of expense relating to this property.
Merger-related expenses are related to the merger with TD Banknorth
which is expected to occur in the first quarter of 2006. These
increases were partially offset by decreases in salaries and
benefits, equipment expense and outside services for data
processing. Salary and benefits expense is lower due to a $7.9
million charge related to severance, retirement and early vesting
of certain benefits that occurred during the third quarter of 2004.
A decrease in outside services was experienced during the first
nine months of 2005 resulting from lower expenses associated with
the modification of the Company's data processing and item
processing contracts in 2004. The Company's net income for the
third quarter of 2005 was $14.8 million, a decrease of $17.8
million compared to the third quarter of 2004. The Company's
provision for income taxes was $2.7 million for the third quarter
of 2005 compared to $11.5 million for the third quarter of 2004.
The change in the tax provision for the third quarter of 2005
compared to the comparable period in 2004 is a result of lower
levels of pre-tax income and a $1.1 million decrease in Section 29
U.S. Federal income tax credits in 2005. The Company's net income
for the first nine months of 2005 was $79.2 million, a decrease of
$16.0 million compared to the first nine months of 2004. The
Company's provision for income taxes was $7.2 million for the first
nine months ended September 30, 2005. The Company's provision for
income taxes for the first nine months of 2004 was $32.7 million.
The lower tax rate in 2005 is due to lower pre-tax income, the IRS
settlement that occurred during the second quarter of 2005 and a
$1.1 million reduction in Section 29 U.S. Federal income tax
credits recognized in the third quarter of 2005. Nonperforming
Loans and Leases, and Asset Quality Nonperforming loans and leases
totaled $15.8 million at September 30, 2005. This was an increase
of $3.5 million compared to $12.3 million of nonperforming loans
and leases as of December 31, 2004 and $12.5 million at September
30, 2004. Nonperforming loans and leases were 0.30% of total loans
and leases at September 30, 2005, compared to 0.25% at December 31,
2004 and 0.26% at September, 2004. Nonperforming assets were $24.9
million at September 30, 2005, down from $27.9 million at December
31, 2004 and up from $14.6 million at September 30, 2004.
Nonperforming assets as a percent of loans, leases and foreclosed
property were 0.48% at September 30, 2005, 0.58% at December 31,
2004 and 0.30% at September 30, 2004. One foreclosed property
accounts for $8.0 million of the September 30, 2005 total. During
the third quarter of 2005, the Company completed an evaluation of
its consumer and credit card loan portfolios. Credit card loans
include customers affected by hurricanes Katrina and Rita and one
private label credit card portfolio with an elevated level of
delinquencies. Credit card and consumer loans include an increased
volume of bankruptcy filings related to the October 2005 changes in
the U.S. Bankruptcy laws. Certain consumer loans classified as
nonperforming including loans with reduced or rescheduled payment
programs and consumer loans in the bankruptcy process were
charged-off in the third quarter of 2005. Consumer and credit card
charge-offs were $11.5 million and recoveries were $1.0 million for
the third quarter of 2005. Consumer and credit card charge-offs
were $23.9 million and recoveries were $3.5 million for the nine
month period ended September 30, 2005. The allowance for loan and
lease losses totaled $59.3 million at September 30, 2005, $60.8
million at December 31, 2004 and $66.3 million at September 30,
2004. It represented 375% of nonperforming loans and leases at
September 30, 2005, compared to 496% at December 31, 2004, and 530%
at September 30, 2004. The Allowance as a percentage of total loans
