Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.27 per share on the Company’s common stock. The cash dividend will be payable on May 13, 2020 to stockholders of record on April 29, 2020.
Net income for the second quarter was $1,800,000 or $.47 per diluted share compared to $2,103,000 or $.55 per diluted share for the same quarter last year. Net income for the quarter ended March 31, 2019 included two non-recurring gains totaling $211,000 or a combined $.06 per diluted share for the quarter ended.
Net income for the six months ended March 31, 2020 amounted to $3,706,000 or $.97 per diluted share compared to $4,266,000 or $1.12 per diluted share for the same six-month period a year ago. Net income for the six months ended March 31, 2019 included non-recurring gains on sale of $611,000 or a combined $.16 per diluted share for the six months ended.
Brendan J. McGill, President and Chief Executive Officer of the Company, stated, “We are pleased with our solid second quarter results. With the current quarter repurchase of 52,950 shares for $1,200,000, the Company’s capital management reflects our confidence in our true community bank business model. Our balance sheet is strong and we are well capitalized. We know how important our dividend is to our stockholders; so we will continue to adhere to our operational efficiencies and our strong foundation for continuing to serve our community in these unprecedented times.”
The Company’s assets totaled $790.5 million compared to $793.3 million a year ago. Stockholders’ tangible book value increased 4.4% to $20.57 per share from $19.71 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.
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| Harleysville Financial Corporation |
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| Selected Consolidated Financial Data as of March 31, 2020 |
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| (Dollars in thousands except per share data) |
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Year-To-Date |
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| ( Unaudited) |
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Six Months Ended: |
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Three Months Ended: |
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| Selected Consolidated Earnings Data |
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Mar 31,
2020
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Mar 31,
2019
|
|
Mar 31,
2020
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Dec 31,
2019
|
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Sept 30,
2019
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Jun 30,
2019
|
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Mar 31,
2019
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| Total interest income |
|
$
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15,248
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|
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$
|
15,728
|
|
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$
|
7,536
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|
|
$
|
7,712
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|
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$
|
7,914
|
|
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$
|
7,982
|
|
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$
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7,875
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| Total interest expense |
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|
3,613
|
|
|
|
3,381
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|
|
|
1,749
|
|
|
|
1,864
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|
|
|
1,846
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|
|
|
1,826
|
|
|
|
1,712
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|
|
|
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| Net Interest Income |
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|
11,635
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|
|
|
12,347
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|
|
5,787
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|
|
|
5,848
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|
|
|
6,068
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|
|
|
6,156
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|
|
|
6,163
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| Provision for loan losses |
|
|
304
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|
|
|
552
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|
|
|
114
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|
|
|
190
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|
|
|
215
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|
|
|
215
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|
|
|
192
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| Net Interest Income after Provision for Loan Losses |
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|
11,331
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|
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11,795
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|
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5,673
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|
|
5,658
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|
|
5,853
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|
|
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5,941
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5,971
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| Gain on sale of investments |
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-
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|
|
144
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|
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|
-
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-
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-
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-
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144
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| Gain on sale of real estate owned |
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-
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467
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-
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-
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-
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-
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67
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| Bank owned life insurance |
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200
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|
199
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|
99
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|
101
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|
102
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|
|
97
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|
|
|
99
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| Other income |
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|
1,112
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|
|
1,025
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|
|
|
534
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|
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|
578
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|
|
|
516
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|
|
533
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|
|
|
491
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| Total other expenses |
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7,741
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|
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7,683
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|
|
3,910
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|
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3,831
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|
|
|
3,846
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|
|
|
3,930
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|
|
|
3,903
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|
|
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| Income before income taxes |
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4,902
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5,947
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2,396
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|
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2,506
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|
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2,625
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|
|
|
2,641
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|
|
|
2,869
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| Income tax expense |
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1,196
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|
|
|
1,681
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|
|
596
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|
|
|
600
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|
706
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|
|
677
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766
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|
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|
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| Net Income |
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$
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3,706
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$
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4,266
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|
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$
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1,800
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|
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$
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1,906
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|
|
$
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1,919
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|
|
$
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1,964
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|
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$
|
2,103
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|
|
|
|
|
|
|
|
|
|
|
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| Per Common Share Data |
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| Basic earnings |
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$
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0.98
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|
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$
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1.14
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|
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$
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0.48
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|
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$
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0.51
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|
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$
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0.51
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$
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0.52
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|
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$
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0.56
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| Diluted earnings |
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$
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0.97
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$
