Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2019
Harleysville Financial Corporation (OTCQX:HARL) reported today that the Companys board of directors declared a regular quarterly cash dividend of $.25 per share on the Companys common stock.
Harleysville Financial Corporation (OTCQX:HARL) reported today that the
Company’s board of directors declared a regular quarterly cash dividend
of $.25 per share on the Company’s common stock. The cash dividend will
be payable on May 15, 2019 to stockholders of record on May 1, 2019.
Net income for the second quarter was $2,103,000 or $.55 per diluted
share compared to $1,579,000 or $.41 per diluted share for the same
quarter last year.
Net income for the six months ended March 31, 2019 amounted to
$4,266,000 or $1.12 per diluted share compared to $3,032,000 or $.79 per
diluted share for the same six-month period a year ago.
Brendan J. McGill, President and Chief Executive Officer of the Company,
stated, “We are pleased with our solid second quarter results. We
continue to build relationships with small businesses and customers
wanting to establish loans and their checking and savings accounts with
a locally owned and managed community bank.
Between the overall strength of our balance sheet and the work ethic of
our highly engaged team members, we are looking forward to continuing to
create value for our stakeholders.”
The Company’s assets totaled $793.3 million compared to $774.0 million a
year ago. Stockholders’ tangible book value increased 5.9% to $19.71 per
share from $18.62 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, 2019 | ||||||||||||||||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | |||||||||||||||||||||||||||||||||
|
(Unaudited) |
Six Months Ended: | Three Months Ended: | ||||||||||||||||||||||||||||||||
|
Selected Consolidated Earnings Data |
Mar 31, |
Mar 31, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
Mar 31, |
|||||||||||||||||||||||||||
| Total interest income | $ | 15,728 | $ | 14,846 | $ | 7,875 | $ | 7,853 | $ | 7,767 | $ | 7,716 | $ | 7,428 | ||||||||||||||||||||
| Total interest expense | 3,381 |
|
3,513 | 1,712 | 1,669 | 1,629 | 1,625 | 1,685 | ||||||||||||||||||||||||||
| Net Interest Income | 12,347 | 11,333 | 6,163 | 6,184 | 6,138 | 6,091 | 5,743 | |||||||||||||||||||||||||||
| Provision for loan losses | 552 | 475 | 192 | 360 | 205 | 360 | 300 | |||||||||||||||||||||||||||
| Net Interest Income after Provision for Loan Losses | 11,795 | 10,858 | 5,971 | 5,824 | 5,933 | 5,731 | 5,443 | |||||||||||||||||||||||||||
| Gain on sale of investments | 144 | - | 144 | - | - | - | - | |||||||||||||||||||||||||||
| Gain on sale of real estate owned | 467 | 304 | 67 | 400 | - | - | - | |||||||||||||||||||||||||||
| Bank owned life insurance | 199 | 197 | 99 | 100 | 99 | 97 | 98 | |||||||||||||||||||||||||||
| Other income | 1,025 | 1,007 | 491 | 534 | 554 | 608 | 507 | |||||||||||||||||||||||||||
| Total other expenses | 7,683 | 7,679 | 3,903 | 3,780 | 3,855 | 3,865 | 3,959 | |||||||||||||||||||||||||||
| Income before income taxes | 5,947 | 4,687 | 2,869 | 3,078 | 2,731 | 2,571 | 2,089 | |||||||||||||||||||||||||||
| Income tax expense | 1,681 | 1,655 | 766 | 915 | 628 | 596 | 510 | |||||||||||||||||||||||||||
| Net Income | $ | 4,266 | $ | 3,032 | $ | 2,103 | $ | 2,163 | $ | 2,103 | $ | 1,975 | $ | 1,579 | ||||||||||||||||||||
| Per Common Share Data | ||||||||||||||||||||||||||||||||||
| Basic earnings | $ | 1.14 | $ | 0.81 | $ | 0.56 | $ | 0.58 | $ | 0.56 | $ | 0.52 | $ | 0.42 | ||||||||||||||||||||
| Diluted earnings | $ | 1.12 | $ | 0.79 | $ | 0.55 | $ | 0.57 | $ | 0.55 | $ | 0.51 | $ | 0.41 | ||||||||||||||||||||
| Dividends | $ | 0.48 | $ | 0.45 | $ | 0.25 | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 | ||||||||||||||||||||
