Welcome!

News Feed Item

Hilltop Community Bancorp, Inc. Reports Fourth Quarter Earnings and Record Full Year Results

SUMMIT, N.J., Jan. 18, 2013 /PRNewswire/ -- Hilltop Community Bancorp, inc. (Hilltop) (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank) today reported record net income of $956,000 for the year ended December 31, 2012. This was 5.8% higher than net income of $904,000 for the previous year. Net income was $0.33 per common share, basic and diluted, in 2012, compared to $0.32 per common share, basic and diluted, in 2011. Net income for the fourth quarter of 2012 was $225,000 ($0.08 per common share, basic and diluted), compared to net income of $301,000 ($0.11 per common share, basic and diluted) for the fourth quarter of 2011. During the fourth quarter of 2012, Hilltop paid a special cash dividend of $0.11 per share, which was a 10% increase over the dividend of $0.10 per share which was paid in December 2011.

Total assets were $177.0 million at December 31, 2012, approximately $11.7 million higher than total assets at the end of the prior year. Gross loans were down slightly at December 31, 2012, compared to the level of loans at December 31, 2011. The allowance for loan losses was $1,849,000, or 1.71% of total loans, at December 31, 2012. Shareholders' equity increased to $20.9 million at December 31, 2012, equating to tangible book value of $6.80 per common share.

In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented:  "Despite pressure on the net interest margin, we are pleased that we recorded our best year ever in 2012. We continued to effectively manage our cost of funds and the Bank consistently ranks as one of the best performers in this category among community banks in New Jersey.  The strength of our loan portfolio is evidenced by the modest level of past due loans. The Bank's investment portfolio reflects a yield that is higher than most of our community bank peers and Hilltop' s capital ratios, including a leverage ratio in excess of 11%, are well above current and proposed regulatory definitions of 'well capitalized'.  Our calling officers are seeking out new business opportunities every day and Hilltop's focus on relationship banking and personal service continues to ensure that our customers remain loyal to the Bank."

Hilltop Community Bancorp, Inc. is the parent holding company for Hilltop Community Bank. Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The Bank operates as a locally headquartered, community bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.

The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating and such forward-looking statements at any time.   

                                                     

HILLTOP COMMUNITY BANCORP, INC.

Financial Information

December 31, 2012



















Consolidated Balance Sheet


 12/31/12 


 12/31/11 





Assets









  Cash and due from banks


$   2,437,600


$   2,798,400





  Interest-bearing deposits in banks


20,277,400


11,571,400





  Federal funds sold


100,000


995,000





    Cash and cash equivalents


22,815,000


15,364,800





  Investment securities


43,193,900


38,056,500





  Loans receivable


108,305,400


108,991,200





  Allowance for loan losses


(1,849,100)


(2,269,400)





    Loans receivable, net


106,456,300


106,721,800





  Bank premises and equipment, net


2,526,900


2,673,700





  Intangible assets


372,900


372,900





  Other assets


1,632,300


2,141,300





            Total assets


$176,997,300


$165,331,000





Liabilities and Shareholders' Equity









  Liabilities









  Deposits:









    Noninterest-bearing demand


$ 30,228,900


$ 29,929,700





    Interest-bearing demand


8,619,100


8,266,000





    Money market and savings


77,206,700


63,153,300





    Time deposits


34,286,900


35,652,200





      Total deposits


150,341,600


137,001,200





  Securities sold under agreements to repurchase


4,273,800


3,085,500





  Short-term borrowings


-


4,000,000





  Other liabilities


1,471,600


1,115,400





      Total liabilities


156,087,000


145,202,100





  Shareholders' Equity









  Common stock


19,051,100


19,051,100





  Retained earnings


1,253,600


611,400





  Treasury stock


(505,000)


(505,000)





  Accumulated other comprehensive income


1,110,600


971,400





      Total shareholders' equity


20,910,300


20,128,900





      Total liabilities and shareholders' equity


$176,997,300


$165,331,000














Consolidated Income Statement











QTD


YTD



12/31/12


12/31/11


12/31/12


12/31/11

  Interest Income









    Loans, including fees


$   1,459,900


$   1,564,400


$   5,957,500


$   6,108,700

    Securities- taxable


158,100


239,700


792,500


1,029,600

    Securities- tax-exempt


151,500


119,100


548,800


452,500

    Other


13,700


7,900


55,800


33,400

      Total interest income


1,783,200


1,931,100


7,354,600


7,624,200

  Interest Expense









    Deposits


161,100


222,400


755,800


1,005,400

    Capital lease obligations and other borrowings


15,000


18,000


59,800


92,200

      Total interest expense       


176,100


240,400


815,600


1,097,600










      Net interest income


1,607,100


1,690,700


6,539,000


6,526,600










  Provision for Loan Losses


55,000


84,000


220,000


309,000

      Net interest income after provision for









        loan losses


1,552,100


1,606,700


6,319,000


6,217,600










  Noninterest income









    OTTI charges, net


(42,200)


(52,800)


(129,800)


(129,600)

    Service charges and fees


29,600


28,500


113,100


124,800

    Gain on sale of security


-


-


165,200


-

    Other


36,400


49,200


193,200


268,700

      Total noninterest income


23,800


24,900


341,700


263,900

  Noninterest expense 









    Salaries and employee benefits


752,800


715,400


3,100,200


3,015,700

    Occupancy and equipment


160,700


159,300


635,600


638,700

    Data processing related operations


145,700


122,700


616,300


548,500

    Advertising


25,200


26,200


109,600


97,900

    Professional fees


28,300


40,400


164,500


165,900

    FDIC insurance and assessments


29,600


22,500


97,700


122,700

    Other operating


140,900


108,100


640,900


630,000

      Total noninterest expense


1,283,200


1,194,600


5,364,800


5,219,400










      Income before income tax expense


292,700


437,000


1,295,900


1,262,100

  Income Tax Expense


67,500


135,900


339,600


358,600

      Net income


$      225,200


$      301,100


$      956,300


$      903,500










Net Interest Margin (tax-equivalent basis)


4.00%


4.56%


4.17%


4.47%










Per Common Share Data:









  Net income per share- basic


$           0.08


$           0.11


$           0.33


$            0.32

  Net income per share- diluted


$           0.08


$           0.11


$           0.33


$            0.32

  Tangible book value- period end






$           6.80


$            6.58










Return on Average Assets


0.52%


0.75%


0.56%


0.57%

Return on Average Equity


4.26%


6.00%


4.63%


4.68%










Asset Quality Data:









  Accruing loans past due 30 to 89 days






$      140,100


$                  -

  Accruing loans past due 90 days or more






$                  -


$                  -

  Nonaccrual loans






$      797,300


$   1,756,200

  Other real estate owned






$                  -


$                  -

  Net charge-offs (recoveries)


$        (1,000)


$                -


$      640,300


$        50,400










Miscellaneous:









  Average assets


$173,665,200


$158,977,300


$170,651,000


$157,531,200

  Average gross loans


$107,561,900


$108,485,500


$107,946,300


$107,162,200

  Average earning assets


$166,934,800


$152,284,000


$163,750,100


$151,200,400

  Average deposits


$146,437,900


$130,569,200


$144,551,300


$133,125,200

  Average shareholders' equity


$  21,031,600


$  19,924,900


$  20,648,200


$  19,298,100

  Common shares outstanding






2,856,399


2,856,399










 

SOURCE Hilltop Community Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-security...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence a...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...