HCBK (MM)

 

 

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

(Mark One)

þ		Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended: December 31, 2009

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

		Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm			1
Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008			2
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2009 and 2008			3
Notes to Financial Statements			4
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2009			15
SIGNATURE OF PLAN ADMINISTRATOR			17
EXHIBIT INDEX			18
Consent of Independent Registered Public Accounting Firm			19
EX-23.1

Profit Incentive Bonus Plan of
Hudson City Savings Bank
Financial Statements and Schedule
At December 31, 2009 and 2008 and
for the years ended December 31, 2009 and 2008
(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

The Board of Directors
Hudson City Bancorp, Inc.:

We have audited the accompanying statements of net assets available for benefits of the Profit Incentive Bonus Plan of Hudson City Savings Bank (the Plan) as of December 31, 2009 and 2008, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Profit Incentive Bonus Plan of Hudson City Savings Bank as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2009 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ KPMG LLP

New York, New York
June 28, 2010

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Statements of Net Assets
Available for Benefits

December 31, 2009 and 2008

		December 31,				December 31,
		2009				2008
Assets
Investments, at fair value:
Investments in mutual funds (Note 9)		$	13,052,677			$	10,329,776
Morgan Stanley Stable Value Fund Class A (Notes 9 and 10)			8,229,984				7,437,343
Investment in Hudson City Bancorp, Inc. Common Stock Fund (Note 9)			48,618,531				55,167,818
Participant loans receivable (Notes 7 and 9)			683,512				638,398
Total investments, at fair value			70,584,704				73,573,335
Receivables:
Employer contribution receivable			572,289				498,561
Interest and other receivables			1,401				5,576
Total receivables			573,690				504,137
Total Assets			71,158,394				74,077,472
Liabilities
Fee payable			2,363				2,361
Net assets available for benefits at fair value			71,156,031				74,075,111
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			1,192,942				1,392,460
Net assets available for benefits		$	72,348,973			$	75,467,571

See accompanying notes to financial statements.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Statements of Changes in Net Assets
Available for Benefits

Years Ended December 31, 2009 and 2008

		December 31,				December 31,
		2009				2008
Investment income:
Interest		$	56,641			$	121,440
Dividends			2,317,152				2,226,734
Net realized (losses) gains and (depreciation) appreciation of investments (Note 9)			(5,498,132	)			45,408
Total investment (loss) income			(3,124,339	)			2,393,582
Contributions:
Employer contributions			572,289				498,561
Employee contributions			1,673,791				1,616,304
Rollovers			35,225				330,987
Total contributions			2,281,305				2,445,852
Contributions and investment (loss) income			(843,034	)			4,839,434
Participant benefits			2,245,894				5,076,357
Administrative expenses (Note 6)			29,670				35,118
Decrease in net assets available for benefits			(3,118,598	)			(272,041	)
Net assets available for benefits:
Beginning of period			75,467,571				75,739,612
End of period		$	72,348,973			$	75,467,571

See accompanying notes to financial statements.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

(1)

Description of Plan

The 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)

General

The 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 contribution 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, 2009 and 2008, there were $101 and $70, 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)

Administration

The 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 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.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

(c)

Contributions

Participants 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 were $16,500 and $15,500 for 2009 and 2008, respectively. Participants age 50 or over may contribute an additional tax-deferred catch-up contribution subject to an annual limit of $5,500 and $5,000 for 2009 and 2008, 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.

(d)

Investment Elections

Each participant may direct his or her account into one or more of 21 investment options offered by the Plan or in the Hudson City Bancorp, Inc. 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 by the investment manager. In addition, the Plan allows participants to change his or her contribution percentage at any time.

(e)

Benefit Payments

Under 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 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

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

attributable to their interest in the Hudson City Bancorp, Inc. Common Stock Fund. Any remaining amount distributed will be paid in cash.

(f)

Withdrawals

During 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 Presentation

The 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. Certain reclassifications have been made to prior year amounts to conform to the current year presentation.

(b)

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update 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. The Plan does not expect that this accounting standard update will have a material impact on the financial position of the Plan or the changes in net assets.

In April and September 2009, the FASB issued guidance which (i) provided additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased, (ii) provided guidance on identifying circumstances that indicate a transaction is not orderly, (iii) permitted, as a practical expedient, entities to measure the fair value of certain investments based on the net asset value per share and (iv) expanded the required disclosures about fair value measurements. The adoption of this guidance did not have a material effect on the Plan’s net assets available for benefits or the changes in net assets available for benefits.

In June 2009, the FASB Codification (the “Codification”) was issued. The Codification is the source of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by non-governmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification became non-authoritative. The Codification was effective for financial statements issued for interim and annual periods ending after

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

September 15, 2009. The implementation of the Codification did not have a material impact on the financial position of the Plan or the changes in net assets.

