Hudson City Bancorp Inc. (HCBK, Financial) filed Annual Report for the period ended 2011-12-31.
Hudson City Bcp has a market cap of $3.63 billion; its shares were traded at around $7.0482 with and P/S ratio of 1.6. The dividend yield of Hudson City Bcp stocks is 4.6%.
Read the The complete Report
Hudson City Bcp has a market cap of $3.63 billion; its shares were traded at around $7.0482 with and P/S ratio of 1.6. The dividend yield of Hudson City Bcp stocks is 4.6%.
Highlight of Business Operations:
Non-performing assets adversely affect the Companys net earnings in various ways. The Company expects to continue to have a provision for loan losses relating to non-performing loans that is higher than its historical experience. The Company generally does not record interest income on non-performing loans or other real estate owned, thereby reducing its earnings, while its loan administration costs are higher for non-performing loans. When the Company takes collateral in foreclosures and similar proceedings, the Company is required to mark the related asset to the then-fair market value of the collateral, which may ultimately result in a loss. Until the recent recessionary cycle, it was our experience that as a non-performing loan approached foreclosure, the borrower sold the underlying property or, if there was a second mortgage or other subordinated lien, the subordinated lien holder would purchase the property to protect their interest thereby resulting in the full payment of principal and interest to Hudson City Savings. This process normally took approximately 12 months. However, due to the unprecedented level of foreclosures and the desire by most states to slow the foreclosure process, we are now experiencing a time frame to repayment or foreclosure ranging from 30 to 36 months from the initial non-performing period. Given the delays in foreclosures in our market area, the level of our non-performing assets is expected to continue to increase. An increase in the level of non-performing assets increases the Companys risk profile and may affect the capital levels regulators believe are appropriate. At December 31, 2011 our non-performing loans amounted to $1.02 billion or 3.48% of total loans as compared to $871.3 million or 2.82% of total loans at December 31, 2010 and our charge-offs amounted to $82.8 million for 2011 as compared to $98.5 million in 2010. There can be no assurance that the Company will not experience future increases in non-performing assets.Read the The complete Report
