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.
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 Michael J. Gormley, EVP/ CFO
mschutzer@myharmonybank.com mgormley@myharmonybank.com
732-719-3710 732-719-3707
LDC and Lakewood Township Roll Out $1 Million Disaster Assistance Loan Program
The Lakewood Development Corporation (LDC) with the support of the Lakewood Township Committee has prepared a disaster assistance loan program designed for Lakewood Urban Enterprise Zone (UEZ) businesses impacted by super storm Sandy.
The loan program, a two-tiered system, provides initial approvals for loans up to $10,000, with no interest for three (3) years. Businesses may also apply for extended assistance loans of an additional $25,000 at two percent (2%) interest for 10 years.
Patricia Komsa, the executive director of the UEZ, says, “We at the LDC recognize the difficult situation many of our small businesses in Lakewood are now facing after Hurricane Sandy and the following Nor’easter. We have moved quickly to allocate $1 million for a disaster assistance fund designated specifically to meet the critical financial needs of our business.”
Loan applications can be found online at www.lakewoodnj.gov/department/uez or at the Lakewood Municipal Building, 231 Third Street, Lakewood, 2nd Floor, Room 12. Assistance is available in filling out the application forms. Businesses located within the UEZ but not yet certified can still become UEZ certified in order to become eligible for disaster assistance.
For further information, call Patricia Komsa at 732-364-2500 x5257.
About the UEZ: The Urban Enterprise Zone program was designed to foster economic growth to revitalize and stimulate designated urban communities. The program encourages businesses to create private-sector jobs though public and private investment. More than 8,000 businesses throughout the state and more than 500 businesses in Lakewood benefit from tax and financial incentives. Personnel from the Lakewood UEZ are available to discuss program eligibility and answer questions.
Hitting Harmony Bank Sign Pays Dividends
After Thomas Cartnick, age 10, hit a home run AND the Harmony Bank sign at Holbrook Little League Field, Jackson, he won a $100.00 from Harmony Bank, with headquarters in Jackson.
Harmony Bank provided Holbrook with a loan to assist in the construction of their new building, which will house indoor batting cages, meeting rooms, and a concession stand.
Harmony Bank, 2120 West County Line Road, Jackson, was founded in 2008 to provide the Lakewood and Jackson communities the same services offered by the national banking giants, but with more of the attentive, local and personal attention that comes from being a community bank.
In 2010, Harmony opened a branch office at 500 River Avenue, Route 9, Lakewood, and is scheduled to open a third branch in Toms River in 2013.
. (Left to Rt.) Kevin Burkert, Cartnick’s Little League manager; Tony DelVecchio, president of Holbrook Little League, Thomas Cartnick, and Michael Schutzer, president of Harmony Bank.
Getting the Most from Exhibiting at Trade Shows – Free Seminar
Are you using the right marketing tactics when you exhibit at a trade show? A trade show offers businesses the chance to gain the attention of present and potential clients, but you have to use the right marketing tactics. Do you know what these marketing tactics are and how to use them effectively?
Make the most of your next opportunity to exhibit by attending a free business seminar, “Trade Showmanship and Event Marketing,” Wednesday, October 31, 2012, from 10:00 a.m. to 1:00 p.m., Conference Room C, Lakewood Municipal Building, 231 Third Street, Lakewood.
The workshop, hosted by The Lakewood Development Corporation, the administrative arm of the Urban Enterprise Zone (UEZ), and presented by the Women’s Center for Entrepreneurship Corporation, is open to the public, men and women. Learn how to choose exhibit space; budget time and resources; promote participation before, during and after; increase traffic to your booth; instantly capture the interest of those passing by; qualify visitors; and get best follow-up results.
All businesses are welcome whether or not they are participating in a UEZ program. A question and answer period will follow. To register or for more information, visit www.wcecnj.org and register online under Seminar Schedule; or call the Women’s Center for Entrepreneurship Corp. at 973-507-9700.
About the UEZ: The Urban Enterprise Zone program was designed to foster economic growth to revitalize and stimulate designated urban communities. The program encourages businesses to create private-sector jobs though public and private investment. More than 8,000 businesses throughout the state and more than 500 businesses in Lakewood benefit from tax and financial incentives. Personnel from the Lakewood UEZ are available to discuss program eligibility and answer questions.
Rural Health Week – Senior-focused Event for Plumsted Residents
Ocean Health Initiatives (OHI), a federally qualified health center (FQHC) with locations in Lakewood, Toms River, and Manahawkin; and the N.J. State Office of Rural Health are inviting the Plumsted Township residents to attend a kickoff event for National Rural Health Week 2012.
OHI will “Celebrate the Rural” in Ocean County with a senior-focused event by providing free health screenings, health resources vendors, a presentation on Medicare 2013, a continental breakfast, and family giveaways, November 14, 2012, 10:00 a.m., at the Plumsted Municipal Building, Senior Room (lower level) 121 Evergreen Road, New Egypt, N.J.
