HVCBank Announces Results for Second Quarter 2013
HVCBank Announces Results for Second Quarter 2013
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 2013 was $599,631, a solid 31.3% increase from the $456,664 mark for the equivalent 2012 period. On a per share basis, the quarter came in 30.8% higher than 2012 with the Bank reporting $.17 per share against $.13 for the year ago period.
Due to the balance sheet restructuring and the penalties associated with the repayment of Federal Home Loan Bank ("FHLB") advances in the first quarter of 2013, earnings for the first six months of 2013 totaled a negative ($1,003,611) while the first half of 2012 had achieved a mark of $946,919.
Total deposits concluded the 2013 second quarter at $377,009,999, a 6.1% increase from the $355,412,696 mark at the end of June, 2012. HVCBank's total assets for the recently completed 2013 quarter came in at $421,768,319, slightly below the $422,070,657 level recorded at June 30, 2012, reflecting the repayment of the FHLB advances. Total loans rose a strong 17% to $294,495,223 compared to the $251,751,540 mark attained in June 2012.
Total equity at the end of the recent 2013 period was $41,404,924, 3.8% below the $43,041,706 in the comparable 2012 time-frame, with the decrease due mainly to the charges associated with the first quarter FHLB repayment.
Chairman of the Board, Patrick L. Ryan, noted that, "We are very pleased with the results of the second quarter of 2013 as the Bank was able to earn $.17 per share. This performance is an excellent start to our recovery plan to mitigate the charges we took in the first quarter to improve our earnings power and restructure our balance sheet in a way which will allow us to continue to take advantage of opportunities which arise in the future."
President and CEO, James Hyman, added, "As anticipated, second quarter performance greatly benefited from reduced cost-of-funds following repayment of the FHLB advances in the first quarter. In particular, our 2nd quarter net interest margin improved by 9.8% to 3.47% over the first quarter 2013 margin of 3.16%, and 11.2% over 2nd quarter 2012 of 3.12%. The second quarter also saw a significant rise in our commercial loan pipeline; closings of these loans will further improve on that margin."
|Six Month Unaudited Results||June 30, 2013||June 30, 2012||% Change|
|Total Interest Income||$7,948,918||$7,805,868||1.8%|
|Total Noninterest Income||$850,486||$746,767||13.9%|
|Net Interest Income||$6,758,834||$6,089,212||11.0%|
|Total Operating Expense||($9,548,431)||($5,474,660)||74.4%|
|Net Income Before Taxes||(1,939,111)||$1,361,319||(242.4%)|
|Preferred Stock Dividends||$76,737||$76,737||0%|
|Net Income Available to Common Shareholders||($1,080,348)||$870,182||(224.2%)|
|Earnings Per Share||($.33)||$.27||(222.2%)|
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.
Hopewell Valley Community Bank
James Hyman, 609-466-2900
President & CEO
KEYWORDS: United States North America New Jersey
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