Harleysville Financial Corporation Announces Record Earnings for the Fiscal Year Ended September 30, 2017 and the Declaration of Regular Cash Dividend

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 November 15, 2017 to stockholders of record on November 1, 2017.

Net income for the twelve months ended September 30, 2017 amounted to $5,650,000 or $1.48 per diluted share compared to $5,481,000 or $1.45 per diluted share for the twelve months ended September 30, 2016.

Net income for the fourth quarter of fiscal year 2017 amounted to $1,504,000 or $.39 per diluted share compared to $1,482,000 or $.39 per diluted share for the fourth quarter of fiscal year 2016.

Commenting on the year-end operating results, Chief Executive Officer Ron Geib said, “We are pleased with the solid financial results of the past year and how the balance sheet has been strengthened to allow us to deliver consistent ongoing returns for our shareholders. The financial results include record year of earnings, loan growth while maintaining the level of high credit quality loans, increase in transaction accounts, increase in capital levels and improvement in the interest rate spread.

Between the improved strength of the balance sheet and the work ethic of our highly engaged team members, we are looking forward to continuing to create value for our stakeholders this coming year."

The Company’s assets totaled $762.9 million compared to $747.2 million a year ago. Stockholders’ book value increased 2.92% to $18.33 per share from $17.81 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, 2017
(Dollars in thousands except per share data)   Year-To-Date                          

(Unaudited)

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

Sept 30,
2017

Sept 30,
2016

Sept 30,
2017

Jun 30,
2017

Mar 31,
2017

 

Dec 31,
2016

Sept 30,
2016

Total interest income $ 28,560 $ 28,704 $ 7,326 $ 7,157 $ 7,038 $ 7,039 $ 7,106
Total interest expense   7,496       8,147     1,832       1,807       1,921       1,936       1,985  
 
Net Interest Income 21,064 20,557 5,494 5,350 5,117 5,103 5,121
Provision for loan losses   664       730     175       139       170       180       180  
Net Interest Income after Provision for Loan Losses   20,400       19,827     5,319       5,211       4,947       4,923       4,941  
 
Gain on sale of investments 173 - - - 173 - -
Bank owned life insurance 391 394 99 97 97 98 97
Other income 2,037 2,064 494 511 496 536 596
Total other expenses   14,611       13,942     3,687       3,870       3,656       3,398       3,443  
 
Income before income taxes 8,390 8,343 2,225 1,949 2,057 2,159 2,191
Income tax expense   2,740       2,862     721       561       673       785       709  
 
Net Income $ 5,650     $ 5,481   $ 1,504     $ 1,388     $ 1,384     $ 1,374     $ 1,482  
 
 
Per Common Share Data
Basic earnings $ 1.51 $ 1.48 $ 0.40 $ 0.37 $ 0.37 $ 0.37 $ 0.40
Diluted earnings $ 1.48 $ 1.45 $ 0.39 $ 0.36 $ 0.36 $ 0.36 $ 0.39
Dividends $ 0.87 $ 0.84 $ 0.22 $ 0.22 $ 0.22 $ 0.21 $ 0.21
Tangible book value $ 18.33 $ 17.81 $ 18.33 $ 18.14 $ 17.98 $ 17.94 $ 17.81
Shares outstanding 3,759,637 3,686,890 3,759,637 3,756,177 3,749,078 3,701,372 3,686,890
Average shares outstanding - basic 3,730,021 3,699,292 3,757,691 3,750,666 3,718,269 3,693,427 3,685,730
Average shares outstanding - diluted 3,818,833 3,775,173 3,848,906 3,838,571 3,814,420 3,771,069 3,754,474
 
 
 
Year-To-Date                          
Twelve Months Ended: Three Months Ended:
Other Selected Consolidated Data

Sept 30,
2017

Sept 30,
2016

Sept 30,
2017

Jun 30,
2017

Mar 31,
2017

 

Dec 31,
2016

Sept 30,
2016

Return on average assets 0.74 % 0.72 % 0.78 % 0.72 % 0.73 % 0.73 % 0.78 %
Return on average equity 8.43 % 8.50 % 8.81 % 8.22 % 8.30 % 8.35 % 9.10 %
Net interest rate spread 2.65 % 2.61 % 2.70 % 2.68 % 2.59 % 2.62 % 2.62 %
Net yield on interest earning assets 2.83 % 2.77 % 2.90 % 2.87 % 2.76 % 2.79 % 2.80 %
Operating expenses to average assets 1.91 % 1.82 % 1.90 % 2.01 % 1.92 % 1.80 % 1.82 %
Efficiency ratio 62.20 % 60.58 % 60.57 % 64.96 % 64.03 % 59.23 % 59.22 %
Ratio of non-performing loans to total
assets at end of period 1.53 % 1.36 % 1.53 % 1.57 % 1.58 % 1.36 % 1.36 %
Loan loss reserve to total loans, net 0.69 % 0.72 % 0.69 % 0.73 % 0.75 % 0.74 % 0.72 %
Stockholders' equity to assets 9.03 % 8.79 % 9.03 % 8.71 % 8.85 % 8.77 % 8.79 %
 
                       
Selected Consolidated Financial Data

Sept 30,
2017

 

Jun 30,
2017

 

Mar 31,
2017

 

Dec 31,
2016

 

Sept 30,
2016

Total assets $ 762,894 $ 781,807 $ 761,925 $ 757,271 $ 747,174
Cash & investment securities 28,917 54,439 43,010 44,104 44,872
Mortgage-backed securities 112,699 119,461 126,291 135,028 123,839
Total Investments 141,616 173,900

 

169,301 179,132 168,711
Consumer Loans receivable 407,461 405,196 394,278 388,864 391,384
Commercial Loans receivable 181,045 170,300 166,672 157,750 155,488
Loan loss reserve (4,063 ) (4,193 ) (4,226 ) (4,051 ) (3,950 )
Total Loans receivable net 584,443 571,303 556,724 542,563 542,922
FHLB stock 5,384 5,624 5,229 5,533 5,513
Checking accounts 167,100 171,607 169,165 162,867 153,695
Savings accounts 235,147 239,856 241,183 238,367 230,659
Certificate of deposit accounts 146,508 144,030 139,444 132,802 139,066
Total Deposits 548,755 555,493 549,792 534,036 523,420
Advances 136,958 148,082 135,371 149,523 151,768
Total stockholders' equity 68,900 68,121 67,415 66,401 65,675

Contacts

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

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