Harmony Bank Announces Record 1st Quarter Earnings

Posted on May 6, 2013 By

Harmony Bank (the “Bank”), Jackson, N.J., today reported record earnings for the 1st quarter, ending March 31, 2013.

For the three months, which ended March 31, 2013, the Bank reported net income of $242,014 or $0.16 per share, an increase of $89,555 or 59 percent over the $152,459 or $0.10 per share reported for the same period in 2012.

As of March 31, 2013, the total assets of Harmony Bank were $156.6 million, an increase of 17 percent over the $134.4 million reported at March 31, 2012. Total loans have increased $25.7 million or 27 percent to $121.7.0 million as of March 31, 2013 compared to $96.0 million as of March 31, 2012. Total deposits at Harmony Bank increased 18 percent to $138.8 million at March 31, 2013, compared to $117.8 million at March 31, 2012.

“Our balance sheet growth continues to be strong and exceeds most of our community bank peers.  This growth, accompanied by superior asset quality, good expense management, and acceptable margins, has resulted in a continued positive earnings trend,” said  President and Chief Executive Officer Michael A. Schutzer.  “We continue to hire high quality bankers, recognizing that our future success depends upon the talent and depth of our employees.”

Schutzer also announced the June opening of a new office in Toms River, N.J., at 104 Route 37 East.  “We are excited about the opportunities to serve this marketplace with our exceptional customer service, and we are confident that this location will help us to continue to grow our balance sheet and provide a strong return to our shareholders.”

At March 31, 2013, Harmony Bank continued to maintain capital at levels which are in excess of the required levels to be considered “well-capitalized” with Tier 1 leverage, Tier 1 risk-based capital and total risk-based capital ratios of 11.27 percent, 14.19 percent and 15.45 percent, respectively.

The Bank’s common shares are listed on the OTCQB market under the symbol HRMB. Visit http://www.otcmarkets.com/stock/HRMB/quote for a link to the quote.

About Harmony Bank

Harmony Bank is a state chartered FDIC insured commercial bank that opened for business in September 2008. Its headquarters are located in Jackson, N.J., with one branch office located in Lakewood, N.J.

Forward-Looking Statements

This release contains certain “forward-looking statements” about Harmony Bank, which, to the extent applicable, are intended to be covered by the safe harbor for forward-looking statements provided under the Federal securities laws; and, regardless of such coverage, you are cautioned about.  Such statements are not historical facts and involve certain risks and uncertainties.  Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

  • A severe decline in the general economic conditions of New Jersey;
  • higher than expected increases in our allowance for loan losses;
  • higher than expected increases in loan losses or in the level of nonperforming loans;
  • unexpected changes in interest rates;
  • a continued or unexpected decline in real estate values within our market areas;
  • lack of liquidity to fund our various cash obligations;
  • unanticipated reduction in our deposit base; and
  • other unexpected material adverse changes in our operations or earnings.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Contacts at Harmony Bank:  Michael A. Schutzer, President and CEO (mschutzer@myharmonybank.com) and Michael J. Gormley, EVP/ CFO (mgormley@myharmonybank.com)