##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 11-K
 ANNUAL REPORT UNDER SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
  þ
    
    Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 For the fiscal year ended: December 31, 2010
 
 o
    
    Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number: 0-26001
 A.
    
    Full title of plan and the address of the plan, if different from that of the issuer named
below:
 Profit Incentive Bonus Plan of
 Hudson City Savings Bank
 B.
    
    Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office:
 Hudson City Bancorp, Inc.
West 80 Century Road
Paramus, NJ 07652




---



##### 



REQUIRED INFORMATION
  
 FINANCIAL STATEMENTS
    
    PageReport of Independent Registered Public Accounting Firm
    
    
    1Statements of Net Assets Available for Benefits as of
December 31, 2010 and 2009
    
    
    2Statements of Changes in Net Assets Available for Benefits
for the years ended December 31, 2010 and 2009
    
    
    3Notes to Financial Statements
    
    
    4Schedule H, Line 4i  Schedule of Assets (Held at End of Year) as of
December 31, 2010
    
    
    15SIGNATURE OF PLAN ADMINISTRATOR
    
    
    17EXHIBIT INDEX
    
    
    18Consent of Independent Registered Public Accounting Firm
    
    
    19EX-23.1
  1




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
     /s/ KPMG LLP 
 1




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
 
 
  December 31,
    
    
    December 31,2010
    
    
    2009AssetsInvestments, at fair value:Mutual funds (Note 9)
    
    $
    17,637,088
    
    
    $
    13,052,677Morgan Stanley Stable Value Fund Class A (Notes 2(d), 9 and 10)
    
    
    9,886,309
    
    
    
    8,229,984Hudson City Bancorp, Inc. Common Stock Fund (Note 9)
    
    
    44,983,792
    
    
    
    48,618,531Total investments, at fair value
    
    
    72,507,189
    
    
    
    69,901,192Receivables:Participant loans receivable (Note 7)
    
    
    840,009
    
    
    
    683,512Employer contribution receivable
    
    
    505,062
    
    
    
    572,289Interest and other receivables
    
    
    295
    
    
    
    1,401Total receivables
    
    
    1,345,366
    
    
    
    1,257,202Total assets
    
    
    73,852,555
    
    
    
    71,158,394LiabilitiesFee payable
    
    
    2,365
    
    
    
    2,363Net assets available for benefits at fair value
    
    
    73,850,190
    
    
    
    71,156,031Adjustment from fair value to contract value for fully
benefit-responsive investment contracts (Note 2(d))
    
    
    
    
    
    
    1,192,942Net assets available for benefits
    
    $
    73,850,190
    
    
    $
    72,348,973
  2




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
 
 
  December 31,
    
    
    December 31,2010
    
    
    2009Additions to (reductions from) net assets attributable to:Investment income:Interest
    
    $
    50,035
    
    
    $
    56,641Dividends
    
    
    2,395,570
    
    
    
    2,317,152Net depreciation in fair value of investments (Note 9)
    
    
    (1,804,662
    )
    
    
    (5,498,132
    )Total investment income (loss)
    
    
    640,943
    
    
    
    (3,124,339
    )Contributions:Employer contributions
    
    
    508,325
    
    
    
    572,289Employee contributions
    
    
    1,964,444
    
    
    
    1,673,791Rollovers
    
    
    623,210
    
    
    
    35,225Total contributions
    
    
    3,095,979
    
    
    
    2,281,305Total addition (reduction)
    
    
    3,736,922
    
    
    
    (843,034
    )Deduction from net assets attributable to:Participant benefits
    
    
    2,205,194
    
    
    
    2,245,894Administrative expenses (Note 6)
    
    
    30,511
    
    
    
    29,670Total deductions
    
    
    2,235,705
    
    
    
    2,275,564Increase (decrease) in net assets available for
benefits
    
    
    1,501,217
    
    
    
    (3,118,598
    )Net assets available for benefits:Beginning of period
    
    
    72,348,973
    
    
    
    75,467,571End of period
    
    $
    73,850,190
    
    
    $
    72,348,973
  3




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
 
   (1)
    
    Description of PlanThe following plan information provides only a general description of the provisions of the
Profit Incentive Bonus Plan of Hudson City Savings Bank (the Plan). The Summary Plan
Description or Plan Document should be referred to for a more complete description of the
Plans provisions.
 (a)
    
