SUMMIT, N.J., Jan. 21, 2011 /PRNewswire/ -- Hilltop Community Bancorp, Inc. (the Corporation) (BULLETIN BOARD: HTBC) , the holding company for Hilltop Community Bank (the Bank) today reported net income of $598,000 for the year ended December 31, 2010, 4.5% higher than net income of $572,000 for the previous year. Net income available to common shareholders was $0.13 per share, basic and diluted, in 2010, compared to $0.12 per share, basic and diluted, in 2009, after accounting for preferred stock dividends and related accretion. The dividends and accretion were connected to the Capital Purchase Program preferred stock that was part of the Corporation's capital structure in 2009 and the first few months of 2010. Net income for the fourth quarter of 2010 was $122,000 ($0.04 per share, basic and diluted), compared to the fourth quarter of 2009 when net income was $292,000 ($0.08 per share, basic and diluted).
Total assets were $157.1 million at December 31, 2010, down approximately $8.8 million from the prior year-end 's total asset figure, reflecting a similar decline in gross loans. The allowance for loan losses increased by $163,000 in 2010 and the ratio of loan loss reserves to total loans was 1.89% at December 31, 2010, considerably higher than the average for other community banks in our peer group. Tangible book value per common share was $6.37 at the end of 2010.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "We're pleased that our full year earnings were up slightly in 2010, despite the continuing challenges of the economy. In particular, the deleveraging that normally accompanies a slowdown has certainly evidenced itself in our marketplace. Loan demand is down, but we have money to lend and our lenders are diligently working with referral sources to generate new commercial loan opportunities. Lower borrowing rates are beginning to affect our interest rate spreads but our balance sheet is well positioned to respond favorably when rates eventually move up. In this environment, our lenders and branch managers have accepted the challenge of developing new business and we are already seeing positive results from their efforts. Hilltop continues to boast a strong capital position and our legal lending limit now exceeds $3 million, another indicator of our growth over the past eleven years."
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, 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 Corporation assumes no obligation for updating any such forward-looking statements at any time.
HILLTOP COMMUNITY BANCORP, INC. Financial Information December 31, 2010 12/31/10 12/31/09 -------- -------- Balance Sheet Data: (in thousands) Total assets $157,107 $165,955 ST investments & fed funds sold 13,724 12,676 Investment securities 31,659 34,175 Gross loans 106,331 113,669 Allowance for loan losses 2,011 1,848 ----- ----- Net loans 104,320 111,821 Intangible assets 373 373 Deposits 135,612 141,089 Short-term borrowings 1,382 1,305 Shareholders' equity 18,564 21,880 QTD --- 12/31/10 12/31/09 -------- -------- Income Statement Data: (in thousands) Interest income $1,918 $2,143 Interest expense 354 368 --- --- Net interest income 1,564 1,775 Provision for loan losses 105 105 Noninterest income 97 76 Gain on securities transactions - - OTTI charge 53 47 Noninterest expense 1,355 1,210 Tax expense 26 197 Net income 122 292 Preferred stock dividends and net accretion - 65 Net income available to common shareholders 122 227 Net Interest Margin (tax equivalent basis) 4.03% 4.38% Per Common Share Data: Net income per share- basic $0.04 $0.08 Net income per share- diluted 0.04 0.08 Tangible book value- period end Return on Average Assets 0.29% 0.69% Average assets 165,494,368 167,871,571 Average earning assets 158,656,641 162,836,039 Average shareholders' equity 18,933,811 21,791,651 Common shares outstanding YTD --- 12/31/10 12/31/09 -------- -------- Income Statement Data: (in thousands) Interest income $7,902 $8,646 Interest expense 1,478 2,465 ----- ----- Net interest income 6,424 6,181 Provision for loan losses 480 310 Noninterest income 356 370 Gain on securities transactions - 109 OTTI charge 156 266 Noninterest expense 5,316 5,212 Tax expense 230 300 Net income 598 572 Preferred stock dividends and net accretion 229 238 Net income available to common shareholders 369 334 Net Interest Margin (tax equivalent basis) 4.00% 3.51% Per Common Share Data: Net income per share- basic $0.13 $0.12 Net income per share- diluted 0.13 0.12 Tangible book value- period end 6.37 6.12 Return on Average Assets 0.35% 0.31% Average assets 170,510,920 183,399,843 Average earning assets 164,158,308 178,743,101 Average shareholders' equity 19,684,355 20,773,161 Common shares outstanding 2,856,399 2,852,899
Hilltop Community Bancorp, Inc.
CONTACT: Mortimer J. O'Shea, Hilltop Community Bancorp, Inc.,
+1-908-918-2400
Web Site: http://www.hilltopcommunitybank.com/
