For the fourth quarter of 2008, the Corporation recorded a net loss of
Both the fourth quarter and full year results were negatively impacted by an other than temporary impairment charge of
In a joint statement, Chairman of the Board Richard D. Wellbrock and President & CEO Mortimer J. O'Shea commented: "We are obviously unhappy to report an impairment loss in our securities portfolio, particularly at the end of a year in which Hilltop's performance outstripped many of our peers based on normal operating results. For example, total assets increased by 13.4% when comparing year end 2008 to the end of the prior year. Net interest income increased by 12.7% in 2008 and our net interest margin increased by 16 basis points when compared to 2007. Our commercial and consumer loans continue to perform very well, with very few delinquencies, and our allowance for loan losses is in excess of 1.37%. These are unprecedented times but we believe that we will remain on track towards future improved operating results as the economy turns around. Hilltop is fundamentally sound and we are providing excellent service to the businesses and consumers in our trade area. In addition, we recently reported that the Corporation has received preliminary approval from the Treasury for a
Hilltop Community Bancorp, Inc. is the parent bank holding company for Hilltop Community Bank. Hilltop Community Bank is a
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 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, 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 Bank assumes no obligation for updating any such forward-looking statements at any time.
HILLTOP COMMUNITY BANCORP, INC. Financial Information December 31, 2008 12/31/08 12/31/07 -------- -------- Balance Sheet Data: (in thousands) Total assets $180,626 $159,215 Federal funds sold 20,100 250 Short-term investments 8,144 9,723 Investment securities 29,132 32,726 Gross loans 116,711 111,051 Allowance for loan losses 1,604 1,484 ------- ------- Net loans 115,107 109,567 Intangible assets 373 373 Deposits 160,401 138,542 Short-term borrowings 2,068 1,302 Shareholders' equity 16,693 17,625 QTD YTD --- --- 12/31/08 12/31/07 12/31/08 12/31/07 -------- -------- -------- -------- Income Statement Data: (in thousands) Interest income $2,292 $2,316 $9,344 $9,242 Interest expense 768 1,019 3,451 4,015 ----- ----- ----- ----- Net interest income 1,524 1,297 5,893 5,227 Provision for loan losses 30 15 120 150 Noninterest income (loss) 64 85 308 280 OTTI charge 985 - 985 - Noninterest expense 1,307 1,160 4,804 4,419 Tax expense (313) 80 53 373 Net income (421) 127 239 565 Net Interest Margin (tax equivalent basis) 3.76% 3.48% 3.65% 3.49% Per Common Share Data: Net income per share-basic $(0.16) $0.05 $0.09 $0.21 Net income per share-diluted (0.16) 0.05 0.09 0.21 Tangible book value-period end 6.31 6.68 Average earning assets 163,589,663 148,499,266 163,840,356 150,110,740 Average shareholders' equity 17,210,162 17,483,049 17,575,500 17,594,055 Common shares outstanding 2,584,738 2,581,255
SOURCE Hilltop Community Bancorp, Inc.