Hudson City Bancorp Inc. (HCBK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Hudson City Bancorp Inc. has a market cap of $6.47 billion; its shares were traded at around $12.29 with a P/E ratio of 10.8 and P/S ratio of 2.1. The dividend yield of Hudson City Bancorp Inc. stocks is 4.8%. Hudson City Bancorp Inc. had an annual average earning growth of 32.2% over the past 10 years. GuruFocus rated Hudson City Bancorp Inc. the business predictability rank of 4.5-star.HCBK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., David Dreman of Dreman Value Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Richard Aster Jr of Meridian Fund, Steven Cohen of SAC Capital Advisors, Pioneer Investments, Kenneth Fisher of Fisher Asset Management, LLC.
Total non-interest expense decreased $20.3 million, or 23.9%, to $64.6 million for the second quarter of 2010 from $84.9 million for the second quarter of 2009. The decrease is primarily due to the absence of the Federal Deposit Insurance Corporation (FDIC) special assessment of $21.1 million that was assessed during the second quarter of 2009 and a $3.6 million decrease in compensation and employee benefits expense, primarily due to a decrease in stock benefit plan expense. These decreases were partially offset by an increase of $3.6 million in federal deposit insurance expense. Total non-interest expense decreased $8.6 million, or 6.2%, to $131.1 million for the first six months of 2010 from $139.7 million for the first six months of 2009 due primarily to the absence of the FDIC special assessment of $21.1 million and a $2.1 million decrease in compensation and employee benefits expense, primarily due to a decrease in stock benefit plan expense. These decreases were partially offset by an increase of $13.5 million in Federal deposit insurance expense.
$6.01 billion and $3.00 billion, respectively, partially offset by principal collections on mortgage-backed securities of $4.58 billion and sales of mortgage-backed securities of $1.09 billion and calls of investment securities of $2.70 billion. The securities purchased were all issued by GSEs. Total securities decreased $166.6 million from March 31, 2010 as we slowed our growth rate from the 2009 levels since the low yields that are available to us for mortgage-related assets and investment securities have made a growth strategy less prudent until market conditions improve.
During the first six months of 2010, our total assets increased $665.4 million, or 1.1%, to $60.93 billion at June 30, 2010 from $60.27 billion at December 31, 2009. The increase in total assets reflected a $365.6 million increase in total mortgage-backed securities and a $341.7 million increase in net loans. Total assets decreased $298.5 million from March 31, 2010 as mortgage refinancing activity caused an increase in loan repayments and prepayments on mortgage-backed securities remained at elevated levels. During this same time period, available reinvestment yields on these types of assets also decreased. We lowered our deposit rates beginning in the first quarter of 2010 to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage loans and investment securities have made a growth strategy less prudent until market conditions improve.
Total deposits increased $590.4 million, or 2.4%, to $25.17 billion at June 30, 2010 as compared to $24.58 billion at December 31, 2009. The increase in total deposits reflected a $386.1 million increase in our interest-bearing transaction accounts and savings accounts, a $159.9 million increase in our time deposits, and a $15.7 million increase in our money market checking accounts. The increase in our interest-bearing transaction accounts is primarily due to a $310.0 million increase in our High Value checking account product. Deposit flows are typically affected by the level of market interest rates, the interest rates and products offered by competitors, the volatility of equity markets, and other factors. Our deposit growth slowed during the first six months of 2010. During the second quarter of 2010, deposits decreased by $220.3 million from March 31, 2010. We lowered our deposit rates to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage-related assets and investment securities have made a growth strategy less prudent until market conditions improve. We had 134 branches at June 30, 2010 as compared to 131 branches at December 31, 2009.
Total shareholders equity increased $204.1 million to $5.54 billion at June 30, 2010 from $5.34 billion at December 31, 2009. The increase was primarily due to net income of $291.5 million for the six months ended June 30, 2010 and a $46.2 million increase in accumulated other comprehensive income primarily due to an increase in the net unrealized gain on securities available-for-sale. These increases to shareholders equity were partially offset by cash dividends paid to common shareholders of $147.9 million. The accumulated other comprehensive income of $230.7 million at June 30, 2010 included a $251.4 million after-tax net unrealized gain on securities available-for-sale ($425.0 million pre-tax) partially offset by a $20.7 million after-tax accumulated other comprehensive loss related to the funded status of our employee benefit plans.
