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HU Boosts Quarterly EPS
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Business New Haven
8/5/2002
By: BNH
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MAHWAH, N.J. - Hudson United Bancorp (NYSE: HU) reported net income of $25.5 million, or 56 cents per diluted share, for the quarter ended June 30. This represents a 14-percent increase in diluted EPS compared to the 49 cents per diluted share reported in the second quarter of 2001. Operating earnings for the first six months of 2002 were $50.6 million, or $1.11 per diluted share, compared to net income of $45.3 million, or 95 cents, for the comparable period in 2001. Net income for the first six months of 2002 was $67.8 million or $1.49 per diluted share.
HU's return on average equity was 26.41 percent while return on average assets was 1.45 percent for the second quarter of 2002. Both ratios improved from the second quarter of 2001. Net interest margin was 4.75 percent, non-interest income as a percent of net revenue was 26 percent, and the efficiency ratio was 54.34 percent based on the company's earnings for the second quarter of 2002.
On June 26, HU entered into a purchase-and-assumption transaction with the FDIC as the receiver for the failed Connecticut Bank of Commerce. In that transaction, HU assumed certain insured deposits, along with an option to purchase three branches in Connecticut and to lease two branches in New York. The bank paid an acquisition premium of $17.3 million to the FDIC in this transaction. The bank received cash from the FDIC at closing, along with certain consumer loans, which the Bank can put back to the FDIC within 30 days.
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