Hilltop Community Bancorp, Inc. Reports Increased Second Quarter Results

   Hilltop Community Bancorp, Inc. Reports Increased Second Quarter Results

PR Newswire

SUMMIT, N.J., July 22, 2013

SUMMIT, N.J., July 22, 2013 /PRNewswire/ -- Hilltop Community Bancorp, Inc.
(the Corporation or Hilltop) (OTCQB: HTBC), the holding company for Hilltop
Community Bank (the Bank) today reported net income of $288,000 ($0.10 per
common share, basic and diluted) for the quarter ended June 30, 2013. This was
an increase of 32% when compared to net income of $219,000 ($0.08 per share,
basic and diluted) for the second quarter of 2012.

Net income for the first half of 2013 was $471,000 ($0.16 per common share,
basic and diluted) compared to net income of $454,000 ($0.16 per share, basic
and diluted) for the first half of the prior year. Both the second quarter
and first half results in 2013 were positively impacted by the sale of a bond
in the Bank's investment portfolio that yielded a gain of $136,000.

Total assets amounted to $174.4 million at June 30, 2013, compared to total
assets of $179.6 million at June 30, 2012, and total assets of $177.0 million
at December 31, 2012. Gross loans were $106.0 million at June 30, 2013, down
slightly from gross loan volume of $107.4 million at the mid point of last
year. The allowance for loan losses was 1.73% of total loans at June 30,
2013. The net interest margin for the second quarter was 3.91%, a reduction of
19 basis points from the prior year's second quarter but generally higher than
other New Jersey based community banks. The reduction in the margin was
primarily caused by a lower yield on loans. Hilltop's net interest margin for
the first six months of 2013 was 4.02%.

The proposed merger with Haven Bancorp, Inc., which was announced on June 5,
2013, is proceeding on schedule. Haven has submitted the required application
to the regulators and Hilltop is working on the proxy statement which will be
required as part of the shareholder approval process. A fourth quarter closing
is anticipated. Under the proposed plan, shareholders of Hilltop Community
Bancorp, Inc. will receive $9.42, in cash, for each share of the
Corporation's stock that they own.

In a joint statement, Chairman of the Board Richard D. Wellbrock and President
& CEO Mortimer J. O'Shea commented: "We are certainly pleased with our second
quarter results. Hilltop continues to demonstrate a relatively low cost of
funds that will help us stem the tide of lower rates on the asset side of the
balance sheet. Our allowance for loan losses is very solid at 1.73% and we
anticipate that we will be able to reduce our monthly provisioning for loan
losses for the remainder of the year. It is gratifying that we have been able
to negotiate a sale of the Corporation to Haven Bancorp, Inc. Most of our
long time shareholders will realize a profit on their investment in Hilltop
and our customers will become clients of a long established New Jersey
financial institution."

Hilltop Community Bancorp, Inc. is the parent 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 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 Corporation assumes no obligation for updating
any such forward-looking statements at any time. 



HILLTOP COMMUNITY BANCORP, INC.
Financial Information
June 30, 2013
Consolidated Balance
Sheet
                      06/30/13       06/30/12       12/31/12
Assets
 Cash and due from   $  2,679,200  $  2,929,100  $ 
banks                                               2,437,600
 Interest-bearing    20,661,600     22,986,500     20,277,400
deposits in banks
 Federal funds sold  100,000        995,000        100,000
 Cash and cash     23,440,800     26,910,600     22,815,000
equivalents
 Investment          38,146,200     42,397,900     43,193,900
securities
 Loans receivable    106,023,300    107,407,900    108,305,400
 Allowance for loan  (1,831,800)    (1,942,200)    (1,849,100)
losses
 Loans             104,191,500    105,465,700    106,456,300
receivable, net
 Bank premises and   2,452,500      2,619,600      2,526,900
equipment, net
 Intangible assets   372,900        372,900        372,900
 Bank-owned life     4,041,200      -              -
insurance
 Other assets        1,793,700      1,876,800      1,632,300
 Total     $174,438,800   $179,643,500   $176,997,300
assets
Liabilities
and Shareholders'
Equity
 Liabilities
 Deposits:

