Hudson City’s net income falls 20 percent - The Buffalo News

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Hudson City’s net income falls 20 percent

Hudson City Bancorp’s second quarter net income fell 20 percent from a year ago, to $39.2 million, the New Jersey-based bank reported.

Buffalo-based M&T Bank plans to acquire Hudson City, but the $3.7 billion deal has been on hold. The two parties have set a deadline to complete the deal by the end of this year, as M&T works to satisfy federal regulatory concerns. M&T says it remains committed to acquiring Hudson City.

Hudson City reported diluted earnings per share of 8 cents, down from 10 cents a year ago. Even so, the bank exceeded analysts’ estimate of 7 cents per share.

The bank’s net interest income during the quarter declined 26 percent, to $117.7 million. At midday, Hudson City’s stock was trading at $9.74 per share on Nasdaq.

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