SUMMIT, N.J., July 20, 2012 /PRNewswire/ --Hilltop Community Bancorp, Inc. (the Corporation) (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank or Hilltop), today reported net income of $219,000 for the quarter ended June 30, 2012. This equated to $0.08 per common share, basic and diluted, compared to earnings of $0.09 per share, basic and diluted, for the second quarter of 2011, when net income was $243,000.
Net income for the first half of 2012 was $454,000, 36% higher than the first half of 2011 when net income was $333,000. On a per common share basis, the Corporation earned $0.16 for the first six months of this year, basic and diluted, compared to $.12, basic and diluted, for the first six months of the prior year.
Total assets amounted to $179.6 million at June 30, 2012, compared to total assets of $160.0 million at June 30, 2011, and total assets of $165.3 million at December 31, 2011. Gross loans were $107.4 million at June 30, 2012, slightly higher than the level at June 30, 2011 when gross loans totaled $105.7 million. Nonaccrual loans were $1.1 million (1.01% of total loans) at June 30, 2012, a considerable improvement when compared to the level of nonaccrual loans, $2.4 million (2.28% of total loans) at June 30, 2011. After net loan charge offs of $362,200 in the first half, the allowance for loan losses was 1.81% of total loans at June 30, 2012.
The Corporation's net interest margin on a tax equivalent basis was 4.10% in the second quarter of 2012. The Corporation's tangible book value (exclusive of accumulated other comprehensive income) was $6.74 per share at June 30, 2012, an increase of $.26 over the tangible book value at June 30, 2011.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "We are pleased that Hilltop continues to post solid numbers. We're seeing balance sheet growth in a low interest rate environment, reflecting higher levels of business deposits, especially attorney escrow accounts. Loan quality, always a standout metric for Hilltop when compared to other community banks, is even better at mid-year. Our calling officers are very active in the market place and we expect to see some loan growth in the coming months."
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 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, 2012 | ||||||||
Consolidated Balance Sheet | ||||||||
06/30/12 | 06/30/11 | 12/31/11 | ||||||
Assets | ||||||||
Cash and due from banks | $ 2,929,100 | $ 2,750,000 | $ 2,798,400 | |||||
Interest-bearing deposits in banks | 22,986,500 | 10,994,300 | 11,571,400 | |||||
Federal funds sold and ST investments | 995,000 | 100,000 | 995,000 | |||||
Cash and cash equivalents | 26,910,600 | 13,844,300 | 15,364,800 | |||||
Investment securities | 42,397,900 | 37,288,800 | 38,056,500 | |||||
Loans receivable | 107,407,900 | 105,740,000 | 108,991,200 | |||||
Allowance for loan losses | (1,942,200) | (2,110,400) | (2,269,400) | |||||
Loans receivable, net | 105,465,700 | 103,629,600 | 106,721,800 | |||||
Bank premises and equipment, net | 2,619,600 | 1,947,000 | 2,673,700 | |||||
Intangible assets | 372,900 | 372,900 | 372,900 | |||||
Other assets | 1,876,800 | 2,891,700 | 2,141,300 | |||||
Total assets | $179,643,500 | $159,974,300 | $165,331,000 | |||||
Liabilities and Shareholders' Equity | ||||||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ 29,880,000 | $ 25,606,300 | $ 29,929,700 | |||||
Interest-bearing demand | 7,123,200 | 9,951,400 | 8,266,000 | |||||
Money market and savings | 80,115,600 | 63,410,600 | 63,153,300 | |||||
Time deposits | 37,195,100 | 38,722,200 | 35,652,200 | |||||
Total deposits | 154,313,900 | 137,690,500 | 137,001,200 | |||||
Securities sold under agreements to repurchase | 3,590,000 | 1,389,200 | 3,085,500 | |||||
Short-term borrowings | - | - | 4,000,000 | |||||
Other liabilities | 1,196,200 | 1,642,800 | 1,115,400 | |||||
