Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release
Hopewell Township, NJ
HOPEWELL VALLEY COMMUNITY BANK ANNOUNCES RECORD EARNINGS
AND CONTINUED GROWTH FOR 2003
Hopewell Township, NJ – January 22, 2004 – Hopewell Valley Community Bank (“HVCBank”)
Chairman Patrick L. Ryan and President/CEO James Hyman announced that the
institution achieved record earnings and strong growth during 2003. Net income
before taxes jumped 101.4% to $1,040,835 from the 2002 total of $516,696. The
Bank’s net income for the year rose 43% to $739,475 from the untaxed 2002 net
income of $516,696. 2003 earnings per share of $.54 compared to $.41 in 2002
on a fully diluted basis for HVCBank’s recent 5% stock dividend. The major
factors driving increased profitability during 2003 were strong increases in
both net interest income and non-interest income, which rose 24.4% and 51.3%
respectively, while operating expenses rose a smaller 17%.
Fourth quarter 2003 net income before taxes was up 93.6% at $308,227 compared
to $159,200 during the same 2002 period when no income taxes were paid. Net
income for the fourth quarter of 2003 period increased 31.5% to $209,407, over
the same 2002 period total of $159,200. Fully diluted earnings per share were
comparable at $.13 during the 2003 and 2002 periods.
HVCBank’s year-end 2003 total assets rose to $133,419,404, a 29.7% increase
over the December, 2002, year-end figure of $102,849,578. Total deposits
surged 31% to $119,517,358 at year-end 2003 from $91,193,275 at the conclusion
of 2002. Loan growth kept pace, rising 25.7%, ending 2003 at $91,708,700 from
$72,984,214.
Shareholder equity increased year over year 45.1%, ending 2003 at $13,473,983,
well over the 2002 year end total of $9,287,696. This increase is attributable
to net earnings, warrants converted from the 2001 stock offering, and the sold
out 2003 stock offering.
Chairman Ryan observed that: “2003 was an outstanding year for HVCBank on all
fronts. We achieved strong growth in profitability, increased market share in
deposits, realized strong overall growth in assets, and added over $4,000,000
to our capital base. These accomplishments are due to the excellence of our
staff, our acceptance by the community, and the loyalty of our customers.”
President and CEO James Hyman said: “HVCBank’s level of increasing
profitability and strong capital base allowed us to pay another 5% stock
dividend this month and positions us to continue our growth in 2004. Gains in
small business and home equity lending, coupled with increases in residential
mortgage loans, drove our progress across all performance categories. We have
momentum going into 2004 and anticipate opening our previously announced
“County Line Office” on Routes 31 & 518, in June, 2004.”
| Unaudited Results | December 31, 2003 | December 31, 2002 | % Change |
| Total Interest Income | $5,962,079 | $5,088,654 | 17.2% |
| Total Noninterest Income | $896,072 | $592,251 | 51.3% |
| Total Income | $6,858,151 | $5,680,905 | 20.7% |
| Interest Expense | ($2,016,651) | ($1,916,250) | 5.24% |
| Net Interest Income | $3,945,428 | $3,172,404 | 24.4% |
| Total Operating Expense | ($3,800,665) | ($3,247,959) | 17% |
| Net Income Before Taxes | $1,040,835 | $516,696 | 101.4% |
| Taxes | $301,360 | -0- | -- |
| Net Income | $739,475 | $516,696 | 43.1% |
| Earnings Per Share | $.54 | $.41 | 31.7% |
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