8/17/2009 - SALEM COUNTY, NEW JERSEY, August 14, 2009 - Harvest Community Bank (OTCBB:HCBP) today reported results for the second quarter ended June 30, 2009. The Bank's second quarter net income was $217,348, or $0.19 per share, compared to net income of $226,743, or $0.20 per share, for the corresponding second quarter 2008 period. The Bank also reported net income of $418,579 or $0.36 per share for the six months ended June 30, 2009, compared to $427,112 or $0.37 per share for the six months ended June 30, 2008. The net income for the three months ended June 30, 2009 was impacted by a special assessment of $95,000 by the Federal Deposit Insurance Corporation (FDIC). This assessment was levied on all FDIC-insured banks during the second quarter of 2009 and is based upon the level of a bank’s total assets, less Tier 1 capital. This amount is included in the Bank’s noninterest expense totals.
Many areas of the Bank's performance, however, continued to show growth during the first six months of 2009. Total assets increased to $204,820,993 at June 30, 2009, a 10.4% increase over the year ended December 31, 2008. Gross loans were $142,156,358 as of June 30, 2009, a marginal increase compared to December 31, 2008. The Bank's total deposits were $189,211,883 at June 30, 2009, which was an increase of $20,262,315, or 12.0%, over December 31, 2008.
Regarding these most recent fiscal 2009 results, President and Chief Executive Officer Dennis H. Engle stated, "Despite the unexpectedly large increase in the assessment from the FDIC, Harvest is pleased that we have maintained overall consistency in our performance. As we expect the economy to begin to slowly stabilize, our team will continue to focus on growing our assets, showing profitability and investing in the future of our organization, as well as the communities we serve."
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 $250,000 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-K for the year ended December 31, 2008. Harvest Community Bank assumes no obligation to update the forward-looking information in this announcement.