    GeneralThe Plan is a participant-directed, defined contribution profit-sharing plan
sponsored by Hudson City Savings Bank (the Bank) under the provisions of Section
401(a) of the Internal Revenue Code (the IRC), which includes a qualified cash or
deferred arrangement as described in Section 401(k) of the IRC, for the benefit of
eligible employees of the Bank. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).A full-time employee becomes eligible to participate on the first of the month
following the first anniversary of his or her employment if he or she is at least 21
years old. A part-time employee becomes eligible to participate upon attaining the
minimum age of 21, is employed a minimum of one year, and meets the eligibility rule
of 1,000 work hours in one anniversary year, as defined. Effective March 1, 2009 the
Plan was amended to allow participation starting on the first month following three
months of service, if the participant is at least 21 years of age.The Plan maintains an account for each participant. Participants can elect to receive
the Banks profit-sharing bonus in cash and/or defer it into the Plan. Each
participant is fully vested in participant contributions. Non-elective employer
contributions vest at the rate of 20% per year until fully vested after five years.
The benefit to which a participant is entitled is the benefit that can be provided
from the participants vested account balances.Forfeitures are applied to reduce the Plans administrative expenses. At December 31,
2010 and 2009, forfeitures of $7,000 and $0, respectively, were used to reduce the
plans administrative expenses. At December 31, 2010 and 2009, there were $935 and
$101, respectively, of forfeitures that were not used to reduce the Plans
administrative expenses.Each participants account is credited with the respective contribution and an
allocation of plan earnings and charged with an allocation of administrative
expenses. Allocations are based on participant earnings or account balances, as
defined.(b)
    
    AdministrationThe Human Resources and Benefits Committee, as appointed by the Board of Directors of
the Plan Sponsor, is responsible for administering the Plan operations. The
Committee is
 4




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   named fiduciary, which has the authority to control and manage the
operation and administration of the Plan. In addition, they have authority over the
Plans investments.(c)
    
    ContributionsParticipants are eligible to make personal contributions to the Plan. The amount
contributed may not exceed 60% of compensation for the payroll period, as defined,
subject to certain limitations. Total pre-tax contributions may not exceed the
Internal Revenue Service annual limit, which was $16,500 for both 2010 and 2009,
respectively. Participants age 50 or over may contribute an additional tax-deferred
contribution subject to an annual limit of $5,500 for both 2010 and 2009,
respectively.The Bank may allow Participants to enter into a special contribution agreement to
make contributions up to 100% of cash bonuses paid on a uniform and
non-discriminatory basis that are made for such participants during the Plan Year.Participants in the Plan may designate the funds into which their contribution shall
be invested. A participant may transfer a portion of his or her account balance among
the funds as outlined in the Plan.Participants may make rollover contributions to the Plan, which represent
distributions from a qualified IRA or other qualified plan.The Plan provides for automatic escalating enrollment for all new participants. If
an employee meets the Plans eligibility requirements, automatic enrollment begins at
a pre-tax contribution rate of 3% of eligible compensation, as defined in the Plan
Document. Employees may elect to opt out of the automatic enrollment, or they may opt
out of or change the percentage of the automatic escalating contribution option at
any time.(d)
    
    Investment ElectionsEach participant may direct his or her account into one or more of 21 investment
options offered by the Plan or in the Hudson City Common Stock Fund, a self-directed
investment option. The Plan allows participants to change their investment election
at any time unless restrictions are placed on a specific fund due to relatively
short-term restrictions on the common stock fund. In addition, the Plan allows
participants to change his or her contribution percentage at any time.(e)
    
    Benefit PaymentsUnder the terms of the agreement with the Bank, participants and/or beneficiaries are
eligible for payments following termination of employment for any reason, including
death or disability. These payments can be made either in a lump-sum distribution or
in equal
 5




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   annual installments over a period not to exceed 15 years. If the vested
balance of a participants account balance is $5,000 or less, payment will be made in
a lump-sum distribution. Subject to such terms and conditions as may be established
from time to time by the plan administrator, participants may elect to receive shares
of Hudson City Bancorp, Inc. (Hudson City Bancorp) common stock, which are held in
the Hudson City Bancorp, Inc. Common Stock Fund. Participants may receive either the
entire portion of their interest in the Hudson City Bancorp, Inc. Common Stock Fund
in shares of Hudson City Bancorp common stock or part in shares and part in cash. The
maximum number of shares of Hudson City Bancorp stock that they may receive will be
the number of whole shares attributable to their interest in the Hudson City Bancorp,
Inc. Common Stock Fund. Any remaining amount distributed will be paid in cash.(f)
    
