mlkrborn
14 years ago
HCBK $10.00 almost with restructuring: 4:01PM Hudson City Banc completes a restructuring of its balance sheet that significantly reduced higher-cost structured borrowings and will allow for increased future net interest income (HCBK) 9.86 -0.01 : Co announces that it has completed a restructuring of its balance sheet that significantly reduced higher-cost structured borrowings and will allow for increased future net interest income. As a result, the Bank expects to be better able to grow and compete in the current and foreseeable residential mortgage marketplace. In a series of transactions executed this month, co paid off $12.50 billion in structured quarterly putable borrowings, funded by the sale of $8.66 billion of securities, and $5.00 billion of new shorter-term fixed maturity borrowings with an average cost of 0.66%. These transactions will negatively impact first quarter 2011 after-tax earnings by ~$644 million or $1.30 per share. For the full year 2011, the loss from the restructuring will be reduced by four quarters of earnings, absent the restructuring charge.