Harmony Reports Record 4th Quarter Results
Harmony Bank (the “Bank”) today reported record earnings for the 4th quarter and the year ending December 31, 2012.
For the quarter, which ended December 31, 2012, the Bank reported net income of $436,813 or $0.28 per share, compared to $196,876 or $0.12 per share for the same period in 2011, an increase of $239,937 or 122 percent.
For the twelve months, which ended December 31, 2012, the Bank reported net income of $977,874 or $0.64 per share, an increase of $642,869 or 192 percent over the $335,005 or $0.22 per share reported for the same period in 2011.
“Despite a continued sluggish economy, historically low interest rates, and the devastating impact Super storm Sandy delivered to some of the communities we serve, our full year operating performance was characterized by continued asset and revenue growth, and the maintenance of a stable and favorable asset quality profile,” said President and Chief Executive Officer Michael A. Schutzer. “We have now concluded our second full year and our seventh consecutive quarter of positive earnings. We will continue to focus on building our core value through selective organic branch growth, disciplined lending and a consistent approach to business.”
Schutzer is also pleased to announce the March opening of a new office in Toms River, N.J., on 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 December 31, 2012, 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 11.63 percent, 14.22 percent and 15.48 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
Michael J. Gormley, EVP/ CFO
###