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Hudson City Bank’s earnings drop

Hudson City Bancorp, the New Jersey-based bank which M&T Bank plans to acquire, reported a 11.3 percent decline in its first-quarter net income from a year ago, to $42.5 million.

Hudson City reported earnings per share of 9 cents, beating analysts’ estimate of 7 cents.

The bank said it was moving forward on two efforts – the introduction of commercial real estate lending and secondary mortgage market operations – as it awaits completion of the M&T deal, which was announced in August 2012 but has been on hold.