Can Hudson City Bancorp keep climbing after 2Q earnings? - Elizabeth Harrow

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Can Hudson City Bancorp keep climbing after 2Q earnings?
Jul 21, 2009 06:00 PM UTC

Elizabeth Harrow

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Via BloggingStocks:

Filed under: Earnings reports

Despite an increase in the number of bad loans, Hudson City Bancorp Inc. (NASDAQ: HCBK) managed to exceed analysts' second-quarter earnings estimates. The New Jersey-based bank raked in a quarterly profit of $127.9 million, or 26 cents per share, up 16% from the year-ago period. The results topped Wall Street's consensus estimate for a profit of 24 cents per share.

However, HCBK's loan-loss provision surged during the quarter to $32.5 million, compared to $20 million during the first quarter. Net charge-offs rose to $9.6 million, more than doubling. Nonperforming loans escalated to $430.9 million (1.40% of total loans), up from $320.1 million (1.06% of total loans) at the end of the first quarter.

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Can Hudson City Bancorp keep climbing after 2Q earnings? originally appeared on BloggingStocks on Tue, 21 Jul 2009 13:00:00 EST. Please see our terms for use of feeds.

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