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| Harvest Community Bank | ||||
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| 285 North Broadway Pennsville, NJ 08070 | ||||
| 863 Route 45 Pilesgrove, NJ 08098 | ||||
| 389 Harding Hwy., Suite 7, P. O. Box 149 Elmer, NJ 08318 | ||||
| 473 East Broadway, Salem, NJ 08079 | ||||
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LPO - 7 Easterwood Street, Suite J Millville, NJ 08332 |
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| Shareholder News | ||||
HARVEST COMMUNITY BANK REPORTS THIRD QUARTER 2007 FINANCIAL RESULTS
SALEM COUNTY, NEW JERSEY,
November 19, 2007 - Harvest Community Bank (OTCBB:HCBP) today reported results
for the third quarter ended September 30, 2007. The Bank’s third quarter net
income was $286,705, or $0.25 per share, compared to net income of $213,409,
or $0.19 per share, for the corresponding third quarter 2006 period. The Bank
also reported net income of $673,256 or $0.59 per share for the nine months
ended September 30, 2007 compared to $487,206 or $0.42 per share for the
corresponding nine month period in 2006. The results for the three and nine
month periods in 2007 include a one-time $66,525 realized gain on the sale of
Other Real Estate. Excluding the realized gain, net income for the three
months ended September 30, 2007 increased 3% from the corresponding three
month period in 2006, and 24.5% for the nine months ended September 30, 2007
on a year-over-year basis.
Other
areas of the Bank’s performance showed solid growth during the first nine
months of 2007. Total assets increased to $183,693,364 at September 30, 2007,
a 7.7% increase over the year ended December 31, 2006. Gross loans increased
to $134,009,608 as of September 30, 2007, or 8.1% over December 31, 2006. The
Bank’s total deposits were $166,650,524 at September 30, 2007, which
represents an 8.2% increase over December 31, 2006.
When asked to comment on the Bank’s third quarter 2007 results, Dennis
H. Engle, President and Chief Executive Officer, stated, “We are pleased to be
able to demonstrate such positive results in these turbulent economic times.
Certainly, we appreciate the hard work of our team and the support of
investors and customers. In continuing to follow our strategic plans, we hope
to increase our stock price so that it more closely reflects our positive
growth.”
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 also maintains a Loan Production Office (LPO) in
Millville, NJ. 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. Press Releases Available
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