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HVCBank Ends 2010 with Record Quarterly Earnings

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HVCBank Ends 2010 with Record Quarterly Earnings Powered By Docstoc
					HVCBank Ends 2010 with Record Quarterly
Earnings
Board Increases Cash Dividend 12 ½%

January 21, 2011 04:24 PM Eastern Time  

HOPEWELL TOWNSHIP, N.J.--(EON: Enhanced Online News)--The Board of Directors of Hopewell Valley
Community Bank (PinkSheets: HWDY) announced today that 2010 ended with record earnings in the 4th quarter.
The Board also increased the semi-annual cash dividend by 12½%, moving it from $.04 to $.045. The cash dividend
will be payable on March 7, 2011, to shareholders of record on February 14, 2011.

Net Income for the fourth quarter of 2010 was the largest quarterly amount in the Bank’s history, moving up 67.2%
to $496,553 or $.15 per share over the equivalent 2009 mark of $296,944 or $.10 per share.

For the full year of 2010, net income increased sharply, advancing 109.2% to $1,565,499, comfortably outpacing
the 2009 year-end mark of $748,488. On a per share basis, 2010 ended 92.3% higher at $.50 per share, well over
the $.26 posted for the prior year. The major factors affecting earnings growth during 2010 were a 20.3% increase
in net interest income while total operating expense rose a lesser 5.8%.

HVCBank also reported that 2010 year-end total assets rose to $351,950,657, a 12.0% increase over the
December, 2009, year-end figure of $314,296,604. Total deposits increased 12.3%, finishing 2010 at
$297,574,237, topping the 2009 year-end mark of $265,043,076. Total loans advanced $19,481,378, a 9.3%
increase, ending the year at $228,838,328.

Due to increased profitability and a successful stockholder rights offering, shareholder equity increased year-over-
year 12.4%, ending 2010 at $27,829,001 as compared to the 2009 year-end total of $24,770,596.

HVCBank’s Chairman, Patrick L Ryan, commented that, “We are very pleased to report these results to our
shareholders as we were able to continue 2009’s growth throughout 2010, capping the effort with the best earnings
quarter in our history. The fact that the Bank was able to attain positive results in all segments despite the overall
economic environment clearly shows that carefully managed community banks have an important place in today’s
financial world.” 

President/CEO, James Hyman, stated, “Since our inception, we have remained true to the goal of delivering quality,
high-value products to our customers, a secure work environment for our staff, and a sound and superior return to
our shareholders. Our performance in 2010 continued to deliver on each of those promises. Moving in to 2011, we
look for opportunities that will further enhance our franchise and capitalize on the financial strength of our Bank.” 

TWELVE MONTH UNAUDITED                             DECEMBER 31,              DECEMBER 31,               %
RESULTS                                            2010                      2009                       CHANGE
Total Interest Income                              $15,401,205               $14,392,920                7.0%
Total Noninterest Income                           $1,036,339                $1,025,604                 1.0%
Total Income                                       $16,437,544               $15,418,524                6.6%
Interest Expense                                   ($4,572,056)              ($5,393,931)               (15.2%)
Net Interest Income                                $10,829,149               $8,998,989                 20.3%
Total Operating Expense                         ($9,496,089)              ($8,978,725)             5.8%
Net Income Before Taxes                         $2,369,399                $1,045,868               126.6%
Taxes                                           $803,900                  $297,380                 170.3%
Net Income                                      $1,565,499                $748,488                 109.2%
Preferred Stock Dividends                       $43,475                   $23,549                  84.6%
Net Income Available to Common Shareholders     $1,522,024                $724,939                 110.0%
Earnings Per Share (Basic)                      $.50                      $.26                     92.3%
Total Assets                                    $351,950,657              $314,296,604             12.0%
Total Equity                                    $27,829,001               $24,770,596              12.4%

Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank.
Founded in 1998, HVCBank provides a friendly, personalized banking experience for residents and small business
owners through its seven branch banking offices in Hopewell, Pennington, Hamilton, Ewing, Princeton and Ringoes,
loan production offices in Cranbury and Flemington, and through its fully interactive website at
www.hvcbonline.com.

Contacts
Hopewell Valley Community Bank
James Hyman, President & CEO
609-466-2900
www.hvcbonline.com

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Description: HOPEWELL TOWNSHIP, N.J.--(EON: Enhanced Online News)--The Board of Directors of Hopewell Valley Community Bank (PinkSheets: HWDY) announced today that 2010 ended with record earnings in the 4th quarter. The Board also increased the semi-annual cash dividend by 12½%, moving it from $.04 to $.045. The cash dividend will be payable on March 7, 2011, to shareholders of record on February 14, 2011. Net Income for the fourth quarter of 2010 was the largest quarterly amount in the Bank’s history, movin a style='font-
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