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Hilltop Community Bancorp, Inc. Reports Fourth Quarter Earnings and Record Full Year Results
By PR Newswire
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January 19, 2013 08:54 AM EST
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 417

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.

Published January 19, 2013 – Reads 417
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