Hudson City Bancorp, Inc. Reports Quarterly Earnings Of $42.5 Million

PARAMUS, N.J., April 29, 2014 /PRNewswire/ -- Hudson City Bancorp, Inc. (NASDAQ: HCBK) (the "Company"), the holding company for Hudson City Savings Bank (the "Bank"), reported today net income of $42.5 million for the quarter ended March 31, 2014 as compared to net income of $47.9 million for the quarter ended March 31, 2013.  Diluted earnings per share amounted to $0.09 for the quarter ended March 31, 2014 as compared to diluted earnings per share of $0.10 for the quarter ended March 31, 2013. 

The Company also reported today that the Board of Directors declared a quarterly cash dividend of $0.04 per share payable on May 30, 2014 to shareholders of record on May 13, 2014.

Financial highlights for the first quarter of 2014 are as follows:

• The Bank's Tier 1 leverage capital ratio increased to 11.03% at March 31, 2014 as compared to 10.82% at December 31, 2013.
• Non-performing loans decreased $22.7 million to $1.03 billion at March 31, 2014 as compared to $1.05 billion at December 31, 2013.  Early stage loan delinquencies (defined as loans that are 30 to 89 days delinquent) decreased $40.3 million to $433.1 million at March 31, 2014 from $473.4 million at December 31, 2013. 
• There was no provision for loan losses for the first quarter of 2014 and the linked fourth quarter of 2013 as compared to $20.0 million for the first quarter of 2013 reflecting improving home prices and economic conditions and decreases in total delinquent loans and total loans. 
• Our interest rate spread and net interest margin were 1.12% and 1.41%, respectively, for the first quarter of 2014 as compared to 1.56% and 1.80%, respectively, for the first quarter of 2013.  For the linked fourth quarter of 2013, our interest rate spread and net interest margin were 1.20% and 1.47%, respectively.
• FDIC expense decreased $10.2 million to $13.9 million for the first quarter of 2014 as compared to $24.1 million for the first quarter of 2013 due to decreases in our assessment rate and a reduction in the size of our balance sheet.  FDIC expense increased $3.0 million from the linked fourth quarter of 2013.  FDIC expense for the fourth quarter of 2013 included $5.3 million of one-time adjustments that reduced our expense in that quarter.
• Federal funds sold and other overnight deposits increased $806.9 million to $5.00 billion at March 31, 2014 from $4.19 billion at December 31, 2013 primarily due to repayments of mortgage-related assets and the lack of reinvestment opportunities attractive to the Company.
• Total deposits decreased $406.7 million, or 1.9%, to $21.07 billion at March 31, 2014 from $21.47 billion at December 31, 2013 due to our decision to maintain lower deposit rates allowing us to manage deposit reductions at a time when we are experiencing excess liquidity from prepayment activity on mortgage-related assets and limited investment opportunities with attractive yields.

Ronald E. Hermance, Jr., the Company's Chairman and Chief Executive Officer commented, "We are continuing to focus on the development and implementation of the prioritized initiatives that were included in our Strategic Plan.  We developed a transformative strategic plan in 2012 that included various initiatives, including the introduction of commercial real estate lending and secondary mortgage market operations.  With the delay in our merger with M&T, we decided to pursue implementation of these two initiatives.  I am pleased to announce that we have hired an individual who has over 30 years of experience in the commercial lending field to lead the commercial real estate team.  In addition, we hope to hire very shortly the individual who will lead our secondary mortgage market team."

Mr. Hermance further commented, "For the last several years, we have discussed the impact that the low interest rate environment and elevated levels of prepayments on mortgage assets has had on us.  While interest rates still remain low, prepayments on our mortgage related assets have slowed although they continue to be at an elevated level.  As a result, we continue to carry an elevated and increasing level of overnight funds since we do not want to invest in longer duration assets at these low interest rates.  We believe that while this impacts our current earnings, it better positions us for future initiatives such as a further balance sheet restructuring and the completion of the merger with M&T."

Statement of Financial Condition Summary

Total assets decreased $376.7 million, or 1.0%, to $38.23 billion at March 31, 2014 from $38.61 billion at December 31, 2013. The decrease in total assets reflected a $761.1 million decrease in total mortgage-backed securities and a $363.5 million decrease in net loans, partially offset by a $778.3 million increase in cash and cash equivalents. 

