SUMMIT, N.J., Hilltop Community Bank (OTC Bulletin Board: HTCB.OB and HTCBW.OB) reported a profit of $141,000 ($.09 per share, basic and $.08 per share, diluted) for the quarter ended March 31, 2004, compared to a profit of $56,000 ($.06 per share, basic and diluted) in the first quarter of 2003. Per share amounts have been adjusted to retroactively reflect the 5% stock dividend issued in 2003. The first quarter profit in 2004 reflected a 152% improvement over the same period in the prior year, and was Hilltop's sixth consecutive profitable reporting period.
Hilltop concluded the first quarter of 2004 with total assets of $128 million, an increase of $6 million since December 31, 2003. The Bank continues to report assets per employee in excess of $6 million, considerably higher than its peer group of community banks. Loans increased almost $3 million in the first quarter. There were no delinquent loans in the Bank's portfolio at March 31, 2004 and the loan loss reserve was 1.38% of total loans.
Chairman of the Board Richard D. Wellbrock stated, "Hilltop is growing as our reputation for excellent service spreads throughout our service area. The members of our Board of Directors and our Business Development Council continue to demonstrate their support with referrals of new depositors and borrowers."
Mortimer J. O'Shea, President & CEO, added, "Our offices in Summit and Berkeley Heights are getting busier everyday. We have a lot on our plate with consideration of branch expansion, enhancement of back office space and the introduction of new products. There is a very positive atmosphere among our staff that reflects our optimism about Hilltop's prospects going forward."
Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations on February 7, 2000. The Bank operates as a locally headquartered, community oriented bank engaged in a general commercial banking business. The Bank has offices in Summit and Berkeley Heights and also serves surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are not historical facts and include expressions
about managements confidence and strategies and managements
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, the direction of movements in interest rates, the
possibility of disruption in credit markets, successful implementation
and integration of acquisitions, the effects of economic conditions and
the impact of legal and regulatory 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.