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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.

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