    WithdrawalsDuring employment, a participant may make withdrawals of all or certain portions of
his or her vested account balance, subject to certain restrictions as set forth in
the Plan Document. Certain withdrawals, such as hardship withdrawals, preclude the
participant from making further contributions or withdrawals under the Plan for six
months after the receipt of the distribution.
 (2)
    
    Summary of Significant Accounting Policies
 (a)
    
    Basis of PresentationThe accompanying financial statements of the Plan have been prepared on the accrual
basis of accounting and present the net assets available for benefits and the changes
in those net assets.(b)
    
    Recent Accounting PronouncementsIn January 2010, the FASB issued an accounting standards update (ASU) regarding
disclosure requirements for fair value measurement. This update provides amendments
to fair value measurement that require new disclosures related to transfers in and
out of Levels 1 and 2 and activity in Level 3 (see note 2(c) below) fair value
measurements. The update also provides amendments clarifying level of disaggregation
and disclosures about inputs and valuation techniques along with conforming
amendments to the guidance on employers disclosures about postretirement benefit
plan assets. This update is effective for interim and annual reporting periods
beginning after December 15, 2009, except for the disclosures about purchases, sales,
issuances, and settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after December 15, 2010.
This accounting standards update did not have a material impact on the financial
position of the Plan or the changes in net assets.
 6




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   The FASB issued ASU 2010-25, stating that loans should be classified as notes
receivable carried at amortized cost plus any accrued but unpaid interest and that
such loans are exempt from the fair value and credit quality disclosure requirements.
The update is effective for periods ending after December 15, 2010. Retrospective
application is required and early adoption is permitted. The Plan adopted ASU 2010-25
in the 2010 financial statements, applied retrospectively for all periods presented.
The adoption of ASU 2010-25 was not significant as the unpaid principal balance plus
accrued interest of loans to participants approximated estimated fair value.(c)
    
    Fair Value Measurement of InvestmentsThe Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and
Disclosures,defines fair value, establishes a framework for measuring fair value and
expands disclosures about fair value measurements.The Plan uses fair value measurements to record fair value adjustments to certain
assets and to determine fair value disclosures. The Plan did not have any liabilities
that were measured at fair value at December 31, 2010. The Plans investments are
recorded at fair
value on a recurring basis. Additionally, from time to time, the Plan may be required
to record at fair value other assets or liabilities on a non-recurring basis.In accordance with ASC Topic 820, the Plan groups its assets at fair value in three
levels, based on the markets in which the assets are traded and the reliability of
the assumptions used to determine fair value. These levels are: Level 1  Valuation is based upon quoted prices for identical instruments traded
in active markets. Level 2  Valuation is based upon quoted prices for similar instruments in active
markets, quoted prices for identical or similar instruments in markets that are not
active and model-based valuation techniques for which all significant assumptions are
observable in the market. Level 3  Valuation is generated from model-based techniques that use significant
assumptions not observable in the market. These unobservable assumptions reflect the
Plans own estimates of assumptions that market participants would use in pricing the
asset or liability. Valuation techniques include the use of option pricing models,
discounted cash flow models and similar techniques. The results cannot be determined
with precision and may not be realized in an actual sale or immediate settlement of
the asset or liability.The Plan bases its fair values on the price that would be received to sell an asset
in an orderly transaction between market participants at the measurement date. ASC
Topic 820
 7




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   requires the Plan to maximize the use of observable inputs and minimize the
use of unobservable inputs when measuring fair value.(d)
    
