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Bank buyers should run potential deals by regulators early to avoid "landmines" and speed applications, officials from the Office of the Comptroller of the Currency say. Proper due diligence, succession planning and risk management are among the things they look for.
October 2 -
M&T Bank is expected to complete its purchase of Hudson City Bancorp despite unexpected regulatory issues. But an analyst had fun speculating about who might step in as the buyer if that deal collapsed.
August 23 -
Hudson City Bancorp (HCBK) in Paramus, N.J., reported a second-quarter profit of $48.7 million, down from $72.3 million in the second quarter of 2012. Earnings per share were 10 cents, in line with the average estimate of analysts polled by Bloomberg.
July 31 -
M&T had delayed plans to buy Hudson City Bancorp because of the Federal Reserve's compliance concerns, and an order made public Tuesday details what the Buffalo, N.Y., company has to fix.
June 18
Hudson City Bancorp's (HCBK) profits fell in the third quarter as the $39 billion-asset company saw declines in revenue from first mortgages and other loans.
Hudson City, based in Paramus, N.J., earned $42.7 million a 24% decline from the same period a year ago. However, its earnings per share of 9 cents were a penny better than consensus estimates of analysts polled by Bloomberg.
The company's net interest income dropped 31%, to $139.4 million, reflecting a 17% decrease in first mortgage loans and a 25% decrease in consumer and other loans. Low interest rates and falling income from securities also contributed to the decline. Hudson City's net interest margin fell 54 basis points, to 1.48%.
Noninterest income more than tripled to $13.5 million, buoyed by a $10.6 million gain on the sale of mortgage-backed securities. Service fees and charges on deposit and loan accounts made up the bulk of the rest of the revenue.
Noninterest expenses declined, 16% to $78.5 million, thanks largely to an $11.4 million decrease in deposit insurance fees.
The company slashed its loan-loss provision by 80%, to $4 million. The lower provision reflects decreases in delinquent loans and total loans. Net chargeoffs totaled $10.3 million, a 37% decrease from the same period a year ago.
Hudson City's pending sale to M&T Bank (MTB) was