| Tangible book value | $ | 19.71 | $ | 18.62 | $ | 19.71 | $ | 19.50 | $ | 19.19 | $ | 18.84 | $ | 18.62 | ||||||||||||||||||||
| Shares outstanding | 3,770,651 | 3,778,235 | 3,770,651 | 3,746,202 | 3,744,046 | 3,748,600 | 3,778,235 | |||||||||||||||||||||||||||
| Average shares outstanding - basic | 3,750,691 | 3,769,006 | 3,754,634 | 3,746,832 | 3,748,773 | 3,752,604 | 3,774,263 | |||||||||||||||||||||||||||
| Average shares outstanding - diluted | 3,823,721 | 3,854,928 | 3,826,397 | 3,821,791 | 3,832,713 | 3,834,170 | 3,862,190 | |||||||||||||||||||||||||||
| Year-To-Date | ||||||||||||||||||||||||||||||||||
| Six Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||||||||
| Other Selected Consolidated Data |
Mar 31, |
Mar 31, |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
Mar 31, |
|||||||||||||||||||||||||||
| Return on average assets | 1.10 | % | 0.79 | % | 1.08 | % | 1.12 | % | 1.08 | % | 1.01 | % | 0.82 | % | ||||||||||||||||||||
| Return on average equity | 11.71 | % | 8.73 | % | 11.45 | % | 11.98 | % | 11.84 | % | 11.27 | % | 9.05 | % | ||||||||||||||||||||
| Net interest rate spread | 3.08 | % | 2.86 | % | 3.06 | % | 3.09 | % | 3.05 | % | 3.03 | % | 2.90 | % | ||||||||||||||||||||
| Net yield on interest earning assets | 3.26 | % | 3.03 | % | 3.24 | % | 3.28 | % | 3.23 | % | 3.20 | % | 3.07 | % | ||||||||||||||||||||
| Operating expenses to average assets | 1.98 | % | 2.00 | % | 2.01 | % | 1.96 | % | 1.98 | % | 1.99 | % | 2.07 | % | ||||||||||||||||||||
| Efficiency ratio | 54.73 | % | 59.83 | % | 57.24 | % | 52.36 | % | 56.77 | % | 56.88 | % | 62.37 | % | ||||||||||||||||||||
| Ratio of non-performing loans to total | ||||||||||||||||||||||||||||||||||
| assets at end of period | 1.16 | % | 1.54 | % | 1.16 | % | 1.19 | % | 1.34 | % | 1.40 | % | 1.54 | % | ||||||||||||||||||||
| Loan loss reserve to total loans, net | 0.70 | % | 0.71 | % | 0.70 | % | 0.67 | % | 0.63 | % | 0.73 | % | 0.71 | % | ||||||||||||||||||||
| Stockholders' equity to assets | 9.37 | % | 9.09 | % | 9.37 | % | 9.47 | % | 9.34 | % | 9.03 | % | 9.09 | % | ||||||||||||||||||||
| Selected Consolidated Financial Data |
Mar 31, |
Dec 31, |
Sept 30, |
Jun 30, |
Mar 31, |
|||||||||||||||||||||||||||||
| Total assets | $ | 793,265 | $ | 771,816 | $ | 768,865 | $ | 781,893 | $ | 773,975 | ||||||||||||||||||||||||
| Cash & investment securities | 49,086 | 31,796 | 27,296 | 33,117 | 39,964 | |||||||||||||||||||||||||||||
| Mortgage-backed securities | 90,019 | 83,786 | 88,698 | 94,486 | 100,408 | |||||||||||||||||||||||||||||
| Total Investments | 139,105 | 115,582 |
|
115,994 | 127,603 | 140,372 | ||||||||||||||||||||||||||||
| Consumer Loans receivable | 413,553 | 417,259 | 417,093 | 416,714 | 407,881 | |||||||||||||||||||||||||||||
| Commercial Loans receivable | 209,323 | 207,675 | 202,728 | 206,064 | 194,018 | |||||||||||||||||||||||||||||
| Loan loss reserve | (4,343 | ) | (4,155 | ) | (3,922 | ) | (4,547 | ) | (4,262 | ) | ||||||||||||||||||||||||
| Total Loans receivable net | 618,533 | 620,779 | 615,899 | 618,231 | 597,637 | |||||||||||||||||||||||||||||
| FHLB stock | 5,094 | 4,838 | 5,286 | 5,176 | 5,150 | |||||||||||||||||||||||||||||
| Checking accounts | 183,566 | 181,491 | 172,431 | 179,481 | 178,863 | |||||||||||||||||||||||||||||
| Savings accounts | 218,788 | 216,940 | 220,159 | 231,534 | 229,764 | |||||||||||||||||||||||||||||
| Certificate of deposit accounts | 196,532 | 189,629 | 189,488 | 178,782 | 175,052 | |||||||||||||||||||||||||||||
| Total Deposits | 598,886 | 588,060 | 582,078 | 589,797 | 583,679 | |||||||||||||||||||||||||||||
| Advances | 111,469 | 103,195 | 108,516 | 110,231 | 112,325 | |||||||||||||||||||||||||||||
| Total stockholders' equity | 74,317 | 73,058 | 71,838 | 70,615 | 70,339 | |||||||||||||||||||||||||||||
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