Hudson City 1Q Profit Rises 44 Percent

PARAMUS, N.J. (AP) — Hudson City Bancorp Inc. said Tuesday its first-quarter profit rose 44 percent, slightly beating Wall Street's forecast, and the regional thrift slightly increased its dividend.

Hudson City said it posted net income for the three months ended March 31 of $127.7 million, or 26 cents per share, up from a profit of $88.7 million, or 18 cents per share, in the year-ago quarter.

Analysts surveyed by Thomson Reuters had forecast a profit of 25 cents per share, on average, for the latest quarter.

Hudson City's board approved an increase in the company's quarterly cash dividend from 14 cents per common share to 15 cents, payable on May 30 to shareholders of record at the close of business May 8.

Ronald Hermance Jr., chairman, president and chief executive, said the bank posted "record levels of earnings, loan production and deposit growth" in the first quarter despite the recession.

Paramus-based Hudson City reported a nearly 11 percent, $1.98 billion increase in deposits during the quarter.