Hilltop Community Bancorp, Inc. Reports Higher Fourth Quarter and Record Full Year Earnings
SUMMIT, N.J., Jan. 20, 2012 /PRNewswire/ -- Hilltop Community Bancorp, Inc. (Hilltop) (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank) today reported record net income of $904,000 for the year ended December 31, 2011, 51.2% higher than net income of $598,000 for the previous year. Net income available to common shareholders was $0.32 per share, basic and diluted, in 2011, compared to $0.13 per share, basic and diluted, in 2010. The 2010 per share calculations are after accounting for preferred stock dividends and related accretion that were connected to the Capital Purchase Program preferred stock that was part of Hilltop's capital structure in 2009 and the first part of 2010. That preferred stock was redeemed in April 2010 without the need to issue new common stock. Net income for the fourth quarter of 2011 was $302,000 ($0.11 per share, basic and diluted), 147.5% higher than net income of $122,000 ($0.04 per share, basic and diluted) for the fourth quarter of 2010. Total assets were $165.3 million at December 31, 2011, approximately $8.2 million higher than the prior year end's total assets. Gross loans increased modestly in 2011, totaling $109.0 million at year end. The allowance for loan losses increased by $258,000 in 2011, finishing the year at $2,269,000 or 2.08% of total loans. Shareholders' equity increased to $20.1 million at December 31, 2011, equating to tangible book value of $6.92 per common share. In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "This past year was the best in Hilltop's twelve year history and we are pleased with the Bank's performance. We showed increased loan volume at the end of the year, reversing the trend of the past few years. We intensively managed the deposit side of the balance sheet which was reflected in a significantly improved net interest margin of 4.47% for the full year. Operating results were also helped by a reduction in the provision for loan losses, lower FDIC deposit insurance premiums and lower noninterest expense. We are especially pleased that Hilltop paid its first special cash dividend of ten cents per share in December, reflecting the Bank's improved earnings and strong capital position. Our calling officers are working diligently to bring quality new business into the Bank with a concerted calling effort in our service area. We are optimistic as we look ahead to 2012." 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. Hilltop assumes no obligation for updating any such forward-looking statements at any time. HILLTOP COMMUNITY BANCORP, INC. Financial Information December 31, 2011 12/31/11 12/31/10 Balance Sheet Data: (in thousands) Total assets $165,331 $157,107 Interest-bearing deposits in banks 11,571 10,624 ST investments & fed funds sold 995 3,100 Investment securities 38,057 31,659 Gross loans 108,991 106,331 Allowance for loan losses 2,269 2,011 Net loans 106,722 104,320 Intangible assets 373 373 Deposits- noninterest-bearing 29,930 23,706 - interest-bearing 107,071 111,906 Short-term borrowings 7,085 1,382 Shareholders' equity 20,129 18,564 QTD
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