Nov 16 - The board of Hilltop Community Bancorp Inc. (OTCQB: HTBC), the holding company for Hilltop Community Bank has authorized the payment of a special cash dividend of 11 cents per common share. Shareholders of record on Dec. 3, 2012, will receive the cash dividend on Dec. 18, 2012.
In a joint statement, chairman Richard D. Wellbrock and CEO Mortimer J. O'Shea commented: "This is the second special cash dividend that we have announced to the shareholders of the bancorp. Last year, the special dividend was 10 cents per common share and this year we are increasing the payout by 10 percent to 11 cents per common share. The board of directors would again like to thank our shareholders for their continued and anticipated future support and to underscore some of the positive financial factors attendant to the bancorp's performance. Net income for the first nine months of 2012 was $731,000 (26 cents per common share, basic and diluted), an increase of 21.4 percent over net income of $602,000 (21 cents per common share, basic and diluted) for the first nine months of 2011. Hilltop's net interest margin continues to compare favorably to other community banks, our capital ratios reflect a very solid balance sheet and our loan quality metrics are very positive."
Hilltop Community Bancorp Inc. is the parent 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 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.