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FOR IMMEDIATE RELEASE |
CONTACT:
Dennis H. Engle,
President & CEO |
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April 19, 2007 |
856-678-8740 |
HARVEST COMMUNITY BANK REPORTS
FIRST QUARTER 2007 FINANCIAL RESULTS
SALEM
COUNTY, NEW JERSEY,
April 19, 2007 - Harvest Community Bank (OTCBB:HCBP) today reported results for
the first quarter ended March 31, 2007. The Bank’s first quarter net income was
$194,452, or $0.17 per share, compared to net income of $125,515, or $0.11 per
share, for the corresponding first quarter 2006 period. The $68,937 or 54.9%
increase is attributable primarily to the Bank’s continued growth and an
increase in the net interest margin compared to the similar period in 2006. The
first quarter 2007 results contain expenses for the ongoing operation of our
Salem branch, whereas the first quarter 2006 financial results contained minimal
expenses for the Salem branch, which opened in July 2006.
Other
areas of the Bank’s performance showed solid growth during the first quarter of
2007. Total assets increased to $179,408,953 at March 31, 2007, a 5.2% increase
over the year ended December 31, 2006. Gross loans increased by $3,157,175, to
$127,124,171 as of March 31, 2007, an increase of 2.5% over December 31, 2006.
The Bank’s total deposits were $163,018,386 at March 31, 2007, which is an
increase of $9,020,082, or 5.9%, over December 31, 2006.
When asked to comment on the Bank’s first quarter 2007 results, Dennis H.
Engle, President and Chief Executive Officer, stated, “We continue to focus our
efforts on providing superior customer service at all times, and on meeting the
credit and deposit needs of our primary market area to the best of our
abilities. The Bank’s business plan for 2007 continues to emphasize these
fundamental principles, and calls for continued prudent growth in all key
operational areas”.
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 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, 2006. Harvest
Community Bank assumes no obligation to update the forward-looking information
in this announcement.
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