Harleysville Financial Corporation Announces Record Quarterly Earnings and a 3.5% Increase of the Regular Cash Dividend for the First Fiscal Quarter 2023
01/25/2023 - 11:56 AM
HARLEYSVILLE, Pa. --(BUSINESS WIRE)--
Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.30 per share on the Company’s common stock. This represents an increase of 3.5% or $.01 per share from the previous dividend. The cash dividend will be payable on February 22, 2023 to stockholders of record on February 8, 2023 .
Net income for the quarter ended December 31, 2022 was $3,331,000 or $.89 per diluted share compared to $1,856,000 or $.49 per diluted share for the same quarter last year.
President and Chief Executive Officer Brendan J. McGill stated, “We are pleased to report strong financial results of the first quarter. Net Income of $3,331,000 is a record quarter for the Bank. We benefited by being asset sensitive in a rising interest rate environment. We believe our balance sheet is strong and we are well capitalized. Our positive financial results include loan growth, solid asset quality, and improvement in our efficiency ratio and interest rate spread. We know how important our dividend is to our stockholders and we are pleased to create additional value by increasing the cash dividend to $.30 per share.”
The Company’s assets totaled $877.5 million compared to $908.9 million a year ago, and stockholders’ tangible book value increased to $22.27 per share from $21.90 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 December 31, 2022
(Dollars in thousands except per share data)
(Unaudited)
Three Months Ended:
Selected Consolidated Earnings Data
Dec 31 , 2022
Sept 30 , 2022
Jun 30 , 2022
Mar 31 , 2022
Dec 31 , 2021
Total interest income
$
8,636
$
7,991
$
6,677
$
6,181
$
6,466
Total interest expense
637
667
699
834
957
Net Interest Income
7,999
7,324
5,978
5,347
5,509
Provision for loan losses
229
150
70
-
60
Net Interest Income after Provision for Loan Losses
7,770
7,174
5,908
5,347
5,449
Gain on sales of loans
-
-
-
4
17
Bank owned life insurance
100
98
96
97
98
Other income
544
649
669
609
656
Total other expenses
3,933
4,094
3,877
3,727
3,676
Income before income taxes
4,481
3,827
2,796
2,330
2,544
Income tax expense
1,150
935
580
503
689
Net Income
$
3,331
$
2,892
$
2,216
$
1,827
$
1,855
Per Common Share Data
Basic earnings
$
0.90
$
0.78
$
0.60
$
0.49
$
0.50
Diluted earnings
$
0.89
$
0.77
$
0.59
$
0.49
$
0.49
Dividends
$
0.29
$
0.29
$
0.29
$
0.29
$
0.28
Special Dividend
$
1.16
$
-
$
-
$
-
$
-
Tangible book value
$
22.27
$
22.81
$
22.33
$
22.04
$
21.90
Shares outstanding
3,721,269
3,719,141
3,721,332
3,721,936
3,710,135
Average shares outstanding - basic
3,715,838
3,720,147
3,721,352
3,714,270
3,717,096
Average shares outstanding - diluted
3,743,724
3,751,155
3,758,018
3,757,258
3,759,512
Three Months Ended:
Other Selected Consolidated Data
Dec 31 , 2022
Sept 30 , 2022
Jun 30 , 2022
Mar 31 , 2022
Dec 31 , 2021
Return on average assets
1.49
%
1.25
%
0.96
%
0.80
%
0.82
%
Return on average equity
15.97
%
13.82
%
10.77
%
8.98
%
9.19
%
Net interest rate spread
3.57
%
3.16
%
2.56
%
2.28
%
2.37
%
Net yield on interest earning assets
3.65
%
3.24
%
2.64
%
2.38
%
2.49
%
Operating expenses to average assets
1.76
%
1.78
%
1.68
%
1.63
%
1.63
%
Efficiency ratio
45.51
%
50.72
%
57.49
%
61.58
%
58.69
%
Ratio of non-performing loans to total
assets at end of period
0.28
%
0.26
%
0.47
%
0.78
%
0.79
%
Loan loss reserve to total loans, net
0.88
%
0.89
%
0.84
%
0.91
%
0.97
%
Stockholders' equity to assets
9.45
%
9.30
%
8.95
%
8.94
%
8.94
%
Selected Consolidated Financial Data
Dec 31 , 2022
Sept 30 , 2022
Jun 30 , 2022
Mar 31 , 2022
Dec 31 , 2021
Total assets
$
877,525
$
912,127
$
928,738
$
917,612
$
908,922
Cash & investment securities
94,330
149,231
197,572
224,157
248,696
Mortgage-backed securities
163,968
165,008
143,506
119,837
93,985
Total Investments
258,298
314,239
341,078
343,994
342,681
Consumer Loans receivable
288,912
275,594
274,541
275,158
279,807
Commercial Loans receivable
300,109
291,537
282,216
267,248
254,490
SBA Paycheck Protection Program (PPP)
-
-
-
-
694
Loan loss reserve
(5,203
)
(5,021
)
(4,681
)
(4,930
)
(5,199
)
Total Loans receivable net
583,818
562,110
552,076
537,476
529,792
Total Loans held for sale
-
-
-
-
464
FHLB stock
2,601
3,049
3,071
3,363
3,477
Checking accounts
299,974
305,340
315,027
299,873
292,631
Savings accounts
318,718
328,311
326,863
320,604
308,028
Certificate of deposit accounts
114,913
122,235
129,738
136,311
151,085
Total Deposits
733,605
755,886
771,628
756,788
751,744
Advances
49,624
61,858
62,101
67,745
66,682
Total stockholders' equity
82,884
84,839
83,112
82,031
81,254
View source version on businesswire.com : https://www.businesswire.com/news/home/20230125005639/en/
M. Shane Michalak
Senior Vice President/CFO
215-256-8828
Source: Harleysville Financial Corporation
Harleysville Financial Corp
HARL Rankings
N/A Ranked by Stock Gains
HARL Stock Data
Industry
Savings Institutions
Sector
Finance and Insurance
Tags
Savings Banks, Finance, Finance and Insurance, Savings Institutions
Country
US
City
Harleysville
About HARL
glacier bancorp, inc. is a regional bank holding company providing commercial banking services in 80 communities in montana, idaho, utah, washington, wyoming and colorado. glacier bancorp, inc. is headquartered in kalispell, montana, and is the parent company for glacier bank, kalispell and bank divisions first security bank of missoula; valley bank of helena; big sky western bank, bozeman; western security bank, billings; and first bank of montana, lewistown, all operating in montana; as well as mountain west bank, coeur d'alene operating in idaho, utah and washington; citizens community bank, pocatello, operating in idaho; 1st bank, evanston, operating in wyoming and utah; first bank of wyoming, powell and first state bank, wheatland, each operating in wyoming; north cascades bank, chelan, operating in washington; and bank of the san juans, durango, operating in colorado.