Total liabilities | 159,100,100 | 140,722,500 | 145,202,100 | |||||
Shareholders' Equity | ||||||||
Common stock | 19,051,100 | 19,051,100 | 19,051,100 | |||||
Retained earnings | 1,065,400 | 326,400 | 611,400 | |||||
Treasury stock | (505,000) | (505,000) | (505,000) | |||||
Accumulated other comprehensive income | 931,900 | 379,300 | 971,400 | |||||
Total shareholders' equity | 20,543,400 | 19,251,800 | 20,128,900 | |||||
Total liabilities and shareholders' equity | $179,643,500 | $159,974,300 | $165,331,000 | |||||
Consolidated Income Statement | ||||||||
QTD | YTD | |||||||
06/30/12 | 06/30/11 | 06/30/12 | 06/30/11 | |||||
Interest Income | ||||||||
Loans, including fees | $ 1,479,500 | $ 1,502,800 | $ 3,006,400 | $ 3,002,400 | ||||
Securities- taxable | 215,200 | 262,300 | 438,600 | 530,000 | ||||
Securities- tax-exempt | 130,600 | 114,400 | 253,500 | 216,600 | ||||
Other | 16,200 | 9,600 | 28,200 | 19,900 | ||||
Total interest income | 1,841,500 | 1,889,100 | 3,726,700 | 3,768,900 | ||||
Interest Expense | ||||||||
Deposits | 204,500 | 266,700 | 413,600 | 554,400 | ||||
Capital lease obligations and other borrowings | 14,700 | 28,900 | 30,000 | 58,200 | ||||
Total interest expense | 219,200 | 295,600 | 443,600 | 612,600 | ||||
Net interest income | 1,622,300 | 1,593,500 | 3,283,100 | 3,156,300 | ||||
Provision for Loan Losses | 20,000 | 45,000 | 35,000 | 150,000 | ||||
Net interest income after provision for | ||||||||
loan losses | 1,602,300 | 1,548,500 | 3,248,100 | 3,006,300 | ||||
Noninterest income | ||||||||
OTTI charges, net | (23,500) | (13,100) | (65,400) | (41,000) | ||||
Service charges and fees | 28,800 | 34,000 | 54,700 | 66,900 | ||||
Other | 54,100 | 89,200 | 116,100 | 150,700 | ||||
Total noninterest income | 59,400 | 110,100 | 105,400 | 176,600 | ||||
Noninterest expense | ||||||||
Salaries and employee benefits | 800,100 | 733,900 | 1,575,200 | 1,529,600 | ||||
Occupancy and equipment | 153,600 | 152,400 | 319,400 | 324,000 | ||||
Data processing related operations | 147,600 | 118,900 | 323,400 | 268,900 | ||||
Advertising | 29,200 | 22,800 | 58,300 | 49,000 | ||||
Professional fees | 43,700 | 44,700 | 91,900 | 84,800 | ||||
FDIC insurance and assessments | 20,600 | 39,800 | 43,300 | 97,300 | ||||
Other operating | 172,400 | 201,900 | 323,500 | 391,200 | ||||
Total noninterest expense | 1,367,200 | 1,314,400 | 2,735,000 | 2,744,800 | ||||
Income before income tax expense | 294,500 | 344,200 | 618,500 | 438,100 | ||||
Income Tax Expense | 75,100 | 101,300 | 164,500 | 105,300 | ||||
Net income | $ 219,400 | $ 242,900 | $ 454,000 | $ 332,800 | ||||
Net Interest Margin (tax-equivalent basis) | 4.10% | 4.31% | 4.28% | 4.34% | ||||
Per Common Share Data: | ||||||||
Net income per common share- basic | $ 0.08 | $ 0.09 | $ 0.16 | $ 0.12 | ||||
Net income per common share- diluted | $ 0.08 | $ 0.09 | $ 0.16 | $ 0.12 | ||||
Tangible book value- period end | $ 6.74 | $ 6.48 | ||||||
Return on Average Assets | 0.51% | 0.61% | 0.54% | 0.43% | ||||
Return on Average Equity | 4.24% | 5.11% | 4.41% | 3.56% | ||||
Asset Quality Data: | ||||||||
Accruing loans past due 30 to 89 days | $ - | $ - | ||||||
Accruing loans past due 90 days or more | $ - | $ - | ||||||
Nonaccrual loans | $ 1,085,200 | $ 2,407,200 | ||||||
Other real estate owned | $ - | $ - | ||||||
Net charge-offs (recoveries) | $ 362,200 | $ (1,800) | $ 362,200 | $ 50,400 | ||||
Miscellaneous: | ||||||||
Average assets | $172,977,000 | $159,780,200 | $167,533,000 | $157,710,100 | ||||
Average earning assets | $165,914,000 | $153,695,800 | $160,549,400 | $151,787,900 | ||||
Average deposits | $147,581,100 | $137,513,900 | $141,845,600 | $135,547,000 | ||||
Average shareholders' equity | $ 20,800,200 | $ 19,057,000 | $ 20,705,400 | $ 18,867,400 | ||||
Common shares outstanding- period end | 2,856,399 | 2,856,399 | ||||||
SOURCE Hilltop Community Bancorp, Inc.
