Hopewell Valley Community Bank, based in Pennington, announced its net income for 2007 declined 62.8 percent to $391,862 or $0.17 per share, from the 2006 full year total of $1,054,525 or $0.45 per share. For the fourth quarter, HVC Bank net income dropped 67.2 percent to $52,107 or $0.02 per share over the equivalent 2006 mark of $158,959 or $0.06 per share.
The major factors affecting earnings during 2007, according to a bank release, were continued pressure on the HVC Bank’s net interest margin and increased operating expenses driven by its branch expansion program.
HVC Bank declared a $0.04 per share semi-annual cash dividend, maintaining an annual cash dividend rate of $0.08 per share despite its declining results.
HVC Bank’s Chairman, Patrick L Ryan, stated in the release: “While we are clearly in the most challenging time for community banks in many years, we continue to work to deliver our distinctive style of community banking across our market area. We are increasing our efforts to provide personal and pleasant service to all of our customers as well as provide competitive interest rates on both deposits and loans.”