Hilltop Community Bancorp, Inc. Reports First Quarter Results
SUMMIT, N.J., April 19, 2013 /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 $183,000 ($0.06 per common share, basic and diluted) for the quarter ended March 31, 2013. This compares with net income of $235,000 ($0.08 per common share, basic and diluted) for the first quarter of 2012. Total assets amounted to $167.7 million at March 31, 2013, compared to total assets of $174.1 million at the end of the first quarter of 2012.
Gross loans were $107.3 million at March 31, 2013, down slightly from March 31, 2012 when loans totaled $108.3 million. Nonaccrual loans, plus loans past due 30 days or more, were $1,373,000 at March 31, 2013, an improvement over the level at the end of the previous year's first quarter when past due loans and nonaccrual loans totaled $1,584,000. The allowance for loan losses was $1,799,000 at March 31, 2013, 1.68% of total loans.
The Corporation's tangible book value per common share was $6.87 at March 31, 2013, an increase of $0.21 per common share when compared to tangible book value one year earlier. The Bank's leverage capital ratio was 11.7% at March 31, 2013 and the other regulatory capital ratios were also well in excess of the required minimums. The Corporation's net interest margin, on a tax-equivalent basis, was over 4% for the first quarter, and continues to compare favorably with other community banks. This is attributable to the Corporation's low cost of funds which was 37 basis points in the first quarter.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "Hilltop continues to demonstrate some real strengths at the end of the first quarter of 2013, including a very strong capital position, a solid loan book with improving quality, a low cost of funds and a relatively high-yielding securities portfolio. Loan growth has been a challenge since the start of the recession but we are beginning to see more activity in the commercial mortgage loan area and in commercial and residential construction. Of course, we exercise our usual due care as lenders but we expect to see growth in loans in the coming months. Several different business segments (including law firms and not for profit organizations) remain loyal to us because Hilltop provides an extra measure of personal service in all of our dealings with them. Our calling officers are staying in front of referral sources as we face the challenges of a very competitive environment."
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. |
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| Financial Information |
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| March 31, 2013 |
||||||
| Consolidated Balance Sheet |
03/31/13 |
03/31/12 |
12/31/12 |
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| Assets |
||||||
| Cash and due from banks |
$ 1,965,800 |
$ 2,585,600 |
$ 2,437,600 |
|||
| Interest-bearing deposits in banks |
10,596,900 |
23,724,900 |
20,277,400 |
|||
| Federal funds sold |
100,000 |
995,000 |
100,000 |
|||
| Cash and cash equivalents |
12,662,700 |
27,305,500 |
22,815,000 |
|||
| Investment securities |
41,045,900 |
35,831,800 |
43,193,900 |
|||
| Loans receivable |
107,337,300 |
108,302,100 |
108,305,400 |
|||
| Allowance for loan losses |
(1,798,800) |
(2,284,400) |
(1,849,100) |
|||
| Loans receivable, net |
105,538,500 |
106,017,700 |
106,456,300 |
|||
| Bank premises and equipment, net |
2,497,700 |
2,665,200 |
2,526,900 |
|||
| Intangible assets |
372,900 |
372,900 |
372,900 |
|||
| Bank-owned life insurance |
4,009,600 |
- |
- |
|||
| Other assets |
1,544,800 |
1,876,800 |
1,632,300 |
|||
| Total assets |
$167,672,100 |
$174,069,900 |
$176,997,300 |
|||
| Liabilities and Shareholders' Equity |
||||||
| Liabilities |
||||||
| Deposits: |
||||||
| Noninterest-bearing demand |
$ 27,378,100 |
$ 23,825,500 |
$ 30,228,900 |
|||
| Interest-bearing demand |
8,908,500 |
8,555,600 |
8,619,100 |
|||
| Money market and savings |
72,609,600 |
78,768,200 |
77,206,700 |
|||
| Time deposits |
32,634,500 |
37,775,100 |
34,286,900 |
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| Total deposits |
141,530,700 |
148,924,400 |
150,341,600 |
|||
| Securities sold under agreements to repurchase |
3,762,700 |
3,521,800 |
4,273,700 |
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| Other liabilities |
1,311,000 |
1,283,000 |
1,471,700 |
|||
| Total liabilities |
146,604,400 |
153,729,200 |
156,087,000 |
