HVCBank Announces Results for Second Quarter 2015

Bank Declares Cash Dividend

HOPEWELL TOWNSHIP, N.J.--()--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 2015 was $540,453, a 16% decrease from the $643,748 mark for the equivalent 2014 period. On a per share basis, the quarter came in 22.2% lower than 2014, with the Bank reporting $.14 per share against $.17 for the year ago period.

Total deposits grew 4.7%, concluding the 2015 second quarter at $445,150,371, well above the $425,086,610 mark at the end of June, 2014. HVCBank’s total assets for the recently completed 2015 quarter came in at $495,016,197, 4.8% above the $472,482,145 level recorded at June, 2014. Total loans rose 7.6% to $357,269,054 compared to the $332,065,759 mark attained in June 2014.

Total equity at the end of the recent 2015 period was $46,354,646, which is 5% above the $44,144,672 in the comparable 2014 time-frame.

Earnings for the first six months of 2015 came in at $1,184,673, 7.9% below the 2014 half year mark of $1,285,750. Per share earnings for the first half of the year registered $.31 as opposed to $.34 for the first six months of 2014.

The bank’s Board declared a regular semi-annual dividend of $.05 per share with a record date of August 14, 2015, and a payment date of September 14, 2015.

Chairman of the Board, Patrick L. Ryan, noted that, “We are once again pleased to pay our shareholders a semi-annual dividend as we have for the past ten years. For the first half of 2015, we are also pleased with good deposit, loan and shareholder equity growth.”

President & CEO James Hyman added, “Net interest income for the second quarter 2015 showed a 5% increase over the same 2014 quarter. Total operating expense for the 2015 quarter, however, offset that increase, greatly contributing towards the decline in the year-to-year comparison of the three months ending June 30, 2015 and 2014. All in all, we view it as a satisfactory performance for the quarter and look to improved expense control going forward.”

                 
Six Month Unaudited Results June 30, 2015 June 30, 2014 % Change
Total Interest Income $8,870,552 $8,469,822 4.7%
Total Noninterest Income $851,980 $976,745 (12.7%)
Total Income $9,722,532 $9,446,567 2.9%
Interest Expense ($950,384) ($929,825) 2.2%
Net Interest Income $7,920,168 $7,539,997 5.0%
Total Operating Expense ($7,091,675) ($6,660,692) 6.5%
Net Income Before Taxes $1,680,473 $1,856,050 (9.5%)
Taxes $495,800 $570,300 (13.1%)
Net Income $1,184,673 $1,285,750 (7.9%)
Preferred Stock Dividends $76,737 $76,737 0%
Net Income Available to Common Shareholders $1,107,936 $1,209,013 (8.4%)
Earnings Per Share $.31 $.34 (8.8%)
Total Equity $46,354,646 $44,144,672 5.0%
 

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 Familiar Faces Friendly Banking for local residents and small business owners. • Ten banking offices conveniently located 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. • Online at hvcbonline.com. • Follow us on Facebook, and Twitter. • Green/*** Star Rating from Veribanc, Inc. • SUPERIOR/***** Star Rating from BauerFinancial Live local…Buy local…Bank Local with HVCBank

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.

Contacts

Hopewell Valley Community Bank
James Hyman, 609-466-2900
President & CEO
hvcbonline.com

Contacts

Hopewell Valley Community Bank
James Hyman, 609-466-2900
President & CEO
hvcbonline.com