Hudson United Bancorp (NYSE:HU)
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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
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
September December
30, 31,
2005 2004
(in thousands) (Unaudited)
---------------------------------------------------------------------
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
---------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------------------------------------------
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
----------------------------------------------------------------------
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
----------------------------------------------------------------------
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