Harvard Illinois Bancorp, Inc. Announces Annual Earnings

HARVARD, Ill., March 10, 2017 /PRNewswire/ -- Harvard Illinois Bancorp, Inc. (the "Company") announced today its unaudited results of operation for the year ended December 31, 2016.

Results of operations. The Company reported unaudited net income for the year ended December 31, 2016 of $2.1 million. 2016 net income included a realized gain of $2.2 million from the purchase and assumption transaction completed August 1, 2016 in which Harvard Savings Bank, the former subsidiary of the Company, sold substantially all of its assets and transferred substantially all of its liabilities to State Bank, Wonder Lake, Illinois.

Balance Sheet. At December 31, 2016, the Company reported unaudited total assets, total liabilities and total stockholders' equity of $14.6 million, $1.3 million and $13.3 million, respectively. Total assets at December 31, 2016 included $8.1 million related to the investment in the defaulted repurchase agreement purchased through Pennant Management, Inc., and cash equivalents totaling $6.2 million. As of March 10, 2017, the Company had outstanding 799,119 shares of common stock and 31,374 vested unexercised stock options.

The financial condition data at December 31, 2016, and the operating data for the year then ended are derived in part from the financial statements of the Company and are unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the unaudited periods have been made. The selected operating data presented above is not necessarily indicative of the results that may be expected for future periods.

This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," "hope," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Except as required by law, the Company does not take any obligation to update any forward-looking information or statements to reflect changes in belief, expectations or events.

SOURCE Harvard Illinois Bancorp, Inc.