SUMMIT, N.J., Hilltop Community Bancorp, Inc. (the Corporation) (OTC Bulletin Board: HTBC.OB and HTBCW.OB), the holding company for Hilltop Community Bank (the Bank) today reported results of operations for the second quarter of 2005. Net income after taxes amounted to $24,000 ($0.01 per share, basic and diluted) for the quarter ended June 30, 2005, compared with the prior year's second quarter net income of $311,000 ($0.19 per share, basic, and $0.17 per share, diluted) when the Bank was the reporting entity. The Bank's net income in the second quarter of 2004 included a tax benefit of $200,000. The Corporation's net income in the second quarter of 2005 exceeded net income in the first quarter by $19,000.
reached a record high of $157 million at June 30, 2005, a 21.0% increase
over the level of assets at the end of 2004. Gross loans were also at a
record high of $80 million at June 30, 2005, an increase of 40.1% in the
twelve months since June 30, 2004. There were no delinquent loans in the
portfolio at June 30, 2005 and the loan loss reserve was 1.22% of total
In a joint statement, Chairman of the Board
Richard D. Wellbrock and President and CEO Mortimer J. O'Shea commented:
"We are very pleased that our recent retail deposit promotion, along
with very strong deposit support from our commercial clients, resulted in
record asset levels at the end of the quarter. Just as significant, our
lenders continue to generate excellent loan growth and there is a healthy
pipeline of commercial loans which we expect to book in the near future.
Operating earnings are still impacted by the occupancy and personnel costs
related to the Madison branch office and the New Providence operations
center, but we are making progress each month as our earnings improve. The
long term outlook for the Hilltop franchise remains positive."
Hilltop Community Bancorp, Inc. is the
parent bank holding company for Hilltop Community Bank. The Bank is a New
Jersey state-chartered commercial bank which commenced operations in
February 2000. The bank operates as a locally headquartered, community
oriented 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.