Hilltop Community Bank Reports Second Consecutive Profitable
Quarter
April 17, 2003
Summit, N.J., Hilltop Community Bank (OTC Bulletin Board- HTCB.OB) reported a profit
of $56,000 ($.06 per share, basic and diluted) for the quarter ended March
31, 2003, compared to a loss of $159,000 ($.17 per share, basic and diluted)
in the first quarter of 2002. Hilltop had reported its first profit in
the last quarter of 2002.
Total assets increased 6.9% to $101.4 million in the first quarter of
2003, reflecting continued growth in consumer and business deposits. The
Bank also experienced an increase in loans, which grew by 10.4% to $42.1
million at the end of the quarter. Hilltop’s allowance for loan losses
was 1.35% at March 31, 2003 and there were no delinquent loans in the
portfolio.
Chairman Richard D. Wellbrock commented, “We are pleased to report
back to back profitable quarters. Coupled with the important milestone
of reaching $100 million in total assets, we are off to a good start in
the furtherance of our business plan for 2003.”
President & CEO Mortimer J. O’Shea noted, “Hilltop is in
the midst of a secondary stock offering which is attracting capital from
existing, as well as new, shareholders. The additional capital will support
the Bank’s future growth and increase our lending limit to commercial
borrowers. We are gratified by the interest of investors in our stock.”
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 the surrounding communities of Springfield, Westfield,
New Providence, Mountainside, Millburn, Watchung and Warren.
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 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, 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.