Total cash and cash equivalents increased $778.3 million to $5.10 billion at March 31, 2014 as compared to $4.32 billion at December 31, 2013.  This increase is primarily due to 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 available to us are creating more significant duration risk at relatively low yields despite the recent increase in market interest rates. 

Net loans decreased to $23.58 billion at March 31, 2014 as compared to $23.94 billion at December 31, 2013.  The decrease in net loans primarily reflects reduced levels of loan production (loan purchases and originations). Historically our focus has been on loan portfolio growth through the origination of one- to four-family first mortgage loans in New Jersey, New York, Pennsylvania and Connecticut and, to a lesser extent, the purchase of mortgage loans. During the first quarter of 2014, our loan production (origination and purchases) amounted to $476.1 million as compared to $824.8 million for the first quarter of 2013.  Loan production was offset by principal repayments of $812.8 million during the first quarter of 2014, as compared to principal repayments of $1.73 billion for the first quarter of 2013.  Loan production declined during the first three months of 2014 as compared to the same period in 2013 which reflects our limited appetite for adding long-term fixed-rate mortgage loans to our portfolio in the current low market interest rate environment.  In addition, loan production has been impacted by the new qualified mortgage regulations issued by the Consumer Financial Protection Bureau ("CFPB") which went into effect in January of 2014.   Effective in January 2014, we discontinued our reduced documentation loan program in order to comply with the CFPB's new requirements to validate a borrower's ability to repay and the corresponding safe harbor for qualified mortgages.  During 2013, 22% of our total loan production consisted of reduced documentation loans.    

Total mortgage-backed securities decreased $761.1 million to $8.19 billion at March 31, 2014 from $8.95 billion at December 31, 2013.  The decrease was due primarily to security sales of $419.3 million and repayments of $391.2 million of mortgage-backed securities during the first quarter of 2014. These decreases were partially offset by purchases of $41.4 million of mortgage-backed securities issued by U.S. government-sponsored entities during the first quarter of 2014.  

Total liabilities decreased $417.0 million, or 1.2%, to $33.45 billion at March 31, 2014 from $33.86 billion at December 31, 2013 due primarily to a $406.7 million decrease in deposits.  The decrease in deposits reflects our decision to maintain lower deposit rates allowing us to manage deposit reductions at a time when we are experiencing excess liquidity from prepayment activity on mortgage-related assets and limited investment opportunities with attractive yields.

Total shareholders' equity increased $40.3 million to $4.78 billion at March 31, 2014 as compared to $4.74 billion at December 31, 2013. The increase was primarily due to net income of $42.5 million and a $12.7 million change in accumulated other comprehensive income, partially offset by cash dividends paid to common shareholders of $19.9 million.  At March 31, 2014, our consolidated shareholders' equity to asset ratio was 12.51% and our tangible book value per share was $9.29.

Accumulated other comprehensive income amounted to $19.0 million at March 31, 2014 as compared to accumulated other comprehensive income of $6.3 million at December 31, 2013.   The resulting $12.7 million change in accumulated other comprehensive income primarily reflects an increase in the net unrealized gain on securities available for sale at March 31, 2014 as compared to December 31, 2013.

Statement of Income Summary

The Federal Open Market Committee of the Board of Governors of the Federal Reserve System (the "FOMC") noted that economic activity slowed during the winter months, due in part to the adverse weather conditions.  The FOMC noted that labor market indicators were mixed but have shown further improvement in recent months. Household spending and business fixed investment continue to advance, while the recovery in the housing sector remained slow. The national unemployment rate remained at 6.7% in March 2014 and December 2013 and decreased from 7.5% in March 2013. The FOMC decided to maintain the overnight lending target rate at zero to 0.25% during the first quarter of 2014.

Beginning in April 2014, the FOMC decided to reduce the rate of purchases of agency mortgage-backed securities to $25.0 billion per month from $30.0 billion per month and to reduce purchases of longer-term Treasury securities to $30.0 billion per month from $35.0 billion per month.  The FOMC noted that its sizeable and increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, after the FOMC's securities purchase program ends.

