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Home Uncategorized Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2024, and the Declaration of Regular Cash Dividend.

Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2024, and the Declaration of Regular Cash Dividend.

by Business Wire News
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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 $.31 per share on the Company’s common stock. The cash dividend will be payable on November 13, 2024 to stockholders of record on October 30, 2024.

Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2024, and the Declaration of Regular Cash Dividend.

Net income for the twelve months ended September 30, 2024 amounted to $8,860,000 or $2.43 per diluted share compared to $12,223,000 or $3.29 per diluted share for the twelve months ended September 30, 2023.

Net income for the fourth quarter of fiscal year 2024 amounted to $2,051,000 or $.56 per diluted share compared to $3,018,000 or $.82 per diluted share for the fourth quarter of fiscal year 2023.

Commenting on the year-end operating results, President and Chief Executive Officer Brendan J. McGill said, “We are pleased to report solid earnings for the fiscal year 2024 of $8,860,000; despite the margin compression the banking industry experienced over the year. We feel our balance sheet is strong, as a result of positive financial results in loan growth, increase in deposit accounts, a strong efficiency ratio, and improvement to our asset quality.

As we enter the early stages of a declining interest rate environment, we will be intentional when it comes to pricing our loan and deposit products, while still providing our customers with competitive rates they have come to expect from us. I am proud of the work ethic of our team members and the way they serve our customers. These results reflect our discipline 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 $863.0 million compared to $842.3 million a year ago. Stockholders’ book value increased 0.3% to $23.83 per share from $23.76 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 full-service 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 September 30, 2024
(Dollars in thousands except per share data) Year-To-Date
( Unaudited) Twelve Months Ended: Three Months Ended:
 
Selected Consolidated Earnings Data

Sep 30,

2024

 

Sep 30,

2023

 

Sep 30,

2024

 

June 30,

2024

 

Mar 31,

2024

 

Dec 31,

2023

 

Sep 30,

2023

Total interest income

$

37,796

 

$

34,232

 

$

9,797

 

$

9,555

 

$

9,268

 

$

9,176

 

$

8,728

 

Total interest expense

 

12,478

 

 

3,876

 

 

3,681

 

 

3,261

 

 

2,984

 

 

2,552

 

 

1,664

 

 
Net Interest Income

 

25,318

 

 

30,356

 

 

6,116

 

 

6,294

 

 

6,284

 

 

6,624

 

 

7,064

 

Provision for loan losses

 

71

 

 

 

 

46

 

 

13

 

 

4

 

 

8

 

 

(595

)

Net Interest Income after Provision for Loan Losses

 

25,247

 

 

30,356

 

 

6,070

 

 

6,281

 

 

6,280

 

 

6,616

 

 

7,659

 

 
Bank owned life insurance

 

403

 

 

396

 

 

102

 

 

99

 

 

100

 

 

102

 

 

101

 

Other income

 

2,188

 

 

2,309

 

 

572

 

 

550

 

 

486

 

 

580

 

 

617

 

Total other expenses

 

16,469

 

 

16,689

 

 

4,161

 

 

4,228

 

 

4,110

 

 

3,971

 

 

4,317

 

 
Income before income taxes

 

11,369

 

 

16,372

 

 

2,583

 

 

2,702

 

 

2,756

 

 

3,327

 

 

4,060

 

Income tax expense

 

2,509

 

 

4,149

 

 

532

 

 

516

 

 

644

 

 

817

 

 

1,042

 

 
Net Income

$

8,860

 

$

12,223

 

$

2,051

 

$

2,186

 

$

2,112

 

$

2,510

 

$

3,018

 

 
 
Per Common Share Data
Basic earnings

$

2.43

 

$

3.31

 

$

0.56

 

$

0.60

 

$

0.58

 

$

0.69

 

$

0.82

 

Diluted earnings

$

2.43

 

$

3.29

 

$

0.56

 

$

0.60

 

$

0.58

 

$

0.69

 

$

0.82

 

Dividends

$

1.23

 

$

1.19

 

$

0.31

 

$

0.31

 

$

0.31

 

$

0.30

 

$

0.30

 

Special Dividend

$

1.20

 

$

1.16

 

$

 

$

 

$

 

$

1.20

 

$

 

Tangible book value

$

23.83

 

$

23.76

 

$

23.83

 

$

23.65

 

$

23.34

 

$

23.05

 

$

23.76

 

Shares outstanding

 

