Harmony Bank Reports Higher 3rd Quarter Earnings
The devastation wreaked by the storm Sandy has created enormous difficulties for many people, families and businesses. Despite these problems and a sagging economy, Michael A. Schutzer, president and CEO of Harmony Bank (the “Bank”) today reported higher 3rd quarter earnings.
For the quarter, which ended September 30, 2012, the Bank reported a net income of $240,268 or $0.16 per share, compared to $117,159 or $0.08 per share for the same period in 2011, an increase of $123,109 or 105 percent.
For the nine months, which ended September 30, 2012, the Bank reported net income of $541,061 or $0.36 per share, an increase of $402,931 or 291 percent over the $138,130 or $0.09 per share reported for the same period in 2011.
On August 29, 2012, Harmony Bank paid a 5 percent common stock dividend to shareholders of record as of August 15, 2012. In addition, Harmony Bank will continue to expand its branch network with the planned opening of a third office, 104 Route 37 East in Toms River, N.J., in early 2013.
Schutzer said, “We have now concluded our sixth consecutive quarter of positive earnings. We continue to grow our balance sheet at a sustainable and prudent level while continuing to serve our communities with exceptional service. These significant accomplishments in a continuing difficult economy are a direct result of our dedicated employees and directors.”
As of September 30, 2012, the total assets of Harmony Bank were $143.1 million, an increase of $23.7 percent over the $115.7 million reported September 30, 2011. Total loans increased $26.3 million or 30.1 percent to reach $113.6 million as of September 30, 2012, compared to $87.3 million as of September 30, 2011. Total deposits at the Bank increased $27.3 million or 27.7 percent to $125.7 million at September 30, 2012, compared to $98.4 million at September 30, 2011.
Non-performing assets as of September 30, 2012, were $955,000 as compared to $250,000 on September 30, 2011. The increase was attributable to one commercial loan added to non-performing status; however, total non-performing assets were unchanged from the prior quarter end.
At September 30, 2012, Harmony Bank exceeded its applicable regulatory capital requirements with Tier 1 leverage, Tier 1 risk-based capital and total risk-based capital ratios of 11.70 percent, 14.35 percent and 15.60 percent, respectively.
As a step towards providing future liquidity for existing shareholders and other interested potential investors, the Bank has listed its common shares 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 in Lakewood, N.J.
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 Michael J. Gormley, EVP/ CFO