[July 18, 2018] |
|
Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2018
Harleysville Financial Corporation (OTCQX:HARL) reported today that the
Company's board of directors declared a regular quarterly cash dividend
of $.23 per share on the Company's common stock. The cash dividend will
be payable on August 15, 2018 to stockholders of record on August 1,
2018.
Net income for the third quarter was $1,975,000 or $.51 per diluted
share compared to $1,388,000 or $.36 per diluted share for the same
quarter last year.
Net income for the nine months ended June 30, 2018 amounted to
$5,007,000 or $1.30 per diluted share compared to $4,146,000 or $1.09
per diluted share for the same nine-month period a year ago.
Brendan J. McGill, President and Chief Executive Officer of the Company,
stated, "We continue to experience positive results by adhering to our
fundamental operating principals of maintaining prudent underwriting
standards, investing in high credit quality assets, and practicing sound
capital management.
"In addition we are pleased with how the balance sheet is positioned in
the current environment. Our Team has been able to increase our total
loans, total deposits, tangible book value, earnings per share, interest
rate spread, and return on equity over the prior quarter and prior year
amounts."
The Company's assets totaled $781.9 million compared to $781.8 million a
year ago. Stockholders' tangible book value increased 3.9% to $18.84 per
share from $18.14 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, 2018
|
|
(Dollars in thousands except per share data)
|
|
|
Year-To-Date
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(Unaudited)
|
|
|
Nine Months Ended:
|
|
|
Three Months Ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
Selected Consolidated Earnings Data
|
|
|
Jun 30,
2018
|
|
|
Jun 30,
2017
|
|
|
Jun 30,
2018
|
|
|
Mar 31,
2018
|
|
|
Dec 31,
2017
|
|
|
Sept 30,
2017
|
|
|
Jun 30,
2017
|
Total interest income
|
|
|
$
|
22,562
|
|
|
|
$
|
21,234
|
|
|
|
$
|
7,716
|
|
|
|
$
|
7,428
|
|
|
|
$
|
7,418
|
|
|
|
$
|
7,326
|
|
|
|
$
|
7,157
|
|
Total interest expense
|
|
|
|
5,138
|
|
|
|
|
5,664
|
|
|
|
|
1,625
|
|
|
|
|
1,685
|
|
|
|
|
1,828
|
|
|
|
|
1,832
|
|
|
|
|
1,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
|
17,424
|
|
|
|
|
15,570
|
|
|
|
|
6,091
|
|
|
|
|
5,743
|
|
|
|
|
5,590
|
|
|
|
|
5,494
|
|
|
|
|
5,350
|
|
Provision for loan losses
|
|
|
|
835
|
|
|
|
|
489
|
|
|
|
|
360
|
|
|
|
|
300
|
|
|
|
|
175
|
|
|
|
|
175
|
|
|
|
|
139
|
|
Net Interest Income after Provision for Loan Losses
|
|
|
|
16,589
|
|
|
|
|
15,081
|
|
|
|
|
5,731
|
|
|
|
|
5,443
|
|
|
|
|
5,415
|
|
|
|
|
5,319
|
|
|
|
|
5,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Gain on sale of investments
|
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|
|
-
|
|
|
|
|
173
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|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
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|
|
|
|
-
|
|
|
|
|
-
|
|
Gain on sale of real estate owned
|
|
|
|
304
|
|
|
|
|
55
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
304
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Bank owned life insurance
|
|
|
|
294
|
|
|