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| Shareholders' Equity |
||||||
| Common stock |
19,051,100 |
19,051,100 |
19,051,100 |
|||
| Retained earnings |
1,436,400 |
846,000 |
1,253,600 |
|||
| Treasury stock |
(505,000) |
(505,000) |
(505,000) |
|||
| Accumulated other comprehensive income |
1,085,200 |
948,600 |
1,110,600 |
|||
| Total shareholders' equity |
21,067,700 |
20,340,700 |
20,910,300 |
|||
| Total liabilities and shareholders' equity |
$167,672,100 |
$174,069,900 |
$176,997,300 |
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| Consolidated Income Statement |
||||||
| QTD |
||||||
| 03/31/13 |
03/31/12 |
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| Interest Income |
||||||
| Loans, including fees |
$ 1,393,000 |
$ 1,526,900 |
||||
| Securities- taxable |
140,400 |
223,400 |
||||
| Securities- tax-exempt |
156,500 |
122,900 |
||||
| Other |
10,900 |
12,000 |
||||
| Total interest income |
1,700,800 |
1,885,200 |
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| Interest Expense |
||||||
| Deposits |
130,400 |
209,100 |
||||
| Capital lease obligations and other borrowings |
14,600 |
15,300 |
||||
| Total interest expense |
145,000 |
224,400 |
||||
| Net interest income |
1,555,800 |
1,660,800 |
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| Provision for Loan Losses |
45,000 |
15,000 |
||||
| Net interest income after provision for |
||||||
| loan losses |
1,510,800 |
1,645,800 |
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| Noninterest Income |
||||||
| OTTI charges |
(11,900) |
(41,900) |
||||
| Service charges and fees |
27,000 |
25,900 |
||||
| BOLI income |
9,600 |
- |
||||
| Other |
32,800 |
62,000 |
||||
| Total noninterest income |
57,500 |
46,000 |
||||
| Noninterest Expense |
||||||
| Salaries and employee benefits |
780,200 |
775,100 |
||||
| Occupancy and equipment |
160,600 |
165,800 |
||||
| Data processing related operations |
159,300 |
175,800 |
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| Advertising |
17,800 |
29,100 |
||||
| Professional fees |
45,500 |
48,200 |
||||
| FDIC insurance and assessments |
24,300 |
22,700 |
||||
| Other operating |
167,400 |
151,100 |
||||
| Total noninterest expense |
1,355,100 |
1,367,800 |
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| Income before income tax expense |
213,200 |
324,000 |
||||
| Income Tax Expense |
30,400 |
89,400 |
||||
| Net income |
$ 182,800 |
$ 234,600 |
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| Net Interest Margin(tax-equivalent basis) |
4.12% |
4.47% |
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| Per Common Share Data: |
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| Net income per share- basic |
$ 0.06 |
$ 0.08 |
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| Net income per share- diluted |
$ 0.06 |
$ 0.08 |
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| Tangible book value- period end |
$ 6.87 |
$ 6.66 |
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| Return on Average Assets |
0.44% |
0.58% |
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| Return on Average Equity |
3.54% |
4.64% |
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| Asset Quality Data: |
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| Accruing loans past due 30 to 89 days |
$ 237,300 |
$ 681,400 |
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| Accruing loans past due 90 days or more |
$ - |
$ - |
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| Nonaccrual loans |
$ 1,135,800 |
$ 902,900 |
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| Other real estate owned |
$ - |
$ - |
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| Net charge-offs |
$ 95,300 |
$ - |
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| Miscellaneous: |
||||||
| Average assets |
$169,273,000 |
$162,088,900 |
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| Average earning assets |
$160,994,500 |
$155,184,800 |
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| Average deposits |
$142,654,600 |
$136,110,000 |
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| Average shareholders' equity |
$ 20,952,800 |
$ 20,310,500 |
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| Common shares o/s- period end |
2,856,399 |
2,856,399 |
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SOURCE Hilltop Community Bancorp, Inc.
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