Harmony Bank Reports 1st Quarter 2016 Results – Quarterly Earnings Up 48%
Harmony Bank {OTCPink: HRMB) {the “Bank”) today reported financial results for the quarter ended March 31, 2016.
For the quarter ended March 31, 2016, the Bank reported net income of $362,435 or $0.15 per share, compared to $245,186 or $0.10 per share, for the same period in 2015, an increase of $117,249 or 47.8 percent
As of March 31, 2016, the total assets of Harmony Bank were $304.9 million, an increase of 13.3 percent over the $269.1million reported March 31, 2015. Total loans were $248.3 million as of March 31, 2016, compared to $207.7 million as of March 31, 2015, an increase of 19.6 percent. Total deposits of the Bank increased 14.4 percent to $266.4 million at March 31, 2016, compared to $232.8 million at March 31, 2015.
The Bank’s non-performing assets were $2.8 million as of March 31, 2016, compared to $246,567 as of March 31, 2015. The increase non-performing assets was due to one multi-family loan where the Bank is actively pursuing collection. The Bank has recently completed a loss analysis based on recent appraisals and believes the loan is adequately reserved for based on the appraisal and analysis. At March 31, 2016, the Bank’s allowance for loan losses totaled $3.3 million or 1.32 percent of total loans.
Michael A. Schutzer, president and CEO of the Bank, stated, “The first quarter results are highly reflective of our performance since becoming profitable in the 2rd quarter of 2011. We have continued to grow the balance sheet, the loan and deposit portfolio, and enhance our earnings.”
At March 31, 2016, 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 12.35 percent; tier 1risk-based capital was 11.10 percent; tier 11everage ratio was 9.51 percent and common equity tier 1capital was 9.72 percent.
About Harmony Bank
Harmony Bank is a state chartered FDIC insured commercial bank that opened for business in September 2008. The headquarters is located in Jackson, N.J. and additional branch offices are located in Lakewood and Toms River. 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.
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; mschutzer@myharmonybank.com
Michael J. Gormley, EVP/ CFO mgormley@myharmonybank.com