Hilltop Community Bancorp Reports
Full Year and Fourth Quarter Results
January 23, 2009
SUMMIT, N.J.
,
Both the fourth quarter and full year
results were negatively impacted by an other than temporary impairment
charge of
In a joint statement, Chairman of the Board
Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented:
"We are obviously unhappy to report an impairment loss in our
securities portfolio, particularly at the end of a year in which Hilltop's
performance outstripped many of our peers based on normal operating
results. For example, total assets increased by 13.4% when comparing year
end 2008 to the end of the prior year. Net interest income increased by
12.7% in 2008 and our net interest margin increased by 16 basis points
when compared to 2007. Our commercial and consumer loans continue to
perform very well, with very few delinquencies, and our allowance for loan
losses is in excess of 1.37%. These are unprecedented times but we believe
that we will remain on track towards future improved operating results as
the economy turns around. Hilltop is fundamentally sound and we are
providing excellent service to the businesses and consumers in our trade
area. In addition, we recently reported that the Corporation has received
preliminary approval from the Treasury for a
Hilltop Community Bancorp, Inc. is the
parent bank holding company for Hilltop Community Bank. Hilltop Community
Bank is a
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating any such forward-looking statements at any time.
HILLTOP COMMUNITY BANCORP, INC.
Financial Information
December 31, 2008
12/31/08 12/31/07
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Balance Sheet Data: (in thousands)
Total assets $180,626 $159,215
Federal funds sold 20,100 250
Short-term investments 8,144 9,723
Investment securities 29,132 32,726
Gross loans 116,711 111,051
Allowance for
loan losses 1,604 1,484
------- -------
Net loans 115,107 109,567
Intangible assets 373 373
Deposits 160,401 138,542
Short-term borrowings 2,068 1,302
Shareholders' equity 16,693 17,625
QTD YTD
--- ---
12/31/08 12/31/07 12/31/08 12/31/07
-------- -------- -------- --------
Income Statement Data: (in thousands)
Interest income $2,292 $2,316 $9,344 $9,242
Interest expense 768 1,019 3,451 4,015
----- ----- ----- -----
Net interest income 1,524 1,297 5,893 5,227
Provision for
loan losses 30 15 120 150
Noninterest
income (loss) 64 85 308 280
OTTI charge 985 - 985 -
Noninterest expense 1,307 1,160 4,804 4,419
Tax expense (313) 80 53 373
Net income (421) 127 239 565
Net Interest Margin
(tax equivalent basis) 3.76% 3.48% 3.65% 3.49%
Per Common Share Data:
Net income per
share-basic $(0.16) $0.05 $0.09 $0.21
Net income per
share-diluted (0.16) 0.05 0.09 0.21
Tangible book
value-period end 6.31 6.68
Average
earning assets 163,589,663 148,499,266 163,840,356 150,110,740
Average
shareholders'
equity 17,210,162 17,483,049 17,575,500 17,594,055
Common shares
outstanding 2,584,738 2,581,255
