SUMMIT, N.J., Hilltop Community Bancorp, Inc. (the Corporation) (OTC Bulletin Board: HTBC.OB), the holding company for Hilltop Community Bank (the Bank), today reported net income of $140,000 ($0.06 per share, basic and diluted) for the quarter ended June 30, 2007. This is a 32% increase over net income of $106,000 ($0.05 per share, basic and diluted) for the second quarter of 2006. Per share amounts have been adjusted to retroactively reflect the 5% stock dividend issued in December 2006.
For the six months ended June 30, 2007, net income was $263,000 ($0.11 per share, basic and diluted, a 22% improvement over the first half of 2006 when net income was $215,000 ($0.10 per share basic and diluted).
Total assets amounted to $160.3 million at June 30, 2007, a slight increase over total assets at the mid point of 2006. The Bank's deposit mix has changed, with less reliance on higher cost municipal deposits in the current year. Gross loans totaled $104.5 million at June 30, 2007 and the Bank's loan loss reserve was 1.39%. The Corporation's tangible book value was $7.17 at June 30, 2007, compared to $6.83 per share at June 30, 2006.
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea said: "We are pleased to report higher earnings for the quarter and for the first six months. At the Corporation level, net interest income was up 6.8% in the second quarter when compared to the second quarter of 2006. The net interest margin is showing an improving trend, which has been difficult for many banks to achieve in the current interest rate environment. We are actively using the new remote capture technology for the processing of checks and our venture into the residential mortgage business is off to a good start. Our loan loss reserve remains very strong when compared to our peer group, and there were no loans more than 30 days past due at quarter end. We are optimistic that we will see positive results for the balance of the year and we are gradually building a solid pipeline of commercial loans, despite the very competitive market place."
Hilltop Community Bancorp, Inc. is the parent bank 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.