SUMMIT, N.J., Jan. 22 /PRNewswire-FirstCall/ -- Hilltop Community Bancorp, Inc. (the Corporation) (OTC Bulletin Board: HTBC), the holding company for Hilltop Community Bank (the Bank), today reported net income of $292,000 for the fourth quarter of 2009. This was an improvement over the fourth quarter of 2008 when the Corporation incurred a loss related to a securities impairment charge. On a per common share basis, net income was $0.08, basic and diluted, in the fourth quarter just ended, compared to a loss of ($0.16) for the fourth quarter of 2008. After accounting for preferred stock dividends and related accretion, net income available to common shareholders was $227,000 for the quarter ended December 31, 2009.
On a linked quarter basis, the Corporation's net income for the quarter ended December 31, 2009 increased 14.5% over the third quarter.
For the full year, the Corporation earned $572,000 ($0.12 per common share, basic and diluted) compared to net income of $239,000 ($0.09 per common share, basic and diluted) for the year ended December 31, 2008. Net income available to common shareholders was $334,000 for 2009, after accounting for preferred stock dividends and related accretion. Prior year per share amounts have been adjusted to retroactively reflect the 5% common stock dividend issued in December 2009.
Total assets were $166.0 million at December 31, 2009, compared to $180.7 million at the end of the previous year. Shareholders' equity was $21.9 million at December 31, 2009, compared to $16.7 million at the end of 2008, reflecting the infusion of capital from the Treasury's Capital Purchase Program and retained profits for the year. Capital levels far exceeded the benchmarks defining "well capitalized" institutions and the allowance for loan and lease losses was 1.63% at the end of 2009.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "We are very pleased to report another profitable quarter, as well as positive numbers for the full year, in the midst of a prolonged recession. As we've previously discussed, our decision to allow higher cost deposits to flow out of Hilltop to other institutions has resulted in a lower cost of funds and a dramatic improvement in our net interest margin. Hilltop compares very favorably to many other New Jersey based banks in the critical asset quality category with the result that our lenders are not bogged down with a lot of workout problems and are able to actively seek new deposit and loan relationships. We're starting the New Year on a positive note and we're seeking approval to return the Treasury's Capital Purchase Program funds. After the retirement of the preferred stock associated with that program, Hilltop will remain well capitalized and will still have ample liquidity as we celebrate our tenth anniversary."
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 Murray Hill. 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.
December 31, 2009
Balance Sheet Data:
ST investments & fed funds sold
Allowance for loan losses
Income Statement Data:
Net interest income
Provision for loan losses
Gain on securities transactions
Preferred stock dividends and net accretion
Net income available to common shareholders
Net Interest Margin (tax equivalent basis)
Per Common Share Data:
Net income per share-basic
Net income per share-diluted
Tangible book value-period end
Average earning assets
Average shareholders' equity
Common shares outstanding
SOURCE Hilltop Community Bancorp, Inc.