##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended: June 30, 2006
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File Number: 0-26001
 Hudson City Bancorp, Inc.
  Delaware(State or other jurisdiction of
incorporation or organization)
    
    22-3640393(I.R.S. Employer
Identification No.)
 West 80 Century RoadParamus, New Jersey
    
    07652(Address of Principal Executive Offices)
    
    (Zip Code)
 (Registrants telephone number, including area code)
  þ o
  þ o o
  o þ




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##### 



PageNumberPART I  FINANCIAL INFORMATIONItem 1.  Financial StatementsConsolidated Statements of Financial Condition  June 30, 2006 (Unaudited) and December 31, 2005
    
    
    4Consolidated Statements of Income (Unaudited)  For the three and six months ended June 30, 2006 and 2005
    
    
    5Consolidated Statements of Cash Flows (Unaudited)  For the six months ended June 30, 2006 and 2005
    
    
    6Notes to Unaudited Consolidated Financial Statements
    
    
    7Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17Item 3.  Quantitative and Qualitative Disclosures About Market Risk
    
    
    37Item 4.  Controls and Procedures
    
    
    41PART II  OTHER INFORMATIONItem 1.  Legal Proceedings
    
    
    41Item 1A.  Risk Factors
    
    
    41Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    42Item 3.  Defaults Upon Senior Securities
    
    
    42Item 4.  Submission of Matters to a Vote of Security Holders
    
    
    43Item 5.  Other Information
    
    
    44Item 6.  Exhibits
    
    
    44SIGNATURES
    
    
    45EX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATION
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Forward-Looking Statements
  Page 3




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PART I  FINANCIAL INFORMATION
 
 Item 1.  Financial Statements
 Hudson City Bancorp, Inc. and Subsidiary
 
 Consolidated Statements of Financial Condition
 June 30,
    
    
    December 31,2006
    
    
    2005(Unaudited)(In thousands)AssetsCash and due from banks
    
    $
    87,735
    
    
    $
    97,672Federal funds sold
    
    
    14,689
    
    
    
    4,587Total cash and cash equivalents
    
    
    102,424
    
    
    
    102,259Investment securities held to maturity, market value of $1,475,588 at
June 30, 2006 and $1,508,055 at December 31, 2005
    
    
    1,533,969
    
    
    
    1,534,216Investment securities available for sale, at market value
    
    
    3,979,207
    
    
    
    3,962,511Federal Home Loan Bank of New York stock
    
    
    356,698
    
    
    
    226,962Mortgage-backed securities held to maturity, market value of $5,013,668
at June 30, 2006 and $4,288,772 at December 31, 2005
    
    
    5,241,004
    
    
    
    4,389,864Mortgage-backed securities available for sale, at market value
    
    
    2,703,212
    
    
    
    2,520,633Loans
    
    
    16,971,417
    
    
    
    15,062,449Deferred loan costs
    
    
    10,085
    
    
    
    1,653Allowance for loan losses
    
    
    (27,391
    )
    
    
    (27,393
    )Net loans
    
    
    16,954,111
    
    
    
    15,036,709Foreclosed real estate, net
    
    
    1,685
    
    
    
    1,040Accrued interest receivable
    
    
    157,948
    
    
    
    140,723Banking premises and equipment, net
    
    
    54,681
    
    
    
    49,132Other assets
    
    
    244,383
    
    
    
    111,304Total Assets
    
    $
    31,329,322
    
    
    $
    28,075,353Liabilities and Stockholders EquityDeposits:Interest-bearing
    
    $
    11,136,900
    
    
    $
    10,941,258Noninterest-bearing
    
    
    476,929
    
    
    
    442,042Total deposits
    
    
    11,613,829
    
    
    
    11,383,300Repurchase agreements
    
    
    8,350,000
    
    
    
    7,900,000Federal Home Loan Bank of New York advances
    
    
    6,200,000
    
    
    
    3,450,000Total borrowed funds
    
    
    14,550,000
    
    
    
    11,350,000Accrued expenses and other liabilities
    
    
    166,838
    
    
    
    140,577Total liabilities
    
    
    26,330,667
    
    
    
    22,873,877Common stock, $0.01 par value, 3,200,000,000 shares authorized;
741,466,555 shares issued; 571,475,944 shares outstanding
at June 30, 2006; 588,905,543 shares outstanding
at December 31, 2005
    
    
    7,415
    
    
    
    7,415Additional paid-in capital
    
    
    4,542,302
    
    
    
    4,533,329Retained earnings
    
    
    1,819,860
    
    
    
    1,759,492Treasury stock, at cost; 169,990,611 shares at June 30, 2006 and
152,561,012 shares at December 31, 2005
    
    
    (1,042,926
    )
    
    
    (798,232
    )Unallocated common stock held by the employee stock ownership plan
    
    
    (231,261
    )
    
    
    (234,264
    )Unearned common stock held by the recognition and retention plan
    
    
    
    
    
    
    (2,815
    )Accumulated other comprehensive loss, net of tax
    
    
    (96,735
    )
    
    
    (63,449
    )Total stockholders equity
    
    
    4,998,655
    
    
    
    5,201,476Total Liabilities and Stockholders Equity
    
    $
    31,329,322
    
    
    $
    28,075,353
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Hudson City Bancorp, Inc. and Subsidiary
 
 Consolidated Statements of Income
 (Unaudited)
 For the Three Months
    
    
    For the Six MonthsEnded June 30,
    
    
    Ended June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005(In thousands, except share data)Interest and Dividend Income:Interest and fees on first mortgage loans
    
    $
    223,632
    
    
    $
    166,558
    
    
    $
    432,819
    
    
    $
    322,656Interest and fees on consumer and other loans
    
    
    3,883
    
    
    
    2,465
    
    
    
    7,397
    
    
    
    4,766Interest on mortgage-backed securities held to maturity
    
    
    60,163
    
    
    
    44,301
    
    
    
    113,785
    
    
    
    87,345Interest on mortgage-backed securities available for sale
    
    
    30,255
    
    
    
    20,467
    
    
    
    58,416
    
    
    
    37,597Interest on investment securities held to maturity
    
    
    18,632
    
    
    
    18,289
    
    
    
    37,263
    
    
    
    35,316Interest and dividend income on investment securities
available for sale
    
    
    42,841
    
    
    
    22,123
    
    
    
    85,398
    
    
    