|
|
292
|
|
|
|
|
97
|
|
|
|
|
98
|
|
|
|
|
99
|
|
|
|
|
99
|
|
|
|
|
97
|
|
Other income
|
|
|
|
1,615
|
|
|
|
|
1,488
|
|
|
|
|
608
|
|
|
|
|
507
|
|
|
|
|
500
|
|
|
|
|
494
|
|
|
|
|
511
|
|
Total other expenses
|
|
|
|
11,544
|
|
|
|
|
10,924
|
|
|
|
|
3,865
|
|
|
|
|
3,959
|
|
|
|
|
3,720
|
|
|
|
|
3,687
|
|
|
|
|
3,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
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|
Income before income taxes
|
|
|
|
7,258
|
|
|
|
|
6,165
|
|
|
|
|
2,571
|
|
|
|
|
2,089
|
|
|
|
|
2,598
|
|
|
|
|
2,225
|
|
|
|
|
1,949
|
|
Income tax expense
|
|
|
|
2,251
|
|
|
|
|
2,019
|
|
|
|
|
596
|
|
|
|
|
510
|
|
|
|
|
1,145
|
|
|
|
|
721
|
|
|
|
|
561
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
5,007
|
|
|
|
$
|
4,146
|
|
|
|
$
|
1,975
|
|
|
|
$
|
1,579
|
|
|
|
$
|
1,453
|
|
|
|
$
|
1,504
|
|
|
|
$
|
1,388
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
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Per Common Share Data
|
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|
|
|
|
|
|
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|
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|
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|
|
|
|
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|
|
Basic earnings
|
|
|
$
|
1.33
|
|
|
|
$
|
1.11
|
|
|
|
$
|
0.52
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.39
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.37
|
|
Diluted earnings
|
|
|
$
|
1.30
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.41
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.39
|
|
|
|
$
|
0.36
|
|
Dividends
|
|
|
$
|
0.68
|
|
|
|
$
|
0.65
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.22
|
|
Tangible book value
|
|
|
$
|
18.84
|
|
|
|
$
|
18.14
|
|
|
|
$
|
18.84
|
|
|
|
$
|
18.62
|
|
|
|
$
|
18.48
|
|
|
|
$
|
18.33
|
|
|
|
$
|
18.14
|
|
Shares outstanding
|
|
|
|
3,748,600
|
|
|
|
|
3,756,177
|
|
|
|
|
3,748,600
|
|
|
|
|
3,778,235
|
|
|
|
|
3,769,277
|
|
|
|
|
3,759,637
|
|
|
|
|
3,756,177
|
|
Average shares outstanding - basic
|
|
|
|
3,763,539
|
|
|
|
|
3,720,697
|
|
|
|
|
3,752,604
|
|
|
|
|
3,774,263
|
|
|
|
|
3,763,863
|
|
|
|
|
3,757,691
|
|
|
|
|
3,750,666
|
|
Average shares outstanding - diluted
|
|
|
|
3,847,673
|
|
|
|
|
3,808,512
|
|
|
|
|
3,834,170
|
|
|
|
|
3,862,190
|
|
|
|
|
3,846,687
|
|
|
|
|
3,848,906
|
|
|
|
|
3,838,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-To-Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended:
|
|
|
Three Months Ended:
|
Other Selected Consolidated Data
|
|
|
Jun 30,
2018
|
|
|
Jun 30,
2017
|
|
|
Jun 30,
2018
|
|
|
Mar 31,
2018
|
|
|
Dec 31,
2017
|
|
|
Sept 30,
2017
|
|
|
Jun 30,
2017
|
Return on average assets
|
|
|
|
0.87
|
%
|
|
|
|
0.73
|
%
|
|
|
|
1.01
|
%
|
|
|
|
0.82
|
%
|
|
|
|
0.76
|
%
|
|
|
|
0.78
|
%
|
|
|
|
0.72
|
%
|
Return on average equity
|
|
|
|
9.58
|
%
|
|
|
|
8.29
|
%
|
|
|
|
11.27
|
%
|
|
|
|
9.05
|
%
|
|
|
|
8.42
|
%
|
|
|
|
8.81
|
%
|
|
|
|
8.22
|
%
|
Net interest rate spread
|
|
|
|
2.91
|
%
|
|
|
|
2.63
|
%
|
|
|
|
3.03
|
%
|
|
|
|
2.90
|
%
|
|
|
|
2.81
|
%
|
|
|
|
2.70
|
%
|
|
|
|
2.68
|
%
|
Net yield on interest earning assets
|
|
|
|
3.09
|
%
|
|
|
|
2.81
|
%
|
|
|
|
3.20
|
%
