Hudson United Bancorp in Mahwah, N.J., said Thursday that it would post earnings of 66 cents a share when it releases its first-quarter results April 25.
That figure would be 10% below the average analysts' estimate for the quarter and 4% below the total Hudson United reported for the first quarter of last year.
The $9 billion-asset company attributed the shortfall to its net interest margin, which narrowed by 4 basis points, to 3.78%, and a delay in the sale of a repossessed property.
Hudson United said the cost of maintaining the property, which it took over in December, shaved a cent off its earnings per share. It also said it expects to finalize a sale this quarter.
Even though the earnings per share will miss analysts' estimates, the results will compare favorably with industry averages, Hudson United said. It said it would report a return on average assets of 1.34% and a return on average equity of 23%.
