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    Harleysville Financial Corporation Announces Quarterly Earnings and a 3.3% Increase of the Regular Cash Dividend for the First Fiscal Quarter 2024

    Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.31 per share on the Company’s common stock. This represents an increase of 3.3% or $.01 per share from the previous dividend. The cash dividend will be payable on February 21, 2024 to stockholders of record on February 7, 2024.

    Net income for the quarter ended December 31, 2023 was $2,510,000 or $.69 per diluted share compared to $3,331,000 or $.89 per diluted share for the same quarter last year.

    President and Chief Executive Officer, Brendan J. McGill stated, “The banking industry continues to adjust to the challenges from the current economic conditions and the elevated interest rate environment. The rapid repricing of deposits and borrowings, and slower repricing of loans has resulted in net interest margin compression. Despite these challenges we are pleased to report solid financial results for the first quarter. In addition, we know how important our dividend is to our stockholders and we are pleased to create additional value by increasing the cash dividend to $.31 per share. We will continue to navigate this environment adhering to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.”

    The Company’s assets totaled $853.3 million compared to $877.5 million a year ago, and stockholders’ tangible book value increased to $23.05 per share from $22.27 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, 2023
    (Dollars in thousands except per share data)
    (Unaudited)   Three Months Ended:
       
    Selected Consolidated Earnings Data  

    Dec 31,

    2023

     

    Sep 30,

    2023

     

    June 30,

    2023

     

    Mar 31,

    2023

     

    Dec 31,

    2022

    Total interest income  

    $

    9,176

    $

    8,728

     

    $

    8,395

    $

    8,473

    $

    8,636

    Total interest expense  

     

    2,552

     

     

    1,664

     

     

    874

     

     

    701

     

     

    637

     

       
    Net Interest Income  

     

    6,624

     

     

    7,064

     

     

    7,521

     

     

    7,772

     

     

    7,999

     

    Provision for loan losses  

     

    8

     

     

    (595

    )

     

    146

     

     

    220

     

     

    229

     

    Net Interest Income after Provision for Loan Losses  

     

    6,616

     

     

    7,659

     

     

    7,375

     

     

    7,552

     

     

    7,770

     

       
    Bank owned life insurance  

     

    102

     

     

    101

     

     

    97

     

     

    98

     

     

    100

     

    Other income  

     

    580

     

     

    617

     

     

    593

     

     

    555

     

     

    544

     

    Total other expenses  

     

    3,971

     

     

    4,317

     

     

    4,325

     

     

    4,114

     

     

    3,933

     

       
    Income before income taxes  

     

    3,327

     

     

    4,060

     

     

    3,740

     

     

    4,091

     

     

    4,481

     

    Income tax expense  

     

    817

     

     

    1,042

     

     

    939

     

     

    1,018

     

     

    1,150

     

       
    Net Income  

    $

    2,510

     

    $

    3,018

     

    $

    2,801

     

    $

    3,073

     

    $

    3,331

     

       
       
    Per Common Share Data  
    Basic earnings  

    $

    0.69

     

    $

    0.82

     

    $

    0.76

     

    $

    0.83

     

    $

    0.90

     

    Diluted earnings  

    $

    0.69

     

    $

    0.82

     

    $

    0.76

     

    $

    0.82

     

    $

    0.89

     

    Dividends  

    $

    0.30

     

    $

    0.30

     

    $

    0.30

     

    $

    0.30

     

    $

    0.29

     

    Special Dividend  

    $

    1.20

     

    $

    -

     

    $

    -

     

    $

    -

     

    $

    1.16

     

    Tangible book value  

    $

    23.05

     

    $

    23.76

     

    $

    23.26

     

    $

    22.79

     

    $

    22.27

     

    Shares outstanding  

     

    3,646,269

     

     

    3,670,488

     

     

    3,663,905

     

     

    3,708,367

     

     

    3,721,269

     

    Average shares outstanding - basic  

     

    3,643,746

     

     

    3,661,248

     

     

    3,688,845

     

     

    3,715,772

     

     

    3,715,838

     

    Average shares outstanding - diluted  

     

    3,652,493

     

     

    3,674,442

     

     

    3,706,597

     

     

    3,740,421

     

     

    3,743,724

     

    Three Months Ended:
    Other Selected Consolidated Data

    Dec 31,

    2023

     