    Investment Valuation and Income RecognitionThe Plans mutual fund investments are stated at net asset value as a practical
expedient for fair value. The investment in Hudson City Bancorp, Inc. (Bancorp)
Common Stock Fund is comprised of the Bancorp common stock and cash, and is valued at
estimated fair value, which is determined based on the unit value of the fund. The
unit value of the fund is determined by Fidelity Management Trust Company (the
Trustee), which is sponsoring the fund by dividing the funds net assets at fair
value by its units outstanding at the valuation date. Securities transactions are
recognized on the trade date (the date the order to buy or sell is executed).As described in ASC Topic 946-210-45-9, Fully Benefit-Responsive Investment
Contracts, investment contracts held by a defined contribution plan are required to
be reported at fair value. At December 31, 2009, the Plans investment in the Morgan
Stanley Stable Value Fund is deemed to be fully benefit-responsive. The statements
of net assets available for benefits presents the fair value as well as the amount
necessary to adjust fair value to contract value. The fair value of fully
benefit-responsive investment contracts is calculated using a discounted cash flow
model, which considers recent fee bids as determined by recognized dealers, discount
rate and the duration of the underlying portfolio securities. The contract value
represents contributions plus earnings, less participant withdrawals and
administrative expenses.In November 2010, the Trustees of the Morgan Stanley Stable Value Fund approved the
liquidation of the trust. The investment contracts held by the trust were terminated
in November 2010 and the funds were reinvested in a money market vehicle. As a
result, there were no investment contracts held by the trust at December 31, 2010,
therefore, no adjustment to contract value was required by the Plan as of December
31, 2010. The trust was fully liquidated and terminated on March 15, 2011 and the
Plan was able to withdraw its investment at a net asset value of $1.00. The Plan
replaced the Morgan Stanley Stable Value Fund with the Fidelity Advisors Stable Value
Portfolio Class II Fund.(e)
    
    Concentration of RiskThe assets of the Plan are primarily financial instruments, which are monetary in
nature. As a result, interest rates have a more significant impact on the Plans
performance than the effects of general levels of inflation. Interest rates do not
necessarily move in the same direction or in the same magnitude as the prices of
goods and services as measured by the consumer price index. Investments in funds are
subject to risk conditions of the individual mutual fund objectives, stock market,
interest rates, economic conditions, and world affairs. Due to the level of risk
associated with certain investment securities, it is at least
 8




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   reasonably possible that changes in values of investment securities will occur in the
near term and that such changes could materially affect participants account
balances and the amounts reported in the statement of net assets available for plan
benefits. Investments in the Hudson City common stock fund amounted to $44,983,792 and
$48,618,531 at December 31, 2010 and 2009, respectively. This represents 62.0% and
69.6% of total investments at December 31, 2010 and 2009, respectively. A significant
decline in Hudson City common stock would significantly affect the net assets
available for benefits.(f)
    
    Payments of BenefitsBenefits are recorded when paid.(g)
    
    Use of EstimatesIn preparing the plan financial statements in conformity with U.S. generally accepted
accounting principles, estimates and assumptions have been made relating to the
reporting of assets and liabilities and changes therein, and the disclosure of
contingent assets and liabilities at the date of the financial statements. Actual
results could differ from those estimates.(h)
    
    Subsequent EventsThe Plan has evaluated subsequent events through the date the financial statements
were issued and determined that no additional disclosure or adjustments were
necessary, except as disclosed in Note 2(d).(i)
    
    ReclassificationsCertain prior year balances have been reclassified to conform to current year
presentation. Specifically, loans receivable from participants have been reclassified
on the statement of net assets to be excluded from total investments and reported at
their unpaid principal balance plus accrued interest as a separate item on the
statement of net assets available for plan benefits in accordance with ASU 2010-25,
Reporting Loans to Participants by Defined Contribution Pension Plans a consensus of
the Financial Accounting Standards Board Emerging Issues Taskforce.
 (3)
    
    Plan AmendmentsThe Plan was amended effective March 1, 2009 to allow participation starting on the first
month following three months of service, if the participant is at least 21 years of age. In
addition, the Plan was amended to have the default investment election be the targeted
investments funds appropriate for the participants expected retirement date.
 9




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   (4)
    
