Hopewell Valley Community Bank (PinkSheets: HWDY) has reported that the bank’s net income for the third quarter of 2013 increased to $539,558, a rise of 5.8 percent over the $510,119 mark for the sa
Hopewell Valley Community Bank (PinkSheets: HWDY) has reported that the bank’s net income for the third quarter of 2013 increased to $539,558, a rise of 5.8 percent over the $510,119 mark for the same period in 2012.
On a per share basis, the increase was 7.1 percent with the 2013 quarter ending at $.15 as opposed to $.14 in 2012. Due to the effects of the balance sheet restructuring in the first quarter of this year, the current nine months net income was a loss of ($464,053) compared to a$1,457,038 gain for the comparable 2013 period.
The HVCBank board also declared a $.375 semi-annual dividend on the bank’s preferred stock. The dividend is payable on Dec. 15, 2013, to preferred shareholders of record Nov. 15, 2013.
Total deposits grew 7.6 percent, ending the third quarter at $399,857,458, eclipsing the $371,558,548 mark at the end of September 2012.
HVCBank’s total assets grew 1.7 percent to $449,043,038, with total loans enjoying a brisk18.8 percent rise to $303,558,525, well above the $255,561,847 for the third quarter of 2012.
Due largely to the bank’s balance sheet restructuring and repayment of Federal Home Loan Bank advances, net interest income for the nine months rose to $10,341,775, a healthy 12.4 percent increase over the $9,201,394 level of 2012.
Total equity at the conclusion of the third quarter was $41,837,699 as opposed to $43,382,167 in 2012.
Chairman Patrick Ryan said, “We are very pleased with the third quarter results as our balance sheet restructuring is showing it value through improved net interest income and overall much improved earnings power. HVCBank remains the deposit market share leader in our core markets, and we continue to closely adhere to our philosophy of being a genuine community bank.”
”Clearly, the deployment of our resources into our loan portfolio is a primary objective and that success is improving the performance of the bank,” added President/CEO Jim Hyman. “Additionally, loan growth was distributed across our expanded branch footprint, evidencing success in not only our traditional Mercermarket, but, also our newer Hunterdon market.
”Looking forward, we are working on introducing new, innovative products designed to clearly distinguish us as a bank committed to bringing greater convenience and value to consumers we service. We believe our future is bright.”
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 10 banking offices in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes, Flemington, and Pittstown in Hunterdon County, Skillman in Somerset County, a loan production office in Toms River, and through its fully interactive website at www.hvcbonline.com.