Net interest income decreased $45.1 million, or 25.4%, to $132.3 million for the first quarter of 2014 from $177.4 million for the first quarter of 2013 reflecting the overall decrease in the average balance of interest-earning assets and interest-bearing liabilities, the continued low interest rate environment and an increase in the already high average balance of Federal funds sold and other overnight deposits.  Our interest rate spread decreased to 1.12% for the first quarter of 2014 as compared to 1.20% for the linked fourth quarter of 2013 and 1.56% for the first quarter of 2013.  Our net interest margin was 1.41% for the first quarter of 2014 as compared to 1.47% for the linked fourth quarter of 2013 and 1.80% for the first quarter of 2013. 

Total interest and dividend income for the first quarter of 2014 decreased $53.6 million, or 14.6%, to $312.5 million from $366.1 million for the first quarter of 2013. The decrease in total interest and dividend income was due to a $1.71 billion decrease in the average balance of total interest-earning assets during the first quarter of 2014 to $37.50 billion from $39.21 billion for the first quarter of 2013 as well as a decrease in the annualized weighted-average yield on total interest earning assets.  The decrease in the average balance of total interest-earning assets for the first quarter of 2014 as compared to the first quarter of 2013 was due primarily to repayments of mortgage-related assets as a result of the low interest rate environment and our decision not to reinvest in low yielding, long term assets. The annualized weighted-average yield on total interest-earning assets was 3.33% for the first quarter of 2014 as compared to 3.73% for the first quarter of 2013.  The decrease in the annualized weighted average yield of interest-earning assets was due to lower market interest rates earned on mortgage-related assets and a $2.95 billion increase in the average balance of Federal funds sold and other overnight deposits to $4.63 billion which had an average yield of 0.25% during the first quarter of 2014.

Interest on first mortgage loans decreased $41.3 million, or 14.0%, to $253.1 million for the first quarter of 2014 from $294.4 million for the first quarter of 2013.  The decrease in interest on first mortgage loans was primarily due to a $2.64 billion decrease in the average balance of first mortgage loans to $23.54 billion for the first quarter of 2014 from $26.18 billion for the same quarter in 2013.  The decrease in interest income on first mortgage loans was also due to a 20 basis point decrease in the annualized weighted-average yield to 4.30% for the first quarter of 2014 from 4.50% for the first quarter of 2013. 

The decrease in the average yield earned on first mortgage loans during the first quarter of 2014 was due to continued mortgage refinancing activity and the rates on newly originated mortgage loans which have been below the average yield on our portfolio, reflecting overall low market rates.  Consequently, the average yield on our loan portfolio continued to decline during the first quarter of 2014.  Refinancing activity, which resulted in continued elevated levels of loan repayments, also caused the average balance of our first mortgage loans to decline for those same periods as our loan production decreased reflecting our low appetite for adding long-term fixed-rate mortgage loans to our portfolio in the current low interest rate environment and also the impact of the CFPB's new qualified mortgage regulations, which went into effect in January 2014.

Interest on mortgage-backed securities decreased $12.2 million to $48.7 million for the first quarter of 2014 from $60.9 million for the first quarter of 2013.  This decrease was due primarily to a $1.86 billion decrease in the average balance of mortgage-backed securities to $8.43 billion for the first quarter of 2014 from $10.29 billion for the first quarter of 2013. The decrease in interest on mortgage-backed securities was also due to a 6 basis point decrease in the annualized weighted-average yield to 2.31% for the first quarter of 2014 from 2.37% for the first quarter of 2013. 

The decrease in the average yield earned on mortgage-backed securities during the first quarter of 2014 was a result of principal repayments on securities that have higher yields than the existing portfolio as well as the re-pricing of variable rate mortgage-backed securities in this low interest rate environment. The decrease in the average balance of mortgage-backed securities during this same period was due to sales of mortgage-backed securities and elevated levels of principal repayments in the current low interest rate environment.  During the first quarter of 2014, we sold $419.3 million of mortgage-backed securities to realize gains that would decrease as market interest rates increase and as repayments reduced the outstanding principal balance on these securities.

Interest on investment securities decreased $1.6 million to $1.4 million for the first quarter of 2014 as compared to $3.0 million for the first quarter of 2013.  This decrease was due to a 104 basis point decrease in the annualized weighted-average yield to 1.60% for the first quarter of 2014 from 2.64% for the first quarter of 2013.  The decrease in the average yield earned reflects current market interest rates.  This decrease in interest on investment securities was also due to a $108.0 million decrease in the average balance of investment securities to $344.4 million for the first quarter of 2014 from $452.4 million for the first quarter of 2013.  The decrease in the average balance of investment securities was primarily due to the sale of corporate bonds with an amortized cost of $405.7 million partially offset by purchases of $298.0 million of investment securities during 2013.

