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07Best-Managed Bank of the Year—Forbes 8Years of Record Asset

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07Best-Managed Bank of the Year—Forbes 8Years of Record Asset 2007 ANNUAL REPORT 2007 ANNUAL REPORT 2007 years of record asset growth 8 Quality ranks top percent among largest mortgage lenders 1 119Hudson City branches in New Jersey, New York and Connecticut We operate in 9 of the nation’s top50 counties/household income subprime and option ARM mortgages HUDSON CITY BANCORP, INC. HUDSON CITY BANCORP, 0 1The Most Efficient Bank in America Corporate Offices ’ Best-Managed Bank of the Year—Forbes West 80 Century Road Paramus, NJ 07652 201-967-1900 07 Corporate Information ’07 Board of Directors Hudson City Bancorp, Inc. & Hudson City Savings Bank Ronald E. Hermance, Jr. Michael W. Azzara Victoria H. Bruni Donald O. Quest, M.D. Hudson City Bancorp, Inc., the largest savings bank headquartered Chairman of the Board Retired President & CEO Retired Vice President Neurological Surgeon President & Chief Executive Officer Valley Health System Administration & Finance Columbia-Presbyterian Hudson City Bancorp, Inc. Ramapo College of New Jersey Medical Center in New Jersey and the second largest thrift in the United States, & Hudson City Savings Bank William G. Bardel Retired Chief Financial William J. Cosgrove Joseph G. Sponholz was named The Best-Managed Bank of 2007. Denis J. Salamone & Administrative Officer Retired Senior Banker/ Retired Vice Chairman Senior Executive Vice President The Lawrenceville School Senior Credit Officer Chase Manhattan Bank & Chief Operating Officer Citibank, N.A. Hudson City Bancorp, Inc. Scott A. Belair & Hudson City Savings Bank Co-founder & Director “Hudson City is running on all cylinders. Total assets for the Bank Urban Outfitters, Inc. have consistently grown from $8.5 billion to over $44 billion since Office of the Chairman Hudson City Bancorp, Inc. & Hudson City Savings Bank Ronald E. Hermance, Jr. Denis J. Salamone John M. Tassillo first going public in 1999. Our residential mortgage lending grew Chairman of the Board Senior Executive Vice President Special Advisor to the Chairman President & Chief Executive Officer & Chief Operating Officer Veronica A. Olszewski at a compounded annual rate of 24% over the same time period. James C. Kranz Thomas E. Laird Senior Vice President Executive Vice President Executive Vice President Treasurer & Corporate At Hudson City, the average deposits-per-branch of $127 million Chief Financial Officer Chief Lending Officer Secretary are 84% higher than the national average of $69 million at FDIC Senior Vice Presidents Hudson City Bancorp, Inc. & Hudson City Savings Bank Ronald J. Butkovich V. Barry Corridon James A. Klarer Michael B. Lee insured banks. The growth rate in our new geographic markets, First Vice Presidents Hudson City Bancorp, Inc. & Hudson City Savings Bank Louis J. Beierle William J. LaCalamito Michael D. McCambridge Steven M. Schlesinger known as some of the most lucrative markets in the country, has Christopher P. Dooley Christopher L. Mahler J. Christopher Nettleton Dennis J. Valentovic Anthony J. Fabiano Santa Mallon William A. Rice Bernadette F. Zelop exceeded our expectations. We anticipate additional growth both in Vice Presidents Hudson City Savings Bank these new areas and our existing markets Pasquale J. Attanasio Yolanda M. DiMari Michael F. McKeon Sonia C. Tracey Vincent M. Briamonte Peter T. Kattowski Peter H. Mehring Ralph J. Weeks Arthur L. Brown Barbara C. Kellner Theresa E. O’Connell Bernadette D. Wiese as we continue to be the lowest-cost Paul Chaves George S. King Francesco S. Rossi Douglas C. Yingling Leonard A. Conticello Vito LaRusso Patricia A. Scharff Adrienne Y. Zuendt provider in the country. This has been Julie M. DeLuca Michael J. McCabe Richard P. St. George December 2007 achieved with an efficiency ratio of Independent Auditors Corporate Counsel Transfer Agent & Registrar KPMG LLP Thacher Proffitt & Wood LLP Inquiries regarding stock BNY Mellon Shareowner Services “Best-Managed Bank 345 Park Avenue Two World Financial Center certificate administration, 480 Washington Boulevard 25.7%, better than half the national New York, NY 10154 New York, NY 10281 address changes and other Jersey City, NJ 07310 of the Year.” related services should be 800-719-9059 average. In addition, recent reports directed to: www.bnymellon.com/shareowner/isd Stock Listing Annual Meeting Investor Relations Investor Services Program rank our mortgage quality in the top Hudson City Bancorp, Inc. The Annual Meeting of Susan K. Munhall Dividend Reinvestment/Stock common stock is traded on Stockholders will be held on 201-967-8290 Purchase Plan 1% among the largest mortgage lenders.” the NASDAQ Stock Market