HOPEWELL TOWNSHIP, N.J.--(BUSINESS WIRE)--Patrick L. Ryan, Chairman, and James Hyman, President and CEO, of Hopewell Valley Community Bank (PinkSheets: HWDY) jointly announced that the Bank’s net income for the June quarter of 2014 was a Bank record $643,748, which amounts to a 7.4% increase from the $599,631 mark for the equivalent 2013 period. On a per share basis, the quarter came in 5.9% higher than 2013 with the Bank reporting $.18 per share against $.17 for the year ago period.
Earnings for the first six months of 2014 also achieved a Bank record, coming in at $1,285,750, finishing dramatically above earnings for the first six months of 2013 which totaled ($1,003,611). The prior period results were due to the previously reported penalties and charge associated with the Bank’s first quarter 2013 repayment of Federal Home Loan Bank advances and balance sheet restructuring.
Total deposits displayed strong growth, concluding the 2014 second quarter at $425,086,610, a 12.8% increase from the $377,009,999 mark at the end of June, 2013. HVCBank’s total assets for the recently completed 2014 quarter came in at $472,482,145, a full 12% above the $421,768,319 level recorded at June, 2013. Total loans rose a strong 12.8% to $332,065,759 compared to the $294,495,223 mark attained June 2013.
Total equity at the end of the recent 2014 period was $44,144,672, 6.6% above the $41,404,924 in the comparable 2013 time-frame.
Messrs. Ryan and Hyman also announced that the Bank’s board declared a regular semi-annual dividend of $.05 per share on the Bank’s common shares, with a record date of August 12, 2014, and a payment date of September 12, 2014.
Chairman of the Board, Patrick L. Ryan, noted that, “The Bank’s solid institutional growth and record earnings have validated our decision to repay our advances and restructure our balance sheet last year. Despite a sluggish New Jersey economy and low interest rate environment, we continue to post excellent deposit and loan growth as well as grow our net interest and non-interest income at double digit rates.”
President and CEO, James Hyman, added, ”While difficult to predict longer term trends, there’s no question we have seen improvements in pockets of the economy. In particular, new home construction and sales have picked up and are providing a return of lending opportunities we haven’t seen for years. Growth of our deposits, especially in our Hunterdon offices, are providing ample funds for the Bank to aggressively seek out good loans as investment in our communities.”
|Six Month Unaudited Results||June 30, 2014||June 30, 2013||% Change|
|Total Interest Income||$8,469,822||$7,948,918||6.6%|
|Total Noninterest Income||$976,745||$850,486||14.9%|
|Net Interest Income||$7,539,997||$6,758,834||11.6%|
|Total Operating Expense||($6,660,692)||($9,548,431)||(30.2%)|
|Net Income Before Taxes||$1,856,050||(1,939,111)||195.7%|
|Preferred Stock Dividends||$76,737||$76,737||0%|
|Net Income Available to Common Shareholders||$1,209,013||($1,080,348)||211.9|
|Earnings Per Share||$.36||($.33)||209.1|
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank is celebrating 15 years of providing 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 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.