Business Services Industry
Home Loans Boost Earnings at New Jersey-Based Hudson City Bancorp.
Knight Ridder/Tribune Business News, April, 2002
By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Apr. 18--Hudson City Bancorp parlayed New Jersey's booming housing market into a 42 percent increase in earnings.
The largest New Jersey-based savings bank posted net income of $43.6 million in the first three months of the year, up from $30.7 million in the same period a year ago.
Hudson City specializes in making so-called "jumbo" home loans, averaging about $300,000.
The bank increased the amount of outstanding loans on its books by about 7.5 percent, to $6.4 billion in the first quarter from $5.9 billion.
Many expect interest rates to rise and home lending to slow later this year, but analysts said the high-end mortgage lender for...
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