Hudson City Bancorp, Inc. (HCBK), the bank holding company for Hudson City Savings Bank, reported on Wednesday a surge in second quarter earnings, helped by an increase in net interest income. The company declared an increased quarterly cash dividend.
Net income of the Paramus, New Jersey-based company rose 52.3% to $110.7 million for the quarter from $72.66 million a year ago. On a per share basis, earnings increased 57.1% to $0.22 from $0.14 and topped analysts' consensus earnings estimate of $0.21 per share.
Net interest income grew 47.8% to $233.13 million from $157.66 million in the previous year, while total non-interest income increased to $2.1 million from $1.8 million. The Street estimated revenues of $220.17 million for the quarter.
Net interest margin increased to 1.97% for the quarter from 1.72% for the first quarter of 2008 and 1.64% for the fourth quarter of 2007.
The company said its deposits grew to $16.72 billion as on June 30, 2008 from $15.15 billion as on December 31, 2007, while borrowed funds increased to $27.48 billion from $24.14 billion.
Net income rose 38.6% to $199.37 million in the first six months of the fiscal from $143.91 million in the same period in 2007. Diluted earnings increased 42.9% to $0.40 per share from $0.28 per share.
Net interest income jumped 35.8% to $426.45 million for the six-month period from $314.11 million in the corresponding period last year. Total non-interest income amounted to $4.3 million up from $3.4 million in the comparable period a year ago.
The Board of Directors declared an increased quarterly cash dividend of $0.12 per share payable on August 29 to stockholders of record at the close of business on August 11.
HCBK is trading down $0.17 or 0.89% at $18.88 on a volume of nearly 3.24 million shares.
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