Press Releases
HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE
For Immediate Release
Hopewell Township, NJ
HVCBANK’S EARNINGS SURGE TO NEW RECORD
Hopewell Township, NJ – July 22, 2004 – Hopewell Valley Community Bank (HVCBank) announced that the five year old bank’s pattern of record quarterly earning increases continued in the second quarter of 2004. The bank scored a 75% gain for the second quarter 2004 with record net earnings of $271,869 as compared to $155,120 in the comparable 2003 period. Net earnings for the first six months of 2004 totaled $537,558, up 64% from $328,701 earned in the first six months of 2003.
Total deposits ended the 2004 second quarter at $132,613,453 showing a strong 31% increase from the $100,864,887 mark at the end of June, 2003. HVCBank’s total assets for the recently completed 2004 quarter jumped to $149,258,174 which is a 35% increase over the $110,827,874 mark recorded at June 30, 2003. Total loans rose 29% to $107,534,350 over the $83,106,031 mark achieved in June, 2003.
Total stockholder equity for the second quarter 2004 leaped 44% to $13,746,281 from $9,556,355 in the comparable 2003 time frame, reflecting increased retained earnings as well as proceeds from the sold out 2003 rights offering and conversion of 2001 warrants.
The major factors driving HVCBank’s increased profitability over the past six months were a strong 31% increase in net interest income, with total operating expenses going up only 18%.
On a per share basis, net income for the second quarter increased 42%, going from $.12 per share to $.17 per share. For the full six months of 2004, per share net income increased 27% over the same six months in 2003, rising to $.33 from $.26.
Chairman of the Board, Patrick L. Ryan, noted that: “We have been fortunate to continue the momentum built up over the past five years into the first half of 2004. Our personal brand of banking, along with superior service for small businesses, continues to drive our success, particularly in our Quakerbridge Office in Hamilton which has enjoyed very strong growth over the past six months.”
President and CEO, James Hyman, commented that: “Final touches on the new County Line Office are underway, with the opening of the office at the intersection of Routes 31 and 518 scheduled for later this summer. The new branch provides heightened visibility and great convenience to an expanded market. It also serves as a gateway to both Hopewell Township and Mercer County from Hunterdon County. As such, we’ve made every effort to improve it in a way that our community can take pride.”
| Six Month Unaudited Results | June 30, 2004 | June 30, 2003 | % Change |
| Total Interest Income | $3,436,940 | $2,826,590 | 22% |
| Total Noninterest Income | $486,849 | $425,133 | 15% |
| Total Income | $3,923,789 | $3,251,723 | 21% |
| Interest Expense | ($1,060,798) | ($1,006,957) | 5% |
| Net Interest Income | $2,376,142 | $1,819,633 | 31% |
| Total Operating Expense | ($2,115,993) | ($1,792,965) | 18% |
| Net Income Before Taxes | $746,998 | $452,801 | 65% |
| Taxes | $209,440 | $123,100 | 70% |
| Net Income | $537,558 | $328,701 | 64% |
| Earnings Per Share | $.33 | $.26 | 27% |
| Total Equity | $13,746,281 | $9,556,355 | 44% |
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