    38,143Dividends on Federal Home Loan Bank
of New York stock
    
    
    3,209
    
    
    
    3,739
    
    
    
    5,717
    
    
    
    4,915Interest on federal funds sold
    
    
    1,525
    
    
    
    1,262
    
    
    
    3,033
    
    
    
    2,085Total interest and dividend income
    
    
    384,140
    
    
    
    279,204
    
    
    
    743,828
    
    
    
    532,823Interest Expense:Interest on deposits
    
    
    98,408
    
    
    
    70,903
    
    
    
    187,772
    
    
    
    133,818Interest on borrowed funds
    
    
    132,143
    
    
    
    76,614
    
    
    
    244,788
    
    
    
    141,432Total interest expense
    
    
    230,551
    
    
    
    147,517
    
    
    
    432,560
    
    
    
    275,250Net interest income
    
    
    153,589
    
    
    
    131,687
    
    
    
    311,268
    
    
    
    257,573Provision for Loan Losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    65Net interest income after provision
for loan losses
    
    
    153,589
    
    
    
    131,687
    
    
    
    311,268
    
    
    
    257,508Non-Interest Income:Service charges and other income
    
    
    1,451
    
    
    
    1,242
    
    
    
    2,715
    
    
    
    2,378Gains on securities transactions, net
    
    
    4
    
    
    
    3
    
    
    
    4
    
    
    
    2,740Total non-interest income
    
    
    1,455
    
    
    
    1,245
    
    
    
    2,719
    
    
    
    5,118Non-Interest Expense:Compensation and employee benefits
    
    
    25,391
    
    
    
    20,275
    
    
    
    51,743
    
    
    
    40,205Net occupancy expense
    
    
    5,598
    
    
    
    4,492
    
    
    
    11,110
    
    
    
    9,048Federal deposit insurance assessment
    
    
    402
    
    
    
    414
    
    
    
    826
    
    
    
    822Computer and related services
    
    
    702
    
    
    
    636
    
    
    
    1,299
    
    
    
    1,228Other expense
    
    
    6,422
    
    
    
    4,439
    
    
    
    11,822
    
    
    
    9,718Total non-interest expense
    
    
    38,515
    
    
    
    30,256
    
    
    
    76,800
    
    
    
    61,021Income before income tax
expense
    
    
    116,529
    
    
    
    102,676
    
    
    
    237,187
    
    
    
    201,605Income Tax Expense
    
    
    43,361
    
    
    
    38,385
    
    
    
    88,791
    
    
    
    75,385Net income
    
    $
    73,168
    
    
    $
    64,291
    
    
    $
    148,396
    
    
    $
    126,220Basic Earnings Per Share
    
    $
    0.14
    
    
    $
    0.11
    
    
    $
    0.27
    
    
    $
    0.22Diluted Earnings Per Share
    
    $
    0.13
    
    
    $
    0.11
    
    
    $
    0.27
    
    
    $
    0.21Weighted Average Number of Common Shares Outstanding:Basic
    
    
    539,678,609
    
    
    
    574,613,999
    
    
    
    544,292,209
    
    
    
    574,422,972Diluted
    
    
    552,077,216
    
    
    
    587,656,762
    
    
    
    556,622,424
    
    
    
    587,647,095
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Hudson City Bancorp, Inc. and Subsidiary
 
 Consolidated Statements of Cash Flows
 (Unaudited
 For the Six MonthsEnded June 30,2006
    
    
    2005(In thousands)Cash Flows from Operating Activities:Net income
    
    $
    148,396
    
    
    $
    126,220Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation, accretion and
amortization
expense
    
    
    8,925
    
    
    
    8,335Provision for loan
losses
    
    
    
    
    
    
    65Gains on securities
transactions,
net
    
    
    (4
    )
    
    
    (2,740
    )Share-based compensation,
including committed ESOP
shares
    
    
    8,379
    
    
    
    7,454Deferred tax
benefit
    
    
    (11,122
    )
    
    
    Net proceeds from sale of
foreclosed real
estate
    
    
    745
    
    
    
    718Increase in accrued
interest
receivable
    
    
    (17,225
    )
    
    
    (18,764
    )(Increase) decrease in
other
assets
    
    
    (98,986
    )
    
    
    44Increase in accrued
expenses and other
liabilities
    
    
    26,240
    
    
    
    1,714Tax benefit from stock
plans
    
    
    
    
    
    
    8,451Net Cash Provided by Operating Activities
    
    
    65,348
    
    
    
    131,497Cash Flows from Investing Activities:Originations of loans
    
    
    (1,245,606
    )
    
    
    (863,875
    )Purchases of loans
    
    
    (1,494,597
    )
    
    
    (1,921,951
    )Principal payments on loans
    
    
    821,498
    
    
    
    1,052,351Principal collection of mortgage-backed securities held to
maturity
    
    
    338,119
    
    
    
    453,140Purchases of mortgage-backed securities held to
maturity
    
    
    (1,191,893
    )
    
    
    (788,585
    )Principal collection of mortgage-backed securities available
for sale
    
    
    343,610
    
    
    
    177,974Proceeds from sales of mortgage-backed securities available
for sale
    
    
    
    
    
    
    230,632Purchases of mortgage-backed securities available for
sale
    
    
    (552,007
    )
    
    
    (1,245,475
    )Proceeds from maturities and calls of investment securities
held to maturity
    
    
    251
    
    
    
    100,043Purchases of investment securities held to maturity
    
    
    
    
    
    
    (300,000
    )Proceeds from maturities and calls of investment securities
available for sale
    
    
    100,004
    
    
    
    100,022Proceeds from sales of investment securities available for
sale
    
    
    
    
    
    
    9,980Purchases of investment securities available for
sale
    
    
    (150,000
    )
    
    
    (2,858,680
    )Purchases of Federal Home Loan Bank of New York
stock
    
    
    (129,736
    )
    
    
    (42,500
    )Redemption of Federal Home Loan Bank of New York stock
    
    
    
    
    
    
    2,500Purchases of premises and equipment, net
    
    
    (9,045
    )
    
    
    (11,514
    )Net Cash Used in Investment Activities
    
    
    (3,169,402
    )
    
    
    (5,905,938
    )Cash Flows from Financing Activities:Net increase (decrease) in deposits
    
    
    230,529
    
    
    
    (213,235
    )Proceeds from borrowed funds
    
    
    4,100,000
    
    
    
