While many banks have watched their earnings erode in recent years, Greater Hudson Bank in Middletown, N.Y., is bucking the trend — it first became profitable last year and has reported its fifth consecutive quarterly profit.
The $245.3 million-asset Greater Hudson said net income rose 298%, to $505,000, in the second quarter from a year earlier. It had a 61.5% increase in loans, to $45.5 million. Deposits jumped 86.2%, to $208.3 million.
Deposit growth was fueled by a branch opening in White Plains, N.Y., which accounted for more than $9 million in deposits in less than a month, Greater Hudson said. It reported its results last week.