Hudson City Bancorp, Inc. Earnings Cheat Sheet: Profit Down

S&P 500 (NYSE:SPY) component Hudson City Bancorp, Inc. (NASDAQ:HCBK) reported its results for the second quarter. Hudson City Bancorp, Inc. is a holding company for Hudson City Savings Bank which is a retail savings bank offering traditional deposit products, consumer loans and residential real estate mortgage loans.

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Hudson City Bancorp Earnings Cheat Sheet for the Second Quarter

Results: Net income for the savings and loan company fell to $96 million (19 cents per share) vs. $142.6 million (29 cents per share) a year earlier. This is a decline of 32.7% from the year earlier quarter.

Revenue: Noninterest income was $2.7 million last quarter.

Actual vs. Wall St. Expectations: HCBK beat the mean analyst estimate of 18 cents per share.

Quoting Management: Ronald E. Hermance, Jr., Chairman and Chief Executive Officer commented, “We are pleased with the performance of our balance sheet after the completion of the first quarter Restructuring Transaction. Our net interest margin increased 42 basis points in the second quarter to 2.14% and we reduced our portfolio of wholesale borrowings as part of the Restructuring Transaction to improve our interest rate risk profile. Additionally, during the second quarter of 2011, we modified $4.0 billion of putable borrowings to eliminate the put option and further reduced our interest rate risk. With the first quarter Restructuring Transaction behind us, we are now looking ahead to opportunities to increase our mortgage market share.”

Key Stats:

The company has now topped analyst estimates for the last three quarters. It beat the mark by one cent in the first quarter and by 3 cents in the fourth quarter of the last fiscal year.

Competitors to Watch: New York Community Bancorp, Inc. (NYSE:NYB), Kearny Financial Corp. (NASDAQ:KRNY), OceanFirst Financial Corp. (NASDAQ:OCFC), Ocean Shore Holding Co. (NASDAQ:OSHC), Northwest Bancshares, Inc. (NASDAQ:NWBI), Provident New York Bancorp (NASDAQ:PBNY), Oritani Financial Corp. (NASDAQ:ORIT), Magyar Bancorp, Inc. (NASDAQ:MGYR), Roma Financial Corp. (NASDAQ:ROMA), Citigroup (NYSE:C), Bank of America Corp. (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Morgan Stanley (NYSE:MS), Barclays PLC (NYSE:BCS), Goldman Sachs Group, Inc. (NYSE:GS), U.S. Bancorp (NYSE:USB), UBS AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB), and Royal Bank of Scotland Group plc (NYSE:RBS).

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(Source: Xignite Financials)