and leases was 1.14% at September 30, 2005, 1.26% December 31, 2004
and 1.37 % at September 30, 2004. Other Balance Sheet Data Loan and
lease categories consisting of commercial and financial, commercial
real estate, consumer, and credit card loans totaled $5.1 billion
at September 30, 2005, compared to $4.7 billion at December 31,
2004, an increase of $399.4 million or 8.5%. These four loan and
lease categories are the areas of loans that the Company
emphasizes. This is because they generally have more attractive
yields, interest rate sensitivity, and maturity characteristics
than single family first mortgage loans. These four loan and lease
categories represented approximately 98% of loans and leases at
September 30, 2005, compared to 97% at December 31, 2004. The loan
to deposit ratio was 77% at September 30, 2005 and 76% at December
31, 2004. Residential mortgage loans, which are not an area of
emphasis for the Company, were $106.4 million as of September 30,
2005, compared to $126.8 million at December 31, 2004. Total
investment securities were $3.0 billion at September 30, 2005,
compared to $3.5 billion at December 31, 2004. Total assets were
$9.1 billion at September 30, 2005 and December 31, 2004. Deposits
other than time deposits were $5.3 billion at September 30, 2005
and $4.5 billion December 31, 2004 an increase of $772.8 million or
17.2%. Total deposits were $6.8 billion at September 30, 2005 and
$6.3 billion at December 31, 2004. Repurchase agreements and other
borrowings were $1.3 billion at September 30, 2005 and $1.7 billion
at December 31, 2004, a decrease of $435.6 million or 25.3%. Total
stockholders' equity was $520.5 million and book value per common
share was $11.71 at September 30, 2005. All regulatory capital
ratios exceed those necessary to be considered a well-capitalized
institution. Share Repurchases and Cash Dividends During April
2005, the board of directors approved a treasury share repurchase
plan of up to 4.5 million shares. The Company repurchased 810,500
shares at an average price of $33.69 per share in the second
quarter of 2005. There were no repurchases during the third quarter
of 2005. Total shares outstanding were 44.5 million shares at
September 30, 2005 and $45.0 million December 31, 2004. The Company
paid cash dividends of $0.37 per share in the third quarter of
2005. Total cash dividends paid in the third quarter of 2005 was
$16.4 million. Dividends paid in 2005 year to date were $1.11 per
share. Total cash dividends paid in 2005 year to date were $49.8
million. The Company is the multi-state bank holding company for
the Bank, which has 204 offices in New Jersey, New York,
Connecticut and Pennsylvania. This release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are not historical facts and
include expressions about management's confidence and strategies
and management's expectations about new and existing programs and
products, relationships, opportunities, technology and market
conditions. These statements may be identified by such
forward-looking terminology as "expect", "look", "believe",
"anticipate", "consider", "may", "will", or similar statements or
variations of such terms. Such forward- looking statements involve
certain risks and uncertainties. Actual results may differ
materially from the results discussed in these forward-looking
statements. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements include, among others, unexpected changes in interest
rates, the failure to sell or material delay in selling the
Company's Landfill Investments, deterioration in economic
conditions, declines in deposit or a decline in loan volume trends,
decline in levels of loan quality, change in the trends in loan
loss provisions, the unexpected unavailability of tax credits,
especially in the Company's Section 29 credits, the unanticipated
effects of legal, tax and regulatory provisions applicable to the