(c)

Fair Value Measurement of Investments

The 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. ASC Topic 820 applies only to fair value measurements already required or permitted by other accounting standards and does not impose requirements for additional fair value measures. ASC Topic 820 was issued to increase consistency and comparability in reporting fair values.

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, 2009. 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 requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

(d)

Investment Valuation and Income Recognition

The 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. 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 funds 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). Participant loans receivable are carried at amortized cost, which does not differ materially from the fair value as determined by using a discounted cash flow model considering current market rates of interest. Dividend income is recorded on the ex-dividend date. Interest income is recognized as earned.

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. 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.

(e)

Concentration of Risk

The 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 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.

Recent market conditions have resulted in an unusually high degree of volatility and increased the risks and short-term liquidity associated with certain investments held by the Plan, which could impact the value of investments after the date of these financial statements.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

	(f)		Payments of Benefits
			Benefits are recorded when paid.
	(g)		Use of Estimates
			In 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 Events
			The Plan has evaluated subsequent events through the date the financial statements were issued, and determined that no additional disclosure was necessary.

(3)		Plan Amendments
		The Plan was amended, effective January 15, 2008, to add the Fidelity Advisor Freedom Funds to the investment options of the Plan.
		The 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.
(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.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

(5)		Plan Termination
		Although 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 Expenses
		Plan 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.
(7)		Participant Loans Receivable
		A 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 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, 2009, the interest rates on these loans ranged from 5.25% to 8.50%
(8)		Related-Party Transactions
		Certain 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 $30,000 and $35,000 for the years ended December 31, 2009 and 2008, respectively.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

(9)		Investments
		Individual investments in excess of 5% of the fair value of net assets available for benefits at December 31, 2009 and 2008 are as follows:

		2009								2008
		Shares				Fair Value				Shares				Fair Value
Hudson City Bancorp, Inc. Common Stock Fund			3,417,627			$	48,618,531				3,321,008			$	55,167,818
Morgan Stanley Stable Value Fund Class A			9,422,925				8,229,984				8,829,803				7,437,343
Morgan Stanley U.S. Government Securities
Trust Fund Class A			500,276				4,207,319				393,287				3,358,671

For the years ended December 31, 2009 and 2008, the Plan’s net appreciation/(depreciation) of investments is as follows:

		2009				2008
Investments in mutual funds:
Net realized gains (losses)		$	40,526			$	(443,461	)
Change in net unrealized appreciation (depreciation)			1,699,810				(3,935,614	)
Investment in Hudson City Bancorp, Inc. Common Stock Fund:
Net realized gains			1,642,745				7,846,431
Change in net unrealized depreciation			(8,881,213	)			(3,421,948	)
		$	(5,498,132	)		$	45,408

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 techniques used need to maximize the use of observable inputs and minimize the used of unobservable inputs.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2009:

										Significant
		Assets				Quoted Prices in				Other				Significant
		Measured at				Active Markets for				Observable				Unobservable
		Fair Value at				Identical Assets				Inputs				Inputs
Description		12/31/2009				(Level 1)				(Level 2)				(Level 3)
Investments in mutual funds		$	13,052,677				13,052,677				—				—
Morgan Stanley Stable Value Fund Class A			8,229,984				—				8,229,984				—
Investments in Hudson City Bancorp, Inc.
Common Stock Fund			48,618,531				48,618,531				—				—
Participant loans receivable			683,512				—				—				683,512
Total		$	70,584,704				61,671,208				8,229,984				683,512

		The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2008:

										Significant
		Assets				Quoted Prices in				Other				Significant
		Measured at				Active Markets for				Observable				Unobservable
		Fair Value at				Identical Assets				Inputs				Inputs
Description		12/31/2008				(Level 1)				(Level 2)				(Level 3)
Investments in mutual funds		$	10,329,776				10,329,776				—				—
Morgan Stanley Stable Value Fund Class A			7,437,343				—				7,437,343				—
Investments in Hudson City Bancorp, Inc.
Common Stock Fund			55,167,818				55,167,818				—				—
Participant loans receivable			638,398				—				—				638,398
Total		$	73,573,335				65,497,594				7,437,343				638,398

The following table presents a reconciliation of Level 3 assets measured at fair value for the period of January 1, 2009 to December 31, 2009 and for the period January 1, 2008 to December 31, 2008:

			2009 Level 3 Assets				2008 Level 3 Assets
Balance at beginning of year		$	638,398			$	604,689
Purchases, sales, issuances and settlements, net			45,114				33,709
Transfer into level 3			—				—
Balance at end of year		$	683,512			$	638,398

		The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2009 and 2008.
		Mutual funds: recorded at net asset value which represents the fair value of the securities held in such funds as a practical expedient.

