11/24/2009 - SALEM COUNTY, NEW JERSEY, November 24, 2009 - Harvest Community Bank (OTCBB:HCBP) today reported results for the third quarter ended September 30, 2009. The Bank's third quarter net income was $99,498, or $0.09 per share, compared to net income of $312,363, or $0.27 per share, for the corresponding third quarter 2008 period, a $212,865 or 68.1% decrease. For the nine months ended September 30, 2009, net income was $518,078 or $0.45 per share, compared to $739,475 or $0.64 per share at September 30, 2008, a decrease of $221,397 or 29.9%. Increased FDIC insurance premiums as well as increased loan loss provisions compared to the similar periods in 2008 impacted the results for the third quarter and year to date 2009.
Other areas of the Bank's performance showed positive growth during the third quarter of 2009. Total assets of $192,389,499 at September 30, 2009, were $6,838,138 or 3.7% greater than year-end December 31, 2008. The level of gross loans held steady as of September 30, 2009 compared to December 31, 2008. The Bank's total deposits were $176,197,950 at September 30, 2009, an increase of $7,248,382, or 4.3%, over December 31, 2008.
When asked to comment on the Bank's third quarter 2009 results, Dennis H. Engle, President and Chief Executive Officer, stated, "We recognize that the coming months are expected to place pressure on our specific industry and the economy as a whole, but it is gratifying to note that despite these turbulent times, Harvest continues to maintain positive and steady growth. We have accomplished this by staying focused on our goals, and doing what we do best: traditional banking and working to make the difference to our customers."
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 currently insured by the Federal Deposit Insurance Corporation up to a maximum of $250,000 per depositor through the end of 2009.
Harvest Bank - ADD 1-1-1
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-K for the year ended December 31, 2008. Harvest Community Bank assumes no obligation to update the forward-looking information in this announcement.
