Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2024
April 17 2024 - 12:44PM
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 May 15, 2024 to stockholders of
record on May 1, 2024.
Net income for the second quarter was $2,112,000 or $.58 per
diluted share compared to $3,073,000 or $.82 per diluted share for
the same quarter last year.
Net income for the six months ended March 31, 2024 amounted to
$4,622,000 or $1.27 per diluted share compared to $6,404,000 or
$1.71 per diluted share for the same six-month period a year
ago.
Brendan J. McGill, President, and Chief Executive Officer of the
Company, stated, “Despite the net interest margin compression
experienced across the industry this past year, The Company has
achieved solid second quarter results. We continue to benefit from
a strong balance sheet and being well capitalized, as well as
consistent loan growth and strong credit quality.
We anticipate continued interest margin compression through this
2024 fiscal year as the Federal Reserve continues to work to
control inflation. I am extremely proud of our experienced team, as
we continue to navigate this challenging interest rate environment.
We will continue to maintain our prudent underwriting standards,
investing in high credit quality assets, controlling our operating
expenses, and practicing sound capital management.”
The Company’s assets totaled $847.4 million compared to $842.9
million a year ago. Stockholders’ tangible book value increased
2.4% to $23.34 per share from $22.79 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 March 31, 2024 (Dollars in thousands
except per share data)
Year-To-Date ( Unaudited)
Six
Months Ended: Three Months Ended: Selected
Consolidated Earnings Data Mar 31, 2024 Mar 31, 2023
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 June 30, 2023 Mar 31,
2023 Total interest income
$
18,444
$
17,109
$
9,268
$
9,176
$
8,728
$
8,395
$
8,473
Total interest expense
5,536
1,338
2,984
2,552
1,664
874
701
Net Interest Income
12,908
15,771
6,284
6,624
7,064
7,521
7,772
Provision for loan losses
12
449
4
8
(595
)
146
220
Net Interest Income after Provision for Loan Losses
12,896
15,322
6,280
6,616
7,659
7,375
7,552
Bank owned life insurance
202
198
100
102
101
97
98
Other income
1,066
1,099
486
580
617
593
555
Total other expenses
8,081
8,047
4,110
3,971
4,317
4,325
4,114
Income before income taxes
6,083
8,572
2,756
3,327
4,060
3,740
4,091
Income tax expense
1,461
2,168
644
817
1,042
939
1,018
Net Income
$
4,622
$
6,404
$
2,112
$
2,510
$
3,018
$
2,801
$
3,073
Per Common Share Data Basic earnings
$
1.27
$
1.72
$
0.58
$
0.69
$
0.82
$
0.76
$
0.83
Diluted earnings
$
1.27
$
1.71
$
0.58
$
0.69
$
0.82
$
0.76
$
0.82
Dividends
$
0.61
$
0.59
$
0.31
$
0.30
$
0.30
$
0.30
$
0.30
Special Dividend
$
-
$
-
$
-
$
1.20
$
-
$
-
$
-
Tangible book value
$
23.34
$
22.79
$
23.34
$
23.05
$
23.76
$
23.26
$
22.79
Shares outstanding
3,635,367
3,708,367
3,635,367
3,646,269
3,670,488
3,663,905
3,708,367
Average shares outstanding - basic
3,644,094
3,715,846
3,644,446
3,643,746
3,661,248
3,688,845
3,715,772
Average shares outstanding - diluted
3,652,806
3,742,109
3,653,117
3,652,493
3,674,442
3,706,597
3,740,421
Year-To-Date
Six Months Ended:
Three Months Ended:
Other Selected Consolidated Data
Mar 31, 2024
Mar 31, 2023
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
June 30, 2023
Mar 31, 2023
Return on average assets
1.09
%
1.47
%
0.99
%
1.18
%
1.44
%
1.35
%
1.44
%
Return on average equity
10.91
%
15.34
%
10.04
%
11.79
%
14.07
%
13.24
%
14.73
%
Net interest rate spread
2.73
%
3.60
%
2.62
%
2.83
%
3.20
%
3.58
%
3.62
%
Net yield on interest earning assets
3.11
%
3.69
%
3.02
%
3.19
%
3.45
%
3.71
%
3.72
%
Operating expenses to average assets
1.90
%
1.84
%
1.93
%
1.87
%
2.06
%
2.09
%
1.93
%
Efficiency ratio
57.00
%
47.15
%
59.82
%
54.35
%
55.47
%
52.67
%
48.83
%
Ratio of non-performing loans to total assets at end of period
0.21
%
0.24
%
0.21
%
0.28
%
0.31
%
0.28
%
0.24
%
Loan loss reserve to total loans, net
0.71
%
0.91
%
0.71
%
0.71
%
0.77
%
0.89
%
0.91
%
Stockholders' equity to assets
10.01
%
10.03
%
10.01
%
9.85
%
10.35
%
10.27
%
10.03
%
Selected Consolidated Financial Data Mar
31, 2024 Dec 31, 2023 Sep 30, 2023 June 30, 2023 Mar 31, 2023
Total assets
$
847,416
$
853,315
$
842,274
$
829,933
$
842,882
Cash & investment securities
20,853
23,626
22,168
25,623
57,163
Mortgage-backed securities
138,072
142,677
147,821
153,205
158,731
Total Investments
158,925
166,303
169,989
178,828
215,894
Consumer Loans receivable
325,483
325,654
318,349
305,780
290,509
Commercial Loans receivable
329,235
327,093
320,384
314,756
306,636
Loan loss reserve
(4,662
)
(4,663
)
(4,919
)
(5,525
)
(5,408
)
Total Loans receivable net
650,056
648,084
633,814
615,011
591,737
FHLB stock
4,813
5,550
5,144
3,024
2,234
Checking accounts
264,294
266,353
272,835
286,725
294,421
Savings accounts
229,208
239,496
257,246
282,425
306,226
Certificate of deposit accounts
166,664
140,194
117,687
110,898
109,453
Total Deposits
660,166
646,043
647,768
680,048
710,100
Advances
92,757
113,430
98,045
53,245
38,363
Total stockholders' equity
84,837
84,039
87,213
85,212
84,531
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M. Shane Michalak Senior Vice President/CFO 215-256-8828