HOPEWELL TOWNSHIP: HVCBank: Record results for second quarter

Bank has offices in Ringoes, Flemington and Pittstown in Hunterdon County

Patrick L. Ryan, chairman, and James Hyman, president and CEO, of Hopewell Valley Community Bank (PinkSheets: HWDY) jointly announced that the bank’s net income for the June quarter of 2014 was a bank record $643,748, which amounts to a 7.4 percent increase from the $599,631 mark for the equivalent 2013 period. On a per share basis, the quarter came in 5.9percent higher than 2013 with the Bank reporting$.18 per share against $.17 for the year ago period.
Earnings for the first six months of 2014 also achieved a Bank record, coming in at $1,285,750, finishing dramatically above earnings for the first six months of 2013 which totaled ($1,003,611). The prior period results were due to the previously reported penalties and charge associated with the bank’s first quarter 2013 repayment of Federal Home Loan Bank advances and balance sheet restructuring.
Total deposits displayed strong growth, concluding the 2014 second quarter at $425,086,610, a 12.8 percent increase from the $377,009,999 mark at the end of June 2013. HVCBank’s total assets for the recently completed 2014 quarter came in at $472,482,145, a full 12 percent above the $421,768,319 level recorded at June, 2013. Total loans rose a strong 12.8 percent to $332,065,759 compared to the $294,495,223 mark attained June 2013.
Total equity at the end of the recent 2014 period was $44,144,672, 6.6percent above the $41,404,924 in the comparable2013 time-frame.
Messrs. Ryan and Hyman also announced that the bank’s board declared a regular semi-annual dividend of $.05 per share on the bank’s common shares, with a record date of Aug.12, 2014, and a payment date of Sept. 12 ,2014.
Chairman Ryan, noted that, "The Bank’s solid institutional growth and record earnings have validated our decision to repay our advances and restructure our balance sheet last year. Despite a sluggish New Jersey economy and low interest rate environment, we continue to post excellent deposit and loan growth as well as grow our net interest and non-interest income at double digit rates."
President and CEO Hyman, added, "While difficult to predict longer term trends, there’s no question we have seen improvements in pockets of the economy. In particular, new home construction and sales have picked up and are providing a return of lending opportunities we haven’t seen for years. Growth of our deposits, especially in our Hunterdon offices, are providing ample funds for the bank to aggressively seek out good loans as investment in our communities."
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank is celebrating 15 years of providing personalized banking experience for residents and small business owners with 10 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 hvcbonline.com.