Company including the impact of the Company's agreement to merge
with and into TD Banknorth. The Company assumes no obligation for
updating any such forward-looking statements at any time. Important
information on other material factors or supplemental factors that
could cause the Company's financial results to differ from the
forward-looking statements also is included in the Company's public
reports filed with the SEC, including in our Form 10-K for the year
ending December 31, 2004. -0- *T HUDSON UNITED BANCORP AND
SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS September December 30, 31, 2005 2004
(in thousands) (Unaudited)
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ASSETS Cash and due from banks $181,456 $161,878 Interest bearing
due from banks 200,441 99,028 ----------- ----------- TOTAL CASH
AND CASH EQUIVALENTS $ 381,897 $ 260,906 Investment securities
available for sale, at fair value $1,874,868 $2,166,627 ($1,536,784
and $1,491,084 in fair value pledged at September 30, 2005 and
December 31, 2004 respectively) Investment securities held to
maturity,at cost ($1,090,421 and $1,364,900 fair value at September
30, 2005 and December 31, 2004 respectively) $1,110,401 $1,372,228
($851,525 and $1,201,730 ,at cost pledged at September 30, 2005 and
December 31, 2004 respectively) Trading Assets, fair value $ -
$1,477 Loans and leases: ($419,711 and $345,664 pledged at
September 30, 2005 and December 31, 2004, respectively) Commercial
and financial $2,306,968 $2,190,339 Commercial real estate
mortgages 1,291,540 1,113,604 Consumer 1,075,205 995,766 Credit
card 426,100 400,700 ----------- ----------- Sub-total $5,099,813
$4,700,409 Residential mortgages 106,377 126,775 -----------
----------- TOTAL LOANS AND LEASES $5,206,190 $4,827,184 Less:
Allowance for loan and lease losses (59,334) (60,799) -----------
----------- NET LOANS AND LEASES $5,146,856 $4,766,385 Premises and
equipment, net 81,205 121,037 Core deposit and other intangibles,
net of amortization 17,186 20,104 Goodwill 83,653 83,561 Investment
in separate account bank owned life insurance 154,402 150,073
Landfill Investment assets held for sale 48,032 - Forclosed
property 9,112 15,618 Other assets 158,061 121,026 -----------
----------- TOTAL ASSETS $9,065,673 $9,079,042 ===========
=========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits:
Noninterest bearing $1,367,601 $1,355,624 NOW, money market, and
savings 3,890,206 3,129,355 Time deposits 1,541,893 1,859,219
----------- ----------- TOTAL DEPOSITS $6,799,700 $6,344,198
Repurchase agreements 1,078,806 842,893 Other borrowings 208,009
879,530 ----------- ----------- TOTAL BORROWINGS 1,286,815
1,722,423 Landfill Investment liabilities held for sale 22,368 -
Other liabilities 211,248 255,587 Subordinated debt 225,000 225,184
----------- ----------- TOTAL LIABILITIES 8,545,131 8,547,392
Common stock, no par value $92,788 $92,788 Additional paid-in
capital 310,437 310,102 Retained earnings 333,445 304,000 Treasury
stock, at cost (188,658) (170,183) Effect of stock compensation
plans (5,646) (1,359) Accumulated other comprehensive loss (21,824)
(3,698) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY $
520,542 $ 531,650 ----------- ----------- TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $9,065,673 $9,079,042 =========== ===========
HUDSON UNITED BANCORP AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended September 30, (Unaudited) -----------
----------- (in thousands, except share data) 2005 2004
---------------------------------------------------------------------
INTEREST AND FEE INCOME: Loans and leases $ 82,671 $ 68,450
Investment securities 34,579 37,498 Other 1,169 384 -----------
----------- TOTAL INTEREST AND FEE INCOME $ 118,419 $ 106,332
----------- ----------- INTEREST EXPENSE: Deposits $ 28,840 $
12,836 Borrowings 10,266 7,188 Subordinated and other debt 6,900
