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 Related Quotes
 Harleysville Financial Corp  20.75   0.19  0.91%
 Enter Symbols: 

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

HARLEYSVILLE, Pa., Apr. 17 /BusinessWire/ -- 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

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