    2,100,000Principal payments on borrowed funds
    
    
    (900,000
    )
    
    
    (100,000
    )Cash proceeds from the common stock offering  net
    
    
    
    
    
    
    3,953,922Dividends paid
    
    
    (81,989
    )
    
    
    (23,262
    )Purchases of stock by the recognition and retention
plan
    
    
    
    
    
    
    (1,290
    )Purchases of treasury stock
    
    
    (255,930
    )
    
    
    (2,659
    )Exercise of stock options
    
    
    5,197
    
    
    
    2,181Tax benefit from stock plans
    
    
    6,412
    
    
    
    Net Cash Provided by Financing Activities
    
    
    3,104,219
    
    
    
    5,715,657Net Increase (Decrease) in Cash and Cash Equivalents
    
    
    165
    
    
    
    (58,784
    )Cash and Cash Equivalents at Beginning of Period
    
    
    102,259
    
    
    
    168,183Cash and Cash Equivalents at End of Period
    
    $
    102,424
    
    
    $
    109,399Supplemental Disclosures:Interest paid
    
    $
    442,722
    
    
    $
    265,778Income taxes paid
    
    $
    90,194
    
    
    $
    78,964
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1.  Basis of Presentation
    Statements of Cash Flows.
 Page 7




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##### Table of Contents



2.  Comprehensive Income
  For the Three MonthsEnded June 30,2006
    
    
    2005(In thousands)Net income
    
    $
    73,168
    
    
    
    64,291Other comprehensive loss:Unrealized holding (loss) gain on securities
available for sale, net of tax of
($11,609)
for 2006 and $15,051 for 2005
    
    
    (16,809
    )
    
    
    21,793Reclassification adjustment for gains in
net income, net of tax of ($2) for 2006
and ($1) for 2005
    
    
    (2
    )
    
    
    (2
    )Minimum pension liability adjustment
    
    
    (21
    )
    
    
    Total comprehensive income
    
    $
    56,336
    
    
    $
    86,082
 For the Six MonthsEnded June 30,2006
    
    
    2005(In thousands)Net income
    
    $
    148,396
    
    
    
    126,220Other comprehensive loss:Unrealized holding (loss) gain on securities
available for sale, net of tax of
($22,971)
for 2006 and $881 for 2005
    
    
    (33,263
    )
    
    
    1,275Reclassification adjustment for gains in
net income, net of tax of ($2) for 2006
and ($1,119) for 2005
    
    
    (2
    )
    
    
    (1,621
    )Minimum pension liability adjustment
    
    
    (21
    )
    
    
    Total comprehensive income
    
    $
    115,110
    
    
    $
    125,874
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##### Table of Contents



3.  Earnings Per Share
 For the Three Months Ended June 30,2006
    
    
    2005Per
    
    
    
    
    
    
    
    
    
    
    PerShare
    
    
    
    
    
    
    
    
    
    
    ShareIncome
    
    
    Shares
    
    
    Amount
    
    
    Income
    
    
    Shares
    
    
    Amount(In thousands, except per share data)Net income
    
    $
    73,168
    
    
    
    
    
    
    
    
    
    
    $
    64,291Basic earnings per share:Income available to
common
stockholders
    
    $
    73,168
    
    
    
    539,679
    
    
    $
    0.14
    
    
    $
    64,291
    
    
    
    574,614
    
    
    $
    0.11Effect of dilutive common
stock
equivalents
    
    
    
    
    
    
    12,398
    
    
    
    
    
    
    
    
    
    
    
    13,043Diluted earnings per share:Income available to
common
stockholders
    
    $
    73,168
    
    
    
    552,077
    
    
    $
    0.13
    
    
    $
    64,291
    
    
    
    587,657
    
    
    $
    0.11
 For the Six Months Ended June 30,2006
    
    
    2005Per
    
    
    
    
    
    
    
    
    
    
    PerShare
    
    
    
    
    
    
    
    
    
    
    ShareIncome
    
    
    Shares
    
    
    Amount
    
    
    Income
    
    
    Shares
    
    
    Amount(In thousands, except per share data)Net income
    
    $
    148,396
    
    
    
    
    
    
    
    
    
    
    $
    126,220Basic earnings per share:Income available to
common
stockholders
    
    $
    148,396
    
    
    
    544,292
    
    
    $
    0.27
    
    
    $
    126,220
    
    
    
    574,423
    
    
    $
    0.22Effect of dilutive common
stock
equivalents
    
    
    
    
    
    
    12,330
    
    
    
    
    
    
    
    
    
    
    
    13,224Diluted earnings per share:Income available to
common
stockholders
    
    $
    148,396
    
    
    
    556,622
    
    
    $
    0.27
    
    
    $
    126,220
    
    
    
    587,647
    
    
    $
    0.21
 Page 9




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##### Table of Contents



4.  Fair Value and Unrealized Losses of Securities
  Less Than 12 Months
    
    
    12 Months or Longer
    
    
    TotalFair
    
    
    Unrealized
    
    
    Fair
    
    
    Unrealized
    
    
    Fair
    
    
    UnrealizedValue
    
    
    Losses
    
    
    Value
    
    
    Losses
    
    
    Value
    
    
    Losses(In thousands)2006Held to maturity:Investment
securities
    
    $
    1,189,290
    
    
    $
    43,764
    
    
    $
    285,373
    
    
    $
    14,627
    
    
    $
    1,474,663
    
    
    $
    58,391Mortgage-backed
securities
    
    
    2,280,697
    
    
    
    39,599
    
    
    
    2,544,954
    
    
    
    169,754
    
    
    
    4,825,651
    
    
    
    209,353Total held to
maturity
    
    
    3,469,987
    
    
    
    83,363
    
    
    
    2,830,327
    
    
    
    184,381
    
    
    
    6,300,314
    
    
    
    267,744Available for sale:Investment
securities
    
    
    1,909,775
    
    
    
    23,404
    
    
    
    2,069,099
    
    
    
    70,029
    
    
    
    3,978,874
    
    
    
    93,433Mortgage-backed
securities
    
    
    818,086
    
    
    
    10,749
    
    
    
    1,796,886
    
    
    
    58,173
    
    
    
    2,614,972
    
    
    
    68,922Total
available for
sale
    
    
    2,727,861
    
    
    
    34,153
    
    
    
    3,865,985
    
    
    
    128,202
    
    
    
    6,593,846
    
    
    
