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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) April 18, 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) 236-2640
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On April 18, 1995, HUBCO, Inc. ("HUBCO") issued a press
release reporting its earnings for the first quarter of 1995.
Net income for the first quarter ended March 31, 1995 was
$4,788,000 or $.44 per share, representing an earnings per share
increase of 13% from the first quarter of 1994.
Item 7. Exhibits.
99.1 Press Release dated April 18, 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: April 21, 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
99.1 Press Release dated April 18, 1995
Exhibit 99(a)
FOR IMMEDIATE RELEASE
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April 18, 1995
HUBCO, Inc. Reports Record First Quarter Earnings
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Mahwah, New Jersey, April 18, 1995 -- HUBCO, Inc. (NASDAQ:
HUBC), the 8th largest New Jersey-based commercial banking
Company, today announced a record first quarter, its 18th
consecutive quarterly earnings increase.
Net income for the first quarter ended March 31, 1995
increased to $4,788,000 or $.44 per share, from $3,786,000, or
$.39 per share, a year ago. Earnings per share increased 13%.
HUBCO's annualized return on average assets was 1.41% and the
annualized return on average equity was 19.00%.
For the first quarter of 1995, net interest income increased
to $17,098,000 up 38% from $12,379,000 a year ago. The net
interest margin was 5.53% up from 5.05% last year. The increase
is largely attributable to the higher rates earned on the credit
card portfolio arising from the Shoppers acquisition completed in
December 1994. The provision for possible loan losses increased
to $1,050,000 from $450,000 in the first quarter of last year.
Total non-interest income was $3,737,000 for the first
quarter of 1995, a 69% increase over the same period last year.
Total other expenses amounted to $12,360,000 up 54% from
$8,006,000 in the first quarter of last year. This increase is
primarily attributable to the full quarter effect of the Shoppers
Charge acquisition along with the two bank acquisitions completed
last year which increased our branch network by twelve branches,
the move of the Company's headquarters to a facility in Mahwah
which resulted in temporary staff increases and the carrying of
the original headquarter buildings pending disposition. Purchase
accounting expenses from the acquisitions (primarily intangible
amortization), increased by $600,000 from the first quarter last
year and have a five year maximum amortization. Although HUBCO's
efficiency ratio is now higher at 60.54%, the company anticipates
this ratio will decrease in 1996.
At March 31, 1995 total assets were $1.361 billion up from
$1.079 billion last year. Loans were up 36% to $719 million and
deposits totalled $1.156 billion up from $953 billion in last
year's first quarter.
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Total non-performing assets of $12,990,000 (.95% of assets)
were down from $13,650,000 at 12/31/94. At March 31, 1994 non-
performing assets totaled $8,297,000 but on July 1, 1994 an
additional $18,000,000 of non-performing assets were acquired
with Washington Bancorp. Non-accrual loans totalled $9,397,000
(1.3% of net loans) down from $9,917,000 at 12/31/94. The
Allowance for Possible Loan and Lease Losses totalled $13,376,000
which represents 142% of non-accrual loans, 135% of non-
performing loans and 10% of non-performing assets as of 3/31/95
HUBCO's stockholders equity was $102,941,000 as of March 31,
1995 versus $74,296,000 a year ago. HUBCO's Tier I Risk Based
Capital Ratio was 12.63%, the Total Risk Based Capital Ratio was
17.27% and the Leverage Capital Ratio was 6.94%. These ratios
all exceed the regulatory requirements of 6%, 10% and 5%
respectively to be considered a well capitalized institution.
On April 5, 1995 HUBCO completed its acquisition of
Jefferson National Bank which added four branches in Passaic
County. The computer conversion and system integration has
already been completed. The acquisition of Urban National Bank
is proceeding through the regulatory approval and shareholder
approval process. Subject to the satisfaction of all conditions
of the merger HUBCO anticipates consummation on or about June 30,
1995.
HUBCO, Inc. is the bank holding company for Hudson United
Bank which operates 49 branches in Bergen, Essex, Hudson,
Middlesex, Morris and Passaic counties.
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HUBCO, INC.
Financial Highlights
(in thousands except for per share)
Quarter ended
March 31
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1995 1994
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Net Interest Income 17,098 12,379
Provision for Possible Loan Losses 1,050 450
Net Income 4,788 3,786
Primary Earnings Per Share .47 .39
Fully Diluted Earnings Per Share .44 .39
Weighted Average Shares Outstanding-Common 9,675 9,783
Weighted Average Shares Outstanding-Preferred 744 0
March 31
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1995 1994
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Total Assets 1,361,118 1,078,631
Net Loans 701,559 512,424
Total Deposits 1,156,294 953,004
Stockholders' Equity 102,941 74,296
Weighted Average Shares give effect to a 10% Stock Dividend in
June 1993, the Stock Repurchase Program which commenced in the
fourth quarter of 1993 and the three-for-two stock split in
January 1995.
