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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 16, 1995
HUBCO, INC.
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
1-10699 22-2405746
(Commission File Number) (IRS Employer Identification No.)
1000 MacArthur Boulevard, Mahwah, New Jersey 07430
(Address of principal executive offices)
(201) 236-2630
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On October 17, 1995 HUBCO, Inc. ("HUBCO") announced its
regular quarterly cash dividend of $.15 per common share, payable
December 1, 1995, to stockholders of record November 17, 1995.
HUBCO has paid a cash dividend every year since 1982.
On October 16, 1995 HUBCO reported earnings for the third
quarter and first nine months of 1995. Earnings per share for
the third quarter of 1995 increased 35% to $.46 per share
($5,973,000), from $.34 per share ($4,704,000) the third quarter
of 1994. All prior period amounts and per share data have been
restated to reflect the acquisitions completed during the second
quarter of 1995 of Jefferson National Bank and Urban National
Bank accounted for as pooling of interests and for the three for
two stock split issued by HUBCO in January, 1995. HUBCO's return
on average equity for the third quarter 1995 was 19.25% and the
return on average assets was 1.48%.
For the nine months ended September 30, 1995 HUBCO's
earnings per share increased 28% to $1.31 ($17,377,000), from
$1.02 per share ($13,167,000) for the nine months ended September
30, 1994. HUBCO's return on average equity for the nine month
period ended September 30, 1995 was 19.44% and the return on
average assets was 1.42%.
For the third quarter of 1995, HUBCO's net interest income
increased 5% over the prior year's third quarter to $20,047,000
and for the first nine months of 1995 was $60,760,000, an
increase of 19% over the same period during the prior year.
HUBCO's net interest margin was 5.43% for the third quarter of
1995 and 5.44% for the first nine months of 1995.
HUBCO's Non-interest income totaled $4,872,000 for the third
quarter of 1995 and $13,141,000 for the nine month period ended
September 30, 1995. This represents increases of 48% and 50%
respectively over the same periods in the prior year.
HUBCO's third quarter 1995 other income includes
approximately $1,000,000 representing income from the settlement
of an insurance claim. Third quarter 1995 results also included
one time acquisition related expenses recorded in non-interest
expense of approximately $.9 million.
HUBCO's overhead expenses for the third quarter of 1995
increased to $14,331,000 from $13,510,000 during the same period
in the prior year. For the nine month period ended September 30,
1995, overhead expenses increased to $46,122,000 from $36,232,000
for the nine month period ended September 30, 1994. These
increases are attributable to HUBCO's growth and the acquisition
expenses incurred to achieve this growth.
HUBCO's non-performing assets of $22,977,000 (1.4% of
assets) at September 30, 1995 were down from $31,499,000 a year
prior and from $28,290,000 at December 31, 1994. At September
30, 1995, non-accruing loans totaled $15,368,000 (1.8% of loans)
and were down from $21,813,000 a year prior and $18,488,000 at
December 31, 1994. HUBCO's Allowance for Possible Loan and Lease
Losses at September 30, 1995 totalled $16,678,000, which
represented 100% of non-performing loans and 109% of non-accruing
loans.
HUBCO's total assets at September 30, 1995 were $1.6
billion, loans totaled $848 million and deposits were $1.4
billion. HUBCO's stockholders equity was $125 million at
September 30, 1995. Capital ratios for HUBCO were as follows:
Tier I - 12.98%, total Risk Based - 17.06% and the Leverage
Capital Ratio was 7.21%. These ratios all exceed the applicable
regulatory requirements of 6%, 10% and 5% respectively.
Item 7. Exhibits.
99(a) Press Release dated October 16, 1995
99(b) Press Release dated October 17, 1995
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
HUBCO, INC.
Dated: October 19, 1995 By: D. LYNN VAN BORKULO-NUZZO
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D. Lynn Van Borkulo-Nuzzo
Executive Vice President
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INDEX TO EXHIBITS
99(a) Press Release dated October 16, 1995
99(b) Press Release dated October 17, 1995
EXHIBIT 99(a)
FOR IMMEDIATE RELEASE
October 16, 1995
HUBCO'S THIRD QUARTER EARNINGS PER SHARE INCREASE 35%
Mahwah, New Jersey, October 16, 1995 -- HUBCO, Inc. (NASDAQ:
HUBC), the 8th largest New Jersey-based commercial banking
company, today reported record earnings for the third quarter and
first nine months of 1995. This is the 20th consecutive quarter
of earnings increases for HUBCO.
