Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2021 and the Declaration of Regular Cash Dividend
Net income for the twelve months ended
Net income for the fourth quarter of fiscal year 2021 amounted to
Commenting on the year-end operating results, President and Chief Executive Officer
We are optimistic that most of the burdens of the COVID-19 pandemic are now behind us and we will continue to focus on the needs of our customers, safety of our team members and supporting our communities.”
The Company’s assets totaled
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.
Selected Consolidated Financial Data as of |
|||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | Year-To-Date | ||||||||||||||||||||||||||||
(Unaudited) | Twelve Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
Selected Consolidated Earnings Data | |||||||||||||||||||||||||||||
Total interest income | $ |
27,323 |
|
$ |
29,620 |
|
$ |
6,555 |
|
$ |
6,628 |
|
$ |
6,980 |
|
$ |
7,160 |
|
$ |
7,156 |
|
||||||||
Total interest expense |
|
4,833 |
|
|
6,684 |
|
|
1,067 |
|
|
1,187 |
|
|
1,239 |
|
|
1,340 |
|
|
1,510 |
|
||||||||
Net Interest Income |
|
22,490 |
|
|
22,936 |
|
|
5,488 |
|
|
5,441 |
|
|
5,741 |
|
|
5,820 |
|
|
5,646 |
|
||||||||
Provision for loan losses |
|
385 |
|
|
811 |
|
|
90 |
|
|
105 |
|
|
95 |
|
|
95 |
|
|
154 |
|
||||||||
Net Interest Income after Provision for Loan Losses |
|
22,105 |
|
|
22,125 |
|
|
5,398 |
|
|
5,336 |
|
|
5,646 |
|
|
5,725 |
|
|
5,492 |
|
||||||||
Gain on sales of loans |
|
252 |
|
|
- |
|
|
61 |
|
|
29 |
|
|
96 |
|
|
66 |
|
|
- |
|
||||||||
Bank owned life insurance |
|
393 |
|
|
398 |
|
|
99 |
|
|
95 |
|
|
99 |
|
|
100 |
|
|
100 |
|
||||||||
Other income |
|
2,531 |
|
|
2,134 |
|
|
679 |
|
|
603 |
|
|
612 |
|
|
637 |
|
|
567 |
|
||||||||
Total other expenses |
|
15,431 |
|
|
15,288 |
|
|
4,203 |
|
|
3,928 |
|
|
3,706 |
|
|
3,594 |
|
|
3,847 |
|
||||||||
Income before income taxes |
|
9,850 |
|
|
9,369 |
|
|
2,034 |
|
|
2,135 |
|
|
2,747 |
|
|
2,934 |
|
|
2,312 |
|
||||||||
Income tax expense |
|
2,566 |
|
|
2,258 |
|
|
488 |
|
|
553 |
|
|
693 |
|
|
832 |
|
|
518 |
|
||||||||
Net Income | $ |
7,284 |
|
$ |
7,111 |
|
$ |
1,546 |
|
$ |
1,582 |
|
$ |
2,054 |
|
$ |
2,102 |
|
$ |
1,794 |
|
||||||||
Per Common Share Data | |||||||||||||||||||||||||||||
Basic earnings | $ |
1.95 |
|
$ |
1.89 |
|
$ |
0.41 |
|
$ |
0.42 |
|
$ |
0.55 |
|
$ |
0.56 |
|
$ |
0.48 |
|
||||||||
Diluted earnings | $ |
1.93 |
|
$ |
1.87 |
|
$ |
0.41 |
|
$ |
0.42 |
|
$ |
0.54 |
|
$ |
0.56 |
|
$ |
0.48 |
|
||||||||
Dividends | $ |
1.11 |
|
$ |
1.06 |
|
$ |
0.28 |
|
$ |
0.28 |
|
$ |
0.28 |
|
$ |
0.27 |
|
$ |
0.27 |
|
||||||||
Tangible book value | $ |
21.69 |
|
$ |
20.96 |
|
$ |
21.69 |
|
$ |
21.61 |
|
$ |
21.50 |
|
$ |
21.23 |
|
$ |
20.96 |
|
||||||||
Shares outstanding |
|
3,721,038 |
|
|
3,752,221 |
|
|
3,721,038 |
|
|
3,741,307 |
|
|
3,743,203 |
|
|
3,745,058 |
|
|
3,752,221 |
|
||||||||
Average shares outstanding - basic |
|
3,744,566 |
|
|
3,759,909 |
|
|
3,732,812 |
|
|
3,744,305 |
|
|
3,748,385 |
|
|
3,752,787 |
|
|
3,749,350 |
|
||||||||
Average shares outstanding - diluted |
|
3,780,450 |
|
|
3,800,492 |
|
|
3,776,160 |
|
|
3,788,028 |
|
|
3,780,590 |
|
|
3,776,067 |
|
|
3,775,775 |
|
||||||||
Selected Consolidated Financial Data as of |
|||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | Year-To-Date | ||||||||||||||||||||||||||||