Noninterest-bearing   $ 27,308,600   $ 29,880,000   $ 30,228,900
demand
 Interest-bearing  8,881,500      7,123,200      8,619,100
demand
 Money market and  80,039,200     80,115,600     77,206,700
savings
 Time deposits     31,721,200     37,195,100     34,286,900
 Total deposits  147,950,500    154,313,900    150,341,600
 Securities sold
under agreements to   4,356,500      3,590,000      4,273,700
repurchase
 Other liabilities   1,379,000      1,196,200      1,471,700
Total            153,686,000    159,100,100    156,087,000
liabilities
 Shareholders'
Equity
 Common stock        19,051,100     19,051,100     19,051,100
 Retained earnings   1,724,800      1,065,400      1,253,600
 Treasury stock      (505,000)      (505,000)      (505,000)
 Accumulated other   481,900        931,900        1,110,600
comprehensive income
Total            20,752,800     20,543,400     20,910,300
shareholders' equity
 Total
liabilities and       $174,438,800   $179,643,500   $176,997,300
shareholders' equity
Consolidated Income
Statement
                      QTD                           YTD
                      06/30/13       06/30/12       06/30/13      06/30/12
 Interest Income
 Loans, including  $  1,360,400  $  1,479,500  $            $ 
fees                                                2,753,400     3,006,400
 Securities-       125,800        215,200        266,200       438,600
taxable
 Securities-       161,800        130,600        318,300       253,500
tax-exempt
 Other             13,800         16,200         24,700        28,200
Total interest   1,661,800      1,841,500      3,362,600     3,726,700
income
Interest Expense
 Deposits          134,500        204,500        264,900       413,600
 Capital lease
obligations and       14,200         14,700         28,800        30,000
other borrowings
 Total interest  148,700        219,200        293,700       443,600
expense
 Net interest    1,513,100      1,622,300      3,068,900     3,283,100
income
Provision for Loan   45,000         20,000         90,000        35,000
Losses
 Net interest
income after
provision for
 loan losses   1,468,100      1,602,300      2,978,900     3,248,100
 Noninterest income
 Gain on sale of   135,800        -              135,800       -
investment security
 OTTI charges,     -              (23,500)       (11,900)      (65,400)
net
 Service charges   29,100         28,800         56,100        54,700
and fees
 BOLI income       31,600         -              41,200        -
 Other             38,800         54,100         71,600        116,100
Total            235,300        59,400         292,800       105,400
noninterest income
Noninterest
expense
 Salaries and      756,500        800,100        1,536,700     1,575,200
employee benefits
 Occupancy and     146,800        153,600        307,400       319,400
equipment
 Data processing   146,300        147,600        305,600       323,400
related operations
 Advertising       10,300         29,200         28,100        58,300
 Professional      50,700         43,700         96,200        91,900
fees
 FDIC insurance    26,800         20,600         51,100        43,300
and assessments
 Other operating   192,100        172,400        359,500       323,500
 Total           1,329,500      1,367,200      2,684,600     2,735,000
noninterest expense
Income before    373,900        294,500        587,100       618,500
income tax expense
Income Tax Expense   85,500         75,100         115,900       164,500
 Net income      $            $            $           $  
                      288,400       219,400       471,200      454,000
Net Interest Margin
(tax-equivalent       3.91%          4.10%          4.02%         4.28%
basis)
Per Common Share
Data:
 Net income per      $         $         $        $     
common share- basic   0.10           0.08           0.16          0.16
 Net income per      $         $         $        $     
common share-         0.10           0.08           0.16          0.16
diluted
 Tangible book                                     $        $     
value- period end                                   6.97          6.74
Return on Average     0.66%          0.51%          0.55%         0.54%
Assets
Return on Average     5.48%          4.29%          4.52%         4.47%
Equity
Asset Quality Data:
 Accruing loans                                    $           $     
past due 30 to 89                                   193,500         -
days
 Accruing loans                                    $        $     
past due 90 days or                                    -         -
more
 Nonaccrual loans                                  $ 1,211,200  $ 1,085,200
 Other real estate                                 $        $     
owned                                                  -         -
 Net charge-offs     $           $            $          $  362,200
(recoveries)          (2,900)       362,200       92,400
Miscellaneous:
 Average assets      $174,622,300   $172,977,000   $171,962,400  $167,533,000
 Average earning     $163,708,600   $165,914,000   $162,359,100  $160,549,400
assets
 Average deposits    $148,542,500   $147,581,100   $145,614,800  $141,845,600
 Average             $ 21,111,600  $ 20,500,200  $             $
shareholders' equity                                21,032,600   20,405,400
 Common shares
outstanding- period                                 2,856,399     2,856,399
end



SOURCE Hilltop Community Bancorp, Inc.

Contact: MORTIMER J. O'SHEA (908/918-2400)
 
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