    162,355Total
    
    $
    6,197,848
    
    
    $
    117,516
    
    
    $
    6,696,312
    
    
    $
    312,583
    
    
    $
    12,894,160
    
    
    $
    430,0992005Held to maturity:Investment
securities
    
    $
    74,835
    
    
    $
    166
    
    
    $
    224,244
    
    
    $
    756
    
    
    $
    299,079
    
    
    $
    922Mortgage-backed
securities
    
    
    555,601
    
    
    
    3,769
    
    
    
    1,276,274
    
    
    
    22,635
    
    
    
    1,831,875
    
    
    
    26,404Total held to
maturity
    
    
    630,436
    
    
    
    3,935
    
    
    
    1,500,518
    
    
    
    23,391
    
    
    
    2,130,954
    
    
    
    27,326Available for sale:Investment
securities
    
    
    1,287,054
    
    
    
    2,895
    
    
    
    934,899
    
    
    
    14,309
    
    
    
    2,221,953
    
    
    
    17,204Mortgage-backed
securities
    
    
    835,162
    
    
    
    5,825
    
    
    
    484,931
    
    
    
    1,327
    
    
    
    1,320,093
    
    
    
    7,152Total
available for
sale
    
    
    2,122,216
    
    
    
    8,720
    
    
    
    1,419,830
    
    
    
    15,636
    
    
    
    3,542,046
    
    
    
    24,356Total
    
    $
    2,752,652
    
    
    $
    12,655
    
    
    $
    2,920,348
    
    
    $
    39,027
    
    
    $
    5,673,000
    
    
    $
    51,682
  5.  Stockholders Equity
  Page 10




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6.  Net Periodic Benefit Plans Expenses
   For the Three Months Ended June 30,Retirement Plans
    
    
    Other Benefits2006
    
    
    2005
    
    
    2006
    
    
    2005(In thousands)Service cost
    
    $
    802
    
    
    $
    762
    
    
    $
    269
    
    
    $
    480Interest cost
    
    
    1,269
    
    
    
    1,196
    
    
    
    510
    
    
    
    623Expected return on assets
    
    
    (1,718
    )
    
    
    (1,694
    )
    
    
    
    
    
    
    Amortization of:Net loss
    
    
    130
    
    
    
    109
    
    
    
    167
    
    
    
    155Unrecognized prior service cost
    
    
    35
    
    
    
    6
    
    
    
    (391
    )
    
    
    (245
    )Net periodic
benefit cost
    
    $
    518
    
    
    $
    379
    
    
    $
    555
    
    
    $
    1,013
 For the Six Months Ended June 30,Retirement Plans
    
    
    Other Benefits2006
    
    
    2005
    
    
    2006
    
    
    2005(In thousands)Service cost
    
    $
    1,604
    
    
    $
    1,524
    
    
    $
    538
    
    
    $
    961Interest cost
    
    
    2,539
    
    
    
    2,392
    
    
    
    1,020
    
    
    
    1,246Expected return on assets
    
    
    (3,436
    )
    
    
    (3,387
    )
    
    
    
    
    
    
    Amortization of:Net loss
    
    
    259
    
    
    
    218
    
    
    
    333
    
    
    
    311Unrecognized prior service cost
    
    
    70
    
    
    
    13
    
    
    
    (783
    )
    
    
    (489
    )Net periodic
benefit cost
    
    $
    1,036
    
    
    $
    760
    
    
    $
    1,108
    
    
    $
    2,029
   Page 11




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##### Table of Contents



7.  Share-Based Compensation
   For the Three
    
    
    For the SixMonths Ended
    
    
    Months EndedJune 30,
    
    
    June 30,2005
    
    
    2005(In thousands, except per share data)Net income, as reported
    
    $
    64,291
    
    
    $
    126,220Add: expense recognized for the recognition
and retention plans, net of related tax
effect of $236 and $875, respectively
    
    
    395
    
    
    
    1,465Less: total stock option and recognition and
retention plans expense, determined
under the fair value method, net of
related tax effect of ($459) and ($1,321),
respectively
    
    
    (769
    )
    
    
    (2,213
    )Pro forma net income
    
    $
    63,917
    
    
    $
    125,472Basic earnings per share: As reported
    
    $
    0.11
    
    
    $
    0.22Pro forma
    
    
    0.11
    
    
    
    0.22Diluted earnings per share: As reported
    
    $
    0.11
    
    
    $
    0.21Pro forma
    
    
    0.11
    
    
    
    0.21
 Page 12




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##### Table of Contents



2005Expected dividend yield
    
    
    2.23
    %Expected volatility
    
    
    21.57Risk-free interest rate
    
    
    3.64Expected option life
    
    5
    years
 Recognition and Retention Plans.
   Six Month Periods Ended June 30,2006
    
    2005Weighted
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    AverageNumber of
    
    Fair
    
    Number of
    
    FairShares
    
    Value
    
    Shares
    
    ValueOutstanding at beginning of
period
    
    
    951,761
    
    
    $
    9.70
    
    
    
    2,973,759
    
    
    $
    4.66Granted
    
    
    
    
    
    
    
    
    
    
    150,682
    
    
    
    11.17Vested
    
    
    (410,910
    )
    
    
    7.22
    
    
    
    (2,172,680
    )
    
    
    2.91Outstanding at end of period
    
    
    540,851
    
    
    
    11.58
    
    
    
    951,761
    
    
    
    9.70
  Page 13




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##### Table of Contents



Stock Option Plans.
  Six Month Periods Ended June 30,2006
    
    2005Weighted
    
    
    
    
    
    WeightedNumber of
    
    Average
    
    Number of
    
    AverageStock
    
    Exercise
    
    Stock
    
    ExerciseOptions
    
    Price
    
    Options
    
    PriceOutstanding at beginning
of period
    
    
    21,659,869
    
    
    $
    4.21
    
    
    
    22,425,161
    
    
    $
    3.95Granted
    
    
    
    
    
    
    
    
    
    
    496,930
    
    
    
    11.17Exercised
    
    
    (1,952,644
    )
    
    
    2.66
    
    
    
    (950,920
    )
    
    
    2.29Forfeited
    
    
    (8,336
    )
    
    
    4.21
    
    
    
    (3,847
    )
    
    
    2.16Outstanding at end of period
    
    
    19,698,889
    
    
    
    4.36
    
    
    
    21,967,324
    
    
    
