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Tracking Hudson City

New Jersey-based Hudson City Bancorp doesn't have any branches in Western New York, but its performance is being followed closely here. Buffalo-based M&T Bank earlier this year agreed to buy Hudson City, but the acquisition process has been on hold while M&T strengthens its anti-money laundering practices under an agreement with the Federal Reserve.

Hudson City reported its third-quarter earnings on Wednesday. In its earnings release, the bank had nothing new to say about the acquisition process by M&T, instead reiterating what is already known: Hudson City and M&T have set Jan. 31, 2014 as the date after which either party may elect to terminate the merger agreement, and there can be no assurances the merger will be completed by that date.

Hudson City's net income dropped 24 percent from a year ago, to $42.7 million. Its net interest income was down 31.4 percent, to $139.4 million, while its noninterest income soared to $13.5 million, bolstered by a gain on the sale of mortgage-backed securities.

-- Matt Glynn

 

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