6,287 ---------- ----------- TOTAL INTEREST EXPENSE $ 46,006 $
26,311 ----------- ----------- NET INTEREST INCOME $ 72,413 $
80,021 PROVISION FOR LOAN AND LEASE LOSSES, PORTFOLIO LOANS 11,150
4,500 ----------- ----------- NET INTEREST INCOME AFTER PROVISION
FOR LOAN AND LEASE LOSSES $ 61,263 $ 75,521 ----------- -----------
NONINTEREST INCOME: Retail service fees $ 8,655 $ 8,044 Credit card
fee income 9,703 7,981 Loan Fees 2,249 3,965 ATM and debit card
fees 1,766 1,757 Separate bank owned life insurance income 1,414
1,441 Trust income 764 740 Income from Landfill Investments 6,100
6,321 Securities gains 366 12,050 Other income 3,537 2,052
----------- ----------- TOTAL NONINTEREST INCOME $ 34,554 $ 44,351
--------- ----------- NONINTEREST EXPENSE: Salaries and benefits $
25,382 $ 33,498 Occupancy expense 8,096 7,459 Equipment expense
3,241 4,111 Deposit and other insurance 584 664 Outside services -
data processing 6,081 10,507 Outside services - other 5,961 6,281
Amortization of intangibles 1,222 1,222 Marketing expense 2,696
1,580 Telephone expense 1,441 1,378 Expense from Landfill
Investments 8,424 5,188 Foreclosed Property Expense 8,610 119
Merger related expenses 3,082 - Other 3,531 3,877 -----------
----------- TOTAL NONINTEREST EXPENSE $ 78,351 $ 75,884 -----------
----------- INCOME BEFORE INCOME TAXES $ 17,466 $ 43,988 (BENEFIT)
/ PROVISION FOR INCOME TAXES 2,704 11,450 ----------- -----------
NET INCOME $ 14,762 $ 32,538 =========== =========== Basic net
income per share $ 0.33 $ 0.73 Diluted net income per share $ 0.33
$ 0.72 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 44,260 44,700
Diluted 44,438 44,952 HUDSON UNITED BANCORP AND SUBSIDIARIES
---------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME Year to Date September 30,
---------- ----------- (in thousands, except share data) 2005 2004
---------------------------------------------------------------------
INTEREST AND FEE INCOME: Loans and leases $ 234,707 $ 202,109
Investment securities 107,309 101,500 Other 1,939 1,097 -----------
----------- TOTAL INTEREST AND FEE INCOME $ 343,955 $ 304,706
----------- ----------- INTEREST EXPENSE: Deposits $ 67,297 $
35,780 Borrowings 29,683 14,327 Subordinated and other debt 20,615
18,590 ----------- ----------- TOTAL INTEREST EXPENSE $ 117,595 $
68,697 ----------- ----------- NET INTEREST INCOME $ 226,360 $
236,009 PROVISION FOR LOAN AND LEASE LOSSES, PORTFOLIO LOANS 21,400
14,850 ----------- ----------- NET INTEREST INCOME AFTER PROVISION
FOR LOAN AND LEASE LOSSES $ 204,960 $ 221,159 -----------
----------- NONINTEREST INCOME: Retail service fees $ 22,561 $
23,834 Credit card fee income 27,453 22,109 Loan Fees 8,602 13,254
ATM and debit card fees 5,078 5,230 Separate bank owned life
insurance income 4,329 4,488 Trust income 2,315 2,349 Income from
Landfill Investments 17,432 21,936 Securities (losses) gains 2,135
16,377 Other income 11,403 9,429 ----------- ----------- TOTAL
NONINTEREST INCOME $ 101,308 $ 119,006 ----------- -----------
NONINTEREST EXPENSE: Salaries and benefits $ 78,503 $ 84,533
Occupancy expense 24,350 23,095 Equipment expense 10,081 12,937
Deposit and other insurance 1,772 1,925 Outside services - data
processing 18,581 26,074 Outside services - other 19,949 21,659
Amortization of intangibles 3,667 3,689 Marketing expense 6,685
5,073 Telephone expense 4,284 4,239 Expense from Landfill
Investments 27,912 18,567 Foreclosed Property Expense 10,645 362
Merger Related Expense 3,082 - Other 10,321 10,090 -----------
----------- TOTAL NONINTEREST EXPENSE $ 219,832 $ 212,243
----------- ----------- INCOME BEFORE INCOME TAXES $ 86,436 $
127,922 PROVISION FOR INCOME TAXES 7,211 32,743 -----------
----------- NET INCOME $ 79,225 $ 95,179 =========== ===========
Basic net income per share $ 1.78 $ 2.13 Diluted net income per
share $ 1.77 $ 2.12 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic
