HOPEWELL TOWNSHIP — The Board of Directors of Hopewell Valley Community Bank (PinkSheets: HWDY) announced that net income for the fourth quarter of 2012 was $454,712 or $.12 per share, exceeding the equivalent 2011 mark of $421,680 or $.11 per share by 9.0 percent and showing an improving trend over the previous three quarters .
For the full 2012 year, earnings came in at $1,911,750, which was below the 2011 year end mark of $2,219,857.
On a per share basis, 2012 ended at $.53, 19.7 percent behind the $.66 posted for the prior year. The major factors affecting earnings during 2012 were a 5.0 percent increase in net interest income against total operating expense rising at a faster rate of 12.4 percent as the bank expanded its branch footprint, administrative staff, and loan production ability.
Institutional growth was strong as HVCBank reported that 2012 year-end total assets rose to $452,848,375, a 12.0 percent increase over the December 2011 year-end figure of $404,394,969. Total deposits advanced a brisk 14.1 percent, finishing 2012 at $383,143,603, topping the 2011 year-end mark of $335,857,358. Total loans produced a strong advance to $277,828,914, a 14.6 percent increase over the 2011 total of $242,540,967.
Shareholder equity increased year-over-year 3.3 percent, ending 2012 at $43,494,310 as compared to the 2011 year-end total of $42,111,200. Year-end total equity was reduced by $331,109 due to the bank’s prepayment of the 2013 common dividend at the rate of $.10 per share. In view of this pre-payment, the bank does not anticipate paying any further common dividends for 2013.
HVCBank’s Chairman Patrick L Ryan said: “Hopewell Valley Community Bank continued its steady growth throughout2012 with solid increases in assets, loans and deposits. Profitability was constrained by the low interest rate environment, and the Federal Reserve counsels that those headwinds will persist in 2013 as well. Despite the prevailing conditions, we enjoyed good growth over the past year and continued our string of 47 consecutive profitable quarters.”
President/CEO James Hyman said: “2012 was a year of investing in our franchise by expanding our footprint to new communities. In March we added our Flemington office followed by our first entry into Somerset County with our Skillman office in August. On Jan. 1, 2013 we opened a new loan office in Toms River, headed up by longtime Ocean County banker Ted Bessler, and next month we’ll open our new Pittstown office, bringing a total of three locations in Hunterdon County. Between organic growth and these new locations, it’s been a busy and very rewarding year.”
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” with nine banking offices in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes and Flemington in Hunterdon County, Skillman in Somerset County, and through its fully interactive website at www.hvcbonline.com. A branch will come to Pittstown soon.
For further information, call Mr. Hyman at 609-466-2900 or visit: hvcbonline.com
