Hudson Valley Holding restates earnings
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- March
- 14
The Yonkers-based parent company of Hudson Valley Bank yesterday restated certain financial statements for 2005, 2006, and the first three quarters of 2007, but it said the changes would not affect figures on profits, net interest income, assets or shareholders’ equity.
In a filing with the Securities and Exchange Commission, Hudson Valley Holding Corp. said the changes affected the statements of cash flows involving operating and investing activities. It said the errors resulted from misclassification of changes in bank-owned life insurance, goodwill, and intangible assets as operating cash flows rather than investment cash flows.
In a separate filing, Hudson Valley Holding reported 2007 annual earnings rose 1.2 percent to $34.5 million, or $3.39 a share, from $34.1 million, or $3.35 a share, in 2006.
Net interest income rose 2.5 percent to $104.1 million last year from $99.6 million in 2006, and total assets rose 2 percent to $2.33 billion from $2.29 billion in 2006.
The company filed the reports after stock markets closed this afternoon. In trading today, the company’s stock rose 50 cents to $59.75 a share.
This entry was posted
on Friday, March 14th, 2008 at 5:20 pm by Jerry Gleeson.
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