Hudson City Bancorp, the holding company for Hudson City Savings Bank, has reported that its net income for the fourth quarter of 2008 increased 60.4% to $124.3 million, as compared to $77.5 million for the fourth quarter of 2007.
Diluted earnings per share increased 56.3% to $0.25 for the fourth quarter of 2008 as compared to $0.16 for the fourth quarter of 2007.
Net interest income increased $89.6 million, or 52.4%, to $260.5 million for the fourth quarter of 2008 as compared to $170.9 million for the fourth quarter of 2007.
For the year ended December 31, 2008, net income increased 50.6% to $445.6 million as compared to $295.9 million for 2007. Diluted earnings per share increased 55.2% to $0.90 for the year ended December 31, 2008 as compared to $0.58 for 2007. Net interest income increased $294.8 million, or 45.6%, to $942.0 million for the year ended December 31, 2008 compared to $647.2 million for 2007.
Ronald Hermance, Jr., chairman, president and CEO of Hudson City Bancorp, said: In the fourth quarter of 2008, we grew deposits by $1.18 billion, capping a full year of deposit growth of $3.31 billion, as depositors looked for competitive rates and a bank with a strong capital position. We introduced our internet deposit product in December 2008 and although we have not yet fully implemented our marketing plan for this product, we have already taken in over $52 million of deposits through this channel.
