HVC Bank Posts Profit In FY14

(RTTNews) - Hopewell Valley Community Bank (HWDY) Saturday said net income for the year available to common shareholders was $2.37 million or $0.67 per share compared to a loss of $72,552 or $0.02 per share in the prior year due mainly to a balance sheet restructuring and early repayment of Federal Home Loan Bank advances.

Total income for the year advanced to $19.2 million from $17.86 million in 2013.

Earnings for the fourth quarter were $601,730 or $0.16 per share, compared to $544,976 or $0.15 per share in the previous year.

The Board of Directors also declared a semi-annual $0.05 per common share dividend, with a February 13 record date and March 13 payment date. The dividend is effectively 5 percent higher than the 2014 payment.