Hudson City Bancorp Inc. in Paramus, N.J., said Wednesday that despite a shrinking net interest margin, first-quarter earnings rose on strong asset growth.
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The $29.68 billion-asset Hudson City said a 41% increase in interest-earning assets, to $28.54 billion was the main reason net income rose 21.5%, to $75.2 million. The 41% increase offset a decline in the net interest margin to 2.17%, from 2.45% a year earlier.
The company also said its deal to buy the $1.15 billion-asset Sound Federal Bancorp Inc. in White Plains, N.Y., for about $265 million, is scheduled to close in early summer.
