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Business Description
Hudson United Bancorp is a bank holding company organized by Hudson United Bank for the purpose of creating a bank holding company to take advantage of the additional powers provided to bank holding companies. The Company directly owns Hudson United plus six additional subsidiaries, HUBCO Capital Trust I, HUBCO Capital Trust II, JBI Capital Trust I, Hudson United Capital Trust I, Hudson United Capital Trust II and Jefferson Delaware, Inc. In March 1999, the former Lafayette American Bank and Bank of the Hudson were merged into Hudson United. Hudson United is a full-service commercial bank and offers the services generally provided by commercial banks of similar size and character, including imaged checking, savings and time deposit accounts; 24-hour telephone banking; Internet banking; trust services; cash management services, and others. In October 2003, the Company acquired Flatiron Credit Company, Inc., an insurance premium finance company.

Financial Information
For the nine months ended 9/30/04, interest income rose 2% to $304.7 million. Net interest income after loan loss provision rose 9% to $221.2 million. Net income increased 8% to $95.2 million. Net interest income reflects higher interest earning assets, and lower loan loss provisions. Earnings were partially offset by higher cost of benefits.