SALEM COUNTY, NEW JERSEY - November 27, 2012 - Harvest Community Bank (OTCBB:HCBP) today reported its financial results for the third quarter ended September 30, 2012. The Bank’s third quarter net income was $284,894, or $0.25 per share, compared to net income of $44,432, or $0.04 per share, for the corresponding third quarter 2011 period. This represents an increase of $240,462 or 541% over the results achieved by the Bank during the corresponding prior year period.
Other areas of the Bank’s performance also showed positive growth during the third quarter of 2012. Total assets of $192,622,065 at September 30, 2012, were $1,068,349 or 0.6% greater than year-end December 31, 2011. The Bank’s total deposits were $176,691,968 at September 30, 2012, an increase of $991,561, or 0.6%, over December 31, 2011. However, the level of gross loans (net of the allowance for loan losses) experienced a decline of $5,263,034, or 3.9%, as of September 30, 2012 compared to December 31, 2011.
When asked to comment on the Bank’s third quarter 2012 results, Dennis H. Engle, President and Chief Executive Officer, stated, "We are pleased that Harvest continues to generate solid net income from its operations and to steadily grow its asset base. We remain vigilant and focused on our strategic goals in light of the continuing sluggish economic conditions within our market area, as well as being totally committed to working to make a difference for our customers and the communities that 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. 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 the maximum allowable amount 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, 2011 and its Quarterly Report on Form 10-Q for the period ended September 30, 2012. Harvest Community Bank assumes no obligation to update the forward-looking information in this announcement.
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