Harmony Bank Results for 3rd Quarter Show Gains in Assets, Deposits, and Earnings
Harmony Bank (the “Bank”), Jackson, today reported the results for the quarter and the nine months ending September 30, 2013.
For the quarter, which ended September 30, 2013, the Bank reported net income of $379,109 or $0.25 per share, compared to $240,268 or $0.15 per share for the same period in 2012, an increase of $138,841 or 57.8 percent.
For the nine months, which ended September 30, 2013, the Bank reported net income of $797,637 or $0.52 per share, an increase of $256,576 or 52.4 percent over the $541,061 or $0.34 per share reported for the same period in 2012.
On September 20, 2013, Harmony Bank paid a 5 percent common stock dividend to shareholders of record as of September 6, 2013.
As of September 30, 2013, the total assets of Harmony Bank were $199.1 million, an increase of 39.1 percent over the $143.1 million reported September 30, 2012. Total loans were $131.0 million as of September 30, 2013 compared to $113.6 million as of September 30, 2012, an increase of 15.3 percent. Total deposits at the Bank increased 43.2 percent to $ 180.0 million at September 30, 2013, compared to $125.7 million at September 30, 2012.
The bank’s loan quality remains strong. Non-performing assets as of September 30, 2013, were $395,268 as compared to $954,752 on September 30, 2012. Our reserve for loan losses totaled $1.7 million at June 30, or 1.33% of total loans.
“We are excited about our deposit growth because we have been able to provide attractive commercial and consumer deposit products with the same level of technology as the big banks but with special attention to individual customer service,” said President and Chief Executive Officer Michael A. Schutzer.
“We have continued to serve the unique borrowing needs of our local communities and have successfully enhanced our capabilities with an expanded SBA product offering. Despite increased regulatory costs, we continue to grow our earnings and our shareholder value. Also, our Toms River office under the leadership of Dawn Ullmann, opened for business in June and is experiencing strong growth and is attracting good local customers.”
At September 30, 2013, Harmony Bank exceeded its applicable regulatory capital requirements with Tier 1 leverage, Tier 1 risk-based capital and total risk-based capital ratios of 9.37 percent, 13.24 percent and 14.49 percent, respectively.
Harmony Bank common stock 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. and additional branch offices are located in Lakewood and Toms River.
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