HVCBank Announces Earnings for 2012
HVCBank Announces Earnings for 2012
Fourth Quarter Profits Increase 9%
HOPEWELL TOWNSHIP, N.J.--(BUSINESS WIRE)-- The Board of Directors of Hopewell Valley Community Bank (PinkSheets: HWDY) announced that net income for the fourth quarter of 2012 was $454,712 or $.12 per share, exceeding the equivalent 2011 mark of $421,680 or $.11 per share by 9.0% and showing an improving trend over the previous three quarters.
For the full 2012 year, earnings came in at $1,911,750, which was below the 2011 year end mark of $2,219,857. On a per share basis, 2012 ended at $.53, 19.7% behind the $.66 posted for the prior year. The major factors affecting earnings during 2012 were a 5.0% increase in net interest income against total operating expense rising at a faster rate of 12.4% as the Bank expanded its branch footprint, administrative staff, and loan production ability.
Institutional growth was strong as HVCBank reported that 2012 year-end total assets rose to $452,848,375, a 12.0% increase over the December 2011 year-end figure of $404,394,969. Total deposits advanced a brisk 14.1%, finishing 2012 at $383,143,603, topping the 2011 year-end mark of $335,857,358. Total loans produced a strong advance to $277,828,914, a 14.6% increase over the 2011 total of $242,540,967.
Shareholder equity increased year-over-year 3.3%, ending 2012 at $43,494,310 as compared to the 2011 year-end total of $42,111,200. Year-end total equity was reduced by $331,109 due to the Bank's prepayment of the 2013 common dividend at the rate of $.10 per share. In view of this pre-payment, the Bank does not anticipate paying any further common dividends for 2013.
HVCBank's Chairman, Patrick L Ryan, commented that "Hopewell Valley Community Bank continued its steady growth throughout 2012 with solid increases in assets, loans and deposits. Profitability was constrained by the low interest rate environment, and the Federal Reserve counsels that those headwinds will persist in 2013 as well. Despite the prevailing conditions, we enjoyed good growth over the past year and continued our string of 47 consecutive profitable quarters."
President/CEO, James Hyman, stated, "2012 was a year of investing in our franchise by expanding our footprint to new communities. In March we added our Flemington office followed by our first entry into Somerset County with our Skillman office in August. On January 1st, 2013 we opened a new loan office in Toms River headed up by longtime Ocean County banker Ted Bessler, and next month we'll open our new Pittstown office, bringing a total of three locations in Hunterdon County. Between organic growth and these new locations, it's been a busy and very rewarding year."
TWELVE MONTH UNAUDITED RESULTS | DECEMBER 31, 2012 | DECEMBER 31, 2011 | % CHANGE | ||||
Total Interest Income | $15,662,273 | $15,473,604 | 1.2% | ||||
Total Noninterest Income | $1,555,408 | $1,570,069 | (.9%) | ||||
Total Income | $17,217,681 | $17,043,673 | 1.0% | ||||
Interest Expense | ($3,261,137) | ($3,658,792) | (10.9%) | ||||
Net Interest Income | $12,401,136 | $11,814,812 | 5.0% | ||||
Total Operating Expense | ($11,234,894) | ($9,998,424) | 12.4% | ||||
Net Income Before Taxes | $2,721,650 | $3,386,457 | (19.6%) | ||||
Taxes | $809,900 | $1,166,600 | (30.6%) | ||||
Net Income | $1,911,750 | $2,219,857 | (13.9%) | ||||
Preferred Stock Dividends | $153,475 | $90,225 | 70.1% | ||||
Net Income Available to Common Shareholders | $1,758,275 | $2,129,632 | (17.4%) | ||||
Earnings Per Share (Basic) | $0.53 | $0.66 | (19.7%) | ||||
Total Assets | $452,848,375 | $404,394,969 | 12.0% | ||||
Total Equity | $43,494,310 | $42,111,200 | 3.3% | ||||
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 nine banking offices in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes and Flemington in Hunterdon County, Skillman in Somerset County, and through its fully interactive website at www.hvcbonline.com. And Coming Soon to Pittstown!
Hopewell Valley Community Bank
James Hyman, President & CEO, 609-466-2900
hvcbonline.com
KEYWORDS: United States North America New Jersey
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