New Jersey-based Hudson City Bancorp reported a 15 percent drop in net income in the fourth quarter from a year ago, to $39.1 million.
The bank reported diluted earnings per share of 8 cents, compared to 9 cents a year earlier. But that still beat analysts’ average estimate of 5 cents per share. For all of 2014, Hudson City’s net income was $158 million, down 15 percent from $185.2 million the year before. Earnings per share were 32 cents, compared to 37 cents in 2013.
M&T in 2012 agreed to acquire Hudson City but is still awaiting regulatory approval to complete the deal. The two banks have set April 30 as the deadline after which either party could walk away from the deal without a financial penalty.