Net income of $39.2M or $0.08 per share vs. $48.7M and $0.10 one year ago. Quarterly dividend of $0.04 declared.
Net interest income of $42.2M falls 26% Y/Y, with NIM of 1.29% tumbling 35 basis points.
Noninterest income of $21.2M rises from $9.6M, boosted by $19.5M in gains from sale of $565.6M of MBS (gains were $7.2M in Q2 one year ago).
Noninterest expense of $73.1M vs. $76.6M one year ago, thanks to a $6.5M decrease in Federal deposit insurance costs (as balance sheet shrunk). Compensation and employee benefit costs were about flat.
No loan loss provision vs. $12.5M provision one year ago.
Efficiency ratio of 52.65% deteriorates from 45.22% a year ago. Tier 1 leverage capital ratio of 11.26% up from 10.82% at start of year.
HCBK continues to mark time as it awaits approval for its purchase by M&T Bank.