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More overdue loans hit Lower Hudson Valley banks
By Jerry Gleeson
The Journal News • August 25, 2008
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Past-due and nonperforming loans are up at most of the banks headquartered in the Lower Hudson Valley, a reflection of a slowing economy and more trouble in the residential High Risk Lenders Unsecured Loans Htm mortgage market.
Six of the nine banks that are based regionally saw troubled loans increase as a percentage of their total loan portfolio, according to an analysis of quarterly reports that the banks must file with the Federal Deposit Insurance Corp.
The increases occurred in the first quarter of 2008, year over year, the last quarter for which comparable reports for all nine banks were available. Two of the local banks saw a drop in their share of problem loans, and one bank was virtually flat.
A 10th institution, which was sold at the start of this year, Union State Bank in Orangeburg, saw its share of troubled loans rise sharply in the fourth quarter of 2007, the last quarter for which statistics were available.
The types of loans in trouble vary widely by bank, but federal direct student loans run the gamut across the market - from commercial and industrial construction to mortgages for the purchase of houses and commercial properties.
Some banks wrote off more loans, and some have increased the size of their loan-loss reserves to compensate for the tougher market they now find themselves in.
The problem loans included those whose payments were behind by 30 to 89 days, those whose payments were behind 90 or more days and those that had been judged as nonaccruals, or not performing at all.
"I think it's just a sign of the times. The economy has gone down a bit," said Tim Sullivan, president and chief executive officer of Sunnyside Federal Savings and Loan Association of Irvington.
"People are a little bit stressed. Very often they already have quite a Bank One Loans bit of debt in their portfolio, and now they're trying to work it out. They might run a little bit past due," he said. "I think as we get toward the end of the year, things will start to pick up a medical care loans bit."
His optimism was not shared by Albert women small business loans Annunziata, executive director of the pnc auto loans Building and Realty Institute in Westchester. Builders are being whipsawed by higher costs for diesel and raw materials and by slowing demand that's driven, in part, by greater difficulty in obtaining credit, he Letigimate Paycheck Loans said.
Some builders have told him they think the market will turn around early next year, while others think the slowdown could run into 2010 or 2011.
"This is far more severe" than earlier recessions he has seen, Annunziata said. "With the value of homes coming down, there's very little room to maneuver right now."
Overdue loans, in and of themselves, don't necessarily shake a bank's foundation, said David Barr, a spokesman for the FDIC.
Regulators examine a range of metrics to determine an institution's health, including capital adequacy, the quality of all of the bank's Best Practices Mortgage Loans assets, its management, profitability and liquidity, and how well the bank can plan for interest rate swings, Barr said.
Banks that have poorly performing loans may still pass muster with regulators if they have strong profits and good reserves for loan losses and are well-capitalized - that is, if their assets greatly exceed their liabilities, cash loans for car titles Barr said.
The two local banks with the highest percentages of troubled loans in their alaska mortage loans portfolios, Putnam County National Bank of Carmel and USA Bank in Port Chester, have signed deals with regulators in car loans for bad credit recent years under which they agreed to a wide range of changes in the way they run their institutions.
The former Union State injury loans Bank, which KeyCorp bought at the start of 2008, doubled the size monticello loans of its loan-loss reserve in the fourth quarter of 2007 year over year, from $16 million to $31.9 million. Past-due and nonaccrual loans more than tripled in that credit card loans for sale period, to $35.5 small busniess loans million, out of a total loan portfolio of $1.56 billion.
Michael Orsino, president of Key's Hudson Valley Metro District based at Union State's former headquarters in Orangeburg, declined to discuss the acquired bank's performance in its final quarter. But the region is not experiencing the same banking troubles as other areas in the unsubsidized student loans country, he said.
"Because we're so attached to New York City, it's still a pretty healthy market," he said. "But with that being said, we're noticing a slowdown in real estate development, definitely on the homebuilders' side right now hour cash loans as the consumer's pulling back, and even on the commercial side, but not as much.
"I'm not saying it's as good as what unsecured loans in less than days it's been in the past, (but) we're still seeing transactions out there. People, depending on the sector that they're in, are looking to expand," Orsino said.
The local district has hired 14 new mortgage salespeople to serve Westchester, Rockland info about secured loans and Orange counties, with the idea of being prepared when the market turns around sometime in late 2009 or 2010, he said.
At Hudson Valley Bank in Yonkers, the largest locally based bank in Westchester, delinquencies were flat year over year in the first quarter.
"But we've had some blips in the road, and we do a lot of lending. You'll see our lending number is way up the first half of the year," sunbank secured personal loans Chief Executive Officer James J. Landy said. In the construction field, buildings are taking longer to sell, but the loans quiken loans are start-up small business loans collateralized, he said.
"We have to sit the thing out. We're going to get our money back, but it's going to take a little longer," he said. "There are a couple more banks that are having issues nationally. But if you stick to your basics and don't stretch govermetnsmall business loans outside of your standard criteria, you'll do well in small quick loans good times and in bad."
Reach Jerry Gleeson
at jgleeson@lohud.com
or 914-694-5026.
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