Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.28 per share on the Company’s common stock. The cash dividend will be payable on November 17, 2021 to stockholders of record on November 3, 2021.
Net income for the twelve months ended September 30, 2021 amounted to $7,284,000 or $1.93 per diluted share compared to $7,111,000 or $1.87 per diluted share for the twelve months ended September 30, 2020. Net income for the twelve months ended September 30, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $1,231,000, which was partially offset by prepayment expenses on Federal Home Loan Bank Advances of $522,000 or a net benefit of $.19 per diluted share for the twelve months ended.
Net income for the fourth quarter of fiscal year 2021 amounted to $1,546,000 or $.41 per diluted share compared to $1,794,000 or $.48 per diluted share for the fourth quarter of fiscal year 2020. Net income for the three months ended September 30, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $222,000, which was offset by prepayment expenses on Federal Home Loan Bank Advances of $434,000 or net impact of $.06 per diluted share for the three months ended.
Commenting on the year-end operating results, President and Chief Executive Officer Brendan J. McGill said, “We are pleased with our fiscal year end results despite the challenges of a lower interest rate environment and the prolonged COVID-19 pandemic. The Bank continues to prove its strength and resiliency through strong earnings, solid credit quality and managing expenses.
We are optimistic that most of the burdens of the COVID-19 pandemic are now behind us and we will continue to focus on the needs of our customers, safety of our team members and supporting our communities.”
The Company’s assets totaled $892.6 million compared to $854.9 million a year ago. Stockholders’ book value increased 3.48% to $21.69 per share from $20.96 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 full-service 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 |
| Selected Consolidated Financial Data as of September 30, 2021 |
| (Dollars in thousands except per share data) |
|
Year-To-Date |
|
|
|
|
|
|
|
| (Unaudited) |
|
Twelve Months Ended: |
|
Three Months Ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Consolidated Earnings Data |
|
Sept 30, 2021 |
|
Sept 30, 2020 |
|
Sept 30, 2021 |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
Sept 30, 2020 |
|
| Total interest income |
|
$
|
27,323
|
|
|
$
|
29,620
|
|
|
$
|
6,555
|
|
|
$
|
6,628
|
|
|
$
|
6,980
|
|
|
$
|
7,160
|
|
|
$
|
7,156
|
|
|
| Total interest expense |
|
|
4,833
|
|
|
|
6,684
|
|
|
|
1,067
|
|
|
|
1,187
|
|
|
|
1,239
|
|
|
|
1,340
|
|
|
|
1,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
|
|
22,490
|
|
|
|
22,936
|
|
|
|
5,488
|
|
|
|
5,441
|
|
|
|
5,741
|
|
|
|
5,820
|
|
|
|
5,646
|
|
|
| Provision for loan losses |
|
|
385
|
|
|
|
811
|
|
|
|
90
|
|
|
|
105
|
|
|
|
95
|
|
|
|
95
|
|
|
|
154
|
|
|
| Net Interest Income after Provision for Loan Losses |
|
|
22,105
|
|
|
|
22,125
|
|
|
|
5,398
|
|
|
|
5,336
|
|
|
|
5,646
|
|
|
|
5,725
|
|
|
|
5,492
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|
|
|
|
|
|
|
|
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|
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|