(Unaudited) | Twelve Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
Other Selected Consolidated Data | |||||||||||||||||||||||||||||
Return on average assets |
|
0.82 |
% |
|
0.87 |
% |
|
0.68 |
% |
|
0.69 |
% |
|
0.93 |
% |
|
0.98 |
% |
|
0.83 |
% |
||||||||
Return on average equity |
|
9.12 |
% |
|
9.21 |
% |
|
7.66 |
% |
|
7.87 |
% |
|
10.29 |
% |
|
10.65 |
% |
|
9.21 |
% |
||||||||
Net interest rate spread |
|
2.43 |
% |
|
2.71 |
% |
|
2.34 |
% |
|
2.29 |
% |
|
2.49 |
% |
|
2.61 |
% |
|
2.52 |
% |
||||||||
Net yield on interest earning assets |
|
2.58 |
% |
|
2.89 |
% |
|
2.48 |
% |
|
2.44 |
% |
|
2.64 |
% |
|
2.76 |
% |
|
2.69 |
% |
||||||||
Operating expenses to average assets |
|
1.76 |
% |
|
1.87 |
% |
|
1.86 |
% |
|
1.72 |
% |
|
1.67 |
% |
|
1.67 |
% |
|
1.79 |
% |
||||||||
Efficiency ratio |
|
60.72 |
% |
|
60.03 |
% |
|
67.08 |
% |
|
63.98 |
% |
|
57.44 |
% |
|
54.82 |
% |
|
60.94 |
% |
||||||||
Ratio of non-performing loans to total assets at end of period |
|
0.84 |
% |
|
0.88 |
% |
|
0.84 |
% |
|
0.84 |
% |
|
0.82 |
% |
|
0.89 |
% |
|
0.88 |
% |
||||||||
Loan loss reserve to total loans, net |
|
1.00 |
% |
|
0.87 |
% |
|
1.00 |
% |
|
0.95 |
% |
|
0.92 |
% |
|
0.87 |
% |
|
0.87 |
% |
||||||||
Stockholders' equity to assets |
|
9.04 |
% |
|
9.20 |
% |
|
9.04 |
% |
|
8.94 |
% |
|
8.90 |
% |
|
9.11 |
% |
|
9.20 |
% |
||||||||
Selected Consolidated Financial Data | |||||||||||||||||||||||||||||
Total assets | $ |
892,639 |
|
$ |
904,670 |
|
$ |
904,515 |
|
$ |
873,410 |
|
$ |
854,876 |
|
||||||||||||||
Cash & investment securities |
|
227,857 |
|
|
225,490 |
|
|
220,822 |
|
|
170,640 |
|
|
127,951 |
|
||||||||||||||
Mortgage-backed securities |
|
83,412 |
|
|
76,177 |
|
|
71,683 |
|
|
70,895 |
|
|
81,851 |
|
||||||||||||||
Total Investments |
|
311,269 |
|
|
301,667 |
|
|
292,505 |
|
|
241,535 |
|
|
209,802 |
|
||||||||||||||
Consumer Loans receivable |
|
291,817 |
|
|
303,367 |
|
|
316,840 |
|
|
339,951 |
|
|
358,472 |
|
||||||||||||||
Commercial Loans receivable |
|
250,627 |
|
|
254,856 |
|
|
244,148 |
|
|
237,908 |
|
|
226,239 |
|
||||||||||||||
SBA Paycheck Protection Program (PPP) |
|
7,782 |
|
|
13,069 |
|
|
18,029 |
|
|
20,990 |
|
|
27,459 |
|
||||||||||||||
Loan loss reserve |
|
(5,520 |
) |
|
(5,422 |
) |
|
(5,320 |
) |
|
(5,235 |
) |
|
(5,308 |
) |
||||||||||||||
Total Loans receivable net |
|
544,706 |
|
|
565,870 |
|
|
573,697 |
|
|
593,614 |
|
|
606,862 |
|
||||||||||||||
Total Loans held for sale |
|
466 |
|
|
192 |
|
|
939 |
|
|
720 |
|
|
- |
|
||||||||||||||
FHLB stock |
|
3,583 |
|
|
3,955 |
|
|
4,281 |
|
|
4,310 |
|
|
4,463 |
|
||||||||||||||
Checking accounts |
|
273,274 |
|
|
269,246 |
|
|
270,878 |
|
|
257,227 |
|
|
231,068 |
|
||||||||||||||
Savings accounts |
|
299,306 |
|
|
293,948 |
|
|
281,350 |
|
|
256,721 |
|
|
252,117 |
|
||||||||||||||
Certificate of deposit accounts |
|
153,356 |
|
|
159,271 |
|
|
165,310 |
|
|
168,577 |
|
|
174,545 |
|
||||||||||||||
Total Deposits |
|
725,936 |
|
|
722,465 |
|
|
717,538 |
|
|
682,525 |
|
|
657,730 |
|
||||||||||||||
Advances |
|
77,558 |
|
|
89,357 |
|
|
95,043 |
|
|
100,173 |
|
|
109,684 |
|
||||||||||||||
Total stockholders' equity |
|
80,702 |
|
|
80,845 |
|
|
80,467 |
|
|
79,524 |
|
|
78,631 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211020005991/en/
Senior Vice President /CFO
(215-256-8828)
Source: