Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2024
17 Julio 2024 - 10:32AM
Business Wire
Harleysville Financial Corporation (OTCQX:HARL) reported today
that the Company’s board of directors declared a regular quarterly
cash dividend of $.31 per share on the Company’s common stock. The
cash dividend will be payable on August 14, 2024 to stockholders of
record on July 31, 2024.
Net income for the third quarter was $2,186,000 or $.60 per
diluted share compared to $2,801,000 or $.76 per diluted share for
the same quarter last year.
Net income for the nine months ended June 30, 2024 amounted to
$6,809,000 or $1.87 per diluted share compared to $9,205,000 or
$2.47 per diluted share for the same nine-month period a year
ago.
“We continue to be impacted by the compression of net interest
margin, as indicated by the increase in interest expense, however
we are pleased with commercial and consumer loan growth,” stated
Brendan J. McGill, President, and Chief Executive Officer of the
Company. McGill continued “Asset quality and capital levels remain
strong as we continue to navigate the economic environment with
discipline, ensuring we remain a competitive and an attractive
option to our existing and prospective customers.”
The Company’s assets totaled $863.9 million compared to $829.9
million a year ago. Stockholders’ tangible book value increased
1.7% to $23.65 per share from $23.26 a year ago.
Harleysville Financial Corporation is traded on the OTCQX market
under the symbol HARL ( http://www.otcmarkets.com ) and is the
holding company for Harleysville Bank. Established in 1915,
Harleysville Bank is a Pennsylvania chartered and federally insured
bank, headquartered in Harleysville, PA. The Bank operates from six
full-service offices located in Montgomery County and one office
located in Bucks County, Pennsylvania.
This presentation may contain forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of
1995). Actual results may differ materially from the results
discussed in these forward-looking statements. Factors that might
cause such a difference include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, loan
demand, real estate values and competition; changes in accounting
principles, policies, or guidelines; changes in legislation or
regulation; and other economic; competitive, governmental,
regulatory, and technological factors affecting the Company's
operations, pricing, products, and services.
Harleysville Financial Corporation Selected Consolidated
Financial Data as of June 30, 2024 (Dollars in thousands except
per share data)
Year-To-Date (Unaudited)
Nine Months
Ended: Three Months Ended: Selected
Consolidated Earnings Data Jun 30,2024 Jun
30,2023 June 30,2024 Mar 31,2024 Dec 31,2023 Sep 30,2023
June 30,2023 Total interest income
$
27,999
$
25,504
$
9,555
$
9,268
$
9,176
$
8,728
$
8,395
Total interest expense
8,797
2,212
3,261
2,984
2,552
1,664
874
Net Interest Income
19,202
23,292
6,294
6,284
6,624
7,064
7,521
Provision for loan losses
24
595
13
4
8
(595
)
146
Net Interest Income after Provision for Loan Losses
19,178
22,697
6,281
6,280
6,616
7,659
7,375
Bank owned life insurance
301
295
99
100
102
101
97
Other income
1,616
1,692
550
486
580
617
593
Total other expenses
12,309
12,372
4,228
4,110
3,971
4,317
4,325
Income before income taxes
8,786
12,312
2,702
2,756
3,327
4,060
3,740
Income tax expense
1,977
3,107
516
644
817
1,042
939
Net Income
$
6,809
$
9,205
$
2,186
$
2,112
$
2,510
$
3,018
$
2,801
Per Common Share Data Basic earnings
$
1.87
$
2.48
$
0.60
$
0.58
$
0.69
$
0.82
$
0.76
Diluted earnings
$
1.87
$
2.47
$
0.60
$
0.58
$
0.69
$
0.82
$
0.76
Dividends
$
0.92
$
0.89
$
0.31
$
0.31
$
0.30
$
0.30
$
0.30
Special Dividend
$
1.20
$
1.16
$
-
$
-
$
1.20
$
-
$
-
Tangible book value
$
23.65
$
23.26
$
23.65
$
23.34
$
23.05
$
23.76
$
23.26
Shares outstanding
3,626,559
3,663,905
3,626,559
3,635,367
3,646,269
3,670,488
3,663,905
Average shares outstanding - basic
3,640,164
3,706,846
3,632,261
3,644,446
3,643,746
3,661,248
3,688,845
Average shares outstanding - diluted
3,648,620
3,729,231
3,640,387
3,653,117
3,652,493
3,674,442
3,706,597
Year-To-Date Nine Months Ended:
Three Months Ended: Other Selected Consolidated Data
Jun 30,2024 Jun 30,2023
June 30,2024 Mar 31,2024 Dec
31,2023 Sep 30,2023 June 30,2023 Return on average assets
1.07
%
1.43
%
1.02
%
0.99
%
1.18
%
1.44
%
1.35
%
Return on average equity
10.70
%
14.65
%
10.28
%
10.04
%
11.79
%
14.07
%
13.24
%
Net interest rate spread
2.68
%
3.59
%
2.58
%
2.62
%
2.83
%
3.20
%
3.58
%
Net yield on interest earning assets
3.07
%
3.69
%
3.01
%
3.02
%
3.19
%
3.45
%
3.71
%
Operating expenses to average assets
1.93
%
1.93
%
1.98
%
1.93
%
1.87
%
2.06
%
2.09
%
Efficiency ratio
58.28
%
48.94
%
60.89
%
59.82
%
54.35
%
55.47
%
52.67
%
Ratio of non-performing loans to total assets at end of period
0.20
%
0.28
%
0.20
%
0.21
%
0.28
%
0.31
%
0.28
%
Loan loss reserve to total loans, net
0.69
%
0.89
%
0.69
%
0.71
%
0.71
%
0.77
%
0.89
%
Stockholders' equity to assets
9.93
%
10.27
%
9.93
%
10.01
%
9.85
%
10.35
%
10.27
%
Selected Consolidated Financial Data Jun
30,2024 Mar 31,2024 Dec 31,2023 Sep 30,2023 June 30,2023 Total
assets
$
863,899
$
847,416
$
853,315
$
842,274
$
829,933
Cash & investment securities
22,892
20,853
23,626
22,168
25,623
Mortgage-backed securities
132,621
138,072
142,677
147,821
153,205
Total Investments
155,513
158,925
166,303
169,989
178,828
Consumer Loans receivable
335,802
325,483
325,654
318,349
305,780
Commercial Loans receivable
337,872
329,235
327,093
320,384
314,756
Loan loss reserve
(4,668
)
(4,662
)
(4,663
)
(4,919
)
(5,525
)
Total Loans receivable net
669,006
650,056
648,084
633,814
615,011
FHLB stock
5,366
4,813
5,550
5,144
3,024
Checking accounts
255,110
264,294
266,353
272,835
286,725
Savings accounts
223,101
229,208
239,496
257,246
282,425
Certificate of deposit accounts
180,007
166,664
140,194
117,687
110,898
Total Deposits
658,218
660,166
646,043
647,768
680,048
Advances
108,078
92,757
113,430
98,045
53,245
Total stockholders' equity
85,765
84,837
84,039
87,213
85,212
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FOR FURTHER INFORMATION M. Shane Michalak Senior Vice
President/CFO 215-256-8828