Condensed Financial Information of Hudson Valley Holding Corp.

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Hudson Valley Holding Corp.

17 Condensed Financial Information of Hudson Valley Holding Corp.

(Parent Company Only)

Condensed Balance Sheets

(In thousands)

	December 31,
	2013		2012
Assets
Due from banks	$	1,381	$	975
Investment in subsidiaries		282,072		289,427
Equity securities		1,223		952
Other assets		71		27
Total Assets	$	284,747	$	291,381
Liabilities and Stockholders’ Equity
Other liabilities	$	438	$	410
Stockholders’ equity		284,309		290,971
Total Liabilities and Stockholders’ Equity	$	284,747	$	291,381

Condensed Statements of Income

(In thousands)

	Year Ended December 31,
	2013			2012		2011
Dividends from subsidiaries	$	4,685		$	7,040	$	5
Dividends from equity securities		50			105		76
Other income		—			—		2
Operating expenses		553			619		699
Income (loss) before equity in undistributed earnings of subsidiaries		4,182			6,526		(616	)
Equity in undistributed earnings of subsidiaries		(3,052	)		22,655		(1,521	)
Net Income (Loss)	$	1,130		$	29,181	$	(2,137	)

Condensed Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2013			2012			2011
Operating Activities:
Net income (loss)	$	1,130		$	29,181		$	(2,137	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		3,052			(22,655	)		1,521
(Decrease) increase in other liabilities		(108	)		(113	)		25
(Increase) decrease in other assets		(44	)		(1	)		3
Other changes, net		(49	)		—			—
Net cash provided by (used in) operating activities		3,981			6,412			(588	)
Investing Activities:
Proceeds from sales of equity securities		60			8			4
Net cash provided (used) by investing activities		60			8			4
Financing Activities:
Proceeds from issuance of common stock and sale of treasury stock		1,094			547			1,223
Cash dividends paid		(4,729	)		(14,125	)		(12,401	)
Net cash used in financing activities		(3,635	)		(13,578	)		(11,178	)
Increase (decrease) in cash and cash equivalents		406			(7,158	)		(11,762	)
Cash and cash equivalents, beginning of period		975			8,133			19,895
Cash and cash equivalents, end of year	$	1,381		$	975		$	8,133