National Rural Health Week was established to bring a countrywide focus to the approximate 60 million citizens who live in rural areas throughout the United States. These residents often face unique challenges, such as limited access to quality care, lack of health care providers, transportation limitations, and more. The National Organization of State Offices of Rural (NOSORH) annually sets aside the third Thursday of every November to celebrate National Rural Health Day.
Please R.S.V.P. to Michelle Guzman at mguzman@ohinj.org.
About Ocean Health Initiatives
OHI, a federally qualified health center (FQHC), with locations at 101 Second Street, Lakewood; and 301 Lakehurst Road, Toms River; and 333 Haywood Road Manahawkin, provides comprehensive preventative and primary care, including pediatrics, maternal and child health, prenatal, WIC, universal immunizations, and dental health to the area’s uninsured, underinsured, and undocumented residents on a sliding-fee scale, based on an individual’s or family’s ability to pay. OHI has a bilingual staff available to assist patients and callers. To become a patient of OHI, call a representative in the Call Center at either 732-552-0377, Toms River, or 732-363-6655, Lakewood. Visit www.ohinj.org. for further information.
2012 JSAHR Annual Employment Law Seminar
The Jersey Shore Association for Human Resources (JSAHR) is hosting the 2012 Employment Law Seminar, sponsored by Jackson Lewis LLP, Thursday, November 8, 2012, 8:00 a.m. to noon at Jumping Brook Country Club, 210 Jumping Brook Road, Neptune, N.J.
The registration fee for the seminar and a full buffet breakfast is $60.00 for JSAHR members, $90.00 for nonmembers, and $50.00 for those in (job) transition.
The registration deadline is Friday, November 2. Register online at http://jsahr.shrm.org/. Call Kathi Evans, JSAHR administrator, at 732-270-5204 or for more information email jsahradmin@atbcelebrations.com. Approval for three credit hours towards PHR and SPHR recertification is pending.
Topics will include Social Media and the Workplace; Wage & Hour Compliance, including an update regarding the recently enacted N.J. Equal Pay Notification Law; The New Frontier: The EEOC’s New Criminal Background Guidance; A Day Here and a Day There: Positioning Your Company to Manage Intermittent Leave; and Contingent Workers: The Continuing Dilemma of the Non-Employee Workforce. Participants will have an opportunity for questions and answers at the end of the seminar.
Richard Cino, the managing partner of Jackson Lewis LLC, Morristown, and other attorneys in law firm are the presenters.
About Jackson Lewis, LLP: Jackson Lewis LLP is among the largest firms in the country dedicated to representing management in labor, employment and benefits law and related litigation. With forty-nine locations and nearly 750 attorneys, the firm has both a national perspective and a keen understanding of the nuances of regional business environments. Jackson Lewis represents employers before state and federal courts on a wide range of issues including discrimination, wrongful discharge, retaliation, whistleblower, health, safety, wage/hour, pension and benefits. The firm’s attorneys negotiate collective bargaining agreements, participate in arbitration proceedings and represent union-free and unionized employers before the NLRB, OSHA, and other federal and state agencies.
Free Family Fall Festival at Brick Rainbow Kids
Bring the family and friends to Brick Rainbow Kids, 1823 Route 88, Brick, N.J., Sunday, October 28, 2012, from noon to 2:00 p.m. for free family fun at the annual “Fall Festival.” Children can pick a pumpkin in Brick Rainbow Kids’ pumpkin patch, get transformed with face painting by Snazzy Jazzy Faces, and make crafts with the staff. Annie B is providing live, interactive musical entertainment and giveaways for children of all ages. Light refreshments will be served. Children should feel free to attend in their costumes if they want to.
Brick Rainbow Kids is a daycare and learning center that provides before school and after school care to accommodate the schedules of working parents from 7:00 a.m. to 6:30 p.m. daily for children ages six weeks to 10 years. A N.J. certified kindergarten program is offered from 9:00 a.m. to 3:00 p.m.
Among other specials features, parents and grandparents can see their child via an EZCAM Live, a secure Internet monitoring service. Brick Rainbow Kids offers state accredited curriculum-based programs and is open 7:00 a.m. to 6:30 p.m. daily for all age groups.
For more information, contact Donna Miller, director, or Dana Knast, assistant director, at 732-202-1635 or Donna@brickrainbowkids.com or Dana@brickrainbowkids.com.
More information about the kindergarten program at Brick Rainbow Kids: The Kindergarten program includes reading, literacy, language arts, writing, mathematics, science and social studies while re-enforcing motor, communication, cognitive, and personal-social skill development. Specials include ballet, Zumba, and other activities in a renovated, padded gymnasium. As a special treat, all kindergarteners get free pizza on Fridays.
Vote Now for 2013 Rat Rock Calendar Girls
Listeners only have until October 19, 2012, to choose the 12 young women who will become the 2013 calendar girls for the WRAT 2013 Rat Rock Girl Calendar. Greater Media radio station 95.9 WRAT is asking listeners to vote at wrat.com. for their favorite calendar girls. Each finalist will receive at least $500.00.
