Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2017

HARLEYSVILLE, Pa.--()--Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.22 per share on the Company’s common stock. The cash dividend will be payable on August 16, 2017 to stockholders of record on August 2, 2017.

Net income for the third quarter was $1,388,000 or $.36 per diluted share compared to $1,369,000 or $.36 per diluted share for the same quarter last year.

Net income for the nine months ended June 30, 2017 amounted to $4,146,000 or $1.09 per diluted share compared to $3,999,000 or $1.06 per diluted share for the same nine-month period a year ago.

“We are pleased with our third quarter results as they reflect our discipline to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets and practicing sound capital management. We continue to increase the number of relationships with small businesses and customers wanting to establish loans and their checking and savings accounts with a locally owned and managed community bank,” said Ron Geib, Chief Executive Officer.

The Company’s assets totaled $781.8 million compared to $759.9 million a year ago. Stockholders’ tangible book value increased 3.0% to $18.14 per share from $17.62 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 June 30, 2017
 
(Dollars in thousands except per share data) Year-To-Date  

(Unaudited)

Nine Months Ended: Three Months Ended:
 
Selected Consolidated Earnings Data

Jun 30,
2017

Jun 30,
2016

Jun 30,
2017

Mar 31,
2017

Dec 31,
2016

Sept 30,
2016

Jun 30,
2016

Total interest income $ 21,234 $ 21,598 $ 7,157 $ 7,038 $ 7,039 $ 7,106 $ 7,165
Total interest expense   5,664     6,162     1,807     1,921     1,936     1,985     2,026  
 
Net Interest Income 15,570 15,436 5,350 5,117 5,103 5,121 5,139
Provision for loan losses   489     550     139     170     180     180     170  
Net Interest Income after Provision for Loan Losses   15,081     14,886     5,211     4,947     4,923     4,941     4,969  
 
Gain on sale of investments 173 - - 173 - - -
Bank owned life insurance 292 297 97 97 98 97 96
Other income 1,543 1,468 511 496 536 596 459
Total other expenses   10,924     10,499     3,870     3,656     3,398     3,443     3,447  
 
Income before income taxes 6,165 6,152 1,949 2,057 2,159 2,191 2,077
Income tax expense   2,019     2,153     561     673     785     709     708  
 
Net Income $ 4,146   $ 3,999   $ 1,388   $ 1,384   $ 1,374   $ 1,482   $ 1,369  
 
 
Per Common Share Data
Basic earnings $ 1.11 $ 1.08 $ 0.37 $ 0.37 $ 0.37 $ 0.40 $ 0.37
Diluted earnings $ 1.09 $ 1.06 $ 0.36 $ 0.36 $ 0.36 $ 0.39 $ 0.36
Dividends $ 0.65 $ 0.63 $ 0.22 $ 0.22 $ 0.21 $ 0.21 $ 0.21
Tangible book value $ 18.14 $ 17.62 $ 18.14 $ 17.98 $ 17.94 $ 17.81 $ 17.62
Shares outstanding 3,756,177 3,688,403 3,756,177 3,749,078 3,701,372 3,686,890 3,688,403
Average shares outstanding - basic 3,720,697 3,703,908 3,750,666 3,718,269 3,693,427 3,685,730 3,687,762
Average shares outstanding - diluted 3,808,512 3,782,523 3,838,571 3,814,420 3,771,069 3,754,474 3,758,443
 
 
 
Year-To-Date  
Nine Months Ended: Three Months Ended:
Other Selected Consolidated Data

Jun 30,
2017

Jun 30,
2016

Jun 30,
2017

Mar 31,
2017

Dec 31,
2016

Sept 30,
2016

Jun 30,
2016

Return on average assets 0.73 % 0.70 % 0.72 % 0.73 % 0.73 % 0.78 % 0.72 %
Return on average equity 8.29 % 8.30 % 8.22 % 8.30 % 8.35 % 9.10 % 8.49 %
Net interest rate spread 2.63 % 2.61 % 2.68 % 2.59 % 2.62 % 2.62 % 2.61 %
Net yield on interest earning assets 2.81 % 2.76 % 2.87 % 2.76 % 2.79 % 2.80 % 2.79 %
Operating expenses to average assets 1.91 % 1.82 % 2.01 % 1.92 % 1.80 % 1.82 % 1.81 %
Efficiency ratio 62.74 % 61.04 % 64.96 % 64.03 % 59.23 % 59.22 % 60.54 %

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

1.57 % 1.42 % 1.57 % 1.58 % 1.36 % 1.36 % 1.42 %
Loan loss reserve to total loans, net 0.73 % 0.71 % 0.73 % 0.75 % 0.74 % 0.72 % 0.71 %
Stockholders' equity to assets 8.71 % 8.55 % 8.71 % 8.85 % 8.77 % 8.79 % 8.55 %
 
 
Selected Consolidated Financial Data

Jun 30,
2017

 

Mar 31,
2017

   

Dec 31,
2016

 

Sept 30,
2016

 

Jun 30,
2016

Total assets $ 781,807 $ 761,925 $ 757,271 $ 747,174 $ 759,886

Cash & investment securities

 

54,439

 

 

 

43,010

 

 

 

44,104

44,872

43,396

Mortgage-backed securities 119,461 126,291 135,028 123,839 132,129
Total Investments 173,900

169,301

179,132 168,711 175,525
Consumer Loans receivable 405,196 394,278 388,864 391,384 392,494
Commercial Loans receivable 170,300 166,672 157,750 155,488 159,641
Loan loss reserve (4,193 ) (4,226 ) (4,051 ) (3,950 ) (3,891 )
Total Loans receivable net 571,303 556,724 542,563 542,922 548,244
FHLB stock 5,624 5,229 5,533 5,513 5,859
Checking accounts 171,607 169,165 162,867 153,695 153,054
Savings accounts 239,856 241,183 238,367 230,659 230,571
Certificate of deposit accounts 144,030 139,444 132,802 139,066 148,258
Total Deposits 555,493 549,792 534,036 523,420 531,883
Advances 148,082 135,371 149,523 151,768 153,051
Total stockholders' equity 68,121 67,415 66,401 65,675 64,992
 

Contacts

Harleysville Financial Corporation
Brendan J. McGill
President/COO
215-256-8828

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