Hudson City Bancorp's CEO Receives $7.9M In Comp

Unlike most banks, Hudson City Bancorp's stock price actually rose in 2008, increasing more than 6 percent. But, its shares have lost 31 percent of their value since the beginning of 2009 as nearly all banks' share prices have been battered by escalating concerns over the financial sector regardless of their current performance.

The Paramus, N.J.-based bank has been among the best-performing banks during the ongoing credit crisis. For the full year, the bank earned $445.6 million, or 90 cents per share, up from a profit of $295.9 million, or 58 cents per share, in 2007.

Hudson City Bancorp has sidestepped much of the problems the banking industry is facing because it never originated the riskiest forms of mortgages that have led some banks to fail and others to be seriously impaired.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.