Earnings per share for the third quarter increased 35% to a
record $.46 per share ($5,973,000), from $.34 per share
($4,704,000) last year. All prior period amounts and per share
data have been restated to reflect the acquisitions completed
during the second quarter of 1995 of Jefferson National Bank and
Urban National Bank accounted for as pooling of interests and for
the three for two stock split issued in January, 1995. HUBCO's
return on average equity for the third quarter was 19.25% and the
return on average assets was 1.48%.
For the nine months ended September 30, 1995 earnings per
share increased 28% to $1.31 ($17,377,0000), from $1.02 per share
($13,167,000) last year. HUBCO's return on average equity for
the nine month period was 19.44% and the return on average assets
was 1.42%.
For the third quarter of 1995, net interest income increased
5% to $20,047,000 and for the nine months was $60,760,000, an
increase of 19%. HUBCO's net interest margin for the third
quarter of 1995 was 5.43% and 5.44% for the nine month period.
Non-interest income totaled $4,872,000 for the third quarter
and $13,141,000 for the nine month period. This represents
increases of 48% and 50% respectively.
Third quarter other income includes approximately $1,000,000
representing income from the settlement of an insurance claim.
This quarter also included one time acquisition related expenses
recorded in non-interest expense of approximately $.9 million.
Overhead expenses for the third quarter increased to
$14,331,000 from $13,510,000 last year. For the nine month
period overhead expenses increased to $46,122,000 from
$36,232,000. These increases are attributable to HUBCO's growth
and the acquisition expenses incurred to achieve this growth.
Non-performing assets of $22,977,000 (1.4% of assets) were
down from $31,499,000 a year ago and $28,290,000 at 12/31/94.
Non-accruing loans totaled $15,368,000 (1.8% of loans) and were
down from $21,813,000 a year ago and $18,488,000 at 12/31/94.
The Allowance for Possible Loan and Lease Losses totalled
$16,678,000 which represented 100% of non-performing loans and
109% of non-accruing loans.
HUBCO's total assets at September 30, 1995 were $1.6
billion, Loans totaled $848 million and deposits were $1.4
billion. HUBCO's stockholders equity was $125 million at
September 30, 1995. Capital ratios for HUBCO were as follows:
Tier I - 12.98%, total Risk Based - 17.06% and the Leverage
Capital Ratio was 7.21%. These ratios all exceed the regulatory
requirements of 6%, 10% and 5% respectively to be considered a
well capitalized institution.
HUBCO, Inc. is the bank holding company for Hudson United
Bank which operates 58 branches in Bergen, Essex, Hudson,
Middlesex, Morris and Passaic counties in New Jersey.
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HUBCO, INC.
Financial Highlights
(in thousands except for per share)
Quarter Ended
September 30
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1995 1994
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Net Interest Income 20,047 19,134
Provision for Possible Loan Losses 1,050 1,135
Net Income 5,973 4,704
Net Income Per Share .46 .34
Weighted Average Shares Outstanding 13,112 13,719
Nine Months Ended
September 30
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1995 1994
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Net Interest Income 60,760 50,893
Provision for Possible Loan Losses 3,150 2,250
Net Income 17,377 13,167
Net Income Per Share 1.31 1.02
Weighted Average Shares Outstanding 13,301 12,914
At September 30
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1995 1994
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Total Assets 1,602,590 1,718,322
Net Loans 831,086 781,843
Total Deposits 1,390,968 1,512,259
Stockholders' Equity 124,974 116,033
Weighted Average Shares Outstanding include convertible preferred
shares and have been retroactively adjusted for the effects of
acquisitions, stock dividends and stock splits.
EXHIBIT 99(b)
FOR IMMEDIATE RELEASE
HUBCO, INC. ANNOUNCES REGULAR CASH DIVIDEND
Mahwah, New Jersey, October 17, 1995 -- HUBCO, Inc.
(NASDAQ:HUBC), the 8th largest New Jersey based commercial
banking company, today announced its regular quarterly cash
dividend of $.15 (fifteen cents) per common share, payable
December 1, 1995, to stockholders of record November 17, 1995.
HUBCO has paid a cash dividend every year since 1982.
HUBCO Inc., with assets of $1.6 billion, is the bank holding
company for Hudson United Bank which operates 58 branches in
Bergen, Essex, Hudson, Middlesex, Morris and Passaic counties.
