Hudson Valley Holding revises earnings lower
-
- November
- 7
Hudson Valley Holding Corp. of Yonkers said that its earnings were lower than what it reported last month because of a setback on an investment security.
The actual earnings for the first nine months of the year were $25.4 million—- not the $26 million that the company reported in an earnings release on Oct. 20, Hudson Valley announced today. Earnings per share were $2.48 compared to $2.53 a year earlier.The company is the parent of Hudson Valley Bank, which operates 28 branches in the region.
“Subsequent to our original announcement, while performing our standard quarter end review of our financial results, we received new information regarding one of our investment securities,†James J. Landy, president and chief executive officer, said in a written statement.
Because of an “unexpected impairment†in the security, the company has revalued the security and taken a pre-tax, non-cash charge of $1.06 million, according to Landy.
This entry was posted
on Friday, November 7th, 2008 at 5:38 pm by Jay Loomis.
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