Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2021
Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company's board of directors declared a regular quarterly cash dividend of $.28 per share on the Company's common stock. The cash dividend will be payable on August 18, 2021 to stockholders of record on August 4, 2021.
Net income for the third quarter was $1,582,000 or $.42 per diluted share compared to $1,611,000 or $.43 per diluted share for the same quarter last year.
Net income for the nine months ended June 30, 2021 amounted to $5,738,000 or $1.52 per diluted share compared to $5,317,000 or $1.40 per diluted share for the same nine-month period a year ago. Net income for the nine months ended June 30, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $1,009,000 or $.27 per diluted share.
Brendan J. McGill, President and Chief Executive Officer of the Company, stated, "We are now over a year into the COVID-19 pandemic. The Bank has continued to maintain its prudent underwriting standards, invest in high credit quality assets, control our operating expenses and practice sound capital management. Our balance sheet is strong and through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) rounds 1 and 2 we were pleased to be able to provide $37.2 million of loans to 479 local small businesses. Additionally, loan origination fees recognized on the forgiveness of first round of PPP loans contributed to our earnings improvement in the first nine months. We anticipate that the majority of outstanding PPP loans will be forgiven by the end of the 2021 calendar year end.
We are cautiously optimistic that the burdens of the COVID-19 pandemic will continue to ease in the year ahead, and we will continue to remain focused on meeting our customers' needs and ensuring the safety of our employees and supporting our communities."
The Company's assets totaled $904.7 million compared to $851.8 million a year ago. Stockholders' tangible book value increased 4.1% to $21.61 per share from $20.76 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.
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