Forbes Names Hudson City's Ronald E. Hermance, Jr. America's Best Performing Boss
May 15 2008 - 1:37PM
PR Newswire (US)
PARAMUS, N.J., May 15 /PRNewswire-FirstCall/ -- Ronald E. Hermance
Jr., Chairman, President and Chief Executive Officer of Hudson City
Bancorp, Inc. ("Hudson City") (NASDAQ:HCBK), the second largest
thrift in the United States, by market capitalization, was recently
named one of America's Best Performing Bosses by Forbes magazine.
Mr. Hermance was among ten top CEOs in America featured as "having
given shareholders the biggest bang for the buck." According to
Forbes, during Mr. Hermance's tenure as head of Hudson City, the
Bank's stock performance posted an annualized total return of 29%
and an annualized total six-year return of 24%. In fact for the
first quarter of 2008, Hudson City announced record earnings for
the fourth quarter in a row. Net income increased 24.6% to $88.7
million compared to $71.2 million for the first quarter of 2007.
Furthermore, Hudson City's diluted earnings per share increased
38.5% to $0.18 per share for the first quarter of 2008 compared to
$0.13 per share for the first quarter of 2007. "Results for the
first quarter exceeded expectations," said Mr. Hermance. "Hudson
City received 78% more mortgage applications than the corresponding
quarter last year. And, while credit quality continues to dominate
the headlines, Hudson City's asset quality remains strong. We never
pursued risky loan products such as sub-prime loans, negative
amortization loans or loans with high loan-to-value ratios that did
not carry private mortgage insurance. With regard to deposits,
cumulative growth year to date exceeds $1.1 billion -- a Bank
record. Additionally, our average deposits per branch are now $135
million while the national average is $69 million for FDIC-insured
institutions. Hudson City also continues to enjoy a significant
cost advantage in the marketplace. Our industry-leading efficiency
ratio for the first quarter of 2008 was 24.66% and continues to top
the 50 largest U.S. banks that as a group, have an average
efficiency ratio of over 55%," said Hermance. Hudson City's
performance has not gone unnoticed by Wall Street. Earlier this
year, Forbes selected Hudson City as The Best-Managed Bank of 2007.
Shortly thereafter, Ronald E. Hermance, Jr. was named Banker of the
Year by Jim Cramer's nationally syndicated Mad Money program on
CNBC. Hudson City also received top rankings in the Wall Street
Journal's 2007 Annual Shareholder Performance Scoreboard. The Wall
Street Journal cited Hudson City as the number two bank stock in
the country as ranked by a five-year average return of 23.60%.
Hudson City Savings Bank, among the top fifty banks in the United
States by asset size, is recognized as The Most Efficient Bank in
the country. This enables Hudson City to deliver significant values
to customers in the form of higher deposit yields, competitive
mortgage rates, and lower fees. Hudson City, the largest savings
bank headquartered in New Jersey, also serves customers throughout
the surrounding metropolitan area with branches located in
Westchester, Fairfield, Putnam, and Rockland counties, as well as
in Long Island, Staten Island, and the New Jersey suburbs of
Philadelphia. Deposit accounts at Hudson City are FDIC insured to
the maximum allowed by law. This release may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and may be identified by
the use of such words as "may," "believe," "expect," "anticipate,"
"should," "plan," "estimate," "predict," "continue," and
"potential" or the negative of these terms or other comparable
terminology. Examples of forward-looking statements include, but
are not limited to, estimates with respect to the financial
condition, results of operations and business of Hudson City
Bancorp that are subject to various factors which could cause
actual results to differ materially from these estimates. Any or
all of the forward-looking statements in this release and in any
other public statements made by Hudson City may turn out to be
wrong. They can be affected by inaccurate assumptions Hudson City
might make or by known or unknown risks and uncertainties.
Consequently, no forward-looking statement can be guaranteed.
Hudson City does not intend to update any of the forward-looking
statements after the date of this release or to conform these
statements to actual events. DATASOURCE: Hudson City Bancorp, Inc.
CONTACT: Susan Munhall, Investor Relations, Hudson City Bancorp,
Inc., +1-201-967-8290, Web site: https://www.hcsbonline.com/
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