HOPEWELL TOWNSHIP, N.J.--(BUSINESS WIRE)--
Hopewell Valley Community Bank (PinkSheets: HWDY) reported today that
earnings for the first nine months of 2009 increased over the
corresponding period in 2008.
The Bank's net income for the January to September period of 2009 was
$451,544, a 15% increase over the $393,097 mark for the same period of
2008. Earnings for the third quarter of 2009 were flat compared to 2008,
totaling $163,008 against $165,277 in the prior year.
Total deposits grew 15% ending the third quarter at $249,602,990,
eclipsing the $217,753,730 mark at the end of September, 2008. HVCBank's
total asset growth kept pace with deposits, growing 14% for the third
quarter of this year and rising to $298,841,831 versus $262,719,393 as
of September 30, 2008. Total loans rose to $202,363,004, an increase of
8% over $187,317,316 in the year earlier period.
Demonstrating the positive effect of year-over-year earnings, investment
gains, and the shareholder rights offering completed in September 2009,
total stockholder equity at the end of the third quarter of 2009 rose
16% to $24,547,204 from $21,167,239 in the corresponding time frame of
2008.
On a per share basis, net income for the nine months ended September 30,
2009, was $0.17, up $0.02 or 13% from the $0.15 recorded for the first
nine months of 2008. For the three months ended September 30, 2009,
earnings per share were $0.06, even with the figure posted for the three
month period ended September 30, 2008.
Chairman Patrick Ryan said, "We are very pleased with the Bank's
performance over the past nine months. Growing earnings and capital in
this unprecedented environment is a remarkable achievement. Our officers
and employees have gone "above and beyond" in responding to the
recessionary challenges we face every day. At the same time, we will
continue to look for prudent opportunities and provide our brand of
personal service to all of our customers."
President/CEO James Hyman added, "The first nine months of 2009 have
certainly seen successes and challenges for the Bank and our industry.
The opening of our new Princeton Office in September was a real
highlight as it broadens our geographical footprint and creates
opportunities for us in a new and highly desirable market. In the
meantime, increased insurance assessments from the FDIC on successful
organizations like HVCBank, to bail out depositors of failed banks, are
reducing profitability. It makes our rising financial results all the
more impressive."
|
Nine Month Unaudited Results
|
|
|
September 30, 2009
|
|
|
September 30, 2008
|
|
|
% Change
|
|
Total Interest Income
|
|
|
$10,615,118
|
|
|
$10,804,118
|
|
|
(2%)
|
|
Total Noninterest Income
|
|
|
$752,115
|
|
|
$788,426
|
|
|
(5%)
|
|
Total Income
|
|
|
$11,367,233
|
|
|
$11,592,544
|
|
|
(2%)
|
|
Interest Expense
|
|
|
($4,103,444)
|
|
|
($5,161,927)
|
|
|
(21%)
|
|
Net Interest Income
|
|
|
$6,511,674
|
|
|
$5,642,191
|
|
|
15%
|
|
Total Operating Expense
|
|
|
($6,661,145)
|
|
|
($5,941,120)
|
|
|
12%
|
|
Net Income Before Taxes
|
|
|
$602,644
|
|
|
$489,497
|
|
|
23%
|
|
Taxes
|
|
|
$151,100
|
|
|
$96,400
|
|
|
57%
|
|
Net Income
|
|
|
$451,544
|
|
|
$393,097
|
|
|
15%
|
|
Earnings Per Share (Basic)
|
|
|
$.17
|
|
|
$.15
|
|
|
13%
|
|
Total Equity
|
|
|
$24,547,204
|
|
|
$21,167,239
|
|
|
16%
|
Founded in 1998, HVCBank has grown to become the largest locally owned
and operated commercial bank headquartered in Mercer County. Celebrating
10 years of providing a friendly, personalized banking experience for
residents and small business owners, HVCBank is a full service FDIC
insured commercial bank with seven banking offices in Hopewell,
Pennington, Hamilton, Ewing, and Princeton in Mercer County, Ringoes in
Hunterdon County, as well as its loan production offices in downtown
Cranbury and Flemington, and through its fully interactive website at www.hvcbonline.com.
Hopewell Valley Community Bank
James Hyman, 609-466-2900
President
& CEO
www.hvcbonline.com
Source: Hopewell Valley Community Bank
<<Business Wire -- 10/30/2009>>
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