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HARMONIA REPORTS A 31 PERCENT RISE IN 1992 FIRST QUARTER EARNINGS

 HARMONIA REPORTS A 31 PERCENT RISE IN 1992 FIRST QUARTER EARNINGS
 KENILWORTH, N.J., April 9 /PRNewswire/ -- Harmonia Bancorp, Inc. (NASDAQ: HBCI), the parent company of Harmonia Savings Bank, today reported net income of $805,000, or $0.19 per share, for the first quarter ended March 31, 1992. This compares with net income of $615,000, or $0.14 per share, for the same quarter last year. The earnings improvement was largely attributable to a better net interest margin and controlled operating expenses.
 Walter D. Tombs, chairman of the board and chief executive officer, stated, "Harmonia's first quarter results represented a 31 percent increase in earnings over the same period last year. Our policy of emphasizing the quality of assets and pursuing conservative growth has been extremely successful. We believe that our strong capital base and sustained profitability will place Harmonia in an excellent position to benefit as the economy begins to turn upward."
 Net interest income was $6.0 million in the first quarter of 1992, compared to $5.6 million for the same period in 1991, an increase of 7.1 percent. Total other income was $548,000 for the latest quarter, versus $496,000 for the first quarter of last year.
 The provision for possible loan losses was $617,000 for the quarter ended March 31, 1992, as compared to $945,000 and $455,000 for the fourth and first quarters of 1991, respectively. The provision for loan losses reflects a conservative approach toward the persistent weakness in the New Jersey real estate market. Non-performing assets amounted to $20.2 million or 2.51 percent of total assets at March 31, 1992, compared with $20.8 million or 2.66 percent of total assets at Dec. 31, 1991, and $15.1 million or 2.08 percent of total assets at March 31, 1991.
 Operating expenses, excluding FDIC insurance premium costs, were $3,971,000 for the quarter ended March 31, 1992, compared with $4,041,000 for the year-ago quarter. A number of cost reduction measures were implemented in 1991 that have had a significant positive effect, including: the closing of two branch offices, transferring check processing department functions to an outside source, and staff reductions.
 At March 31, 1992, Harmonia's total assets were $803 million, deposits amounted to $707 million and net loans totaled $366 million. Harmonia's shareholders' equity stood at $87 million, representing a capital ratio of 10.83 percent of assets, well in excess of regulatory requirements. The book value was equivalent to $21.09 per common share.
 Through its subsidiary, Harmonia Savings Bank, Harmonia Bancorp, Inc. operates 17 offices in five central New Jersey counties. Organized in 1851, Harmonia provides traditional savings bank products and services, complemented by multi-family residential loans and home equity lending.
 HARMONIA BANCORP, INC.
 (In thousands)
 Three Months Ended March 31 1992 1991
 Interest income $14,060 $15,159
 Interest expense 8,065 9,605
 Net interest income 5,995 5,554
 Provision for loan losses 617 455
 Net interest income after provision
 for loan losses 5,378 5,099
 Other income 634 546
 Joint venture income (loss) (86) (50)
 FDIC insurance premium 385 292
 Other expenses 3,971 4,041
 Income before income taxes 1,570 1,262
 Income taxes 765 647
 Net income 805 615
 Net income per share $.19 $.14
 Average shares outstanding 4,154,425 4,274,711
 At March 31 1992 1991
 Total assets $803,082 $728,061
 Total loans, net 366,023 392,631
 Allowance for loan losses 4,139 2,757
 Other real estate owned 5,056 --
 Total deposits 706,958 632,837
 Investment in and advances to
 joint ventures 3,384 3,901
 Mortgage-backed securities 92,336 67,502
 Investment securities 302,827 221,782
 Employee stock ownership plan 1,835 2,235
 Stockholders' equity to assets (percent) 10.83 11.80
 Shares outstanding 4,124,300 4,273,000
 Non-performing assets to total
 assets at end of period(A) (percent) 2.51 2.08
 Stockholders' equity per share $21.09 $20.10
 (A) -- Non-performing assets include $3.4 million in non-performing joint ventures, other real estate owned totaling $5.1 million and non- performing loans totaling $11.7 million. Non-performing assets as of March 31, 1992, totaled $20.2 million as compared to $20.8 million as of Dec. 31, 1991, and $15.1 million as of March 31, 1991.
 -0- 4/9/92
 /CONTACT: Albert D. Chamberlain of Harmonia Bancorp, 908-241-8400, or Edward Nebb or Brad Miller of Morgen-Walke Associates, 212-986-5900, for Harmonia Bancorp/
 (HBCI) CO: Harmonia Bancorp, Inc. ST: New Jersey IN: FIN SU: ERN


PS -- NY005 -- 6566 04/09/92 08:01 EDT
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Date:Apr 9, 1992
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