UNION CITY, N.J. -- Despite writing off more than $650,000 of expenses from a failed merger agreement, Hubco Inc., New Jersey's 11th-largest commercial bank, reported record earnings in the second quarter of $3.9 million, or 60 cents a share.

The .18 percent increase, up from $3.5 million, or 51 cents a share, last year, marks the 15th consecutive quarter of earnings increases.

The bank's return on average equity was 20.59% and the return on assets was 1.37%, compared to 19.39% and 1.51% respectively for the same time last year.

The bank also reported record earnings for the first six months of 1994.

Earnings per share increased to $7.69 million , or $1.18 a share, from $6.7 million, or 97 cents a share last year, a 22% jump.

The return on equity was 20.27% and the return on assets was 1.39%.

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