Hopewell Valley Community Bank (PinkSheets: HWDY) has reported that the bank attained record third quarter net income of $636,048, a rise of 17.9 percent over the $539,558 mark for the same period in 2013.
On a per share basis, the increase was 13.3 percent with the 2014 quarter ending at $.17 per share compared to $.15 in 2013.
Nine month net income of $1,921,798 was also a record for the period with each share earning $.51.
The HVCBank Board also declared a $.375 semi-annual dividend on the bank’s preferred stock. The dividend is payable on Dec. 15, 2014, to preferred shareholders of record Nov. 15, 2014.
Total deposits grew 8.4 percent, ending the third quarter at $433,489,262, eclipsing the $399,857,458 mark at the end of September 2013.
HVCBank’s total assets grew 7.9 percent to $484,376,298 with total loans enjoying an 11.2 percent rise to$337,637,029, well above the $303,558,525 for the third quarter of 2013.
Due mainly to solid earnings growth, total equity at the conclusion of the third quarter increased 6.9 percent to$44,725,101 from $41,837,699 in 2013.
Chairman Patrick Ryan said: "This quarter’s results have further underscored the wisdom of our balance sheet restructuring in 2013 as we have been able to post strong earnings on a continual basis. Good expense controls, along with rising net interest income have permitted us to add solid value to our franchise despite the deleterious effects of the seemingly endless low interest rate environment."
HVCBank President & CEO, James Hyman added: "Officers and staff work every day to fulfill that part of our Mission Statement that states we, — will be the premier financial institution of choice for small business and consumer financial services — in the communities we serve. The success of those efforts provides the basis for the ongoing successful performance of the bank and has enabled us to reward shareholders for their confidence as recently done with the issuance of the 5 percent common stock dividend paid in the third quarter. We will continue to work to fulfill the expectations of all those associated with the bank as we look toward year-end 2014 and beyond."
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 a friendly, personalized banking experience for residents and small business owners with 10 banking offices located 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 athvcbonline.com, Facebook, and Twitter.