Harmony Bank Reports Results for 3rd Quarter 2015
Harmony Bank (OTCPink:HRMB)(the “Bank”) today reported the results for the quarter and the nine months ending September 30, 2015.
For the quarter ending September 30, 2015, the Bank reported net income of $381,917 or $0.16 per share, compared to $297,864 or $0.12 per share for the same period in 2014, an increase of $84,053 or 28.2 percent.
For the nine months ending September 30, 2015, the Bank reported net income of $1,020,042 $0.42 per share, compared to $653,489 or $0.27 per share for the same period in 2014. This represents an increase of $366,553 or 56.1 percent.
As of September 30, 2015, the total assets of Harmony Bank were $280.1 million, an increase of 14.3 percent over the $245.2 million reported September 30, 2014. Total loans were $227 million as of September 30, 2015, compared to $186.9 million as of September 30, 2014, an increase of $21.4 percent. Total deposits of the Bank increased 16 percent to $242.6 million at September 30, 2015, compared to $209.2 million at September 30, 2014.
The Bank’s asset quality continues to demonstrate strength as non-performing assets were $246,567 as of September 30, 2015, compared to no non-performing loans for the same period in 2014. At September 30, 2015, the reserve for loan losses totaled $3.0 million or 1.34 percent of total loans.
Michael A. Schutzer, president and CEO of the Bank, said, “In September, we began our eighth year as a local community bank and the success of our strategic plan to provide superior service to small businesses and consumers in our primary markets has resulted in meaningful financial results for our loyal shareholders. The bank continues to grow in a conservative and sustainable manner even during these uncertain times. Our increase in net income of over 50 percent from the prior year’s comparable period, while maintaining excellent credit quality is attributable to our attentive staff of dedicated employees and a loyal customer base.”
At September 30, 2015, Harmony Bank continued to maintain capital levels that exceed those to be considered a well-capitalized institution under Federal guidelines. Total risk-based capital was 12.76 percent; Tier 1 risk-based
capital was 11.51 percent; Tier 1 leverage ratio was 9.76 percent, and Common Equity Tier1 capital was 10.02 percent.
Harmony Bank common stock shares are listed on the OTCPink market under the symbol HRMB.
Visit http://www.otcmarkets.com/stock/HRMB/quote for a current 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 branches in Lakewood and Toms River, N.J.
Contacts at Harmony Bank:
Michael A. Schutzer, President and CEO
Michael J. Gormley, EVP/ CFO