Declares Preferred Dividend
Company Website:
http://www.hvcbonline.com
HOPEWELL TOWNSHIP, N.J. -- (Business Wire)
Hopewell Valley Community Bank (PinkSheets:HWDY) reported today that the
Bank attained record third quarter net income of $636,048, a rise of
17.9% over the $539,558 mark for the same period in 2013. On a per share
basis, the increase was 13.3% with the 2014 quarter ending at $.17 per
share compared to $.15 in 2013. Nine month net income of $1,921,798 was
also a record for the period with each share earning $.51.
The HVCBank Board also declared a $.375 semi-annual dividend on the
Bank’s preferred stock. The dividend is payable on December 15, 2014, to
preferred shareholders of record November 15, 2014.
Total deposits grew 8.4%, ending the third quarter at $433,489,262,
eclipsing the $399,857,458 mark at the end of September, 2013. HVCBank's
total assets grew 7.9% to $484,376,298 with total loans enjoying an
11.2% rise to $337,637,029, well above the $303,558,525 for the third
quarter of 2013.
Due mainly to solid earnings growth, total equity at the conclusion of
the third quarter increased 6.9% to $44,725,101 from $41,837,699 in 2013.
Chairman Patrick Ryan said, "This quarter’s results have further
underscored the wisdom of our balance sheet restructuring in 2013 as we
have been able to post strong earnings on a continual basis. Good
expense controls, along with rising net interest income have permitted
us to add solid value to our franchise despite the deleterious effects
of the seemingly endless low interest rate environment.”
HVCBank President & CEO James Hyman added, “Officers and staff work
every day to fulfill that part of our Mission Statement that states we,
- will be the premier financial institution of choice for small business
and consumer financial services - in the communities we serve. The
success of those efforts provides the basis for the ongoing successful
performance of the bank and has enabled us to reward shareholders for
their confidence as recently done with the issuance of the 5% common
stock dividend paid in the third quarter. We will continue to work to
fulfill the expectations of all those associated with the Bank as we
look toward year-end 2014 and beyond.”
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| Nine Month Unaudited Results | | September 30, 2014 | | September 30, 2013 | | % Change |
|
Total Interest Income
| |
$12,888,738
| |
$12,011,330
| |
7.3%
|
|
Total Noninterest Income
| |
$1,359,086
| |
$1,392,511
| |
(2.4%)
|
|
Total Income
| |
$14,247,824
| |
$13,403,841
| |
6.3%
|
|
Interest Expense
| |
($1,447,099)
| |
($1,669,555)
| |
(13.3%)
|
|
Net Interest Income
| |
$11,441,639
| |
$10,341,775
| |
10.6%
|
|
Total Operating Expense
| |
($10,027,427)
| |
($12,884,539)
| |
(22.2%)
|
|
Net Income Before Taxes
| |
$2,773,298
| |
($1,150,253)
| |
341.1%
|
|
Taxes
| |
$851,500
| |
($686,200)
| |
224.1%
|
|
Net Income
| |
$1,921,798
| |
($464,053)
| |
514.1%
|
|
Preferred Stock Dividends
| |
$114,659
| |
$114,659
| |
0.0%
|
|
Net Income Available to Common Shareholders
| |
$1,807,139
| |
($578,712)
| |
412.3%
|
|
Earnings Per Share (Basic)
| |
.51
| |
(0.17)
| |
400%
|
|
Total Equity
| |
$44,725,101
| |
$41,837,699
| |
6.9%
|
| | | | | |
|
Hopewell Valley Community Bank is a locally owned and managed, full
service, FDIC insured commercial bank. Founded in 1998, HVCBank is
celebrating 15 years of providing a friendly, personalized banking
experience for residents and small business owners with ten banking
offices conveniently located in Hopewell, Pennington, Hamilton, Ewing
and Princeton in Mercer County, Ringoes, Flemington, and Pittstown in
Hunterdon County, Skillman in Somerset County, a loan production office
in Toms River, and through its fully interactive website at
hvcbonline.com, Facebook, and Twitter. Live local…Buy local…Bank
Local with HVCBank
FORWARD LOOKING STATEMENTS
Certain statements contained herein are “forward looking statements” and
may be identified by reference to a future period or periods, or by the
use of forward looking terminology, such as “may,” “will,” “believe,”
“expect,” “estimate,” “anticipate,” “continue,” or similar terms or
variations on those terms, or the negative of those terms. Forward
looking statements are subject to numerous risks and uncertainties,
including, but not limited to, those related to the real estate and
economic environment, particularly in the market areas in which the Bank
operates, competitive products and pricing, fiscal and monetary policies
of the U.S. Government, changes in government regulations affecting
financial institutions, including regulatory fees and capital
requirements, changes in prevailing interest rates, acquisitions and the
integration of acquired businesses, credit risk management,
asset-liability management, the financial and securities markets and the
availability of and costs associated with sources of liquidity. The Bank
wishes to caution readers not to place undue reliance on any such
forward looking statements, which speak only as of the date made. The
Bank wishes to advise readers that the factors listed above could affect
the Bank’s financial performance and could cause the Bank’s actual
results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Bank does not undertake and specifically declines any
obligation to publicly release the results of any revisions, which may
be made to any forward looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
Contacts:
Hopewell Valley Community Bank
James Hyman, 609-466-2900
President
& CEO
hvcbonline.com
Source: Hopewell Valley Community Bank
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