|
|
|
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| Gain on sales of loans |
|
|
252
|
|
|
|
-
|
|
|
|
61
|
|
|
|
29
|
|
|
|
96
|
|
|
|
66
|
|
|
|
-
|
|
|
| Bank owned life insurance |
|
|
393
|
|
|
|
398
|
|
|
|
99
|
|
|
|
95
|
|
|
|
99
|
|
|
|
100
|
|
|
|
100
|
|
|
| Other income |
|
|
2,531
|
|
|
|
2,134
|
|
|
|
679
|
|
|
|
603
|
|
|
|
612
|
|
|
|
637
|
|
|
|
567
|
|
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| Total other expenses |
|
|
15,431
|
|
|
|
15,288
|
|
|
|
4,203
|
|
|
|
3,928
|
|
|
|
3,706
|
|
|
|
3,594
|
|
|
|
3,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
9,850
|
|
|
|
9,369
|
|
|
|
2,034
|
|
|
|
2,135
|
|
|
|
2,747
|
|
|
|
2,934
|
|
|
|
2,312
|
|
|
| Income tax expense |
|
|
2,566
|
|
|
|
2,258
|
|
|
|
488
|
|
|
|
553
|
|
|
|
693
|
|
|
|
832
|
|
|
|
518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Net Income |
|
$
|
7,284
|
|
|
$
|
7,111
|
|
|
$
|
1,546
|
|
|
$
|
1,582
|
|
|
$
|
2,054
|
|
|
$
|
2,102
|
|
|
$
|
1,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| Per Common Share Data |
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|
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|
|
|
|
|
|
|
|
|
|
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| Basic earnings |
|
$
|
1.95
|
|
|
$
|
1.89
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.55
|
|
|
$
|
0.56
|
|
|
$
|
0.48
|
|
|
| Diluted earnings |
|
$
|
1.93
|
|
|
$
|
1.87
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
$
|
0.56
|
|
|
$
|
0.48
|
|
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| Dividends |
|
$
|
1.11
|
|
|
$
|
1.06
|
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
| Tangible book value |
|
$
|
21.69
|
|
|
$
|
20.96
|
|
|
$
|
21.69
|
|
|
$
|
21.61
|
|
|
$
|
21.50
|
|
|
$
|
21.23
|
|
|
$
|
20.96
|
|
|
| Shares outstanding |
|
|
3,721,038
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|
|
|
3,752,221
|
|
|
|
3,721,038
|
|
|
|
3,741,307
|
|
|
|
3,743,203
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|
|
|
3,745,058
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|
|
|
3,752,221
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|
|
| Average shares outstanding - basic |
|
|
3,744,566
|
|
|
|
3,759,909
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|
|
|
3,732,812
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|
|
|
3,744,305
|
|
|
|
3,748,385
|
|
|
|
3,752,787
|
|
|
|
3,749,350
|
|
|
| Average shares outstanding - diluted |
|
|
3,780,450
|
|
|
|
3,800,492
|
|
|
|
3,776,160
|
|
|
|
3,788,028
|
|
|
|
3,780,590
|
|
|
|
3,776,067
|
|
|
|
3,775,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Harleysville Financial Corporation |
| Selected Consolidated Financial Data as of September 30, 2021 |
| (Dollars in thousands except per share data) |
|
Year-To-Date |
|
|
|
|
|
|
|
| (Unaudited) |
|
Twelve Months Ended: |
|
Three Months Ended: |
|
| Other Selected Consolidated Data |
|
Sept 30, 2021 |
|
Sept 30, 2020 |
|
Sept 30, 2021 |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
Sept 30, 2020 |
|
| Return on average assets |
|
|
0.82
|
%
|
|
|
0.87
|
%
|
|
|
0.68
|
%
|
|
|
0.69
|
%
|
|
|
0.93
|
%
|
|
|
0.98
|
%
|
|
|
0.83
|
%
|
|
| Return on average equity |
|
|
9.12
|
%
|
|
|
9.21
|
%
|
|
|
7.66
