Hilltop Community Bank Reports Fourth
Consecutive Profitable Quarter
October 16, 2003
SUMMIT, N.J., Hilltop
Community Bank (OTC Bulletin Board: HTCB.OB) reported a profit of $80,600
($.05 per share, basic and diluted) for the quarter ended September 30,
2003, compared to a loss of $54,800 ($.06 per share, basic and diluted) in
the third quarter of 2002. For the nine months ended September 30, 2003,
Hilltop earned $245,900, or $.21 per share, versus a loss of $316,400, or
$.33 per share, for the same period in the prior year.
Total assets increased 9.6% to $117.6
million during the third quarter of 2003, continuing a pattern of growth
in commercial and consumer deposits. Net loans increased 9.5% during the
quarter, with gross loans reaching the $50 million milestone for the first
time at quarter end. There were no delinquent loans in Hilltop's portfolio
at September 30, 2003.
Hilltop continues to reflect assets per
employee of almost $6 million, considerably above the level of most
community banks in New Jersey.
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 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 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.
