By: centraljersey.com
The Board of Directors of Hopewell Valley Community Bank (PinkSheets: HWDY) has announced that 2010 ended with record earnings in the fourth quarter. The board also increased the semi-annual cash dividend by 12 1/2 percent, moving it from $.04 to $.045. The cash dividend will be payable on March 7, 2011, to shareholders of record on Feb. 14, 2011.
Net Income for the fourth quarter of 2010 was the largest quarterly amount in the bank’s history, moving up 67.2 percent 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 percent to $1,565,499, comfortably outpacing the 2009 year-end mark of $748,488. On a per share basis, 2010 ended 92.3 percent 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 percent increase in net interest income while total operating expense rose a lesser 5.8 percent.
HVCBank also reported that 2010 year-end total assets rose to $351,950,657, a 12.0 percent increase over the December 2009 year-end figure of $314,296,604. Total deposits increased 12.3 percent, 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 percent 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 percent, ending 2010 at $27,829,001 as compared to the 2009 year-end total of $24,770,596.
HVCBank 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."
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 . . . and through its fully interactive website at www.hvcbonline.com," a spokesman said.