    Federal Income Taxes
 The Plan has adopted an approved prototype plan, which received an Internal Revenue Service
(IRS) determination letter dated October 9, 2003, which stated that the Plan and its
underlying trust qualify under the applicable provisions of the Internal Revenue Code (the
IRC), and therefore are exempt from federal taxes. The Plan has been amended since
receiving the determination letter. However, the Plan Administrator and the Plans tax
counsel believe that the Plan is designed and operated in compliance with the applicable
requirements of the IRC. In March 2010, the Trustee filed a restated prototype plan,
complying with the IRSs six-year remedial amendment cycle. Under this system, the IRS
requires that all pre-approved plans restate the documents in order to incorporate new
amendments and regulatory changes that have occurred since the last required submission.Accounting principles generally accepted in the United States of America require plan
management to evaluate tax positions taken by the Plan and recognize a tax liability (or
asset) if the Plan has taken an uncertain position that more likely than not would not be
sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions
taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain
positions taken or expected to be taken that would require recognition of a liability (or
asset) or disclosure in the financial statements. The Plan is subject to routine audits by
taxing jurisdictions; however, there are currently no audits for any tax periods in
progress. The Plan Administrator believes it is no longer subject to income tax examinations
for the years prior to 2006.(5)
    
    Plan TerminationAlthough it has not expressed an intention to do so, the Bank has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of plan termination, participants will become 100% vested
in their accounts.(6)
    
    Plan ExpensesPlan fees and expenses, including fees and expenses incurred in providing administrative
services by external service providers, are paid from Plan assets. Expenses paid by the Plan
include recordkeeping and trustees fees. However, investment management and audit services
are paid by the Plan Sponsor. Expenses incurred by the funds, including investment
management fees paid to the advisor of those funds, are reflected in the net asset value of
the funds and included in net appreciation in fair value of investments.(7)
    
    Participant Loans ReceivableA participant, in case of need, may apply to the plan administrator for a loan in an amount
equal to or less than 50% of the vested account balance, from a minimum of $1,000 up to a
maximum of $50,000. The loans are secured by the participants account. The period of
repayment shall not
 10




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   exceed five years unless the loan is to be used in conjunction with the purchase of the
principal residence of the participant, in which case the period shall not exceed ten years.Interest is charged at a commercially reasonable rate, with all interest on loans being paid
back into the borrowers plan account. Principal and interest is paid ratably through
payroll deductions. As of December 31, 2010, the interest rates on these loans ranged from
4.25% to 6.00%, with maturities ranging from February 16, 2011 through January 5, 2016.(8)
    
    Related-Party TransactionsCertain Plan investments are shares of mutual funds managed by Fidelity Investment
International Operations Company, Inc. (Fidelity), an affiliate of the Trustee. Fidelity is
also the recordkeeper. In addition, the Plan invests in shares of common stock issued by
Hudson City Bancorp, Inc. Therefore, these transactions qualify as party-in-interest
transactions. Fees paid to the Trustee and affiliates of the Trustee amounted to
approximately $31,000 and $30,000 for the years ended December 31, 2010 and 2009,
respectively.(9)
    
    InvestmentsIndividual investments in excess of 5% of the fair value of net assets available for
benefits at December 31, 2010 and 2009 are as follows:
 2010
    
    
    2009Shares
    
    
    Fair Value
    
    
    Shares
    
    
    Fair ValueHudson City Bancorp, Inc. Common Stock
Fund
    
    
    3,396,104
    
    
    $
    44,983,792
    
    
    
    3,417,627
    
    
    $
    48,618,531Morgan Stanley Stable Value Fund Class A
    
    
    9,886,309
    
    
    
    9,886,309
    
    
    
    9,422,925
    
    
    
    8,229,984Morgan Stanley U.S. Government
Securities

Trust Fund Class A
    
    
    557,299
    
    
    
    4,947,448
    
    
    
    500,276
    
    
    
    4,207,319
 For the years ended December 31, 2010 and 2009, the Plans net depreciation in fair
value of investments is as follows:
 2010
    
    
    2009Mutual funds:Net realized gains and change in net unrealized
appreciation
    
    $
    1,565,501
    
    
    $
    1,740,336Hudson City Bancorp, Inc. Common Stock Fund:Net realized gains and change in net unrealized
appreciation
    
    
    (3,370,163
    )
    
    
    (7,238,468
    )Net realized losses and depreciation of investments
    
    $
    (1,804,662
    )
    
    $
    (5,498,132
    )
 The assets or liabilitys fair value measurement level within the fair value hierarchy
is based on the lowest level of any input that is significant to the fair value measurement.
Valuation
 11




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   techniques used need to maximize the use of observable inputs and minimize the used of
unobservable inputs.
  SignificantAssets
    
