By: centraljersey.com
Hopewell Valley Community Bank (PinkSheets: HWDY) announced that earnings for both the second quarter of 2010 and for the first six months of the year rose sharply over the corresponding 2009 periods. The Bank’s Board of Directors also declared a semi-annual $.04 cash dividend payable on Sept. 10, 2010, to shareholders of record Aug. 16, 2010.
The bank’s net income for the June quarter of 2010 was $344,373, a 157.4 percent increase over the $133,816 mark for the equivalent 2009 period. Earnings for the first six months of 2009 totaled $634,629, 120 percent more than the $288,536 earned in the first six months of 2009. Taxes paid by the bank increased 242.5 percent for the first six months of 2010, totaling $319,200.
Total deposits ended the 2010 second quarter at $283,429,503, a 20.6 percent increase from the $234,990,137 mark at the end of June 2009. HVCBank’s total assets for the recently completed 2010 quarter climbed to $334,185,562 which is an 18.5 percent increase over the $281,922,049 level recorded at June 30, 2009. Total loans rose to $219,054,643, a 9.4 percent increase over the $200,243,243 mark attained in June 2009.
Total stockholder equity at the end of the second quarter, 2010, rose 16.9 percent to $27,282,361 from $23,335,327 in the comparable 2009 time-frame, driven by increased retained earnings, capital from the ongoing stock offering, and improved performance from the bank’s investment portfolio. The major factor pushing HVCBank’s increased profitability over the first six months of 2009 was a 22.9 percent increase in net interest income while total operating expenses rose only 8.1 percent.
Per share income of $.21 for the first six months of 2009 was up 90.9 percent over the $.11 mark for 2009. Per share income for the second quarter, 2010, of $.11 was a 120.0 percent increase over the $.05 recorded in the same period in 2009.
Chairman of the Board Patrick L. Ryan said: "We are happy to report that our increased earnings trend continues at a brisk pace. Solid core deposit growth, along with an improved net interest margin, is helping to push our profits higher. Our strong loan portfolio and conservative financial management has HVCBank well positioned to take advantage of future improvements in the New Jersey economy."
President and CEO James Hyman said: "The Bank was successful in attracting $1,973,636.40 of new capital thus far from our ongoing stock offering. This new capital boosts our financial ratios and puts us in a better position to pursue profitable growth. Further, we have formally extended the offering, and subscribers now have until Sept. 30, 2010, to participate in the offering."
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank provides 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, and recently revamped website at www.hvcbonline.com.