Hubco earnings rose by 18% in quarter.

UNION CITY, N.J, -- Hubco Inc. reported an 18% earnings increase to $3.9 million for the second quarter, a record for the $1.4 billion-asset bank.

The bank earned $3.5 million in the second quarter of 1993. It was the 15th consecutive-quarter of earnings increases for Hubco and follows the writeoff of $652,000 due to the collapse of a merger agreement with. Jersey City-based Statewide Savings Bank. For the first six months of the year, Hubco earned $7.7 million, up 22% from $6.7 million for the first half of 1993.

The return on equity for the second quarter was 20,59%, up from 19.39% last year, and the return on assets was 1.37%, down from 1.51% in 1993.

Hubco recently increased its quarterly dividend to 15. cents per share from 12 cents per share.

Hubco, the holding company for Hudson United Bank, operates 45 offices in Bergen, Essex, Hudson, Middlesex, Morris and Passaic counties.

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