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

		Hudson City Bancorp, Inc. Common Stock Fund: the Hudson City Bancorp, Inc. Common Stock Fund invests primarily in Hudson City Bancorp common stock, which is traded on the NASDAQ under the ticker symbol (HCBK) and is valued at fair value based upon its quoted market price at the daily close of the NASDAQ. An immaterial portion of this fund is invested in interest-bearing cash.
		Participant loans receivable: stated at the outstanding principal balance plus accrued interest, which does not differ materially from the fair value as determined by using a discounted cash flow model considering current market rates.
(10)		Morgan Stanley Stable Value Fund
		The Plan invests the Morgan Stanley Stable Value Fund Class A (the Fund), a mutual fund 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.
		The Plan’s interest in the Fund is 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 consist 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.
		The average market yield earned by the Fund for the years ended December 31, 2009 and 2008 was 3.36% and 4.24%, respectively. The average yield earned by the Fund that represents the actual interest credited to participants for the year ended December 31, 2009 was 1.12%.
(11)		Reconciliation of Financial Statements to Form 5500
		The following is a reconciliation of the financial statements to the Form 5500:

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Notes to Financial Statements

December 31, 2009 and 2008

		2009				2008
Net assets available for benefits per the financial statements		$	72,348,973			$	75,467,571
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(1,192,942	)			(1,392,460	)
Participant benefits payable			(26,240	)			—
Net assets per the Form 5500		$	71,129,791			$	74,075,111
Total investment (loss) income per the financial statements		$	(3,124,339	)		$	2,393,582
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			199,518				(1,341,795	)
Total investment loss per the Form 5500		$	(2,924,821	)		$	1,051,787
Participant benefits per the financial statements		$	(2,245,894	)		$	(5,076,357	)
Participant benefits payable			(26,240	)			—
Participant benefits per the Form 5500		$	(2,272,134	)		$	(5,076,357	)

Schedule 1

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2009

										Current
Identity of Issue				Description of Investment		Cost				Value
Morgan Stanley Funds				Morgan Stanley Stable Value Fund Class A		$	9,422,926			$	8,229,984
Morgan Stanley Funds				Morgan Stanley U.S. Government Securities Trust Fund Class A			4,478,417				4,207,319
Morgan Stanley Funds				Morgan Stanley S&P 500 Index Fund Class A			2,295,028				2,489,302
Van Kampen Funds				Van Kampen Comstock Fund Class A			1,991,038				1,942,663
Van Kampen Funds				Van Kampen Equity & Income Fund Class A			1,302,970				1,263,192
Van Kampen Funds				Van Kampen Global Franchise Fund Class A			998,187				933,596
Fidelity Advisors Funds		*		Fidelity Advisors Mid Cap Fund Class T			946,323				767,871
Fidelity Advisors Funds		*		Fidelity Advisors Balanced Fund Class T			735,344				667,212
Fidelity Advisors Funds		*		Fidelity Advisors Value Strategies Fund Class T			538,394				464,270
Fidelity Advisors Funds		*		Fidelity Advisors Financial Services Fund Class T			306,323				217,723
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2010 Class T			5,294				5,424
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2020 Class T			4,462				5,021
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2030 Class T			17,861				20,598
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2040 Class T			3,986				4,349
Fidelity Advisors Funds		*		Fidelity Advisors Freedom Income Fund Class T			2,070				2,155
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2005 Class T			1,096				1,124
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2015 Class T			44,194				45,625
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2025 Class T			509				569

(continued)

Schedule 1

PROFIT INCENTIVE BONUS PLAN OF
HUDSON CITY SAVINGS BANK

Schedule H, Line 4i — Schedule of Assets (Held at End of Year), continued

December 31, 2009

										Current
Identity of Issue				Description of Investment		Cost				Value
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2035 Class T		$	2,120			$	2,260
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2045 Class T			9,629				10,048
Fidelity Advisors Funds		*		Fidelity Advisors Freedom 2050 Class T			2,017				2,356
				Total investment in mutual funds							21,282,661
Hudson City Bancorp, Inc. Common Stock Fund		*		Investment in common stock			18,663,393				48,618,531
Participant Loans Receivable (a)		*					—				683,512
				Total other investments							49,302,043
				Total investments						$	70,584,704

See accompanying Report of Independent Registered Public Accounting Firm.

SIGNATURE OF PLAN ADMINISTRATOR

      The Plan . Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

Exhibit Number		Exhibit		Location
23.1		Consent of Independent Registered Public Accounting Firm		Page 19

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