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Hudson City Bancorp (HCBK) in Paramus, N.J., reported lower quarterly earnings as its planned sale to M&T Bank (MTB) still awaits regulatory approval.
April 29 -
Deposits and assets have fallen, and some customers and employees have fled, while Hudson City in Paramus, N.J., has been stuck in an M&A limbo. But the situation might save buyer M&T Bank some headaches later if it can just close the deal.
June 2 -
M&T Bank's (MTB) long-delayed purchase of Hudson City Bancorp (HCBK) could be held up until the end of 2014.
December 17
Quarterly profits plunged at Hudson City Bancorp in Paramus, N.J., last quarter as it awaits regulatory approval to be sold to M&T Bank.
The $37.8 billion-asset financial institution reported net income of $39.2 million for the quarter, down 19% year over year. Earnings per share of 8 cents beat estimates of analysts polled by Bloomberg by 1 cent.
Net interest income declined 26%, to $117.7 million, as interest-earning assets and liabilities decreased. Net interest margin fell 35 basis points from the year-ago period, to 1.29%.
M&T
Hudson City reported some good news in its quarterly earnings release Wednesday. Noninterest income rose 121%, to $21.2 million, as the company obtained $19.5 million from selling mortgage-backed securities in advance of rising interest rates.
Noninterest expenses fell more than 4%, to $73.1 million, because of a $6.5 million decrease in deposit-insurance assessments. Yet Hudson City spent an additional $1.8 million in legal fees as it hires more consultants.
Hudson City did not make a loan-loss provision in the second quarter. A year ago it reported a provision of $12.5 million.
Net chargeoffs were $10.7 million, down 34% from last year.
Shares of Hudson City closed trading on Wednesday at $9.76, the same as the previous day.
