BUFFALO - Hudson City Bancorp, Inc reported today that net income for the third quarter of 2010 amounted to $124.6 million or 25 cents a share as compared to $135.1 million for the third quarter of 2009.
Ronald E. Hermance, Jr., Chairman, President and Chief Executive Officer commented, "The continued low interest rate environment further negatively impacted our net interest margin in the third quarter. We believe that these historically-low market interest rates coupled with the expected second round of quantitative easing by the Federal Reserve Board will continue to place pressure on our net interest margin for the remainder of 2010. "
HCBK also saw modest growth in their non performing loans increased slightly in the quarter. However there allowance for these non performing loans also increased. The tangible book value per share increased to $11.08 from $10.93 in the prior quarter.
Shares of HCBK are pointing in a lower direction despite positive results as trraders have used HCBK's light volume to sell the stock on earnings release dates.
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