    Sep 30,

    2023

     

    June 30,

    2023

     

    Mar 31,

    2023

     

    Dec 31,

    2022

    Return on average assets

     

    1.18

    %

     

    1.44

    %

     

    1.35

    %

     

    1.44

    %

     

    1.49

    %

    Return on average equity

     

    11.79

    %

     

    14.07

    %

     

    13.24

    %

     

    14.73

    %

     

    15.97

    %

    Net interest rate spread

     

    2.83

    %

     

    3.20

    %

     

    3.58

    %

     

    3.62

    %

     

    3.57

    %

    Net yield on interest earning assets

     

    3.19

    %

     

    3.45

    %

     

    3.71

    %

     

    3.72

    %

     

    3.65

    %

    Operating expenses to average assets

     

    1.87

    %

     

    2.06

    %

     

    2.09

    %

     

    1.93

    %

     

    1.76

    %

    Efficiency ratio

     

    54.35

    %

     

    55.47

    %

     

    52.67

    %

     

    48.83

    %

     

    45.51

    %

    Ratio of non-performing loans to total assets at end of period

     

    0.28

    %

     

    0.31

    %

     

    0.28

    %

     

    0.24

    %

     

    0.28

    %

    Loan loss reserve to total loans, net

     

    0.71

    %

     

    0.77

    %

     

    0.89

    %

     

    0.91

    %

     

    0.88

    %

    Stockholders' equity to assets

     

    9.85

    %

     

    10.35

    %

     

    10.27

    %

     

    10.03

    %

     

    9.45

    %

     
     
    Selected Consolidated Financial Data

    Dec 31,

    2023

     

    Sep 30,

    2023

     

    June 30,

    2023

     

    Mar 31,

    2023

     

    Dec 31,

    2022

    Total assets

    $

    853,315

     

    $

    842,274

     

    $

    829,933

     

    $

    842,882

     

    $

    877,525

     

    Cash & investment securities

     

    23,626

     

     

    22,168

     

     

    25,623

     

     

    57,163

     

     

    94,330

     

    Mortgage-backed securities

     

    142,677

     

     

    147,821

     

     

    153,205

     

     

    158,731

     

     

    163,968

     

    Total Investments

     

    166,303

     

     

    169,989

     

     

    178,828

     

     

    215,894

     

     

    258,298

     

    Consumer Loans receivable

     

    325,654

     

     

    318,349

     

     

    305,780

     

     

    290,509

     

     

    288,912

     

    Commercial Loans receivable

     

    327,093

     

     

    320,384

     

     

    314,756

     

     

    306,636

     

     

    300,109

     

    Loan loss reserve

     

    (4,663

    )

     

    (4,919

    )

     

    (5,525

    )

     

    (5,408

    )

     

    (5,203

    )

    Total Loans receivable net

     

    648,084

     

     

    633,814

     

     

    615,011

     

     

    591,737

     

     

    583,818

     

    FHLB stock

     

    5,550

     

     

    5,144

     

     

    3,024

     

     

    2,234

     

     

    2,601

     

    Checking accounts

     

    266,353

     

     

    272,835

     

     

    286,725

     

     

    294,421

     

     

    299,974

     

    Savings accounts

     

    239,496

     

     

    257,246

     

     

    282,425

     

     

    306,226

     

     

    318,718

     

    Certificate of deposit accounts

     

    140,194

     

     

    117,687

     

     

    110,898

     

     

    109,453

     

     

    114,913

     

    Total Deposits

     

    646,043

     

     

    647,768

     

     

    680,048

     

     

    710,100

     

     

    733,605

     

    Advances

     

    113,430

     

     

    98,045

     

     

    53,245

     

     

    38,363

     

     

    49,624

     

    Total stockholders' equity

     

    84,039

     

     

    87,213

     

     

    85,212

     

     

    84,531

     

     

    82,884

     

     


    The Harleysville Financial Corporation Stock at the time of publication of the news with a raise of 0,00 % to 22,10USD on Nasdaq OTC stock exchange (24. Januar 2024, 15:30 Uhr).


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    Harleysville Financial Corporation Announces Quarterly Earnings and a 3.3% Increase of the Regular Cash Dividend for the First Fiscal Quarter 2024 Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.31 per share on the Company’s common stock. This represents an increase of 3.3% or $.01 per share …