Making good on its announcement of 10 days ago, Hudson United Bancorp of Mahwah, N.J., reported Monday that it earned $29.7 million, 66 cents a share, in the first quarter, 4% less than it did a year earlier.
The $8.8 billion-asset company said a narrower spread and a delay in selling some repossessed assets contributed to the falloff in net income. The net interest margin fell 47 basis points, to 3.78%, as competition for deposits intensified. The delay in the property sale cut about a penny a share from its profits.
Nonperforming assets totaled $17.2 million at March 31, or 0.36% of loans and leases.
Hudson United alerted investors April 15 that it expected its first-quarter results to fall short of analysts' estimates. Its profit fell about 10% short of what analysts had predicted.