    
    Quoted Prices in
    
    
    Other
    
    
    SignificantMeasured at
    
    
    Active Markets for
    
    
    Observable
    
    
    UnobservableFair Value at
    
    
    Identical Assets
    
    
    Inputs
    
    
    InputsDescription
    
    12/31/2010
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Investments in mutual funds:Balanced
    
    $
    3,048,547
    
    
    
    3,048,547
    
    
    
    
    
    
    
    Equity
    
    
    9,641,093
    
    
    
    9,641,093
    
    
    
    
    
    
    
    Fixed Income
    
    
    14,833,757
    
    
    
    4,947,448
    
    
    
    9,886,309
    
    
    
    Investments in Hudson City Bancorp, Inc.Common Stock Fund
    
    
    44,983,792
    
    
    
    
    
    
    
    44,983,792
    
    
    
    Total
    
    $
    72,507,189
    
    
    
    17,637,088
    
    
    
    54,870,101
    
    
    
    
  SignificantAssets
    
    
    Quoted Prices in
    
    
    Other
    
    
    SignificantMeasured at
    
    
    Active Markets for
    
    
    Observable
    
    
    UnobservableFair Value at
    
    
    Identical Assets
    
    
    Inputs
    
    
    InputsDescription
    
    12/31/2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Investments in mutual funds:Balanced
    
    $
    2,029,943
    
    
    
    2,029,943
    
    
    
    
    
    
    
    Equity
    
    
    6,815,415
    
    
    
    6,815,415
    
    
    
    
    
    
    
    Fixed Income
    
    
    12,437,303
    
    
    
    4,207,319
    
    
    
    8,229,984
    
    
    
    Investments in Hudson City Bancorp, Inc.Common Stock Fund
    
    
    48,618,531
    
    
    
    
    
    
    
    48,618,531
    
    
    
    Total
    
    $
    69,901,192
    
    
    
    13,052,677
    
    
    
    56,848,515
    
    
    
    
  Mutual funds:
 12




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   Hudson City Bancorp, Inc. Common Stock Fund:
 (10)
    
    Morgan Stanley Stable Value FundThe Plan invests in the Morgan Stanley Stable Value Fund Class A (the Fund), a
common/collective trust that invests primarily in fully benefit responsive investment
contracts issued by insurance companies, banks and other financial institutions, and other
authorized instruments, which are benefit responsive.At December 31, 2009, the Plans interest in the Fund was calculated by applying the Plans
ownership percentage in the Fund to the total fair value of the Fund. The underlying assets
owned by the Fund consisted primarily of readily marketable fixed income securities with
quoted market prices.The interest crediting rate is determined quarterly and is calculated based upon many
factors, including current economic and market conditions, the general interest rate
environment, and purchases and redemptions by unit holders. There is no relationship
between future crediting rates and the adjustment to contract value reported in the
statement of net assets available for benefits.At December 31, 2010, the Plans interest in the Fund was recorded at the net asset value
since the investment contracts held by the Fund were terminated and the funds reinvested in
a money market vehicle.The average market yield earned by the Fund for the year ended December 31, 2009 was 3.36%.
There was no information with respect to yields for 2010 due to the Fund being in liquidation. See
Note 2(d).
 13




---



##### Table of Contents



PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   (11)
    
    Reconciliation of Financial Statements to Form 5500
  2010
    
    
    2009Net assets available for benefits per the financial statements
    
    $
    73,850,190
    
    
    $
    72,348,973Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    
    
    
    
    
    
    (1,192,942
    )Participant benefits payable
    
    
    
    
    
    
    (26,240
    )Net assets per the Form 5500
    
    $
    73,850,190
    
    
    $
    71,129,791Total investment income (loss) per the financial statements
    
    $
    640,943
    
    
    $
    (3,124,339
    )Adjustment from fair value to contract value for fully benefit-responsive investment contracts
    
    
    1,192,942
    
    
    
    199,518Total investment income (loss)
per the Form 5500
    
    $
    1,833,885
    
    
    $
    (2,924,821
    )Participant benefits per the financial statements
    
    $
    (2,205,194
    )
    
    $
    (2,245,894
    )Participant benefits payable
    
    
    26,240
    
    
    
