News

First Hope Bank Reports 2009 Yearend Earnings

Investments in Technology Position Bank for Future

Contact: Cindy Munley
Phone: (908) 459-4121 / 813-3119, ext. 4132
(973) 729-8333, ext. 4132

Hope, NJ, January 27, 2010: Chief Financial Officer Lewis R. Beatty today reported First Hope Bank’s total assets for 2009 increased by 10.0% and totaled $432.0 million on December 31, compared to $394.0 million on the same day a year prior. He reported a 12.0% year-over-year increase in deposits, which ended the year at $372.5 million, compared to $333 million one year earlier.

“Many customers sought the safety and stability of First Hope Bank in the wake of last year’s economic uncertainties, resulting in new consumer and commercial deposit relationships for First Hope,” commented Donald D. Somma, Senior Vice President for Retail Operations/Senior Lender. “Our extremely low loan delinquency further underscores our profound commitment to responsible fiscal stewardship.”

Somma noted that the bank’s loan portfolio increased slightly during 2009, adding he is optimistic about home financing opportunities that will arise from the spring real estate market and from “greater numbers of homeowners drawing upon equity for remodeling projects and to pay down debt.”

Edward F. Walker, Senior Vice President for Investment and Trust Services, reported his area generated revenues of $1.35 million, a 5.5% increase over 2008. “A kind of brand extension occurs between the traditional bank and the investment division,” Walker explained. “People who do traditional business with First Hope Bank understand that we offer the same superior service and know that we do not take our fiduciary responsibility lightly.”

Daniel Beatty, Chief Operating Officer, said the bank’s technological investments of the prior year have positioned the organization well for the future. “We were in the fortunate position of being able to make large investments in technology at a time when others were forced to cut corners,” he said. “During 2009, we finished a major renovation and expansion project at our Blairstown office, with the remodeled branch and state-of-the-art operations center coming fully on line in August of last year.”

“We also converted our core data system, which was another major project that culminated last October,” he said. “The building of our operations center and our computer system conversion were both undertaken to position First Hope to serve its customers 30 years from now.”

He added that the bank is currently renovating its financial center in Great Meadows. “When our technology and deposit operations areas moved to our new operations center, we realized we could utilize the extra space to create a brighter, more modern and inviting banking experience for customers who use that location,” he said, adding that the project is nearing completion.

Chairman of the Board Norman E. Beatty reported the bank’s Board of Directors at their December meeting voted to declare a per share dividend of $5.50 based on 2009 earnings of $1.9 million.

First Hope Bank, established in 1911, is a full-service financial institution with locations in Andover, Blairstown, Great Meadows, Hackettstown, Hope and Sparta. Known for its customer service, financial strength and stability, First Hope Bank also offers the sophisticated range of products and services found in large financial institutions including a comprehensive trust and investment division. First Hope Bank's associates strive every day to fulfill the Bank’s motto, “World class service, close to home.” E-mail First Hope Bank at info@firsthope.com. For mortgages and home equity loans, visit FirstHopeMortgages.com.

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