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Technology Stocks
Hudson City Bancorp (HCBK)

An SI Board Since June 1999

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Emcee: Daniel Miller	Type: Unmoderated

Introduction Compact

Any opinions?

HUDSON CITY BANCORP INC (HCBK)
S-1 Filing (SEC form S1)

Hudson City Savings Bank is reorganizing into the mutual holding company structure. As part of the reorganization, Hudson
City Bancorp is offering shares of its common stock to the public. After the reorganization, Hudson City Bancorp will own
Hudson City Savings.

THE COMPANIES

HUDSON CITY SAVINGS BANK

Hudson City Savings is a community and customer oriented savings bank that provides financial services primarily to individuals
and families. We seek to differentiate ourselves from our competitors by providing high quality service while maintaining low
operating costs. Our assets are almost evenly divided between residential mortgage loans and mortgage-backed and other
investment securities. Deposits provide the funds for the loans and investments we make.

Hudson City Savings has 75 branches located in Bergen, Burlington, Camden, Essex, Gloucester, Hudson, Middlesex,
Monmouth, Morris, Ocean, Passaic, Union and Warren counties in New Jersey. At December 31, 1998, we had assets of
$7.75 billion, deposits of $6.81 billion and equity of $901 million. We are the largest savings institution by asset size
headquartered in New Jersey.

HUDSON CITY BANCORP, INC.

Hudson City Bancorp, Inc. will be the holding company for Hudson City Savings Bank after the reorganization. Hudson City
Bancorp has not engaged in any business to date.

HUDSON CITY, MHC

Hudson City, MHC will own more than half of the outstanding common stock of Hudson City Bancorp after the reorganization.
We do not expect that Hudson City, MHC will engage in any business activity other than owning a majority of the common
stock of Hudson City Bancorp and managing dividends it receives from Hudson City Bancorp. We do not expect that Hudson
City, MHC will waive dividends declared by Hudson City Bancorp.

FINANCIAL HIGHLIGHTS OF HUDSON CITY SAVINGS INCLUDE:

- Residential Lending. Hudson City Savings is the third largest originator of residential mortgage loans in our market area. We
originate the majority of these loans for our own portfolio, rather than for sale, and we service the loans we originate. At
December 31, 1998, we had $3.57 billion of residential mortgage loans, representing 97.6% of our total loan portfolio.

- Commitment to Cost Control. We have been effective at controlling our costs of operations. As a result of these efforts, our
ratio of operating expenses to average assets was 0.84% for 1998. Our efficiency ratio, a commonly used industry ratio that
measures the cost of producing each dollar of revenue, was 29.58%. These ratios are favorable compared to other savings
institutions.

- Interest Rate Strategy. To reduce the risk that our earnings will be hurt if interest rates change, we have invested in
adjustable-rate mortgage-backed securities that are guaranteed by U.S. government agencies. At December 31, 1998, we had
$2.17 billion of these securities. As part of our interest rate management strategy, we also originate adjustable-rate residential
mortgage loans. At December 31, 1998, we had $1.85 billion of these loans.

- Asset Quality. Through our commitment to residential lending and investment in mortgage-backed securities, we have had low
levels of losses on loans and late payments. At December 31, 1998, our ratio of non-performing assets to total assets was
0.21% and our ratio of allowance for loan losses to non-performing loans was 115.47%. These ratios are favorable compared
to those of most other savings institutions.

- Capital Strength and Profitability. Our policy has always been to maintain the financial strength of Hudson City Savings
through conservative risk management, a sound financial condition, consistent earnings and efficient operations. At December
31, 1998, our ratio of equity to assets was 11.62%, our return on average assets was 1.24% and our return on average equity
was 10.90%.

Go to reply# or date (mm/dd/yy):

Reply	Message Preview	From	Recs	Posted
2	HCBK at 10x earnings is a bargain IMO. Ryan Beck says they did not receive min	D. G.	-	6/25/1999
1	Look at CFFN. About the same size as HCBK. Opened DOWN 5%. Went as low as 8 5/8	D. G.	-	6/21/1999

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