Hopewell Valley Community Bank (PinkSheets:HWDY) announced today that net income for 2014 established a new Bank record, ending the year at $2,523,528 or $.67 per share. This far exceeded 2013, when net income came in at $80,923 due mainly to the effects of a balance sheet restructuring and early repayment of Federal Home Loan Bank advances.
The Bank’s Board of Directors also declared a semi-annual $.05 per common share dividend with a February 13, 2015, record date and March 13, 2015, payment date. The dividend is effectively 5% higher than the 2014 payment as virtually all common shareholders hold 5% more shares following the October, 2014, 5% stock dividend.
Earnings for the fourth quarter of 2014 came in at $601,730 or $.16 per share exceeding the equivalent 2013 mark of $544,976 or $.15 per share.
For the year, total loans produced a strong advance to $344,674,803, an 8.5% increase over the 2013 total of $317,548,695. Total deposits advanced 11%, finishing 2014 at $431,723,257 and topping the 2013 year-end mark of $389,043,148. Overall, institutional size for 2014 increased 10.3% as total assets rose to $483,310,767 against the 2013 year-end total of $438,170,897.
Shareholder equity for 2014 increased year-over-year 8.5% to $45,644,163 as compared to the 2013 year-end total of $42,082,831.
HVCBank’s Chairman, Patrick L Ryan, commented that: “2014 was a very strong year that validated our restructuring actions in 2013. We continue to grow across all segments at a prudent rate and are able to increase our earnings without taking undue risk in this persistent low interest environment. We owe a great deal of our success to our dedicated officers, staff and customer service representatives who continue to serve and assist our customers with great enthusiasm and energy.”
President/CEO, James Hyman, stated, “2014 proved particularly rewarding with growth being seen from new products as well as from expansion we undertook in the years before. In the latter, increased loan and deposit activities from our Hunterdon County offices demonstrated the value of our moves into that market. At the same time, the 2014 launch of our Kasasa Rewards Checking account attracted new consumer deposit relationships which complimented growth in commercial checking business. These successes resulted in the bank achieving record quarterly results when compared to any of the corresponding quarters of our history."
| TWELVE MONTH UNAUDITED RESULTS | DECEMBER 31, 2014 | DECEMBER 31, 2013 | % CHANGE | ||||||
| Total Interest Income | $17,356,696 | $16,165,243 | 7.4% | ||||||
| Total Noninterest Income | $1,843,648 | $1,696,094 | 8.7% | ||||||
| Total Income | $19,200,344 | $17,861,337 | 7.5% | ||||||
| Interest Expense | ($1,941,266) | ($2,149,613) | (9.7%) | ||||||
| Net Interest Income | $15,415,430 | $14,015,630 | 10.0% | ||||||
| Total Operating Expense | ($13,624,850) | ($16,071,801) | (15.2%) | ||||||
| Net Income Before Taxes | $3,634,228 | ($360,077) | 1,109.3% | ||||||
| Taxes | $1,110,700 | ($441,000) | 351.9% | ||||||
| Net Income | $2,523,528 | $80,923 | 3,018.4% | ||||||
| Preferred Stock Dividends | $153,475 | $153,475 | 0% | ||||||
| Net Income Available to Common Shareholders | $2,370,053 | ($72,552) | 3,366.7% | ||||||
| Earnings Per Share (Basic) | $.67 | ($.02) | 3,450.0% | ||||||
| Total Assets | $483,310,767 | $438,170,897 | 10.3% | ||||||
| Total Equity | $45,644,163 | $42,082,831 | 8.5% | ||||||
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank is celebrating 15+ years of providing Familiar Faces Friendly Banking for local residents and small business owners. • Ten banking offices conveniently located in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes, Flemington, and Pittstown in Hunterdon County, Skillman in Somerset County. • A loan production office in Toms River. • Online at hvcbonline.com. • Follow us on Facebook, and Twitter. • Green/*** Star Rating from Veribanc, Inc. • SUPERIOR/***** Star Rating from BauerFinancial • Live local…Buy local…Bank Local with HVCBank
FORWARD LOOKING STATEMENTS
Certain statements contained herein are “forward looking statements” and may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Bank operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Bank wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Bank wishes to advise readers that the factors listed above could affect the Bank’s financial performance and could cause the Bank’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Bank does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contacts:
James Hyman, 609 466-2900
President
& CEO
hvcbonline.com
