Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

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.

@ThingsExpo Stories
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
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, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis 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. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.
SYS-CON Events announced today that Google Cloud has been named “Keynote Sponsor” of 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. Companies come to Google Cloud to transform their businesses. Google Cloud’s comprehensive portfolio – from infrastructure to apps to devices – helps enterprises innovate faster, scale smarter, stay secure, and do more with data than ever before.
SYS-CON Events announced today that Vivint to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than one million customers throughout the United States and Canada. The end result is a smart home solution that sav...
SYS-CON Events announced today that Opsani 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. Opsani is the leading provider of deployment automation systems for running and scaling traditional enterprise applications on container infrastructure.
SYS-CON Events announced today that Nirmata 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. Nirmata provides a comprehensive platform, for deploying, operating, and optimizing containerized applications across clouds, powered by Kubernetes. Nirmata empowers enterprise DevOps teams by fully automating the complex operations and management of application containers and its underlying ...
SYS-CON Events announced today that Opsani to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. Opsani is creating the next generation of automated continuous deployment tools designed specifically for containers. How is continuous deployment different from continuous integration and continuous delivery? CI/CD tools provide build and test. Continuous Deployment is the means by which...