SUMMIT, N.J., Hilltop Community Bancorp,
Inc. (the Corporation) (OTCBB:HTBC), the holding company for Hilltop
Community Bank (the Bank) today reported an earnings improvement of 47.2%
for the quarter ended March 31, 2008 as compared to the prior year's first
quarter. The Corporation's net income for the first quarter of 2008 was
$181,000, compared to $123,000 reported in the quarter ended March 31,
2007. Per share earnings were $0.07, basic and diluted, compared to $0.05,
basic and diluted, in the first quarter of 2007. Per share amounts have
been adjusted to retroactively reflect the 5% stock dividend issued in
December 2007. Tangible book value was $7.08 per share, up from $6.81 at
March 31, 2007.
First quarter earnings in 2008 were also
42.5% higher than earnings in the fourth quarter of 2007.
Total assets reached a record high of
$179.4 million at March 31, 2008, up $20.2 million from the level reported
at year end 2007. Gross loans increased from $108.7 million at March 31,
2007 to $112.6 million at March 31, 2008, an improvement of 3.6%, and the
bank's loan loss reserve was 1.34% of total loans at that date.
In a joint statement, Chairman of the Board
Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented:
"Hilltop's performance in the first quarter is very gratifying,
especially in the midst of the troubling news emanating from many other
financial institutions. Our results reflect the attention we pay to our
customers and our commitment to providing quality service. The critical
net interest margin increased by 9 basis points, from 3.34% at March 31,
2007 to 3.43% at the end of the current first quarter. Our total assets
increased significantly in the first quarter, reaching a record high at
March 31, 2008. This is great news during a time when other banks are
scrambling to keep themselves funded with core deposits. As we told our
shareholders in a communication a few weeks ago, the subprime crisis has
not impacted our operation and Hilltop is actively pursuing new business
Hilltop Community Bancorp, Inc. is the parent holding company for Hilltop Community Bank. Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The Bank operates as a locally headquartered, community bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
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 managementís confidence and strategies and managementís 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 movement 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 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.