Interest on Federal funds sold and other overnight deposits amounted to $2.9 million for the first quarter of 2014 as compared to $872,000 for the first quarter of 2013.  The increase in interest income on Federal funds sold and other overnight deposits was primarily due to an increase in the average balance of Federal funds sold and other overnight deposits.  The average balance of Federal funds sold and other overnight deposits amounted to $4.63 billion for the first quarter of 2014 as compared to $1.68 billion for the first quarter of 2013.  The yield earned on Federal funds sold and other overnight deposits was 0.25% for the 2014 first quarter and 0.21% for the 2013 first quarter. 

The increase in the average balance of Federal funds sold and other overnight deposits for the first quarter of 2014 as compared to the first quarter of 2013 was due primarily to the elevated levels of repayments on mortgage-related assets and our low appetite for adding long-term fixed-rate mortgage loans to our portfolio in the current low interest rate environment. 

Total interest expense for the quarter ended March 31, 2014 decreased $8.5 million, or 4.5%, to $180.2 million from $188.7 million for the quarter ended March 31, 2013.  This decrease was primarily due to a $2.07 billion, or 5.9%, decrease in the average balance of total interest-bearing liabilities to $32.76 billion for the quarter ended March 31, 2014 from $34.83 billion for the quarter ended March 31, 2013.  The annualized weighted-average cost of total interest-bearing liabilities was 2.21% for the quarter ended March 31, 2014 as compared to 2.17% for the quarter ended March 31, 2013.  The decrease in the average balance of total interest-bearing liabilities was due to a $2.07 billion decrease in the average balance of total deposits.

Interest expense on deposits decreased $8.5 million, or 17.3%, to $40.6 million for the first quarter of 2014 from $49.1 million for the first quarter of 2013.  The decrease is primarily due to the decline in the average cost of interest-bearing deposits of 8 basis points to 0.80% for the first quarter of 2014 from 0.88% for the first quarter of 2013.  This decrease was also due to a $2.07 billion decrease in the average balance of interest-bearing deposits to $20.59 billion for the first quarter of 2014 from $22.66 billion for the first quarter of 2013.  

The decrease in the average cost of deposits for 2014 reflected the low market interest rates and our decision to maintain lower deposit rates to continue our balance sheet reduction.  At March 31, 2014, time deposits scheduled to mature within one year totaled $6.90 billion with an average cost of 0.89%.  These time deposits are scheduled to mature as follows: $2.93 billion with an average cost of 0.62% in the second quarter of 2014, $1.93 billion with an average cost of 0.73% in the third quarter of 2014, $1.04 billion with an average cost of 1.34% in the fourth quarter of 2014 and $1.00 billion with an average cost of 1.49% in the first quarter of 2015. 

Interest expense on borrowed funds increased slightly to $139.6 million for the first quarter of 2014 from $139.5 million for the first quarter of 2013.  Borrowings amounted to $12.18 billion at March 31, 2014 with an average cost of 4.59%. There are no scheduled maturities for 2014.  During the first quarter of 2014, we modified $800.0 million of FHLB repurchase agreements to be FHLB advances.  This reduced our collateral requirements related to the repurchase agreements, which use securities as collateral. FHLB advances are secured by a blanket lien on our loan portfolio. The modification resulted in a slight increase in the weighted average cost of our total borrowed funds as the average balance of our higher-costing FHLB advances increased.

There was no provision for loan losses for the quarter ended March 31, 2014 and for the linked fourth quarter of 2013 as compared to a $20.0 million provision for loan losses for the quarter ended March 31, 2013.  The decrease in our provision for loan losses was due primarily to improving economic conditions, increasing home prices, a decrease in the size of the loan portfolio and a decrease in the amount of total delinquent loans.   