After the 12 finalists have been chosen another round of listener voting will take place October 22-31 to determine who will $5,000 and be on the cover of the calendar.
Doug Sjonvall, marketing director for WRAT, said, “The Jersey Shore is jam packed with beautiful women, and we want the opportunity to show them off…the real girls of the Jersey Shore.”
Girls interested in competing had previously submitted pictures. The WRAT’s special projects staff selected the semi-finalists. Now it’s up to 95.9 WRAT listeners to choose the final 12.
Calendars will be distributed all over the Jersey Shore in the winter and spring, and will be available to download online at wrat.com. Bentley Diamond, Wall Township, and Clayton Block/Major Tool are sponsoring this event.
For more information, contact Doug Sjonvall, marketing director, Greater Media New Jersey, at 732-681-3800 Ext. 206 or promorat@greatermedianj.com
WRAT-FM and Magic 100.1 are radio stations of Greater Media, Inc. Greater Media, Inc. is the parent company of twenty-three AM and FM radio stations in the Boston, Detroit, Charlotte, New Jersey, and Philadelphia markets. Greater Media also owns a group of weekly newspapers in central New Jersey and several telecommunications towers, located throughout the United States.
To Buy or Not to Buy Real Estate: October Meeting of JSBL Focuses on R.E.
If you are thinking about buying your first home, purchasing income property, or have any questions about real estate, then join Jersey Shore Business Leaders (JSBL) for business networking and a presentation by two real estate experts at Atlanta Bread Company, 1042 Cedar Bridge Avenue, Brick, N.J., Wednesday, October 24, 2012, from 8:00 to 10:00 a.m.
The cost is $10 and includes assorted bagels and beverages. JSBL members will receive a voucher to bring a friend to the next JSBL event at the member price. Bring plenty of business cards.
Nicholas A. Stachowski, DeMoro Realty Group, MFS (Multi-Family Specialist) of Keller Williams, West Monmouth, is working though his fourth year in this tough real estate market. Stachowski, a former engineer in the military defense field, began investing in real estate in his early 20’s. He is well-versed in fix and flip investments to buy or to hold.
Sarah LaRue, CNE (Certified Negotiation Expert) of Keller Williams, West Monmouth, has been working with buyers, sellers and investors for six years. After she left teaching, she began to pursue a career in real estate. LaRue, who has flipped several investment properties for herself, entered this challenging real estate market to help others achieve their dreams of owning real estate in Monmouth and Ocean counties.
To register, visit www.jerseyshorebusinessleaders.com or JerseyShoreBusinessLeaders@ gmail.com. For more information, call Arielle Bandes at 732-278-4834. Find JSBL on Facebook.com/ JerseyShoreBusinessLeaders and on Twitter at twitter.com/JSBLNetworking.
Five Common Mistakes Most Employers Make and How to Avoid Them – Free Seminar
If you manage any employees, are in charge of HR, or are responsible for your company’s insurance, join Robin Campbell, a commercial insurance agent, and employment law attorney William Healey for a free business seminar, Tuesday, October 30, 8:00 to 10:00 a.m., at the DoubleTree, by Hilton Hotel Tinton Falls, 700 Hope Road, Eatontown, N.J. An expanded Continental breakfast is included.
Campbell, a Certified Insurance Counselor (CIC) at the Pavese-McCormick Insurance Agency, Monmouth Junction, will explain basic insurance coverage options, how to know which options are best for your business, and how to correct any gaps in your insurance.
William H. Healey, a Certified Civil Trial Attorney and member of Kluger Healey, Red Bank, will present common employment practices that may expose businesses and their managers to expensive and time-consuming claims. Healey will offer solutions aimed at minimizing the likelihood of employment litigations.
To register, contact Sharon Danzi at 732-852-7500 or sdanzi@klugerhealey.com.
About Pavese-McCormick: Pavese McCormick Insurance Agency, 3759 U.S. Hwy South, Monmouth Junction, N.J., is an independent insurance agency founded in 1933. In addition, Pavese McCormick is a founding member of Consolidated Insurance Agents, LLC, an agency that is made up of other insurance agencies. Pavese-McCormick prides itself on not only providing traditional insurance protection in the commercial and personal property-casualty, life & health insurance and financial services industries, but also for catering to such growing fields as manufacturing, technology, restaurants and hospitality, schools, and contracting.
About Kluger Healey: Kluger Healey, LLC, 219 Broad Street, Red Bank, N.J., specializes in areas of law that impact every business and offers a comprehensive range of labor and employment law services for corporations of all sizes, business owners and managers. Kluger Healey provides solutions for issues involving employees: from human resources counseling, policy development, and the defense of employment litigation to union avoidance strategies. The firm has also been successful in the pursuit and defense of a broad array of commercial litigations.