Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release, Hopewell Township, NJ
HVCBANK EARNINGS AND ASSETS GROW IN FIRST QUARTER OF 2006
Hopewell Township, NJ – April 27, 2006 –Patrick Ryan, Chairman, and James Hyman, President and CEO of Hopewell Valley Community Bank (PinkSheets: HWDY) jointly announced that the bank started 2006 with increased earnings and asset growth.
The Bank’s net income for the quarter rose 2.6% to $349,128, from the 2005 equivalent period total of $340,335. The major factor driving profit growth during the 2006 period was an 18.7% increase in net interest income which rose to $1,782,222 as compared to the 2005 first quarter mark of $1,501,369. Total income ended the 2006 period at $3,267,567, a 30.8% increase over the same time frame in 2005. Total operating expenses rose by a smaller margin, moving up 15.3% for the quarter.
HVCBank’s total assets for the first quarter of 2006 rose to $206,511,087 an 18.8% increase over the corresponding 2005 quarterly figure of $173,839,593. Total deposits increased 14.2%, rising to $180,664,519 at the quarter’s end, moving up from $158,229,846 at the end of the first quarter of 2005.
Chairman Ryan observed that: “Considering the current high interest rate environment, there is little doubt that 2006 will be a challenging year for all community banks. Whatever the challenges, everyone at HVCBank is committed to taking advantage of all opportunities with energy, enthusiasm, and creativity. Our style of banking is allowing our deposit customers to accrue excellent returns and our loan customers to enjoy economical, custom tailored products.”
President and CEO James Hyman said: “2006 is going to be a year of growth for our bank. We started the year with the grand opening of our fourth branch in the Hopewell Crossing Shopping Center, and we will continue expanding with the opening of our fifth branch in the Hunterdon County village of Ringoes this summer. In addition, we also have two more branches in advanced planning stages which will enable us to bring HVCBank to more local communities in the near future.”
| Three Months Unaudited Results | March 31, 2006 | March 31, 2005 | % Change |
| Total Interest Income | $3,076,131 | $2,249,003 | 36.8% |
| Total Noninterest Income | $191,436 | $248,547 | 23.0% |
| Total Income | $3,267,567 | $2,497,550 | 30.8% |
| Interest Expense | ($1,293,909) | ($747,634) | 73.0% |
| Net Interest Income | $1,782,222 | $1,501,369 | 18.7% |
| Total Operating Expense | ($1,455,132) | ($1,262,308) | 15.3% |
| Net Income Before Taxes | $518,526 | $487,608 | 6.3% |
| Taxes | $169,398 | $147,273 | 15.0% |
| Net Income | $349,128 | $340,335 | 2.6% |
| Earnings Per Share | $.14 | $.15 | (0.7%) |
| Total Assets | $206,511,087 | $173,839,593 | 18.8% |
| Total Equity | $19,875,909 | $14,769,593 | 34.6% |
Hopewell Valley Community Bank is a locally owned and managed full service, FDIC insured commercial bank. Founded in 1998, HVCBank provides a friendly, personalized banking experience for residents and small business owners through its four branch banking offices in Hopewell, Pennington, and Hamilton, a loan production office in Cranbury, and through its fully interactive website at www.hvcbonline.com.
For further information, please contact:
James Hyman, President & CEO
Hopewell Valley Community Bank
609 466-2900
jhyman@hvcbonline.com
www.hvcbonline.com