44,592 44,649 Diluted 44,741 44,888 Supplemental Information
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Hudson United Bancorp ($ in thousands) 1Q05 2Q05 3Q05 4Q05 Y-T-D
---------- ---------- ---------- ---------- ---------- End of
Period --------------- Total NA Securities 3,400,861 3,354,070
2,985,269 0 Total Assets 8,850,443 9,188,085 9,065,673 0 NA Total
Deposits 6,254,058 6,566,285 6,799,700 0 NA Total NA Stockholders'
Equity 530,866 535,036 520,542 0 Shares NA Outstanding 45,030
44,376 44,468 0 Average Balance Sheet --------------- Commercial/
Consumer Loans 4,678,900 4,762,597 4,996,897 0 4,813,963
Residential Real Estate Mortgage 120,052 115,059 112,584 0 115,871
Total Loans and Leases 4,798,952 4,877,656 5,109,481 0 4,929,834
Other Earning Assets 3,592,655 3,377,864 3,367,104 0 3,445,048
Total Earning Assets 8,391,607 8,255,520 8,476,585 0 8,374,882
Total Assets 9,016,140 8,899,741 9,148,650 0 9,021,958 Noninterest
Bearing Deposits 1,318,727 1,346,901 1,364,940 0 1,343,692 Interest
Bearing Deposits 4,981,068 4,991,011 5,432,775 0 5,136,606 Common
Equity 533,843 531,987 530,818 0 532,205 Loan Portfolio Composition
--------------- Commercial and NA Financial 2,173,713 2,279,100
2,306,968 0 Commercial Real NA Estate Mortgage 1,130,665 1,203,633
1,291,540 0 Consumer 1,005,885 1,051,020 1,075,205 0 NA Credit Card
378,274 422,085 426,100 0 NA Sub-total 4,688,537 4,955,838
5,099,813 0 NA Residential NA Real Estate Mortgage 118,865 111,542
106,377 0 Total NA Loans and Leases 4,807,402 5,067,380 5,206,190 0
Allowance for NA Losses 59,750 59,506 59,334 0 Net Loans NA and
Leases 4,747,652 5,007,874 5,146,856 0 End of Period
--------------- Nonaccruing NA Loans 17,229 14,555 15,802 0
Forclosed NA Property 15,976 15,420 9,112 0 Total Non- NA
performing Assets 33,205 29,975 24,914 0 90 Days Past NA Due &
Accruing 13,252 13,760 15,714 0 Net Charge Offs 5,549 5,994 11,322
0 NA Intangible NA Assets 102,442 102,061 100,839 0 ($ in 1Q04 2Q04
3Q04 4Q04 Y-T-D thousands) ---------- ---------- ----------
---------- ---------- End of Period --------------- Total NA
Securities 2,667,362 3,506,055 3,301,000 3,540,332 Total Assets
7,972,645 8,958,718 8,825,227 9,079,062 NA Total Deposits 6,242,598
6,128,993 6,290,439 6,344,198 NA Total NA Stockholders' Equity
492,751 478,170 516,925 531,650 Total Shares NA Outstanding 44,826
44,948 44,954 44,983 Average Balance Sheet ---------------
Commercial/ Consumer Loans 4,442,326 4,503,975 4,624,471 4,652,812
4,556,828 Residential Real Estate Mortgage 162,044 149,086 137,692
128,324 143,745 Total Loans and Leases 4,604,370 4,653,061
4,762,163 4,781,136 4,700,573 Other Earning Assets 2,851,895
3,199,375 3,489,497 3,622,725 3,292,322 Total Earning Assets
7,456,265 7,852,436 8,251,660 8,403,861 7,992,895 Total Assets
8,071,442 8,436,611 8,852,794 9,013,718 8,594,976 Noninterest
Bearing Deposits 1,254,798 1,314,739 1,334,238 1,356,682 1,315,280
Interest Bearing Deposits 4,921,224 4,830,107 4,955,853 4,935,262
4,910,803 Common Equity 470,068 478,972 496,533 521,261 491,803
Loan Portfolio Composition --------------- Commercial and NA
Financial 2,126,354 2,208,139 2,231,299 2,190,339 Commercial Real
NA Estate Mortgage 989,182 1,041,677 1,089,828 1,113,604 Consumer
1,032,885 1,049,631 1,027,347 995,766 NA Credit Card 296,680
323,763 344,320 400,700 NA Sub-total 4,445,101 4,623,210 4,692,794
4,700,409 NA Residential NA Real Estate Mortgage 156,981 140,571
132,671 126,775 Total NA Loans and Leases 4,602,082 4,763,781
4,825,465 4,827,184 Allowance for NA Losses 67,839 66,048 66,289
60,799 Net Loans NA and Leases 4,534,243 4,697,733 4,759,176
4,766,385 End of Period --------------- Nonaccruing NA Loans 14,211
12,286 12,519 12,257 Restructured NA Loans 0 0 0 0 Other Real NA
Estate 769 2,144 2,111 15,618 Total Non- NA performing Assets
14,980 14,430 14,630 27,875 90 Days Past NA Due & Accruing