    4.18
   Options Outstanding
    
    Options ExercisableWeightedAverage
    
    Weighted
    
    
    
    
    
    WeightedNumber
    
    Remaining
    
    Average
    
    Number
    
    AverageOf Options
    
    Contractual
    
    Exercise
    
    Of Options
    
    ExerciseOutstanding
    
    Life
    
    Price
    
    Exercisable
    
    Price12,948,417
    
    3.50 years
    
    $
    2.16
    
    
    
    12,948,417
    
    
    $
    2.16248,895
    
    4.50 years
    
    
    3.09
    
    
    
    248,895
    
    
    
    3.09411,801
    
    4.50 years
    
    
    3.40
    
    
    
    411,801
    
    
    
    3.40820,736
    
    4.50 years
    
    
    3.59
    
    
    
    820,736
    
    
    
    3.59335,987
    
    5.50 years
    
    
    4.20
    
    
    
    246,221
    
    
    
    4.20689,440
    
    5.50 years
    
    
    5.53
    
    
    
    689,440
    
    
    
    5.53254,558
    
    6.50 years
    
    
    5.96
    
    
    
    140,422
    
    
    
    5.96206,480
    
    6.50 years
    
    
    6.35
    
    
    
    206,480
    
    
    
    6.35448,840
    
    7.50 years
    
    
    10.33
    
    
    
    179,536
    
    
    
    10.33485,389
    
    8.50 years
    
    
    11.17
    
    
    
    95,543
    
    
    
    11.17371,890
    
    7.50 years
    
    
    11.91
    
    
    
    148,745
    
    
    
    11.912,476,456
    
    7.50 years
    
    
    12.22
    
    
    
    591,344
    
    
    
    12.2219,698,889
    
    
    
    
    
    
    4.36
    
    
    
    16,727,580
    
    
    
    3.11
 Page 14




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##### Table of Contents



8.  Subsequent Events
    9.  Recent Accounting Pronouncements
   Page 15




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##### Table of Contents



Page 16




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##### Table of Contents



Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Summary
      Page 17




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##### Table of Contents



Page 18




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##### Table of Contents



Comparison of Financial Condition at June 30, 2006 and December 31, 2005
   Page 19




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Page 20
    Table of Contents   
   Analysis of Net Interest Income
  Average Balance Sheet.
 Page 21




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##### Table of Contents



For the Three Months Ended June 30,2006
    
    
    2005Average
    
    
    
    
    
    
    
    
    
    
    AverageAverage
    
    
    
    
    
    
    Yield/
    
    
    Average
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest
    
    
    Cost
    
    
    Balance
    
    
    Interest
    
    
    Cost(Dollars in thousands)Assets:Interest-earnings assets:First mortgage loans, net (1)
    
    $
    16,120,819
    
    
    $
    223,632
    
    
    
    5.55
    %
    
    $
    12,254,495
    
    
    $
    166,558
    
    
    
    5.44
    %Consumer and other loans
    
    
    261,948
    
    
    
    3,883
    
    
    
    5.93
    
    
    
    169,850
    
    
    
    2,465
    
    
    
    5.81Federal funds sold
    
    
    129,132
    
    
    
    1,525
    
    
    
    4.74
    
    
    
    171,416
    
    
    
    1,262
    
    
    
    2.95Mortgage-backed securities at
amortized cost
    
    
    7,764,976
    
    
    
    90,418
    
    
    
    4.66
    
    
    
    5,921,617
    
    
    
    64,768
    
    
    
    4.38Federal Home Loan Bank of New York
stock
    
    
    320,724
    
    
    
    3,209
    
    
    
    4.00
    
    
    
    164,565
    
    
    
    3,739
    
    
    
    9.09Investment securities at amortized
cost
    
    
    5,602,907
    
    
    
    61,473
    
    
    
    4.39
    
    
    
    3,792,885
    
    
    
    40,412
    
    
    
    4.26Total
interest-earning
assets
    
    
    30,200,506
    
    
    
    384,140
    
    
    
    5.09
    
    
    
    22,474,828
    
    
    
    279,204
    
    
    
    4.97Noninterest-earnings assets
    
    
    309,918
    
    
    
    
    
    
    
    
    
    
    
    651,868Total
Assets
    
    $
    30,510,424
    
    
    
    
    
    
    
    
    
    
    $
    23,126,696Liabilities and Stockholders Equity:Interest-bearing liabilities:Savings accounts
    
    $
    768,446
    
    
    
    1,894
    
    
    
    0.99
    
    
    $
    1,324,444
    
    
    
    3,269
    
    
    
    0.99Interest-bearing transaction
accounts
    
    
    2,908,015
    
    
    
    24,363
    
    
    
    3.36
    
    
    
    4,248,495
    
    
    
    30,660
    
    
    
    2.89Money market accounts
    
    
    637,811
    
    
    
    4,458
    
    
    
    2.80
    
    
    
    561,686
    
    
    
    1,474
    
    
    
    1.05Time deposits
    
    
    6,789,930
    
    
    
    67,693
    
    
    
    4.00
    
    
    
    5,381,904
    
    
    
    35,500
    
    
    
    2.65Total
interest-bearing
deposits
    
    
    11,104,202
    
    
    
    98,408
    
    
    
    3.55
    
    
    
    11,516,529
    
    
    
    70,903
    
    
    
    2.47Repurchase agreements
    
    
    8,259,341
    
    
    
    76,574
    
    
    
    3.72
    
    
    
    6,206,044
    
    
    
    54,110
    
    
    
    3.50Federal Home Loan Bank of New York
advances
    
    
    5,414,286
    
    
    
    55,569
    
    
    
    4.12
    
    
    
    2,327,363
    
    
    
    22,504
    
    
    
    3.88Total
interest-bearing
liabilities
    
    
    24,777,829
    
    
    
    230,551
    
    
    
    3.73
    
    
    
    20,049,936
    
    
    
    147,517
    
    
    
    2.95Noninterest-bearing liabilities:Noninterest-bearing deposits
    
    
    458,355
    
    
    
    
    
    
    
    
    
    
    
    439,415Other noninterest-bearing
liabilities
    
    
    190,545
    
    
    
    
    
    
    
    
    
    
    
    131,517Total
noninterest-bearing
liabilities
    
    
    648,900
    
    
    
    
    
    
    
    
    
    
    
    570,932Total liabilities
    
    
    25,426,729
    
    
    
    
    
    
    
    
    
