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Hudson City Bancorp Q1 net income up 25%

Hudson City Bancorp has reported net income of $88.7 million for the first quarter of 2008, a 24.6% increase compared to $71.2 million for the first quarter of 2007.

The company reported that its diluted earnings per share increased 38.5% to $0.18 for the first quarter of 2008 as compared to $0.13 for the first quarter of 2007.

The net interest income increased $36.8 million, or 23.5%, to $193.3 million for the first quarter of 2008 as compared to $156.5 million for the same period of 2007. The total interest and dividend income for the first quarter of 2008 increased $133.7 million, or 27.9%, to $613.3 million as compared to $479.6 million for the first quarter of 2007.

The total non-interest income increased $671,000 to $2.2 million for the first quarter of 2008 as compared to $1.6 million for the same quarter of 2007. Total non-interest expense increased $7 million, or 17%, to $48.1 million for the three months ended March 31, 2008 from $41.1 million for the three months ended March 31, 2007. es or other higher risk securities such as those backed by sub-prime loans.