Hudson City Bancorp Q2 Profit Down - Quick Facts

(RTTNews) - Hudson City Bancorp, Inc. (HCBK) reported second-quarter net income of $48.7 million down from net income of $72.3 million in the year ago quarter. Earnings per share amounted to $0.10 compared to $0.15 for the second quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for loan losses was $12.5 million for the second quarter of 2013 as compared to $25.0 million for the second quarter of 2012.

Net interest income decreased $64.4 million, or 28.7%, to $159.9 million for the second quarter of 2013 from $224.3 million for the second quarter of 2012. The decrease in net interest income reflects the overall decrease in the average balance of interest-earning assets and interest-bearing liabilities and the continued low interest rate environment.

Total non-interest income was $9.6 million for the second quarter of 2013 as compared to $2.9 million for the second quarter of 2012. Included in non-interest income for the second quarter of 2013 was a $7.2 million gain on the sale of $405.7 million of corporate bonds as we re-evaluated opportunities in this asset class. The remainder of non-interest income is primarily made up of service fees and charges on deposit and loan accounts. There were no securities sales for the quarter ended June 30, 2012.

The company also reported that the Board of Directors declared a quarterly cash dividend of $0.04 per share payable on August 30, 2013 to shareholders of record on August 12, 2013.