    
    
    20,620,868Stockholders equity
    
    
    5,083,695
    
    
    
    
    
    
    
    
    
    
    
    2,505,828Total Liabilities
and Stockholders
Equity
    
    $
    30,510,424
    
    
    
    
    
    
    
    
    
    
    $
    23,126,696Net interest income/net interest rate spread (2)
    
    
    
    
    
    $
    153,589
    
    
    
    1.36
    %
    
    
    
    
    
    $
    131,687
    
    
    
    2.02
    %Net interest-earning assets/net interest margin (3)
    
    $
    5,422,677
    
    
    
    
    
    
    
    2.03
    %
    
    $
    2,424,892
    
    
    
    
    
    
    
    2.34
    %Ratio of interest-earning assets to
interest-bearing
liabilities
    
    
    
    
    
    
    
    
    
    
    1.22
    x
    
    
    
    
    
    
    
    
    
    
    1.12
    x
 
 (1)
    
    Amount is net of deferred loan fees and allowance for loan losses and includes
non-performing loans.(2)
    
    Determined by subtracting the annualized weighted average cost of total interest-bearing
liabilities from the annualized weighted average yield on total interest-earning assets.(3)
    
    Determined by dividing annualized net interest income by total average interest-earning assets. Page 22




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For the Six Months Ended June 30,2006
    
    
    2005Average
    
    
    
    
    
    
    
    
    
    
    AverageAverage
    
    
    
    
    
    
    Yield/
    
    
    Average
    
    
    
    
    
    
    Yield/Balance
    
    
    Interest
    
    
    Cost
    
    
    Balance
    
    
    Interest
    
    
    Cost(Dollars in thousands)Assets:Interest-earnings assets:First mortgage loans, net (1)
    
    $
    15,644,241
    
    
    $
    432,819
    
    
    
    5.53
    %
    
    $
    11,815,575
    
    
    $
    322,656
    
    
    
    5.46
    %Consumer and other loans
    
    
    252,321
    
    
    
    7,397
    
    
    
    5.86
    
    
    
    164,669
    
    
    
    4,766
    
    
    
    5.79Federal funds sold
    
    
    134,582
    
    
    
    3,033
    
    
    
    4.54
    
    
    
    155,296
    
    
    
    2,085
    
    
    
    2.71Mortgage-backed securities at
amortized cost
    
    
    7,463,089
    
    
    
    172,201
    
    
    
    4.61
    
    
    
    5,689,854
    
    
    
    124,942
    
    
    
    4.39Federal Home Loan Bank of New York
stock
    
    
    284,523
    
    
    
    5,717
    
    
    
    4.02
    
    
    
    152,599
    
    
    
    4,915
    
    
    
    6.44Investment securities at amortized
cost
    
    
    5,597,919
    
    
    
    122,661
    
    
    
    4.38
    
    
    
    3,379,278
    
    
    
    73,459
    
    
    
    4.35Total
interest-earning
assets (4)
    
    
    29,376,675
    
    
    
    743,828
    
    
    
    5.06
    
    
    
    21,357,271
    
    
    
    532,823
    
    
    
    4.99Noninterest-earnings assets
    
    
    308,618
    
    
    
    
    
    
    
    
    
    
    
    483,690Total
Assets
    
    $
    29,685,293
    
    
    
    
    
    
    
    
    
    
    $
    21,840,961Liabilities and Stockholders Equity:Interest-bearing liabilities:Savings accounts
    
    $
    782,286
    
    
    
    3,837
    
    
    
    0.99
    
    
    $
    1,123,131
    
    
    
    5,514
    
    
    
    0.99Interest-bearing transaction
accounts
    
    
    3,155,099
    
    
    
    52,444
    
    
    
    3.35
    
    
    
    4,284,477
    
    
    
    57,958
    
    
    
    2.73Money market accounts
    
    
    532,804
    
    
    
    6,451
    
    
    
    2.44
    
    
    
    565,176
    
    
    
    2,915
    
    
    
    1.04Time deposits
    
    
    6,568,518
    
    
    
    125,040
    
    
    
    3.84
    
    
    
    5,353,883
    
    
    
    67,431
    
    
    
    2.54Total
interest-bearing
deposits
    
    
    11,038,707
    
    
    
    187,772
    
    
    
    3.43
    
    
    
    11,326,667
    
    
    
    133,818
    
    
    
    2.38Repurchase agreements
    
    
    8,204,696
    
    
    
    150,402
    
    
    
    3.70
    
    
    
    5,875,967
    
    
    
    101,216
    
    
    
    3.47Federal Home Loan Bank of New York
advances
    
    
    4,672,459
    
    
    
    94,386
    
    
    
    4.07
    
    
    
    2,094,972
    
    
    
    40,216
    
    
    
    3.87Total
interest-bearing
liabilities
(4)
    
    
    23,915,862
    
    
    
    432,560
    
    
    
    3.65
    
    
    
    19,297,606
    
    
    
    275,250
    
    
    
    2.88Noninterest-bearing liabilities:Noninterest-bearing deposits
    
    
    448,328
    
    
    
    
    
    
    
    
    
    
    
    429,055Other noninterest-bearing
liabilities
    
    
    184,831
    
    
    
    
    
    
    
    
    
    
    
    138,896Total
noninterest-bearing
liabilities
    
    
    633,159
    
    
    
    
    
    
    
    
    
    
    
    567,951Total liabilities
    
    
    24,549,021
    
    
    
    
    
    
    
    
    
    
    
    19,865,557Stockholders equity
    
    
    5,136,272
    
    
    
    
    
    
    
    
    
    
    
    1,975,404Total Liabilities
and Stockholders
Equity
    
    $
    29,685,293
    
    
    
    
    
    
    
    
    
    
    $
    21,840,961Net interest income/net interest rate spread (2)
    
    
    
    
    
    $
    311,268
    
    
    
    1.41
    %
    
    
    
    
    
    $
    257,573
    
    
    
    2.11
    %Net interest-earning assets/net interest margin (3)
    
    $
    5,460,813
    
    
    
    
    
    
    
    2.09
    %
    
    $
    2,059,665
    
    
    
    
    
    
    
    2.39
    %Ratio of interest-earning assets to
interest-bearing
liabilities
    
    
    
    
    
    
    
    
    
    
    1.23
    x
    
    
    
    
    
    
    
    
    
    
    1.11
    x
 
 (1)
    
