JACKSON, N.J. -- Garden State Bancshares reported first-half earnings of $812,023, compared with a loss for the first half of 1993 of $984,975.
For the second quarter, Garden State earned $431,000, up from a loss of $1.3 million in the second quarter of 1993. The bank's nonperforming assets declined to $15 million, down 27% from $20.5 million at the end of June 1993. Nonperforming assets comprised 5.07% of total assets, down from 6.62% last year.
The bank, functioning under a cease-and-desist order since February 1993, raised $3.7 million from a common stock offering of 647,442 shares to current stockholders in late April.