Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2024

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

 

 

Contacts

M. Shane Michalak

Senior Vice President/CFO

215-256-8828

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