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Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2020 and the Declaration of Regular Cash Dividend

·6 min read

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 November 18, 2020 to stockholders of record on November 4, 2020.

Net income for the twelve months ended September 30, 2020 amounted to $7,111,000 or $1.87 per diluted share compared to $8,149,000 or $2.13 per diluted share for the twelve months ended September 30, 2019. Net income for the twelve months ended September 30, 2019 included non-recurring gains on sale of $611,000 or a combined $.16 per diluted share for the twelve months ended.

Net income for the fourth quarter of fiscal year 2020 amounted to $1,794,000 or $.48 per diluted share compared to $1,919,000 or $.50 per diluted share for the fourth quarter of fiscal year 2019.

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 well-being of our customers, team members, stockholders and communities we serve will remain our top priority as we continue to navigate through the COVID-19 pandemic and the resulting economic impact. We believe our balance sheet is strong and we will continue to stick to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management."

The Company’s assets totaled $854.9 million compared to $779.3 million a year ago. Stockholders’ book value increased 3.46% to $20.96 per share from $20.26 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 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.

Harleysville Financial Corporation

Selected Consolidated Financial Data as of September 30, 2020

(Dollars in thousands except per share data)

Year-To-Date

( Unaudited)

Twelve Months Ended:

Three Months Ended:

Selected Consolidated Earnings Data

Sept 30,

2020

Sept 30,

2019

Sept 30,

2020

Jun 30,

2020

Mar 31,

2020

Dec 31,

2019

Sept 30,

2019

Total interest income

$

29,620

$

31,624

$

7,156

$

7,216

$

7,536

$

7,712

$

7,914

Total interest expense

6,684

7,053

1,510

1,561

1,749

1,864

1,846

Net Interest Income

22,936

24,571

5,646

5,655

5,787

5,848

6,068

Provision for loan losses

811

982

154

353

114

190

215

Net Interest Income after Provision for Loan Losses

22,125

23,589

5,492

5,302

5,673

5,658

5,853

Gain on sale of investments

-

144

-

-

-

-

-

Gain on sale of real estate owned

-

467

-

-

-

-

-

Bank owned life insurance

398

398

100

98

99

101

102

Other income

2,134

2,074

567

455

534

578

516

Total other expenses

15,288

15,459

3,847

3,700

3,910

3,831

3,846

Income before income taxes

9,369

11,213

2,312

2,155

2,396

2,506

2,625

Income tax expense

2,258

3,064

518

544

596

600

706

Net Income

$

7,111

$

8,149

$

1,794

$

1,611

$

1,800

$

1,906

$

1,919

Per Common Share Data

Basic earnings

$

1.89

$

2.17

$

0.48

$

0.43

$

0.48

$

0.51

$

0.51

Diluted earnings

$

1.87

$

2.13

$

0.48

$

0.43

$

0.47

$

0.50

$

0.50

Dividends

$

1.06

$

0.98

$

0.27

$

0.27

$

0.27

$

0.25

$

0.25

Tangible book value

$

20.96

$

20.26

$

20.96

$

20.76

$

20.57

$

20.51

$

20.26

Shares outstanding

3,752,221

3,764,057

3,752,221

3,747,052

3,742,933

3,769,479

3,764,057

Average shares outstanding - basic

3,759,909

3,757,413

3,749,350

3,744,957

3,778,093

3,767,081

3,761,840

Average shares outstanding - diluted

3,800,492

3,821,965

3,775,775

3,775,593

3,827,541

3,822,069

3,815,843

Year-To-Date

Twelve Months Ended:

Three Months Ended:

Other Selected Consolidated Data

Sept 30,

2020

Sept 30,

2019

Sept 30,

2020

Jun 30,

2020

Mar 31,

2020

Dec 31,

2019

Sept 30,

2019

Return on average assets

0.87

%

1.04

%

0.83

%

0.78

%

0.91

%

0.97

%

0.98

%

Return on average equity

9.21

%

11.04

%

9.21

%

8.35

%

9.33

%

9.96

%

10.18

%

Net interest rate spread

2.71

%

3.03

%

2.52

%

2.63

%

2.82

%

2.85

%

2.96

%

Net yield on interest earning assets

2.89

%

3.21

%

2.69

%

2.80

%

3.01

%

3.05

%

3.15

%

Operating expenses to average assets

1.87

%

1.98

%

1.79

%

1.79

%

1.98

%

1.95

%

1.96

%

Efficiency ratio

60.03

%

56.19

%

60.94

%

59.60

%

60.91

%

58.69

%

57.52

%

Ratio of non-performing loans to total assets at end of period

0.88

%

1.08

%

0.88

%

0.85

%

0.89

%

0.96

%

1.08

%

Loan loss reserve to total loans, net

0.87

%

0.78

%

0.87

%

0.83

%

0.81

%

0.79

%

0.78

%

Stockholders' equity to assets

9.20

%

9.78

%

9.20

%

9.13

%

9.74

%

9.86

%

9.78

%

Selected Consolidated Financial Data

Sept 30,

2020

Jun 30,

2020

Mar 31,

2020

Dec 31,

2019

Sept 30,

2019

Total assets

$

854,876

$

851,821

$

790,447

$

784,497

$

779,256

Cash & investment securities

127,951

104,934

56,088

41,590

42,337

Mortgage-backed securities

81,851

93,970

105,016

109,591

96,600

Total Investments

209,802

198,904

161,104

151,181

138,937

Consumer Loans receivable

358,472

379,205

391,542

396,270

401,950

Commercial Loans receivable

253,698

240,485

204,489

203,433

207,591

Loan loss reserve

(5,308

)

(5,167

)

(4,820

)

(4,711

)

(4,757

)

Total Loans receivable net

606,862

614,523

591,211

594,992

604,784

FHLB stock

4,463

4,692

4,699

4,840

5,058

Checking accounts

231,068

226,921

193,383

187,490

181,054

Savings accounts

252,117

242,820

220,734

212,986

208,633

Certificate of deposit accounts

174,545

181,489

183,674

188,636

196,655

Total Deposits

657,730

651,230

597,791

589,112

586,342

Advances

109,684

109,781

104,804

106,191

111,125

Total stockholders' equity

78,631

77,780

77,007

77,329

76,247

View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005672/en/

Contacts

M. Shane Michalak
Senior Vice President/CFO
(215-256-8828)