HCBK (MM)

Despite new government regulations and consistently low interest rates, companies in the Savings & Loans Industry continue to pay some of the largest dividends in the Financial Sector. Improving credit quality has allowed Savings & Loans companies to maintain relatively steady earnings, which has kept dividend payments stable. The Bedford Report examines the outlook for the Savings and Loans Industry and provides equity research on Hudson City Bancorp, Inc. (NASDAQ: HCBK) and New York Community Bancorp, Inc. (NYSE: NYB). Access to the full company reports can be found at:

www.bedfordreport.com/HCBK

www.bedfordreport.com/NYB

Despite the ongoing economic recovery, several companies within the savings and loans industry are still struggling to resume growth, primarily as a result of low interest rates. Many companies in the industry have warned that unemployment and the increased role of government-owned companies in the mortgage market may weigh on results moving forward.

Hudson City Bancorp Inc. and New York Community Bancorp are both heavily invested in real estate mortgages and the well documented problems in the housing industry has led these banks' earnings lower in the most recent quarter.

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Upon announcing second quarter earnings, Hudson City Bancorp declared a quarterly dividend of 8 cents per share. The dividend will be paid on August 30 to shareholders of record as of August 5. Hudson City Bancorp said second-quarter 2011 operating earnings came in at 19 cents per share, which compares unfavorably with the earnings of 29 cents in the prior-year quarter.

Last month New York Community Bancorp reported second-quarter net income of $119.5 million, or 27 cents a share, declining from $123.2 million, or 28 cents a share in the first quarter and $131.4 million, or 30 cents a share, in the second quarter of 2010. Presently NYB pays an annual dividend of $1 per share, for a hefty yield of around 7.4 percent.

The Bedford Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above-mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at http://www.bedfordreport.com/disclaimer

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