    Amount is net of deferred loan fees and allowance for loan losses and includes
non-performing loans.(2)
    
    Determined by subtracting the annualized weighted average cost of total interest-bearing
liabilities from the annualized weighted average yield on total interest-earning assets.(3)
    
    Determined by dividing annualized net interest income by total average interest-earning assets.(4)
    
    At June 30, 2006, the weighted-average rate on our outstanding interest-earning assets, other
than our FHLB stock, was as follows: first mortgage loans, 5.71%, consumer and other loans, 5.98%,
federal funds sold, 5.25%, mortgage-backed securities, 4.92%, investment securities, 4.41%. At June
30, 2006, the weighted-average rate on our outstanding interest-bearing liabilities was as follows:
savings accounts, 0.98%, interest-bearing transaction accounts, 3.41%, money market accounts,
3.21%, time deposits, 4.18%, borrowed funds, 3.90%. Page 23




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Comparison of Operating Results for the Three-Month Periods Ended June 30, 2006 and 2005
 General.
 Interest and Dividend Income.
    Page 24




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##### Table of Contents



Interest Expense.
    Page 25




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##### Table of Contents



Net Interest Income.
  Provision for Loan Losses.
    Page 26




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##### Table of Contents



Non-Interest Income.
 Non-Interest Expense.
 Income Taxes.
 Comparison of Operating Results for the Six-Month Periods Ended June 30, 2006 and 2005
 General.
 Interest and Dividend Income.
 Page 27




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##### Table of Contents



Interest Expense.
   Page 28




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##### Table of Contents



Net Interest Income.
  Provision for Loan Losses.
 Page 29




---



##### Table of Contents



Non-Interest Income.
 Non-Interest Expense.
 Income Taxes.
 Liquidity and Capital Resources
    Page 30




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Page 31




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##### Table of Contents



Page 32




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Off-Balance Sheet Arrangements and Contractual Obligations
   Payments Due By PeriodLess Than
    
    
    1 Year to
    
    
    3 Years to
    
    
    More ThanContractual Obligation
    
    Total
    
    
    1 Year
    
    
    3 Years
    
    
    5 Years
    
    
    5 Years(In thousands)First mortgage loan
originations
    
    $
    273,128
    
    
    $
    273,128
    
    
    $
    
    
    
    $
    
    
    
    $
    Mortgage loan
purchases
    
    
    338,750
    
    
    
    338,750
    
    
    
    
    
    
    
    
    
    
    
    Mortgage-backed security
purchases
    
    
    424,000
    
    
    
    424,000
    
    
    
    
    
    
    
    
    
    
    
    Operating
leases
    
    
    114,073
    
    
    
    6,665
    
    
    
    13,834
    
    
    
    12,875
    
    
    
    80,699Total
    
    $
    1,149,951
    
    
    $
    1,042,543
    
    
    $
    13,834
    
    
    $
    12,875
    
    
    $
    80,699
  Page 33




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Critical Accounting Policies
  Allowance for Loan Losses.
   Page 34




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##### Table of Contents



Asset Impairment Judgments.
   Pension and Other Postretirement Benefit Assumptions.
 Page 35




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Page 36




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Item 3.
 Quantitative and Qualitative Disclosures About Market Risk
  General.
     Page 37




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##### Table of Contents



Simulation Model.
 Change in
    
    Percent Change inInterest Rates
    
    Net Interest Income(Basis points)200
    
    
    (14.48
    )%100
    
    
    (6.90
    )50
    
    
    (3.26
    )0
    
    (50)
    
    
    4.01(100)
    
    
    5.73(200)
    
    
    (0.05
    )
   Page 38




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##### Table of Contents



Present Value of EquityAs Percent of PresentPresent Value of Equity
    
    Value of AssetsBasisChange in
    
    Dollar
    
    Dollar
    
    Percent
    
    Present
    
    PointsInterest Rates
    
    Amount
    
    Change
    
    Change
    
    Value Ratio
    
    Change(Basis points)
    
    (Dollars in thousands)200
    
    $
    3,765,280
    
    
    $
    (1,602,880
    )
    
    
    (29.86
    )%
    
    
    13.26
    %
    
    
    (419
    )100
    
    
    4,568,389
    
    
    
    (799,771
    )
    
    
    (14.90
    )
    
    
    15.45
    
    
    
    (200
    )50
    
    
    4,989,745
    
    
    
    (378,415
    )
    
    
    (7.05
    )
    
    
    16.54
    
    
    
    (91
    )0
    
    
    5,368,160
    
    
    
    
    
    
    
    
    
    
    
    17.45
    
    
    
    (50)
    
    
    5,711,451
    
    
    
    343,291
    
    
    
    6.39
    
    
    
    18.24
    
    
    
    79(100)
    
    
    5,836,903
    
    
    
    468,743
    
    
    
    8.73
    
    
    
    18.42
    
    
    
    97(200)
    
    
    5,208,192
    
    
    
    (159,968
    )
    
    
    (2.98
    )
    
    
    16.35
    
    
    
    (110
    )
   GAP Analysis.
  Page 39




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##### Table of Contents



At June 30, 2006More than
    
    More thanMore than
    
    More than
    
    two years
    
    three yearsSix months
    
    six months
    
    one year to
    
    to three
    
    to five
    
    More thanor less
    
    to one year
    
    two years
    
    years
    
    years
    
    five years
    
    Total(Dollars in thousands)Interest-earning assets:First mortgage loans
    
    $
    1,205,689
    
    
    $
    1,198,553
    
    
    $
    2,081,498
    
    
    $
    1,872,801
    
    
    $
    2,780,467
    
    
    $
    7,553,197
    
    
    $
    16,692,205Consumer and other loans
    
    
    28,627
    
    
    
    266
    
    
    
    2,049
    
    
    
    3,875
    
    
    
    18,696
    
    
    
    220,252
    
    
    
    273,765Federal funds sold
    
    
    14,689
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,689Mortgage-backed securities
    
    
    1,604,786
    
    
    
    1,241,679
    
    
    
    1,100,989
    
    
    
    1,034,483
    
    
    
    2,362,784
    
    
    
    599,495
    
    
    
    7,944,216FHLB stock
    
    
    356,698
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    356,698Investment securities
    
    
    1,097,880
    
    
    
    1,042,785
    
    
    
    417,152
    
    
    
    762,394
    
    
    
    1,541,518
    
    
    