|
|
|
|
3.07
|
%
|
|
|
|
2.99
|
%
|
|
|
|
2.90
|
%
|
|
|
|
2.87
|
%
|
Operating expenses to average assets
|
|
|
|
2.00
|
%
|
|
|
|
1.91
|
%
|
|
|
|
1.99
|
%
|
|
|
|
2.07
|
%
|
|
|
|
1.94
|
%
|
|
|
|
1.90
|
%
|
|
|
|
2.01
|
%
|
Efficiency ratio
|
|
|
|
58.84
|
%
|
|
|
|
62.74
|
%
|
|
|
|
56.88
|
%
|
|
|
|
62.37
|
%
|
|
|
|
57.29
|
%
|
|
|
|
60.57
|
%
|
|
|
|
64.96
|
%
|
Ratio of non-performing loans to total assets at end of period
|
|
|
|
1.40
|
%
|
|
|
|
1.57
|
%
|
|
|
|
1.40
|
%
|
|
|
|
1.54
|
%
|
|
|
|
1.35
|
%
|
|
|
|
1.53
|
%
|
|
|
|
1.57
|
%
|
Loan loss reserve to total loans, net
|
|
|
|
0.73
|
%
|
|
|
|
0.73
|
%
|
|
|
|
0.73
|
%
|
|
|
|
0.71
|
%
|
|
|
|
0.67
|
%
|
|
|
|
0.69
|
%
|
|
|
|
0.73
|
%
|
Stockholders' equity to assets
|
|
|
|
9.03
|
%
|
|
|
|
8.71
|
%
|
|
|
|
9.03
|
%
|
|
|
|
9.09
|
%
|
|
|
|
9.00
|
%
|
|
|
|
9.03
|
%
|
|
|
|
8.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Consolidated Financial Data
|
|
|
Jun 30,
2018
|
|
|
Mar 31,
2018
|
|
|
Dec 31,
2017
|
|
|
Sept 30,
2017
|
|
|
Jun 30,
2017
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
781,893
|
|
|
|
$
|
773,975
|
|
|
|
$
|
773,555
|
|
|
|
$
|
762,894
|
|
|
|
$
|
781,807
|
|
|
|
|
|
|
|
|
|
|
|
Cash & investment securities
|
|
|
|
33,117
|
|
|
|
|
39,964
|
|
|
|
|
43,856
|
|
|
|
|
28,917
|
|
|
|
|
54,439
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities
|
|
|
|
94,486
|
|
|
|
|
100,408
|
|
|
|
|
106,258
|
|
|
|
|
112,699
|
|
|
|
|
119,461
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
|
127,603
|
|
|
|
|
140,372
|
|
|
|
|
150,114
|
|
|
|
|
141,616
|
|
|
|
|
173,900
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans receivable
|
|
|
|
416,714
|
|
|
|
|
407,881
|
|
|
|
|
405,411
|
|
|
|
|
407,461
|
|
|
|
|
405,196
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans receivable
|
|
|
|
206,064
|
|
|
|
|
194,018
|
|
|
|
|
186,189
|
|
|
|
|
181,045
|
|
|
|
|
170,300
|
|
|
|
|
|
|
|
|
|
|
|
Loan loss reserve
|
|
|
|
(4,547
|
)
|
|
|
|
(4,262
|
)
|
|
|
|
(3,966
|
)
|
|
|
|
(4,063
|
)
|
|
|
|
(4,193
|
)
|
|
|
|
|
|
|
|
|
|
|
Total Loans receivable net
|
|
|
|
618,231
|
|
|
|
|
597,637
|
|
|
|
|
587,634
|
|
|
|
|
584,443
|
|
|
|
|
571,303
|
|
|
|
|
|
|
|
|
|
|
|
FHLB stock
|
|
|
|
5,176
|
|
|
|
|
5,150
|
|
|
|
|
4,954
|
|
|
|
|
5,384
|
|
|
|
|
5,624
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
|
179,481
|
|
|
|
|
178,863
|
|
|
|
|
173,623
|
|
|
|
|
167,100
|
|
|
|
|
171,607
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts
|
|
|
|
231,534
|
|
|
|
|
229,764
|
|
|
|
|
225,830
|
|
|
|
|
235,147
|
|
|
|
|
239,856
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit accounts
|
|
|
|
178,782
|
|
|
|
|
175,052
|
|
|
|
|
164,670
|
|
|
|
|
146,508
|
|
|
|
|
144,030
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
|
|
589,797
|
|
|
|
|
583,679
|
|
|
|
|
564,123
|
|
|
|
|
548,755
|
|
|
|
|
555,493
|
|
|
|
|
|
|
|
|
|
|
|
Advances
|
|
|
|
110,231
|
|
|
|
|
112,325
|
|
|
|
|
131,403
|
|
|
|
|
136,958
|
|
|
|
|
148,082
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
70,615
|
|
|
|
|
70,339
|
|
|
|
|
69,644
|
|
|
|
|
68,900
|
|
|
|
|
68,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180718005641/en/
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