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
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.