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M&T Bank still can't get the Fed's blessing to buy Hudson City. The latest delay raises questions about Hudson City's fate and what could be going on internally at the Fed to keep the acquisition in limbo.
April 7 -
It took Hudson City Bancorp in Paramus, N.J., less than two weeks to decide that it is still committed to selling itself to M&T Bank in Buffalo.
April 17 -
Another Bank of America executive has joined Novantas, a maker of financial-analytics software for banks.
April 30
Hudson City Bancorp in Paramus, N.J., reported a staggering plunge in earnings after an unexpected delay of its sale to M&T Bank.
The $36 billion-asset company's profit fell 86% from a year earlier, to $5.9 million. Earnings per share of 1 cent missed the average estimate of analysts that Bloomberg polled by a penny.
Hudson City said in a press release that it suspended the sale of certain securities in the first quarter in expectation of a May 1 closing; such sales have helped lift the company's results in prior quarters. Noninterest income fell 51%, to $8.7 million, largely because of a decrease in securities gains.
Management, which had
Net interest income fell 43%, to $75.6 million. The net interest margin compressed by 56 basis points, to 0.85%.
Noninterest expenses also decreased by 6%, to $74.8 million.
The company's efficiency ratio worsened to 87.97% at March 31, compared to 51.11% a year earlier.
