HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release
Hopewell Township, NJ
Hopewell Valley Community Bank Earnings Soar in 2002; Total Assets Exceed $100,000,000 at Year End
Hopewell Township, NJ – January 13, 2003 – Hopewell Valley Community Bank (HVCB) Chairman Patrick L. Ryan and President/CEO James Hyman announced dramatically increased earnings and strong growth for the institution during 2002. The Bank’s earnings for the year rose 186% to $516,696 ($.46 per share) from the 2001 full year total of $180,781 ($.19 per share).
HVCB’s total assets exceeded the $100,000,000 milestone for the first time at the end of 2002, closing the year at $102,849,578, a 47% increase over the December, 2001, mark of $69,770,851. Total deposits surged 50%, jumping to $91,193,275 at year end from $60,931,382 at the conclusion of 2001. Despite a challenging business environment, loans went up a solid 37%, ending 2002 at $72,984,214 from $53,268,763 at the end of last year.
The major factors driving increased profitability were strong increases in both net interest income and non-interest income which increased 40% and 49% respectively, while operating expenses rose only 30%.
| Unaudited Results | 12/31/2002 | 12/31/2001 | %Change |
| Total Interest Income | $5,088,654 | $4,295,324 | 18% |
| Total Non-Interest Income | $592,251 | $397,418 | 49% |
| Total Income | $5,680,905 | $4,692,742 | 21% |
| Interest Expense | ($1,916,250) | ($2,022,972) | -5% |
| Net Interest Income | $3,172,404 | $2,272,352 | 40% |
| Total Operating Expense | ($3,247,959) | ($2,489,189) | 30% |
| Net Income | $516,696 | $180,581 | 186% |
| Earnings Per Share | $.46 | $.19 | 142% |
The Bank’s earnings for the October-December, 2002, period increased 80% to $159,200 ($.14 per share) over the 2001 fourth quarter mark of $88,477 ($.09 per share). Total deposits rose a robust $10,539,747 for the fourth quarter of 2002 continuing the institution’s growth and customer acquisition momentum.
Chairman of the Board Patrick Ryan observed that: “Exceeding the $100,000,000 mark in less than four year of operation is a tribute to the dedication of all of our directors, officers, and employees as well as the loyal support of our shareholders, depositors and customers. We are justifiably proud that our distinctive brand of personal banking has clearly driven growth and profitability despite the fact that three very large banking institutions have come into the Hopewell community since we opened in February 1999.”
President and CEO James Hyman said: “2002 was an extraordinarily productive year at HVCB. We generated very significant growth in the critical categories of deposits, total assets, and profits. Customized loan arrangements for small businesses and professionals coupled with our innovative and low-cost deposit services has drawn in new business and increased satisfaction levels of our existing customers.”
During 2002, HVCB successfully introduced Liberty Banking featuring 24/7 access to account information and electronic bill paying through the internet, for businesses and individuals. In recent weeks, the bank has provided more than $6,000,000 of new home equity credit lines to local homeowners through its ongoing promotion featuring a 2.95% fixed interest rate for 12 months. Following this period, the credit line carries a low variable rate when opened in conjunction with our “Liberty Checking” account.
Hopewell Valley Community Bank is a full service commercial bank with three offices in Mercer County, a member of the FDIC and an equal housing lender. Founded in 1998, HVCB is locally owned and managed to provide professional, highly personalized banking services to individuals, families and small businesses.
For further information, please contact:
James Hyman, President & CEO
Hopewell Valley Community Bank
609 466-2900
jhyman@hvcbonline.com