HVCBank Announces Record First Quarter 2015 Earnings

HOPEWELL TOWNSHIP, N.J.--(BUSINESS WIRE)-- Hopewell Valley Community Bank (PinkSheets: HWDY) announced record earnings for the first quarter of 2015. The Bank’s net income ended the period at $644,120, a slight .3% increase over the former first quarter record of $642,002 for the equivalent 2014 period.

Total deposits concluded the 2015 first quarter at $434,695,635, an 8.7% increase from the at $399,922,628 mark at the end of March, 2014. HVCBank’s total assets for the recently completed period rose to $485,300,775, an 8.3% increase over the $448,096,361 level recorded at March, 2014.

Total loans continued to increase, rising to $346,364,312, a 7.9% increase over the $320,924,630 level attained in March, 2014. Total stockholders’ equity at the end of the first quarter 2015 rose 7.3% to $46,302,565 from $43,154,379 in the comparable 2014 time-frame due to the accretion of earnings and improved performance of the bank’s securities portfolio.

The major factors affecting HVCBank’s flat profitability during the first quarter 2015 included single digit increases in Net Interest Income and Total income being offset by similar increases in Interest Expense and Total Operating Expenses.

HVCBank’s 2013 balance sheet restructuring and repayment of Federal Home Loan Bank advances continues to produce significant earnings benefits reflected by the Bank’s interest expense for the first quarter 2015 of $471,732; this is 30+% less than the $696,045 interest expense mark in the first quarter of 2013, the last reporting period we held the advance.

In spite of the increased 2015 Net Income versus 2014, per share income of $.17 for the first three months of 2015 was the same as first quarter 2014 of $.17 after adjusting the latter for our 5% stock dividend paid in the fourth quarter 2014.

“Unanticipated loan payoffs resulted in disappointing growth of loans during the first quarter," said Bank Chairman Patrick L. Ryan. "We are, however, confident that our current loan pipeline will result in loan growth that better meets our expectations during the second quarter of the year."

President/CEO James Hyman added, “Well, the doldrums of a dreary winter and recent return of spring conditions are a fine metaphor for the bright outlook we hold for the upcoming months of the next quarter. Increased loan activities, along with continuing growth of deposits, are cause for our optimism as we progress into 2015.”

THREE MONTH UNAUDITED RESULTS				MARCH 31, 2015				MARCH 31, 2014				% CHANGE
Total Interest Income				$4,411,847				$4,203,793				5.0%
Total Noninterest Income				$496,014				$485,309				2.2%
Total Income				$4,907,861				$4,689,102				4.7%
Interest Expense				($471,732)				($450,339)				4.8%
Net Interest Income				$3,940,115				$3,753,454				5.0%
Total Operating Expense				($3,509,309)				($3,304,661)				6.2%
Net Income Before Taxes				$926,820				$934,102				(0.8%)
Taxes				$282,700				$292,100				(3.2%)
Net Income				$644,120				$642,002				0.3%
Preferred Stock Dividends				$38,220				$38,220				0%
Net Income Available to Common Shareholders				$605,900				$603,782				0.4%
Earnings Per Common Share				$.17				$.17				0%
Total Assets				$485,300,775				$448,096,361				8.3%
Total Equity				$46,302,565				$43,154,379				7.3%

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 Familiar Faces Friendly Banking for local residents and small business owners. • Ten banking offices conveniently 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. • Online at hvcbonline.com. • Follow us on Facebook, and Twitter. • Green/*** Star Rating from Veribanc, Inc. • SUPERIOR/***** Star Rating from BauerFinancial • Live local…Buy local…Bank Local with HVCBank

FORWARD LOOKING STATEMENTS

Certain statements contained herein are “forward looking statements” and may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Bank operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Bank wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Bank wishes to advise readers that the factors listed above could affect the Bank’s financial performance and could cause the Bank’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Bank does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Hopewell Valley Community Bank
James Hyman, 609-466-2900
President & CEO
hvcbonline.com

Source: Hopewell Valley Community Bank

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