SUMMIT, N.J., July 17 /PRNewswire-FirstCall/ -- Hilltop Community Bancorp, Inc. (the Corporation) (BULLETIN BOARD: HTBC) , the holding company for Hilltop Community Bank (the Bank) today reported an earnings improvement of 52.1% for the second quarter ended June 30, 2008 as compared to the prior year's second quarter. The Corporation's net income for the second quarter of 2008 was $213,000, compared to $140,000 reported in the quarter ended June 30, 2007. Per share earnings were $0.09, basic and diluted, compared to $0.06, basic and diluted, in the second quarter of 2007. Per share amounts have been adjusted to retroactively reflect the 5% stock dividend issued in December 2007. Tangible book value was $7.01 per share, up from $6.83 at June 30, 2007.
Second quarter earnings in 2008 were also 17.7% higher than earnings in the first quarter of 2008.
Total assets reached a record high of $179.5 million at June 30, 2008, approximately $19 million above the level of assets at the end of the second quarter in 2007. Gross loans were $115.5 million at June 30, 2008, a 10.5% increase over the level of loans at June 30, 2007.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "We are very pleased to report another quarter of improved earnings. The second quarter results reflect the highest level of net income before taxes, as well as net interest income, for any quarter since the inception of the Bank in February 2000. Our performance is noteworthy in that many financial institutions, both large and small, are struggling in the current environment. Hilltop continues to demonstrate a solid loan portfolio which reflects the experience of our lending team. We are actively seeking new borrowers and depositors and our existing customers continue to benefit from the world class service that is our Bank's hallmark."
Hilltop Community Bancorp, Inc. is the parent holding company for Hilltop Community Bank. Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The Bank operates as a locally headquartered, community bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating any such forward-looking statements at any time.
HILLTOP COMMUNITY BANCORP, INC. Financial Information June 30, 2008 06/30/08 06/30/07 12/31/07 Balance Sheet Data: (in thousands) Total assets $179,537 $160,321 $159,215 Investment securities 32,875 32,634 32,726 ST investments & fed funds sold 22,805 12,922 9,973 Gross loans 115,503 104,511 111,051 Allowance for loan losses 1,544 1,454 1,484 Net loans 113,959 103,057 109,567 Intangible assets 373 373 373 Deposits 157,987 139,262 138,542 Short-term borrowings 2,311 1,730 1,302 Shareholders' equity 17,609 17,652 17,625 QTD YTD 06/30/08 06/30/07 06/30/08 06/30/07 Income Statement Data: (in thousands) Interest income $2,368 $2,290 $4,722 $4,609 Interest expense 898 971 1,907 2,001 Net interest income 1,470 1,319 2,815 2,608 Provision for loan losses 30 60 60 120 Noninterest income 64 62 146 120 Gain on securities transactions - - 31 - Noninterest expense 1,174 1,086 2,320 2,167 Tax expense 117 95 218 178 Net income 213 140 394 263 Net Interest Margin (tax-equivalent basis) 3.54% 3.55% 3.50% 3.47% Per Common Share Data: Net income per share- basic $0.09 $0.06 $0.16 $0.10 Net income per share- diluted 0.09 0.06 0.16 0.10 Tangible book value- period end 7.01 6.83 Average earning assets 169,613,004 148,944,012 164,112,820 151,627,756 Average shareholders' equity 17,706,711 17,640,978 17,760,278 17,561,636 Common shares outstanding- period end 2,458,339 2,530,793
