Hudson City Earns 15 Cents Per Share for Q1

Hudson City ($HCBK) just reported first-quarter earnings of 15 cents per share which was inline with forecasts.

Hudson City Bancorp Inc posted a first-quarter profit as the lender kept aside less money to cover soured loans.

The holding company for Hudson City Savings Bank reported net income of $73 million, or 15 cents per share, compared with a net loss of $555.7 million, or $1.13 per share, a year ago.

Provision for loan loss for the quarter fell about 38 percent to $25 million as fewer borrowers are defaulting on loans, helping the bank set aside less capital to make up for those losses.

Net interest margin – the difference between what the bank earns on loans and pays out on deposits – increased to 2.15 percent from 1.72 percent, a year ago.

The company expects margins to be pressurized in 2012 as interest rates are expected to remain low.

Posted by on April 25th, 2012 at 11:28 am


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