Non-performing loans, defined as non-accruing loans and accruing loans delinquent 90 days or more, amounted to $1.03 billion at March 31, 2014 as compared to $1.05 billion at December 31, 2013 and $1.14 billion at March 31, 2013.  The ratio of non-performing loans to total loans was 4.32% at March 31, 2014 as compared to 4.35% at both December 31, 2013 and March 31, 2013.  Notwithstanding the decrease in non-performing loans, the foreclosure process and the time to complete a foreclosure, while improving, continue to be prolonged, especially in New York and New Jersey where 68.2% of our non-performing loans are located.  This protracted foreclosure process delays our ability to resolve non-performing loans through the sale of the underlying collateral and our ability to maximize any recoveries. 

Loans delinquent 30 to 59 days amounted to $276.0 million at March 31, 2014 as compared to $311.9 million at December 31, 2013 and $372.0 million at March 31, 2013.  Loans delinquent 60 to 89 days amounted to $157.1 million at March 31, 2014 as compared to $161.5 million at December 31, 2013 and $188.8 million at March 31, 2013.  The allowance for loan losses amounted to $265.7 million at March 31, 2014 as compared to $276.1 million at December 31, 2013.  The allowance for loan losses as a percent of total loans and as a percent of non-performing loans was 1.12% and 25.88%, respectively, at March 31, 2014, as compared to 1.15% and 26.50%, respectively, at March 31, 2013 and 1.15% and 26.31%, respectively, at December 31, 2013. 

Net charge-offs amounted to $10.4 million for the first quarter of 2014 as compared to $21.3 million for the first quarter of 2013 and $14.9 million for the linked fourth quarter of 2013.  The ratio of net charge-offs to average loans was 0.18% for the first quarter of 2014 as compared to 0.32% for the first quarter of 2013 and 0.24% for the linked fourth quarter of 2013. 

Total non-interest income was $17.8 million for the first quarter of 2014 as compared to $2.5 million for the first quarter of 2013.  Included in non-interest income for the first quarter of 2014 was a $15.9 million gain on the sale of $419.3 million of mortgage-backed securities.  The remainder of non-interest income is primarily made up of service fees and charges on deposit and loan accounts. 

Total non-interest expense decreased $1.6 million to $79.7 million for the first quarter of 2014 as compared to $81.3 million for the first quarter of 2013.  This decrease was due to a $10.2 million decrease in Federal deposit insurance expense partially offset by a $5.7 million increase in other non-interest expense and a $2.0 million increase in compensation and benefits.

Compensation and employee benefit costs increased $2.0 million, or 6.3%, to $33.6 million for the first quarter of 2014 as compared to $31.6 million for the same period in 2013. The increase in compensation and employee benefit costs is primarily due to increases of $1.9 million in stock benefit plan expense and $950,000 in medical plan expenses partially offset by a $1.6 million decrease in postretirement benefit costs.  The increase in stock benefit plan expense was due primarily to an increase in the market price of our common stock. At March 31, 2014, we had 1,535 full-time equivalent employees as compared to 1,580 at March 31, 2013. 

For the quarter ended March 31, 2014, Federal deposit insurance expense decreased $10.2 million, or 42.2%, to $13.9 million from $24.1 million for the quarter ended March 31, 2013.  The decrease in Federal deposit insurance expense for the quarter ended March 31, 2014 is primarily due to a reduction in the size of our balance sheet and a decrease in our assessment rate. 

Other non-interest expense increased $5.7 million to $22.5 million for the quarter ended March 31, 2014 as compared to $16.8 million for the first quarter of 2013.  This increase was due primarily to a $3.0 million write-down in the receivable related to the Lehman Brothers, Inc. liquidation, an increase of $2.2 million in professional service fees, and an increase of $1.6 million in foreclosed real estate expenses.

The increase in professional service fees is due primarily to fees related to the use of consultants to assist the Company in preparing its capital stress tests and capital plan as well the use of consultants to supplement staffing during the pendency of the merger with M&T Bank Corporation (the "Merger").

The Bank had two collateralized borrowings in the form of repurchase agreements totaling $100.0 million with Lehman Brothers, Inc. that were secured by mortgage-backed securities with an amortized cost of approximately $114.1 million.  The trustee for the liquidation of Lehman Brothers, Inc. (the "Trustee") notified the Bank in the fourth quarter of 2011 that it considered our claim to be a non-customer claim, which has a lower payment preference than a customer claim and that the value of such claim is approximately $13.9 million representing the excess of the fair value of the collateral over the $100.0 million repurchase price.  At that time we established a reserve of $3.9 million against the receivable balance at December 31, 2011. On June 25, 2013, the Bankruptcy Court affirmed the Trustee's determination that the repurchase agreements did not entitle the Bank to customer status and on February 26, 2014, the U.S. District Court upheld the Bankruptcy Court's decision that our claim should be treated as a non-customer claim.  As a result, we increased our reserve by $3.0 million to $6.9 million against the receivable balance at March 31, 2014.