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Hudson City Bancorp Inc. has a market cap of $6.47 billion; its shares were traded at around $12.29 with a P/E ratio of 10.8 and P/S ratio of 2.1. The dividend yield of Hudson City Bancorp Inc. stocks is 4.8%. Hudson City Bancorp Inc. had an annual average earning growth of 32.2% over the past 10 years. GuruFocus rated Hudson City Bancorp Inc. the business predictability rank of 4.5-star.HCBK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., David Dreman of Dreman Value Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Richard Aster Jr of Meridian Fund, Steven Cohen of SAC Capital Advisors, Pioneer Investments, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Total non-interest income was $33.2 million for the second quarter of 2010 as compared to $26.6 million for the same quarter in 2009. Included in non-interest income were net gains on securities transactions of $30.6 million, which resulted from the sale of $515.2 million of mortgage-backed securities available-for-sale. Total non-interest income for the six months ended June 30, 2010 was $66.2 million compared with $28.9 million for the comparable period in 2009. Included in non-interest income for the six months ended June 30, 2010 were net gains on securities transactions of $61.4 million which resulted from the sale of $1.09 billion of mortgage-backed securities available-for-sale. Included in non-interest income for the six months ended June 30, 2009 were net gains on securities transactions of $24.2 million substantially all of which resulted from the sale of $761.6 million of mortgage-backed securities available-for-sale.Total non-interest expense decreased $20.3 million, or 23.9%, to $64.6 million for the second quarter of 2010 from $84.9 million for the second quarter of 2009. The decrease is primarily due to the absence of the Federal Deposit Insurance Corporation (FDIC) special assessment of $21.1 million that was assessed during the second quarter of 2009 and a $3.6 million decrease in compensation and employee benefits expense, primarily due to a decrease in stock benefit plan expense. These decreases were partially offset by an increase of $3.6 million in federal deposit insurance expense. Total non-interest expense decreased $8.6 million, or 6.2%, to $131.1 million for the first six months of 2010 from $139.7 million for the first six months of 2009 due primarily to the absence of the FDIC special assessment of $21.1 million and a $2.1 million decrease in compensation and employee benefits expense, primarily due to a decrease in stock benefit plan expense. These decreases were partially offset by an increase of $13.5 million in Federal deposit insurance expense.
$6.01 billion and $3.00 billion, respectively, partially offset by principal collections on mortgage-backed securities of $4.58 billion and sales of mortgage-backed securities of $1.09 billion and calls of investment securities of $2.70 billion. The securities purchased were all issued by GSEs. Total securities decreased $166.6 million from March 31, 2010 as we slowed our growth rate from the 2009 levels since the low yields that are available to us for mortgage-related assets and investment securities have made a growth strategy less prudent until market conditions improve.
During the first six months of 2010, our total assets increased $665.4 million, or 1.1%, to $60.93 billion at June 30, 2010 from $60.27 billion at December 31, 2009. The increase in total assets reflected a $365.6 million increase in total mortgage-backed securities and a $341.7 million increase in net loans. Total assets decreased $298.5 million from March 31, 2010 as mortgage refinancing activity caused an increase in loan repayments and prepayments on mortgage-backed securities remained at elevated levels. During this same time period, available reinvestment yields on these types of assets also decreased. We lowered our deposit rates beginning in the first quarter of 2010 to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage loans and investment securities have made a growth strategy less prudent until market conditions improve.
Total deposits increased $590.4 million, or 2.4%, to $25.17 billion at June 30, 2010 as compared to $24.58 billion at December 31, 2009. The increase in total deposits reflected a $386.1 million increase in our interest-bearing transaction accounts and savings accounts, a $159.9 million increase in our time deposits, and a $15.7 million increase in our money market checking accounts. The increase in our interest-bearing transaction accounts is primarily due to a $310.0 million increase in our High Value checking account product. Deposit flows are typically affected by the level of market interest rates, the interest rates and products offered by competitors, the volatility of equity markets, and other factors. Our deposit growth slowed during the first six months of 2010. During the second quarter of 2010, deposits decreased by $220.3 million from March 31, 2010. We lowered our deposit rates to slow our deposit growth from the 2009 levels since the low yields that are available to us for mortgage-related assets and investment securities have made a growth strategy less prudent until market conditions improve. We had 134 branches at June 30, 2010 as compared to 131 branches at December 31, 2009.
Total shareholders equity increased $204.1 million to $5.54 billion at June 30, 2010 from $5.34 billion at December 31, 2009. The increase was primarily due to net income of $291.5 million for the six months ended June 30, 2010 and a $46.2 million increase in accumulated other comprehensive income primarily due to an increase in the net unrealized gain on securities available-for-sale. These increases to shareholders equity were partially offset by cash dividends paid to common shareholders of $147.9 million. The accumulated other comprehensive income of $230.7 million at June 30, 2010 included a $251.4 million after-tax net unrealized gain on securities available-for-sale ($425.0 million pre-tax) partially offset by a $20.7 million after-tax accumulated other comprehensive loss related to the funded status of our employee benefit plans.
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