Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
HVCBank
Reports Improved 1st Quarter 2008 Performance
Deposits
Increase Sharply
Hopewell
Township, NJ – April 24, 2008 – Patrick L. Ryan, Chairman, and James
Hyman, President and CEO of Hopewell Valley Community Bank (PinkSheets: HWDY)
jointly announced that the Bank started 2008 with solid deposit and asset
growth accompanied by steadying earnings.
Total
assets for HVCBank for the first quarter of 2008 rose to $259,209,051, a 10.1%
increase over the corresponding 2007 quarterly figure of $235,504,153.
Total deposits increased 6.6%, rising to $216,626,283 at the
quarter’s end, moving up from $203,270,771 at the end of the first quarter
of 2007. On a linked quarter
basis, deposits also rose sharply, increasing $14,830,943, a 7.4% rise over
the December 31, 2007.
The
Bank’s net income for the quarter was $108,640 or $.05 per share as compared
to the 2007 equivalent period total of $111,269 or $.05 per share.
On a linked quarter basis, first quarter earnings of 2008 represented a
109% increase of $56,533 over the fourth quarter total of $52,107.
Chairman
Ryan observed that: “We are very encouraged by the deposit and asset growth
we enjoyed in the first quarter. Our
new branches are performing well and are helping to stabilize our earnings
performance. While the overall
banking environment is still a challenge, we believe that 2008 offers some
excellent opportunities for our organization.”
“The
departure of Yardville National Bank from our primary market has certainly led
to much of HVCBank’s success during the first quarter”, commented CEO
Hyman. “Coupled with the roll
out of our Business Owner Banking marketing program and product lines,
great strides are being made in attracting new business customers.
Our new Fast Funds remote deposit service is making banking
easier than ever and has been a great hit with these business clients.”
|
Twelve Month Unaudited Results |
March
31,
2008 |
March
31, 2007 |
%
Change |
|
Total Interest Income |
$3,663,209 |
$3,633,619 |
0.8% |
|
Total Noninterest Income |
$233,090 |
$252.364 |
(7.7%) |
|
Total Income |
$3,896,299 |
$3,886,253 |
0.3% |
|
Interest Expense |
($1,885,584) |
($1,947,695) |
3.2% |
|
Net Interest Income |
$1,777,625 |
$1,685,924 |
5.4% |
|
Total Operating Expense |
($1,890,675) |
($1,811,789) |
4.4% |
|
Net Income Before Taxes |
$120,040 |
$126,269 |
(5.3%) |
|
Taxes |
$11,400 |
$15,500 |
(26.5%) |
|
Net Income |
$108,640 |
$111,269 |
(2.4%) |
|
Earnings Per Share |
$.05 |
$.05 |
(0.0%) |
|
Total Assets |
$259,209,051 |
$235,504,153 |
(10.1%) |
|
Total Equity |
$21,212,024 |
$20,815,257 |
1.9% |
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 six branch banking offices in Hopewell, Pennington, Hamilton, Ewing, and Ringoes, and 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
www.hvcbonline.com