Included in other non-interest expense were write-downs on foreclosed real estate and net gains and losses on the sale of foreclosed real estate which amounted to a net gain of $78,000 for the first quarter of 2014 as compared to net losses of $396,000 for the first quarter of 2013.  We sold 46 properties during the first quarter of 2014 and had 235 properties in foreclosed real estate with a carrying value of $78.6 million, 24 of which were under contract to sell as of March 31, 2014.  For the first quarter of 2013, we sold 33 properties and had 168 properties in foreclosed real estate with a carrying value of $63.7 million, of which 55 were under contract to sell as of March 31, 2013. At March 31, 2014, 128 loans were scheduled for foreclosure sale as compared to 120 loans at March 31, 2013.

Our efficiency ratio was 51.11% for the 2014 first quarter as compared to 45.12% for the 2013 first quarter.  The calculation of the efficiency ratio is included in a table contained in this press release.  Our return on average assets was 0.44% for the 2014 first quarter as compared to 0.47% for the 2013 first quarter.  Our annualized ratio of non-interest expense to average total assets for the first quarter of 2014 was 0.83% as compared to 0.80% for the first quarter of 2013. 

Income tax expense amounted to $27.9 million for the first quarter of 2014 as compared to income tax expense of $30.7 million for the corresponding period in 2013. Our effective tax rate for the first quarter of 2014 was 39.58% compared with 39.07% for the first quarter of 2013.  

Hudson City Bancorp, Inc. maintains its corporate offices in Paramus, New Jersey. Hudson City Savings Bank, a well-established community financial institution serving its customers since 1868, is the largest thrift institution headquartered in New Jersey.  Hudson City Savings Bank currently operates a total of 135 banking offices in the New York metropolitan and surrounding areas.

Forward-Looking Statements

This release may contain certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on certain assumptions and describe future plans, strategies and expectations of Hudson City Bancorp, Inc.  Such forward-looking statements may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," "probable," and "potential" or the negative of these terms or other comparable terminology.  Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hudson City Bancorp, Inc.  and Hudson City Bancorp, Inc.'s strategies, plans, objectives, expectations, and intentions, including the Merger and the Strategic Plan, and other statements contained in this release that are not historical facts.  Hudson City Bancorp, Inc.'s ability to predict results or the actual effect of future plans or strategies, including the Merger and the implementation of the Strategic Plan, is inherently uncertain and actual results and performance could differ materially from those contemplated or implied by these forward-looking statements. They can be affected by inaccurate assumptions Hudson City Bancorp, Inc. might make or by known or unknown risks and uncertainties. Factors that could cause assumptions to be incorrect include, but are not limited to, changes in interest rates, general economic conditions, legislative, regulatory and public policy changes, Hudson City Bancorp Inc's ability to successfully implement the Strategic Plan initiatives, further delays in closing the Merger and the ability of Hudson City Bancorp, Inc. or M&T Bank Corporation to obtain regulatory approvals and meet other closing conditions to the Merger. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  For a summary of important factors that could affect Hudson City Bancorp, Inc.'s forward-looking statements, please refer to Hudson City Bancorp, Inc.'s filings with the Securities and Exchange Commission available at www.sec.gov.  Hudson City Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

Hudson City Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition

Hudson City Bancorp, Inc. and Subsidiary
Consolidated Statements of Income
(Unaudited)

Hudson City Bancorp, Inc. and Subsidiary
Consolidated Average Balance Sheets
(Unaudited)

Hudson City Bancorp, Inc. and Subsidiary
Calculation of Efficiency Ratio and Book Value Ratios
(Unaudited)

Hudson City Bancorp, Inc.
Other Financial Data
(Unaudited)

Securities Portfolio at March 31, 2014:

Hudson City Bancorp, Inc.
Other Financial Data
(Unaudited)

Loan Data at March 31, 2014:

Foreclosed real estate at March 31, 2014:

SOURCE Hudson City Bancorp, Inc.

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