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HU Quarterly EPS Exceeds Consensus
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Business New Haven
10/28/2002
By: BNH
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MAHWAH, N.J. - Hudson United Bancorp (NYSE: HU) reported net income of $27.1 million, or 60 cents per diluted share, for the quarter ended September 30. This represents a 17.6-percent increase in diluted EPS compared to 51 cents per diluted share for the third quarter of 2001. Earnings per share for the third quarter of 2002 also improved 7.1 percent over EPS of 56 cents for the second quarter of 2002.
That better-than-expected performance, said HU Chairman and CEO Kenneth T. Neilson, “was due in part to increases in both non-interest income and net interest income in this quarter compared to the prior quarter. Our disciplined approach to expense control resulted in higher growth in net revenues than expenses, and improvement in pretax income.”
Net income for the first nine months of 2002 was $94.9 million or $2.09 per diluted share, compared to $69.2 million ($1.46 per share) for the same period a year ago.
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