4/30/2008 - SALEM COUNTY, NEW JERSEY, April 30, 2008 - Harvest Community Bank (OTCBB:HCBP) today reported results for the first quarter ended March 31, 2008. The Bank's first quarter net income was $200,369, or $0.17 per share, compared to net income of $194,452, or $0.17 per share, for the corresponding first quarter 2007 period.
Other areas of the Bank's performance showed continued growth during the first quarter of 2008. Total assets increased to $184,801,399 at March 31, 2008, a 3.3% increase over the year ended December 31, 2007. Gross loans increased by $2,119,549, to $137,323,943 as of March 31, 2008, an increase of 1.6% over December 31, 2007. The Bank's total deposits were $168,478,583 at March 31, 2008, which was an increase of $5,473,382, or 3.4%, over December 31, 2007.
When asked to comment on the Bank's first quarter 2008 results, Dennis H. Engle, President and Chief Executive Officer, stated, "It is gratifying to note that despite the turbulent economy, Harvest continues to maintain positive and steady growth. Our staff is totally committed to making the difference to our customers, and, I believe, this is a key factor in achieving our goals."
Harvest Community Bank is a community bank headquartered in Pennsville, New Jersey. The Bank has additional branches in Woodstown, Elmer and Salem, New Jersey and an LPO (Loan Production Office) in Millville, New Jersey. The Bank began operations in January 2000 with the purpose of serving small businesses, professionals, and retail customers in Salem, Cumberland and Gloucester Counties, New Jersey. The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to a maximum of $100,000 per depositor.
FORWARD LOOKING STATEMENTS
Information in this release relating to Harvest Community Bank's future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volumes, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as "expects," "subject," "believe," "will," "intends," "will be," or "would." More information about factors that potentially could affect Harvest Community Bank's financial results is included in Harvest Community Bank's filings with the FDIC, including its Annual Report on Form 10-KSB for the year ended December 31, 2007. Harvest Community Bank assumes no obligation to update the forward-looking information in this announcement.
