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Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2018

Company Release - 7/18/2018 11:45 AM ET

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 $.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                                                  

(Unaudited)

Nine Months Ended: Three Months Ended:
                   
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  
 
Gain on sale of investments - 173 - - - - -
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  
 
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  
 
Net Income $ 5,007   $ 4,146   $ 1,975   $ 1,579   $ 1,453   $ 1,504   $ 1,388  
 
 
Per Common Share Data
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
 

Harleysville Financial Corporation
M. Shane Michalak
Senior Vice President/CFO
215-256-8828

Source: Harleysville Financial Corporation

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