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 52.1% for the second quarter ended June 30, 2008 as compared to the prior year’s second quarter. The Corporation’s net income for the second quarter of 2008 was $213,000, compared to $140,000 reported in the quarter ended June 30, 2007. Per share earnings were $0.09, basic and diluted, compared to $0.06, basic and diluted, in the second quarter of 2007. Per share amounts have been adjusted to retroactively reflect the 5% stock dividend issued in December 2007. Tangible book value was $7.01 per share, up from $6.83 at June 30, 2007.
Second quarter earnings in 2008 were also 17.7% higher than earnings in the first quarter of 2008.
Total assets reached a record high of $179.5 million at June 30, 2008, approximately $19 million above the level of assets at the end of the second quarter in 2007. Gross loans were $115.5 million at June 30, 2008, a 10.5% increase over the level of loans at June 30, 2007.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O’Shea commented: “We are very pleased to report another quarter of improved earnings. The second quarter results reflect the highest level of net income before taxes, as well as net interest income, for any quarter since the inception of the Bank in February 2000. Our performance is noteworthy in that many financial institutions, both large and small, are struggling in the current environment. Hilltop continues to demonstrate a solid loan portfolio which reflects the experience of our lending team. We are actively seeking new borrowers and depositors and our existing customers continue to benefit from the world class service that is our Bank’s hallmark.”
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 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 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.