Harmony Bank, Jackson, Announces Record lst Quarter Earnings

Harmony Bank (the “Bank”), Jackson, N.J., today reported record earnings for the 1st quarter, ending March 31, 2013.

For the three months, which ended March 31, 2013, the Bank reported net income of $242,014 or $0.16 per share, an increase of $89,555 or 59 percent over the $152,459 or $0.10 per share reported for the same period in 2012.

As of March 31, 2013, the total assets of Harmony Bank were $156.6 million, an increase of 17 percent over the $134.4 million reported at March 31, 2012. Total loans have increased $25.7 million or 27 percent to $121.7.0 million as of March 31, 2013 compared to $96.0 million as of March 31, 2012. Total deposits at Harmony Bank increased 18 percent to
$138.8 million at March 31, 2013, compared to $117.8 million at March 31, 2012.

“Our balance sheet growth continues to be strong and exceeds most of our community bank peers. This growth, accompanied by superior asset quality, good expense management, and acceptable margins, has resulted in a continued positive earnings trend,” said  President and Chief Executive Officer Michael A. Schutzer. 

“We continue to hire high quality bankers, recognizing that our future
success depends upon the talent and depth of our employees.” 

Schutzer also announced the June opening of a new office in Toms River, N.J., at 104 Route 37 East.  “We are excited about the opportunities to
serve this marketplace with our exceptional customer service, and we are
confident that this location will help us to continue to grow our balance sheet and provide a strong return to our shareholders.” 

At March 31, 2013, Harmony Bank continued to maintain capital at levels which are in excess of the required levels to be considered “well-capitalized” with Tier 1 leverage, Tier 1 risk-based capital and total risk-based capital ratios of 11.27 percent, 14.19 percent and 15.45 percent, respectively.

The Bank’s common shares are listed on the OTCQB market under the symbol HRMB. Visit http://www.otcmarkets.com/stock/HRMB/quote for a link to the quote. 

About Harmony Bank:  Harmony Bank is a state chartered FDIC insured commercial bank that opened for business in September 2008. Its headquarters are located in Jackson, N.J., with one branch office located in Lakewood, N.J.

Contacts at Harmony
Bank:  Michael A. Schutzer, President and CEO (mschutzer@myharmonybank.com) and Michael J. Gormley, EVP/ CFO (mgormley@myharmonybank.com )