    (26,240
    )Participant benefits per the
Form 5500
    
    $
    (2,178,954
    )
    
    $
    (2,272,134
    )
 14




---



##### Table of Contents



Schedule 1
 PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
 
   CurrentIdentity of Issue
    
    Description of Investment
    
    Cost
    
    ValueMorgan Stanley Funds
    
    Morgan Stanley Stable Value Fund
Class A
    
    $
    9,886,309
    
    
    $
    9,886,309Morgan Stanley Funds
    
    Morgan Stanley U.S. Government
Securities Trust Fund Class A
    
    
    5,139,779
    
    
    
    4,947,448Morgan Stanley Funds
    
    Morgan Stanley S&P 500 Index Fund
Class A
    
    
    2,660,809
    
    
    
    3,216,827Van Kampen Funds
    
    Van Kampen Comstock Fund
Class A
    
    
    2,196,616
    
    
    
    2,439,673Van Kampen Funds
    
    Van Kampen Equity & Income Fund
Class A
    
    
    1,452,684
    
    
    
    1,550,437Van Kampen Funds
    
    Van Kampen Global Franchise Fund
Class A
    
    
    1,494,303
    
    
    
    1,576,067Fidelity Advisors Funds
    *
    Fidelity Advisors Mid Cap Fund
Class T
    
    
    1,210,348
    
    
    
    1,281,634Fidelity Advisors Funds
    *
    Fidelity Advisors Balanced Fund
Class T
    
    
    965,610
    
    
    
    993,721Fidelity Advisors Funds
    *
    Fidelity Advisors Value Strategies Fund
Class T
    
    
    800,397
    
    
    
    882,249Fidelity Advisors Funds
    *
    Fidelity Advisors Financial Services Fund
Class T
    
    
    318,092
    
    
    
    244,643Fidelity Advisors Fund
    *
    Fidelity Advisors Freedom Income Fund
Class T
    
    
    9,732
    
    
    
    10,216Fidelity Advisors Fund
    *
    Fidelity Advisors Freedom 2005
Class T
    
    
    28,460
    
    
    
    30,448Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2010
Class T
    
    
    59,093
    
    
    
    64,031Fidelity Advisors Fund
    *
    Fidelity Advisors Freedom 2015
Class T
    
    
    75,102
    
    
    
    80,505Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2020
Class T
    
    
    57,579
    
    
    
    62,302Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2030
Class T
    
    
    137,273
    
    
    
    151,569Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2040
Class T
    
    
    23,760
    
    
    
    27,238Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2025
Class T
    
    
    23,053
    
    
    
    25,069(continued)
 15




---



##### Table of Contents



Schedule 1
 PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK
   CurrentIdentity of Issue
    
    Description of Investment
    
    Cost
    
    ValueFidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2035
Class T
    
    $
    9,795
    
    
    $
    10,986Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2045
Class T
    
    
    15,742
    
    
    
    18,213Fidelity Advisors Funds
    *
    Fidelity Advisors Freedom 2050
Class T
    
    
    21,402
    
    
    
    23,812Total investment in mutual funds
    
    
    
    
    
    
    27,523,397Hudson City Bancorp,
Inc. Common Stock Fund
    *
    Investment in common stock fund
    
    
    20,552,995
    
    
    
    44,983,792Participant Loans 
Receivable (a)
    *
    
    
    
    
    
    
    
    840,009Total other investments
    
    
    
    
    
    
    45,823,801Total investments
    
    
    
    
    
    $
    73,347,198
 
 *
    
    A party-in-interest as defined by ERISA
(a) As of December 31, 2010 interest rates on these loans ranged from 4.25% to 6.00%.(a)
    
    As of December 31, 2010 interest rates on these loans ranged from 4.25% to 6.00%.  16




---



##### Table of Contents



SIGNATURE OF PLAN ADMINISTRATOR
 The Plan
 Profit Incentive Bonus Plan of
Hudson City Savings BankDate: June 27, 2011
    By:
    /s/ J. Christopher NettletonJ. Christopher NettletonPlan Administrator
1st Vice President and Human
Resources Officer
Hudson City Savings Bank 17




---



##### Table of Contents



EXHIBIT INDEX
 Exhibit Number
    
    Exhibit
    
    Location23.1
    
    Consent of Independent Registered Public Accounting Firm
    
    Page 19
 18