    651,447
    
    
    
    5,513,176Total interest-earning assets
    
    
    4,308,369
    
    
    
    3,483,283
    
    
    
    3,601,688
    
    
    
    3,673,553
    
    
    
    6,703,465
    
    
    
    9,024,391
    
    
    
    30,794,749Interest-bearing liabilities:Savings accounts
    
    
    41,170
    
    
    
    37,616
    
    
    
    37,366
    
    
    
    37,366
    
    
    
    74,732
    
    
    
    523,122
    
    
    
    751,372Interest-bearing demand accounts
    
    
    258,786
    
    
    
    258,786
    
    
    
    393,776
    
    
    
    393,776
    
    
    
    659,277
    
    
    
    690,614
    
    
    
    2,655,015Money market
accounts
    
    
    17,632
    
    
    
    17,632
    
    
    
    70,529
    
    
    
    70,529
    
    
    
    141,059
    
    
    
    387,912
    
    
    
    705,293Time deposits
    
    
    5,291,638
    
    
    
    769,503
    
    
    
    611,462
    
    
    
    182,604
    
    
    
    170,013
    
    
    
    
    
    
    
    7,025,220Borrowed funds
    
    
    2,575,000
    
    
    
    3,075,000
    
    
    
    
    
    
    
    
    
    
    
    550,000
    
    
    
    8,350,000
    
    
    
    14,550,000Total
interest-bearing liabilities
    
    
    8,184,226
    
    
    
    4,158,537
    
    
    
    1,113,133
    
    
    
    684,275
    
    
    
    1,595,081
    
    
    
    9,951,648
    
    
    
    25,686,900Interest rate sensitivity gap
    
    $
    (3,875,857
    )
    
    $
    (675,254
    )
    
    $
    2,488,555
    
    
    $
    2,989,278
    
    
    $
    5,108,384
    
    
    $
    (927,257
    )
    
    $
    5,107,849Cumulative interest rate sensitivity gap
    
    $
    (3,875,857
    )
    
    $
    (4,551,111
    )
    
    $
    (2,062,556
    )
    
    $
    926,722
    
    
    $
    6,035,106
    
    
    $
    5,107,849Cumulative interest rate sensitivity gap
as a percent of total assets
    
    
    (12.37
    )%
    
    
    (14.53
    )%
    
    
    (6.58
    )%
    
    
    2.96
    %
    
    
    19.26
    %
    
    
    16.30
    %Cumulative interest-earning assets
as a percent of interest-bearing
liabilities
    
    
    52.64
    %
    
    
    63.13
    %
    
    
    84.67
    %
    
    
    106.55
    %
    
    
    138.35
    %
    
    
    119.89
    %
 Page 40




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##### Table of Contents



Item 4.  Controls and Procedures
   
 PART II  OTHER INFORMATION
 
 Item 1.  Legal Proceedings
  
 Item 1A.  Risk Factors
  Page 41




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##### Table of Contents



Item 2.
 Unregistered Sales of Equity Securities and Use of Proceeds
  MaximumTotal Number of
    
    
    Number of SharesTotal
    
    
    
    
    
    
    Shares Purchased
    
    
    that May Yet BeNumber of
    
    
    Average
    
    
    as Part of Publicly
    
    
    Purchased UnderShares
    
    
    Price Paid
    
    
    Announced Plans
    
    
    the Plans orPeriod
    
    Purchased (3)
    
    
    per Share
    
    
    or Programs
    
    
    Programs (1) (2)April 1-April 30, 2006
    
    
    1,733,000
    
    
    $
    13.28
    
    
    
    1,733,000
    
    
    
    10,047,000May 1-May 31, 2006
    
    
    3,931,000
    
    
    
    13.60
    
    
    
    3,931,000
    
    
    
    6,116,000June 1-June 30, 2006
    
    
    4,412,000
    
    
    
    13.49
    
    
    
    4,412,000
    
    
    
    58,679,000Total
    
    
    10,076,000
    
    
    
    13.50
    
    
    
    10,076,000
 
 (1)
    
    On June 20, 2006, Hudson City Bancorp announced the adoption of its seventh Stock Repurchase Program, which authorized the purchase of up to
56,975,000 shares of common stock. This program has no expiration date and has 56,975,000 shares yet to be purchased as of June 30, 2006.(2)
    
    On October 18, 2005, Hudson City Bancorp announced the adoption of its sixth Stock Repurchase Program, which authorized the purchase of up to
29,880,000 shares of common stock. This program has no expiration date and has 1,704,000 shares yet to be purchased as of June 30, 2006.(3)
    
    Amounts do not reflect purchases of common stock by the trustee of the recognition and retention plan. 
 Item 3.
 Defaults Upon Senior Securities
  Page 42




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##### Table of Contents



Item 4.
 Submission of Matters to a Vote of Security Holders
  Proposal 1
  For:
    
    
    490,253,021Withheld:
    
    
    14,169,691
  For:
    
    
    489,401,023Withheld:
    
    
    15,021,689
  For:
    
    
    489,640,175Withheld:
    
    
    14,782,537
  Proposal 2
 For:
    
    
    372,883,426Against:
    
    
    46,530,561Abstain:
    
    
    1,762,711
  Proposal 3
 For:
    
    
    493,950,753Against:
    
    
    9,310,571Abstain:
    
    
    1,161,388
  Page 43




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##### Table of Contents



Item 5.
 Other Information
  
 Item 6.
 Exhibits
 Exhibit Number
    
    Exhibit31.1
    
    
    Certification of Chief Executive Officer31.2
    
    
    Certification of Chief Financial Officer32.1
    
    
    Written Statement of Chief Executive Officer and
Chief Financial Officer furnished pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002,
18 U.S.C. Section 1350. *
 
 *
    
    Pursuant to SEC rules, this exhibit will not be deemed filed for purposes of Section 18
of the Exchange Act or otherwise subject to the liability of that section. Page 44




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##### Table of Contents



SIGNATURES
  Hudson City Bancorp, Inc.Date: August 8, 2006
    
    By:
    
    /s/ Ronald E. Hermance, Jr.Ronald E. Hermance, Jr.Chairman, President and Chief Executive Officer(principal executive officer)Date: August 8, 2006
    
    By:
    
    /s/ Denis J. SalamoneDenis J. SalamoneSenior Executive Vice President and Chief Operating Officer(principal financial and
accounting officer)
 Page 45