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1.12
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$
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0.47
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$
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0.50
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$
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0.50
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$
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0.51
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$
|
0.55
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| Dividends |
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$
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0.52
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$
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0.48
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$
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0.27
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$
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0.25
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|
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$
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0.25
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|
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$
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0.25
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|
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$
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0.25
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| Tangible book value |
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$
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20.57
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$
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19.71
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$
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20.57
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$
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20.51
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$
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20.26
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$
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19.98
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$
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19.71
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| Shares outstanding |
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3,742,933
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3,770,651
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3,742,933
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|
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3,769,479
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3,764,057
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3,759,019
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3,770,651
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| Average shares outstanding - basic |
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3,772,526
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3,750,691
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|
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3,778,093
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|
|
3,767,081
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|
|
3,761,840
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|
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3,766,383
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|
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3,754,634
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| Average shares outstanding - diluted |
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|
3,824,553
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|
|
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3,823,721
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|
|
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3,827,541
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|
|
|
3,822,069
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|
|
|
3,815,843
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|
|
|
3,824,885
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|
|
|
3,826,397
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date |
|
|
|
|
|
|
|
|
Six Months Ended: |
|
Three Months Ended: |
| Other Selected Consolidated Data |
|
Mar 31,
2020
|
|
Mar 31,
2019
|
|
Mar 31,
2020
|
|
Dec 31,
2019
|
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Sept 30,
2019
|
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Jun 30,
2019
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Mar 31,
2019
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| Return on average assets |
|
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0.94
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%
|
|
|
1.10
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%
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|
|
0.91
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%
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|
|
0.97
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%
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|
|
0.98
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%
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|
|
0.99
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%
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|
|
1.08
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%
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| Return on average equity |
|
|
9.64
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%
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|
|
11.71
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%
|
|
|
9.33
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%
|
|
|
9.96
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%
|
|
|
10.18
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%
|
|
|
10.55
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%
|
|
|
11.45
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%
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| Net interest rate spread |
|
|
2.84
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%
|
|
|
3.08
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%
|
|
|
2.82
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%
|
|
|
2.85
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%
|
|
|
2.96
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%
|
|
|
2.99
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%
|
|
|
3.06
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%
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| Net yield on interest earning assets |
|
|
3.03
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%
|
|
|
3.26
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%
|
|
|
3.01
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%
|
|
|
3.05
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%
|
|
|
3.15
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%
|
|
|
3.17
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%
|
|
|
3.24
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%
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| Operating expenses to average assets |
|
|
1.97
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%
|
|
|
1.98
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%
|
|
|
1.98
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%
|
|
|
1.95
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%
|
|
|
1.96
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%
|
|
|
1.98
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%
|
|
|
2.01
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%
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| Efficiency ratio |
|
|
59.79
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%
|
|
|
54.73
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%
|
|
|
60.91
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%
|
|
|
58.69
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%
|
|
|
57.52
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%
|
|
|
57.91
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%
|
|
|
57.24
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%
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| Ratio of non-performing loans to total assets at end of period |
|
|
0.89
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%
|
|
|
1.16
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%
|
|
|
0.89
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%
|
|
|
0.96
|
%
|
|
|
1.08
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%
|
|
|
1.07
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%
|
|
|
1.16
|
%
|
| Loan loss reserve to total loans, net |
|
|
0.81
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%
|
|
|
0.70
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%
|
|
|
0.81
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%
|
|
|
0.79
|
%
|
|
|
0.78
|
%
|
|
|
0.73
|
%
|
|
|
0.70
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%
|
| Stockholders' equity to assets |
|
|
9.74
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%
|
|
|
9.37
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%
|
|
|
9.74
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%
|
|
|
9.86
|
%
|
|
|
9.78
|
%
|
|
|
9.45
|
%
|
|
|
9.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Consolidated Financial Data |
|
Mar 31,
2020
|
|
Dec 31,
2019
|
|
Sept 30,
2019
|
|
Jun 30,
2019
|
|
Mar 31,
2019
|
|
|
|
|
| Total assets |
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$
|
790,447
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|
|
$
|
784,497
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|
|
$
|
779,256
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|
|
$
|
795,031
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|
|
$
|
793,265
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|
|
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|
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| Cash & investment securities |
|
|
56,088
|
|
|
|
41,590
|
|
|
|
42,337
|
|
|
|
53,891
|
|
|
|
49,086
|
|
|
|
|
|
| Mortgage-backed securities |
|
|
105,016
|
|
|
|
109,591
|
|
|
|
96,600
|
|
|
|
90,690
|
|
|
|
90,019
|
|
|
|
|
|
| Total Investments |
|
|
161,104
|
|
|
|
151,181
|
|
|
|
138,937
|
|
|
|
144,581
|
|
|
|
139,105
|
|
|
|
|
|
| Consumer Loans receivable |
|
|
391,542
|
|
|
|
396,270
|
|
|
|
401,950
|
|
|
|
407,271
|
|
|
|
413,553
|
|
|
|
|
|
| Commercial Loans receivable |
|
|
204,489
|
|
|
|
203,433
|
|
|
|
207,591
|
|
|
|
211,967
|
|
|
|
209,323
|
|
|
|
|
|
| Loan loss reserve |
|
|
(4,820
|
)
|
|
|
(4,711
|
)
|
|
|
(4,757
|
)
|
|
|
(4,547
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)
|
|
|
(4,343
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)
|
|
|
|
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| Total Loans receivable net |
|
|
591,211
|
|
|
|
594,992
|
|
|
|
604,784
|
|
|
|
614,691
|
|
|
|
618,533
|
|
|
|
|
|
| FHLB stock |
|
|
4,699
|
|
|
|
4,840
|
|
|
|
5,058
|
|
|
|
5,074
|
|
|
|
5,094
|
|
|
|
|
|
| Checking accounts |
|
|
193,383
|
|
|
|
187,490
|
|
|
|
181,054
|
|
|
|
186,012
|
|
|
|
183,566
|
|
|
|
|
|
| Savings accounts |
|
|
220,734
|
|
|
|
212,986
|
|
|
|
208,633
|
|
|
|
216,687
|
|
|
|
218,788
|
|
|
|
|
|
| Certificate of deposit accounts |
|
|
183,674
|
|
|
|
188,636
|
|
|
|
196,655
|
|
|
|
192,456
|
|
|
|
196,532
|
|
|
|
|
|
| Total Deposits |
|
|
597,791
|
|
|
|
589,112
|
|
|
|
586,342
|
|
|
|
595,155
|
|
|
|
598,886
|
|
|
|
|
|
| Advances |
|
|
104,804
|
|
|
|
106,191
|
|
|
|
111,125
|
|
|
|
114,743
|
|
|
|
111,469
|
|
|
|
|
|
| Total stockholders' equity |
|
|
77,007
|
|
|
|
77,329
|
|
|
|
76,247
|
|
|
|
75,109
|
|
|
|
74,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200415005497/en/
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