Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release
Hopewell Township, NJ
HVCBANK’S EARNINGS CONTINUE TO SURGE
TOTAL ASSETS EXCEED $150,000,000
Hopewell Township, NJ – October 20, 2004 –Hopewell Valley Community Bank (HVCBank) announced the continuation of the five year old bank’s pattern of record quarterly earnings increases in the third quarter of 2004. The bank posted a 58% net earnings increase with third quarter net profits coming in at $317,773 compared with $201,367 for the same period in 2003. Earnings for the first nine months of 2004 scored a 62% rise at $855,331 against $530,068 for the same period in 2003.
Total deposits showed solid growth, increasing 19% to $136,428,879 at the end of September, 2004, compared with $114,899,890 at the same time in 2003. Fueled by system-wide growth, HVCBank’s total assets topped the $150,000,000 milestone, ending the third quarter at $153,879,699, a 20% increase over the $128,271,187 achieved at the conclusion of the same 2003 quarter.
Stockholder’s equity for the third quarter 2004 rose 12% to $14,389,792 from $12,850,474 in the comparable 2003 time frame, mainly on the strength of the bank’s increasing earnings.
The major drivers of HVCBank’s increased profitability over the past year included a 22% jump in total loans to $108,984,855 from $89,108,231 a year ago. This growth was the prime factor in generating a 31% increase in net interest income, to $3,722,863 from $2,833,748 at September 30, 2003. These positive trends, along with control of operating expenses, resulted in this strong financial performance of the Bank for the current quarter and year-to-date.
On a basic per share basis, net income for the third quarter increased 25% going from $.16 per share to $.20 per share. For the full nine months of 2004, per share net income increased 26% over the same nine months in 2003, rising to $.53 from $.42.
Chairman of the Board Patrick L. Ryan noted, “We are delighted that a full team effort from everyone at the bank has helped us maintain our solid asset, loan, and deposit growth rates, well above necessary increases in our expenses. Everyone is excited that we passed the $150,000,000 milestone and we thank all of our customer and depositors for their support and confidence.”
President and CEO James Hyman commented, “It’s been an extraordinary quarter with the opening of the new County Line Office, the Cranbury Loan Office, and the announced expansion into our new Hopewell Crossing Office. These activities, coupled with new products such as our 2.25% regular savings account, have again increased the public’s awareness of the Bank, and it is translating into a highly successful growth trend.”
| Nine Month Unaudited Results | September 30, 2004 | September 30, 2003 | % Change |
| Total Interest Income | $5,365,025 | $4,337,551 | 24% |
| Total Noninterest Income | $701,778 | $669,214 | 5% |
| Total Income | $6,063,803 | $5,006,765 | 21% |
| Interest Expense | ($1,639,162) | ($1,503,803) | 9% |
| Net Interest Income | $3,722,863 | $2,833,748 | 31% |
| Total Operating Expense | ($3,217,750) | ($2,770,354) | 16% |
| Net Income Before Taxes | $1,206,891 | $732,608 | 65% |
| Taxes | $351,560 | $202,540 | 74% |
| Net Income | $855,331 | $530,068 | 61% |
| Earnings Per Share | $.53 | $.42 | 26% |
| Total Equity | $14,389,792 | $12,850,474 | 12% |
Hopewell Valley Community Bank is a locally owned and
managed full service, FDIC insured commercial bank. Founded in 1998, HVCB
provides a friendly, personalized banking experience for residents and small
business owners through its three branches in Mercer County 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
www.hvcbonline.com
jhyman@hvcbonline.com