Summit, N.J., Hilltop Community Bank (OTC Bulletin Board- HTCB.OB) reported a profit of $109,000 ($.10 per share, basic and diluted) for the quarter ended June 30, 2003, compared to a loss of $103,000 ($.11 per share, basic and diluted) in the second quarter of 2002. The current quarters profit includes gains on sales of securities totalling $64,000.
Total assets increased 5.8% to $107.3 million during the second quarter of 2003, reflecting steady growth in commercial and consumer deposits. Net loans also increased during the second quarter, by 8.7%, and totalled $45.2 million at June 30, 2003. The Bank continues to report no delinquent loans in its portfolio.
During the second quarter, Hilltop concluded a successful secondary offering, which added $4 million of new capital, after expenses. The immediate impact of the offering is an increase in the banks legal lending limit. In addition, Hilltop will begin to plan for a third branch location.
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 surrounding communities in Union, Essex and Morris Counties.
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 managements confidence and strategies and managements
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.