SUMMIT, N.J., Hilltop Community Bancorp, Inc. (The Corporation) (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank or Hilltop), today reported net income of $235,000 for the quarter ended March 31, 2012. This compares to net income of $90,000 for the first quarter of 2011. Net income per share, basic and diluted, was $0.08 in the first quarter of 2012 compared to $0.03 in the first quarter of 2011.
The improvement in earnings is attributable to an increase in net interest income, a reduction in the provision for loan losses, and a reduction in noninterest expense.
Total assets amounted to $174.1 million at March 31, 2012, compared to total assets of $158.1 million at the end of the first quarter of 2011. Gross loans increased from $107.0 million at the end of the first quarter in 2011 to $108.3 million at March 31, 2012. Loans past due thirty days or more totaled $1.8 million at March 31, 2012 (1.62% of total loans). This was an improvement when compared to March 31, 2011 when delinquent loans totaled $2.8 million, or 2.57% of total loans. The allowance for loan losses was 2.11% of total loans at March 31, 2012, compared to 1.93% of total loans at the end of the prior year's first quarter.
Hilltop's net interest margin on a tax equivalent basis was 4.47% in the first quarter of 2012, an improvement of ten basis points over the first quarter of 2011. The Corporation's tangible book value was $6.66 per share at March 31, 2012, an increase of $.27 over the tangible book value at March 31, 2011.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "This was another solid earnings quarter for Hilltop. We are pleased that the Bank has earned high grades in several of the important metrics which are used to measure the performance of community banks. These include our net interest margin, our strong loan loss reserves and our return on average assets. We continue to actively call on prospects and referral sources as we seek new business opportunities in a very competitive environment. The Bank's officers are delivering the message that Hilltop has money to lend and we are focused on growing the loan portfolio in 2012."
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 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 Corporation assumes no obligation for updating any such forward-looking statements at any time.