Tuesday, April 22, 2008, at [email protected] Mellon Investor Services LLC under the ticker symbol HCBK. 9:30 A.M. Eastern Time at P.O. Box 358015 The Park Ridge Marriott Pittsburgh, PA 15252 300 Brae Boulevard 800-719-9059 Park Ridge, NJ 07656 www.bnymellon.com/shareowner/isd Information about Hudson City Savings Bank, its products, services, locations and other banking information may be Ronald E. Hermance, Jr., obtained on our website at www.HCBK.com. Investors interested in Hudson City Bancorp, Inc. stock quotes, investor Chairman, President and Chief Executive Officer presentations, SEC filings and other corporate information, should click on the Investor Relations tab on our website. A copy of our annual report on Form 10-K for the year ended December 31, 2007, as filed with the Securities and Exchange Commission (exclusive of exhibits), is attached hereto. Financial Highlights ’07 Total Return to Stockholders Total Assets (Growth of a $10,000 investment) (in thousands) $100,000 $50,000,000 44,423,971 84,800 80,000 40,000,000 35,506,581 65,300 61,400 28,075,353 60,000 30,000,000 20,145,981 40,000 20,000,000 17,033,360 20,400 20,000 10,000,000 10,000 0 0 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1999 2001 2003 2005 2007 2003 2004 2005 2006 2007 Net Income Earnings Per Share (in thousands) (diluted) 288,579 295,858 0.58 $300,000 0.6 276,055 0.53 239,266 0.48 250,000 0.5 207,410 0.40 200,000 0.4 0.34 150,000 0.3 100,000 0.2 50,000 0.1 0 0.0 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 1 Financial Data ’07 For the Year Ended December 31, 2007 2006 2005 (In thousands, except per share data) Selected Operating Data(1): Net interest income $647,183 $613,233 $562,134 Provision for loan losses 4,800 –65 Non-interest income 7,273 6,291 8,007 Non-interest expense 167,913 158,955 127,703 Net income 295,858 288,579 276,055 Basic earnings per share 0.59 0.54 0.49 Diluted earnings per share 0.58 0.53 0.48 December 31, 2007 2006 (In thousands) Selected Financial Condition Data: Total assets $44,423,971 $35,506,581 Net loans 24,198,138 19,069,151 Mortgage-backed securities 14,570,935 9,329,631 Investment securities 4,173,992 5,913,584 Federal Home Loan Bank of New York stock 695,351 445,006 Total deposits 15,153,382 13,415,587 Borrowed funds 24,141,000 16,973,000 Stockholders’ equity 4,611,307 4,930,256 At or for the Year Ended December 31, 2007 2006 2005 Selected Financial Ratios(1): Return on average assets 0.74% 0.91% 1.14% Return on average stockholders’ equity 6.23 5.70 7.52 Efficiency ratio 25.66 25.66 22.40 Non-interest expense to average assets 0.42 0.50 0.53 Stockholders’ equity to assets 10.38 13.89 18.53 Non-performing assets to total assets 0.19 0.09 0.07 Dividend payout ratio 55.93 55.56 54.69 Stockholders’ equity per common share $ 9.55 $ 9.47 $ 9.44 (1)Per share and dividend information reflects the 3.206-to-1 stock split effective June 7, 2005. 2 Dear Fellow Stockholders t is our pleasure to report to you on Hudson City’s performance for 2007, a year charac- terized by unprecedented achievements and new levels of optimism for our future. This was all accomplished in a business climate that has humbled even some of the largest Ifinancial institutions. The year began with the telling headwinds of financial change— an inverted yield curve that historically precedes falling interest rates and declines in economic activity. Subprime and option ARM loans became front-page news during the summer, along with their effects on worldwide liquidity. We posted record earnings for the year with net income of $295.9 million and grew total assets by 25% to $44.4 billion at December 31, 2007, from $35.5 billion at December 31, 2006. During that same period, we increased our loan portfolio by 27% to $24.2 billion and expanded our deposit base by 13% to $15.2 billion. We accomplished this by combining the discipline of focus with the energy of growth, while maintaining an industry-leading efficiency ratio and repurchasing our common stock. Our business model is We posted record earnings straightforward. We are a 1-4 family prime jumbo mortgage lender that for the year...We accomplished has never done subprime or option ARM loans. We keep the loans that this by combining the discipline we originate. By maintaining an industry-leading efficiency ratio of of focus with the energy of 25.7% and preserving a strong credit quality, we are able to offer market leading deposit and mortgage products. growth, while maintaining an industry-leading efficiency Our business model has served us well not only in our traditional New Jersey markets, but also in expanding into new geographic market ratio and repurchasing our areas. Our ongoing expansion efforts, which began in 2004, has exceeded common stock.
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