|
%
|
|
|
7.87
|
%
|
|
|
10.29
|
%
|
|
|
10.65
|
%
|
|
|
9.21
|
%
|
|
| Net interest rate spread |
|
|
2.43
|
%
|
|
|
2.71
|
%
|
|
|
2.34
|
%
|
|
|
2.29
|
%
|
|
|
2.49
|
%
|
|
|
2.61
|
%
|
|
|
2.52
|
%
|
|
| Net yield on interest earning assets |
|
|
2.58
|
%
|
|
|
2.89
|
%
|
|
|
2.48
|
%
|
|
|
2.44
|
%
|
|
|
2.64
|
%
|
|
|
2.76
|
%
|
|
|
2.69
|
%
|
|
| Operating expenses to average assets |
|
|
1.76
|
%
|
|
|
1.87
|
%
|
|
|
1.86
|
%
|
|
|
1.72
|
%
|
|
|
1.67
|
%
|
|
|
1.67
|
%
|
|
|
1.79
|
%
|
|
| Efficiency ratio |
|
|
60.72
|
%
|
|
|
60.03
|
%
|
|
|
67.08
|
%
|
|
|
63.98
|
%
|
|
|
57.44
|
%
|
|
|
54.82
|
%
|
|
|
60.94
|
%
|
|
| Ratio of non-performing loans to total assets at end of period |
|
|
0.84
|
%
|
|
|
0.88
|
%
|
|
|
0.84
|
%
|
|
|
0.84
|
%
|
|
|
0.82
|
%
|
|
|
0.89
|
%
|
|
|
0.88
|
%
|
|
| Loan loss reserve to total loans, net |
|
|
1.00
|
%
|
|
|
0.87
|
%
|
|
|
1.00
|
%
|
|
|
0.95
|
%
|
|
|
0.92
|
%
|
|
|
0.87
|
%
|
|
|
0.87
|
%
|
|
| Stockholders' equity to assets |
|
|
9.04
|
%
|
|
|
9.20
|
%
|
|
|
9.04
|
%
|
|
|
8.94
|
%
|
|
|
8.90
|
%
|
|
|
9.11
|
%
|
|
|
9.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Consolidated Financial Data |
|
Sept 30, 2021 |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
Sept 30, 2020 |
|
|
|
|
|
| Total assets |
|
$
|
892,639
|
|
|
$
|
904,670
|
|
|
$
|
904,515
|
|
|
$
|
873,410
|
|
|
$
|
854,876
|
|
|
|
|
|
|
| Cash & investment securities |
|
|
227,857
|
|
|
|
225,490
|
|
|
|
220,822
|
|
|
|
170,640
|
|
|
|
127,951
|
|
|
|
|
|
|
| Mortgage-backed securities |
|
|
83,412
|
|
|
|
76,177
|
|
|
|
71,683
|
|
|
|
70,895
|
|
|
|
81,851
|
|
|
|
|
|
|
| Total Investments |
|
|
311,269
|
|
|
|
301,667
|
|
|
|
292,505
|
|
|
|
241,535
|
|
|
|
209,802
|
|
|
|
|
|
|
| Consumer Loans receivable |
|
|
291,817
|
|
|
|
303,367
|
|
|
|
316,840
|
|
|
|
339,951
|
|
|
|
358,472
|
|
|
|
|
|
|
| Commercial Loans receivable |
|
|
250,627
|
|
|
|
254,856
|
|
|
|
244,148
|
|
|
|
237,908
|
|
|
|
226,239
|
|
|
|
|
|
|
| SBA Paycheck Protection Program (PPP) |
|
|
7,782
|
|
|
|
13,069
|
|
|
|
18,029
|
|
|
|
20,990
|
|
|
|
27,459
|
|
|
|
|
|
|
| Loan loss reserve |
|
|
(5,520
|
)
|
|
|
(5,422
|
)
|
|
|
(5,320
|
)
|
|
|
(5,235
|
)
|
|
|
(5,308
|
)
|
|
|
|
|
|
| Total Loans receivable net |
|
|
544,706
|
|
|
|
565,870
|
|
|
|
573,697
|
|
|
|
593,614
|
|
|
|
606,862
|
|
|
|
|
|
|
| Total Loans held for sale |
|
|
466
|
|
|
|
192
|
|
|
|
939
|
|
|
|
720
|
|
|
|
-
|
|
|
|
|
|
|
| FHLB stock |
|
|
3,583
|
|
|
|
3,955
|
|
|
|
4,281
|
|
|
|
4,310
|
|
|
|
4,463
|
|
|
|
|
|
|
| Checking accounts |
|
|
273,274
|
|
|
|
269,246
|
|
|
|
270,878
|
|
|
|
257,227
|
|
|
|
231,068
|
|
|
|
|
|
|
| Savings accounts |
|
|
299,306
|
|
|
|
293,948
|
|
|
|
281,350
|
|
|
|
256,721
|
|
|
|
252,117
|
|
|
|
|
|
|
| Certificate of deposit accounts |
|
|
153,356
|
|
|
|
159,271
|
|
|
|
165,310
|
|
|
|
168,577
|
|
|
|
174,545
|
|
|
|
|
|
|
| Total Deposits |
|
|
725,936
|
|
|
|
722,465
|
|
|
|
717,538
|
|
|
|
682,525
|
|
|
|
657,730
|
|
|
|
|
|
|
| Advances |
|
|
77,558
|
|
|
|
89,357
|
|
|
|
95,043
|
|
|
|
100,173
|
|
|
|
109,684
|
|
|
|
|
|
|
| Total stockholders' equity |
|
|
80,702
|
|
|
|
80,845
|
|
|
|
80,467
|
|
|
|
79,524
|
|
|
|
78,631
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211020005991/en/