Hudson City Bancorp, Inc. , the holding company for Hudson City Savings Bank , reported net income of $45.8 million for the quarter ended December 31, 2013 , as compared to net income of $47.9 million for the quarter ended December 31, 2012 . In a release on January 29 , the Company reported that diluted earnings per share amounted to $0.09 for the fourth quarter of 2013 as compared to diluted earnings per share of $0.10 for the fourth quarter of 2012. For the year ended December 31, 2013 , the Company reported net income of $185.2 million as compared to net income of $249.1 million for the year ended December 31, 2012 . Diluted earnings per share were $0.37 for the year ended December 31, 2013 as compared to diluted earnings per share of $0.50 for the year ended December 31, 2012 . The Company also reported that the Board of Directors declared a quarterly cash dividend of $0.04 per share payable on March 3 , to shareholders of record on February 12 . Financial highlights for the fourth quarter of 2013 are as follows: -The Bank's Tier 1 leverage capital ratio increased to 10.82 percent at December 31, 2013 as compared to 10.09 percent at December 31, 2012 . -Non-performing loans decreased $113.3 million to $1.05 billion at December 31, 2013 as compared to $1.16 billion at December 31, 2012 . Early stage loan delinquencies (defined as loans that are 30 to 89 days delinquent) decreased $159.7 million to $473.4 million at December 31, 2013 from $633.1 million at December 31, 2012 . -There was no provision for loan losses for the fourth quarter of 2013 as compared to $25.0 million for the fourth quarter of 2012 reflecting improving home prices and economic conditions and decreases in total delinquent loans and total loans. The provision for loan losses in the fourth quarter of 2012 included a $5.0 million provision related to Hurricane Sandy. Ronald E. Hermance , Jr., the Company's Chairman and Chief Executive Officer, said, "Our net interest margin was 1.47 percent for the fourth quarter of 2013 as compared to 1.48 percent for the linked third quarter. This decrease in our net interest margin was less than the decreases experienced in recent quarters as market interest rates continued to increase during the fourth quarter. The yield on the 10 year constant maturity U.S. Treasury Note increased to 3.04 percent at December 31, 2013 from 2.64 percent at September 30, 2013 and 1.78 percent at December 31, 2012 . However, we believe market interest rates still remain too low to compel us to pursue any balance sheet growth in the near-term. As a result, assets decreased $1.99 billion during 2013 allowing us to increase our Tier 1 leverage capital ratio to 10.82 percent. This capital can be used to support future growth and strategic initiatives." Total assets decreased $1.99 billion , or 4.9 percent, to $38.61 billion at December 31, 2013 from $40.60 billion at December 31, 2012 . The decrease in total assets reflected a $2.95 billion decrease in net loans, a $2.07 billion decrease in total mortgage- backed securities and a $315.4 million decrease in other assets, partially offset by a $3.50 billion increase in cash and cash equivalents. Total cash and cash equivalents increased $3.50 billion to $4.32 billion at December 30, 2013 as compared to $828.0 million at December 31, 2012 . This increase is primarily due to continued elevated levels of repayments on mortgage-related assets and the lack of attractive reinvestment opportunities in the current low interest rate environment as available short term reinvestment opportunities continue to carry low yields, and medium and longer term opportunities are creating more significant duration risk at relatively low yields despite the recent increase in market interest rates. In addition, during 2013 we received additional cash from previously accrued tax refunds of $364.9 million . Other assets decreased $315.4 million to $364.5 million at December 31, 2013 from $679.9 million at December 31, 2012 due primarily to the receipt of the accrued tax refund noted above. ((Comments on this story may be sent to email@example.com ))
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