SUMMIT, N.J., Nov. 15, 2012 /PRNewswire/ -- Hilltop Community Bancorp, Inc. (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank) announced that its Board of Directors has authorized the payment of a special cash dividend of $0.11 per common share. Shareholders of record on December 3, 2012 will receive the cash dividend on December 18, 2012.
In a joint statement, Chairman Richard D. Wellbrock and CEO Mortimer J. O'Shea commented: "This is the second special cash dividend that we have announced to the shareholders of the Bancorp. Last year, the special dividend was $0.10 per common share and this year we are increasing the payout by 10% to $0.11 per common share. The Board of Directors would again like to thank our shareholders for their continued and anticipated future support and to underscore some of the positive financial factors attendant to the Bancorp's performance. Net income for the first nine months of 2012 was $731,000 ($0.26 per common share, basic and diluted), an increase of 21.4% over net income of $602,000 ($0.21 per common share, basic and diluted) for the first nine months of 2011. Hilltop's net interest margin continues to compare favorably to other community banks, our capital ratios reflect a very solid balance sheet and our loan quality metrics are very positive."
Hilltop Community Bancorp, Inc. is the parent holding company for Hilltop Community Bank. The 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 Bancorp assumes no obligation for updating any such forward-looking statements at any time.
SOURCE Hilltop Community Bancorp, Inc.