HOPEWELL TOWNSHIP, N.J.--(EON: Enhanced Online News)--Hopewell Valley Community Bank (PinkSheets: HWDY) reported today that the Bank’s net income for the third quarter of 2013 increased to $539,558, a rise of 5.8% over the $510,119 mark for the same period in 2012. On a per share basis, the increase was 7.1% with the 2013 quarter ending at $.15 as opposed to $.14 in 2012. Due to the effects of the balance sheet restructuring in the first quarter of this year, the current nine months net income was a loss of ($464,053) compared to a $1,457,038 gain for the comparable 2013 period.
“Clearly, the deployment of our resources into our loan portfolio is a primary objective and that success is improving the performance of the Bank”
The HVCBank Board also declared a $.375 semi-annual dividend on the Bank’s preferred stock. The dividend is payable on December 15, 2013, to preferred shareholders of record November 15, 2013.
Total deposits grew 7.6%, ending the third quarter at $399,857,458, eclipsing the $371,558,548 mark at the end of September, 2012. HVCBank's total assets grew 1.7% to $449,043,038, with total loans enjoying a brisk 18.8% rise to $303,558,525, well above the $255,561,847 for the third quarter of 2012.
Due largely to the Bank’s balance sheet restructuring and repayment of Federal Home Loan Bank advances, net interest income for the nine months rose to $10,341,775, a healthy 12.4% increase over the $9,201,394 level of 2012.
Total equity at the conclusion of the third quarter was $41,837,699 as opposed to $43,382,167 in 2012.
Chairman Patrick Ryan said, "We are very pleased with the third quarter results as our balance sheet restructuring is showing it value through improved net interest income and overall much improved earnings power. HVCBank remains the deposit market share leader in our core markets, and we continue to closely adhere to our philosophy of being a genuine community bank.”
“Clearly, the deployment of our resources into our loan portfolio is a primary objective and that success is improving the performance of the Bank,” added President/CEO Jim Hyman. “Additionally, loan growth was distributed across our expanded branch footprint, evidencing success in not only our traditional Mercer market, but, also our newer Hunterdon market. Looking forward, we are working on introducing new, innovative products designed to clearly distinguish us as a Bank committed to bringing greater convenience and value to consumers we service. We believe our future is bright.”
|Nine Month Unaudited Results||September 30, 2013||September 30, 2012||% Change|
|Total Interest Income||$12,011,330||$11,709,624||2.6%|
|Total Noninterest Income||$1,392,511||$1,243,322||12.0%|
|Net Interest Income||$10,341,775||$9,201,394||12.4%|
|Total Operating Expense||($12,884,539)||($8,354,978)||54.2%|
|Net Income Before Taxes||($1,150,253)||$2,089,738||(155.0%)|
|Preferred Stock Dividends||$114,659||$115,047||(0.3%)|
|Net Income Available to Common Shareholders||($578,712)||$1,341,991||(143.1%)|
|Earnings Per Share (Basic)||(0.17)||$.41||(141.5%)|
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank provides a friendly, personalized banking experience for residents and small business owners with ten banking offices in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes, Flemington, and Pittstown in Hunterdon County, Skillman in Somerset County, a loan production office in Toms River, and through its fully interactive website at www.hvcbonline.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are “forward looking statements” and may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Bank operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Bank wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Bank wishes to advise readers that the factors listed above could affect the Bank’s financial performance and could cause the Bank’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Bank does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.