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Jack Kopnisky of Sterling Bancorp in New York, which completed a major acquisition last year and has another in the works, is close to reaching his goal of creating a top earner. That effort, and the risks associated with it, make Kopnisky one of American Bankers five community bankers to watch in 2015.
December 26 -
Hudson Valley Holding in Yonkers, N.Y., has agreed to sell A.R. Schmeidler & Co., an investment adviser unit, to Pine Street Asset Management.
November 20 -
Sterling Bancorp in Montebello, N.Y., has agreed to buy Hudson Valley Holding in Yonkers, N.Y.
November 5
Hudson Valley Holding in Yonkers, N.Y.,
The $3.1 billion-asset company earned $638,000 in the fourth quarter, compared to an $8.5 million loss a year earlier. Earnings of 3 a share missed the average estimate of analysts polled by Bloomberg by 13 cents.
Hudson Valley
Shortly after the Sterling announcement, Hudson Valley
Lower expenses drove the fourth-quarter results. Noninterest expenses fell 36%, to $25.1 million, after the company recorded an $18.7 million goodwill impairment charge a year earlier.
Net interest income surged 21%, to $24.9 million. Hudson Valley's loan book increased by 18%, to $1.9 billion, on higher commercial-and-industrial lending. The net interest margin widened by 39 basis points, to 3.34%.
Fee-based income tumbled 18%, to $2.1 million, as the company recorded a $2 million loss on the sale of A.R. Schmeidler.
