Hudson City Bancorp today reported a 13 percent decline in net income for the third quarter, but the New Jersey-based bank shed no light on when its $3.7 billion deal with M&T Bank Corp. might be completed.
Hudson City recorded net income of $37.1 million, or 7 cents per share, compared to $42.7 million, or 9 cents per share, in the third quarter of 2013.
The bank’s noninterest income increased 78 percent, thanks largely to the sale of mortgage-backed securities “to take advantage of current market demand and prices.” But Hudson City’s net interest income declined 25 percent.
The bank reported a $1.5 million increase in professional service fees, partly due to using consultants to supplement its staff as part of its planned merger with M&T. But Hudson City in its earnings release did not comment on where the merger process stands.
M&T in 2012 announced plans to acquire Hudson City, but the Buffalo-based bank is still working to meet federal regulators’ requirements to upgrade its anti-money laundering systems. M&T last week said it continues to make progress in those efforts.