Hilltop Community Bank Reports Its First Profitable
Quarter and Year End Results
January 27, 2003
SUMMIT, N.J., Hilltop Community Bank (OTC Bulletin Board: HTCB) reported a loss of $222,000 ($0.27 per share, basic and diluted) for the year ended December 31, 2002, compared to a loss of $977,000 ($1.02 per share) in 2001. The significant improvement was highlighted by a $94,000 ($0.10 per share, basic and diluted) profit in the last quarter of the year. This was the first quarterly profit recorded by the Bank, which commenced operations in February 2000. The fourth quarter profit included a nonrecurring gain of $35,000 related to Hilltop's adoption of SFAS No. 147 "Acquisitions of Certain Financial Institutions, an amendment of SFAS No. 72."
Founding Chairman of the Board Richard D. Wellbrock commented, "We are very pleased with Hilltop's progress and the acceptance of our 'high touch' style of personal service in Summit, Berkeley Heights and the surrounding communities. I'm particularly proud of our Board of Directors, Organizers and Business Development Council members who have been instrumental in the Bank's growth."
President & CEO Mortimer J. O'Shea pointed out that Hilltop reached total assets of $94.9 million at the end of the year, approximately $26 million ahead of the average for recently chartered commercial banks in New Jersey at the twelfth reporting quarter. He said, "I'm very fortunate to work with our experienced officers and employees who really make a difference in our business development efforts. Hilltop's assets per employee, approximately $5.9 million, is considerably above average for community banks in New Jersey and nationally."
Hilltop Community Bank is an FDIC insured, state chartered, shareholder owned, commercial bank. Hilltop is headquartered in Summit, New Jersey and has one branch office in Berkeley Heights, New Jersey. The Bank is an equal opportunity lender and employer.
