Hilltop Community Bancorp, the holding company for Hilltop Community Bank, has reported a net income of $78,000, or $0.01 per diluted share, for the first quarter of 2009, compared to $181,000, or $0.07 per diluted share, in the corresponding quarter of 2008.
For the first quarter of 2009, net income available to common shareholders was $34,000, compared to $181,000 for the same period in 2008.
Net interest income for the first quarter of 2009 was $1.3m, compared to $1.34m in the same quarter of 2008. Noninterest income for the first quarter of 2009 was $94,000, compared to $82,000 for the corresponding quarter of 2008.
Total assets amounted to $206.8m at March 31, 2009, an increase of 15.3% over total assets at the end of the first quarter of 2008.
Gross loans were $115.8m at March 31, 2009, a 2.9% increase over the level of loans at the same quarter of 2008. The bank’s allowance for loan losses was 1.45% at March 31, 2009 and nonperforming loans amounted to only 0.23% of total loans.
Richard Wellbrock, chairman of the board, and Mortimer O’Shea, president and CEO of the company, said: Our first quarter results reflect a tightened net interest margin and a discretionary increase in our loan loss provision. In addition, the FDIC has imposed a significantly higher assessment on depository institutions to pay for the losses to the Deposit Insurance Fund incurred when several large thrift institutions failed in the current recessionary environment.
Although Hilltop did not participate in subprime lending, we are not immune from the impact of those reckless practices. However, Hilltop’s loan portfolio remains strong, and we believe that we are well reserved as we deal with the second year of the global economic crisis.