13,988 13,516 15,934 14,617 Net Charge Offs 5,607 5,846 4,259 5,490
NA Intangible NA Assets 100,781 99,557 99,334 103,665 Supplemental
Information
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Hudson United Bancorp ($ in thousands) 1Q05 2Q05 3Q05 4Q05 Y-T-D
---------- ---------- ---------- ---------- ---------- Condensed
Income Statement --------------- Interest Income 110,866 114,670
118,419 0 343,955 Interest Expense 33,569 38,020 46,006 0 117,595
Net Interest Income 77,297 76,650 72,413 0 226,360 Provision for
Possible Loan and Lease Losses 4,500 5,750 11,150 0 21,400 Income
from Landfill Investments 5,378 5,954 6,100 0 17,432 Total Non
interest Income 31,551 35,203 34,554 0 101,308 Amortization of
Intangibles Expense 1,222 1,223 1,222 0 3,667 Expense from Landfill
Investments 6,549 12,939 8,424 0 27,912 Total Non interest Expense
64,588 76,893 78,351 0 219,832 Pre-tax Income 39,760 29,210 17,466
0 86,436 Provision for Income Taxes 10,029 (5,522) 2,704 0 7,211
Net Income 29,731 34,732 14,762 0 79,225 Fully-taxable Equivalent
Adjustment 1,546 1,567 1,607 0 4,720 Performance ---------------
Return on Average Assets 1.34% 1.57% 0.64% 0.00% 1.17% Return on
Average Equity 22.59% 26.19% 11.03% 0.00% 19.90% Basic Earnings Per
Share $ 0.66 $ 0.78 $ 0.33 $ - $ 1.78 Diluted Earnings Per Share $
0.66 $ 0.78 $ 0.33 $ - $ 1.77 Weighted Average Shares - Basic
44,966 44,557 44,260 - 44,592 Weighted Average Shares - Diluted
45,119 44,673 44,438 - 44,741 Net Interest Margin (2)(3) 3.81%
3.80% 3.46% 0.00% 3.69% Capital Information --------------- Tier 1
Leverage NA Ratio (1) 6.85% 6.86% 6.64% 0.00% Tier 1 Risk- NA Based
Capital (1) 10.06% 9.44% 9.24% 0.00% Total Risk- NA Based Capital
(1) 14.42% 13.60% 13.31% 0.00% Common Equity $ 530,866 $ 535,036 $
520,542 $ - NA Common Shares NA Outstanding 45,030 44,376 44,468 -
Book Value Per NA Share (Common) $ 11.79 $ 12.06 $ 11.71 $ - ($ in
1Q04 2Q04 3Q04 4Q04 Y-T-D thousands) ---------- ----------
---------- ---------- ---------- Condensed Income Statement
--------------- Interest Income 98,145 100,229 106,332 109,728
414,434 Interest Expense 20,254 22,132 26,311 30,085 98,782 Net
Interest Income 77,891 78,097 80,021 79,643 315,652 Provision for
Possible Loan and Lease Losses 5,600 4,750 4,500 0 14,850 Income
from Landfill Investments 5,162 10,453 6,321 4,116 26,052 Total
Noninterest Income 35,563 39,092 44,351 37,321 156,327 Amortization
of Intangibles Expense 1,244 1,223 1,222 1,222 4,911 Expense from
Landfill Investments 5,882 7,497 5,188 4,741 23,308 Total
Noninterest Expense 66,569 69,790 75,884 71,463 283,706 Pre-tax
Income 41,285 42,649 43,988 45,501 173,423 Provision for Income
Taxes 10,303 10,990 11,450 12,597 45,340 Net Income 30,982 31,659
32,538 32,904 128,083 Fully-taxable Equivalent Adjustment 1,595
1,571 1,571 1,605 6,342 Performance --------------- Return on
Average Assets 1.54% 1.51% 1.46% 1.45% 1.49% Return on Average
Equity 26.51% 26.58% 26.07% 25.11% 26.04% Basic Earnings Per Share
$ 0.69 $ 0.71 $ 0.73 $ 0.73 $ 2.86 Diluted Earnings Per Share $
0.69 $ 0.70 $ 0.72 $ 0.73 $ 2.85 Weighted Average Shares - Basic
44,808 44,651 44,700 44,921 44,717 Weighted Average Shares -
Diluted 45,003 44,920 44,952 45,110 44,944 Net Interest Margin
(2)(4) 4.29% 4.08% 3.93% 3.85% 4.03% Capital Information
--------------- Tier 1 Leverage NA Ratio 6.83% 6.75% 6.69% 6.69%
Tier 1 Risk- NA Based Capital 9.50% 9.26% 9.45% 9.60% Total Risk-
NA Based Capital 14.42% 13.84% 13.83% 13.89% Common Equity 492,751
478,170 516,925 531,650 NA Common Shares NA Outstanding 44,826
44,948 44,954 44,983 Book Value Per NA Share (Common) $ 10.99 $
10.64 $ 11.50 $ 11.82 (1)Capital ratios are preliminary numbers
(2)Net Interst Margin is calculated on a fully taxable equivalent
basis (3)Net Interest Margin has been restated for the first
quarter 2005 (4)Net Interest Margin has been restated for the year
2004 *T
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