Hopewell Valley Community Bank

Hopewell Township, NJ – October 17, 2003 – Hopewell Valley Community Bank (“HVCBank”) Chairman Patrick L. Ryan and President/CEO James Hyman jointly announced sharply increased earnings and asset growth for the bank along with the completion of a successful capital offering.

HVCBank’s total assets for the recently completed 2003 quarter continued their pattern of increases, reaching $128,271,187 at September 30, a 42% increase over the $90,099,160 reported one year earlier. Total loans rose 38% to $89,108,231, well over the 2002 mark of $64,376,776. Total deposit growth kept pace with a 42% rise, ending the third quarter at $114,899,890 in comparison with the 2002 mark of $80,653,528.

Third quarter 2003 net income before taxes leaped 99% to $280,807 from $141,220 for the same period in 2002. Following an income tax charge of $79,440, third quarter 2003 net income was still up 43% to $201,367 compared to 2002’s $141,220 when no income tax charge was required. Net income before tax for the first nine months of 2003 totaled $732,608, an increase of 105% over the first nine months of 2002’s total of $357,496. Net income after tax of $530,068 for the nine month 2003 period was 48% higher than 2002’s mark of $357,496, despite a 2003 tax charge of $202,540.

On a per share basis, net income for the 2003 third quarter was $.17 per share compared to $.12 per share in 2002, a 42% increase. For the full nine months of 2003 per share net income increased 50% to $.44 per share compared to $.30 a year earlier.

President and CEO James Hyman observed that: “Strong balance sheet growth, successful maintenance of our net interest margin, sharply increased non-interest income and good expense control has driven our profitability for the first nine months of 2003. This success leads to our ever improving ability to service new and existing customers with the best value in banking services.”

Total Capital at September 30, 2003 was $12,850,000, an increase of $3,529,000 over the September 30, 2002, total of $9,321,000. The increase was due in great part to the sell-out of the bank’s recent capital offering which raised more than $3,300,000. Chairman Ryan expressed pride and pleasure with the results by pointing out that the great majority of the capital was raised from existing shareholders. “The Board joins me in saying how proud we are in the overwhelming display of confidence shown by our shareholders’ support of this Offering as well as their purchase of shares through previously issued warrants. Even today we continue to receive new funds with the total now exceeding $3,600,000.”

Unaudited Results	September 30, 2003	September 30, 2002	% Change
Total Interest Income	$4,337,551	$3,731,255	16%
Total Noninterest Income	$669,214	$399,924	67%
Total Income	$5,006,765	$4,131,179	21%
Interest Expense	($1,503,803)	($1,408,772)	7%
Net Interest Income	$2,833,748	$2,322,483	22%
Total Operating Expense	($2,770,354)	($2,364,911)	17%
Net Income Before Taxes	$732,608	$357,496	105%
Taxes	$202,540	-0-
Net Income	$530,068	$357,496	48%
Earnings Per Share	$.44	$.30	50%

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
www.hvcbonline.com
jhyman@hvcbonline.com