Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release
Hopewell Township, NJ
HVCBANK ENJOYS RECORD FIRST QUARTER
BANK’S TOTAL ASSETS SURGE PAST $144 MILLION
Hopewell Township, NJ – April 22, 2004 – Hopewell Valley Community Bank (HVCBank) announced continued earnings growth for the institution with first quarter 2004 net income increasing 53% over the comparable 2003 period, moving from $173,581 to $265,689. Net income before taxes leaped 57% to $364,209 for first quarter 2004, up from $231,581 in 2003.
HVCBank’s total assets continued their climb, finishing the 2004 first quarter at $144,141,834, an increase of 38% over the March, 2003, mark of $104,454,667. Total deposits rose 34%, ending the most recent quarter at $127,150,312 as compared to $94,654,763 at the same time in 2003. Total loans came in at $99,335,243 for 2004, a solid increase of 37% over the first quarter 2003 mark of $72,331,740.
The major factors driving increased profitability were a strong 29% increase in net interest income and a 23% increase in non-interest income.
| Unaudited Results | March 31, 2004 | March 31, 2003 | % Change |
| Total Interest Income | $1,649,159 | $1,392,482 | 18% |
| Total Noninterest Income | $277,224 | $224,879 | 23% |
| Total Income | $1,926,383 | $1,617,361 | 19% |
| Interest Expense | ($504,897) | ($506,001) | 0% |
| Net Interest Income | $1,144,262 | $886,481 | 29% |
| Total Operating Expense | ($1,057,277) | ($879,779) | 20% |
| Net Income Before Taxes | $364,209 | $231,581 | 57% |
| Taxes | $98,250 | $58,000 | 70% |
| Net Income | $265,689 | $173,581 | 53% |
| Earnings Per Share | $.16 | $.14 | 14% |
| Total Equity | $13,925,329 | $9,419,630 | 48% |
Total equity increased a hefty 48% as the bank added earnings over the past 12 months, as well as proceeds from the sale of 342,903 new shares from the 2003 rights offering and the execution of warrants from the 2001 offering. Taking into account the effect of the increase in the number of shares from stock sales and the December, 2003, 5% stock dividend, the Bank’s per share earnings for the first quarter 2004 period increased 14% to $.16 per share over the 2003 first quarter mark of $.14 per share.
Chairman of the Board, Patrick Ryan, commented: “All of us at HVCBank are happy to start 2004 with such a strong first quarter in terms of both institutional and earnings growth. We celebrated our fifth year in business on February 16th and we look forward to taking advantage of the momentum built up over past years by the work of everyone in the HVCBank family.”
President and CEO, James Hyman, said: “Construction of our new County Line Office at the intersection of Routes 518 and 31 is well underway. The office is expected to open this summer and, as such, is expected to make a meaningful contribution to growth later in the year. This highly visible location, coupled with success of recent new products such as our 2% savings account, give every indication that 2004 will be another banner year for the bank.”
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