3,637,748

 

 

3,670,488

 

 

3,637,748

 

 

3,626,559

 

 

3,635,367

 

 

3,646,269

 

 

3,670,488

 

Average shares outstanding – basic

 

3,639,171

 

 

3,695,353

 

 

3,636,212

 

 

3,632,261

 

 

3,644,446

 

 

3,643,746

 

 

3,661,248

 

Average shares outstanding – diluted

 

3,647,636

 

 

3,715,653

 

 

3,643,915

 

 

3,640,387

 

 

3,653,117

 

 

3,652,493

 

 

3,674,442

 

 
 
 
Year-To-Date
Twelve Months Ended: Three Months Ended:
Other Selected Consolidated Data

Sep 30,

2024

 

Sep 30,

2023

 

Sep 30,

2024

 

June 30,

2024

 

Mar 31,

2024

 

Dec 31,

2023

 

Sep 30,

2023

Return on average assets

 

1.04

%

 

1.43

%

 

0.95

%

 

1.02

%

 

0.99

%

 

1.18

%

 

1.44

%

Return on average equity

 

10.40

%

 

14.49

%

 

9.53

%

 

10.28

%

 

10.04

%

 

11.79

%

 

14.07

%

Net interest rate spread

 

2.61

%

 

3.49

%

 

2.42

%

 

2.58

%

 

2.62

%

 

2.83

%

 

3.20

%

Net yield on interest earning assets

 

3.03

%

 

3.63

%

 

2.90

%

 

3.01

%

 

3.02

%

 

3.19

%

 

3.45

%

Operating expenses to average assets

 

1.93

%

 

1.96

%

 

1.93

%

 

1.98

%

 

1.93

%

 

1.87

%

 

2.06

%

Efficiency ratio

 

59.01

%

 

50.48

%

 

61.28

%

 

60.89

%

 

59.82

%

 

54.35

%

 

55.47

%

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

 

0.17

%

 

 

0.31

%

 

 

0.17

%

 

 

0.20

%

 

 

0.21

%

 

 

0.28

%

 

 

0.31

%

Loan loss reserve to total loans, net

 

0.69

%

 

0.77

%

 

0.69

%

 

0.69

%

 

0.71

%

 

0.71

%

 

0.77

%

Stockholders’ equity to assets

 

10.04

%

 

10.35

%

 

10.04

%

 

9.93

%

 

10.01

%

 

9.85

%

 

10.35

%

 
 
Selected Consolidated Financial Data

Sep 30,

2024

 

June 30,

2024

 

Mar 31,

2024

 

Dec 31,

2023

 

Sep 30,

2023

Total assets

$

862,988

 

$

863,899

 

$

847,416

 

$

853,315

 

$

842,274

 

Cash & investment securities

 

16,525

 

 

22,892

 

 

20,853

 

 

23,626

 

 

22,168

 

Mortgage-backed securities

 

127,523

 

 

132,621

 

 

138,072

 

 

142,677

 

 

147,821

 

Total Investments

 

144,048

 

 

155,513

 

 

158,925

 

 

166,303

 

 

169,989

 

Consumer Loans receivable

 

340,618

 

 

335,802

 

 

325,483

 

 

325,654

 

 

318,349

 

Commercial Loans receivable

 

343,346

 

 

337,872

 

 

329,235

 

 

327,093

 

 

320,384

 

Loan loss reserve

 

(4,714

)

 

(4,668

)

 

(4,662

)

 

(4,663

)

 

(4,919

)

Total Loans receivable net

 

679,250

 

 

669,006

 

 

650,056

 

 

648,084

 

 

633,814

 

FHLB stock

 

5,501

 

 

5,366

 

 

4,813

 

 

5,550

 

 

5,144

 

Checking accounts

 

255,472

 

 

255,110

 

 

264,294

 

 

266,353

 

 

272,835

 

Savings accounts

 

208,491

 

 

223,101

 

 

229,208

 

 

239,496

 

 

257,246

 

Certificate of deposit accounts

 

201,424

 

 

180,007

 

 

166,664

 

 

140,194

 

 

117,687

 

Total Deposits

 

665,387

 

 

658,218

 

 

660,166

 

 

646,043

 

 

647,768

 

Advances

 

102,273

 

 

108,078

 

 

92,757

 

 

113,430

 

 

98,045

 

Total stockholders’ equity

 

86,686

 

 

85,765

 

 

84,837

 

 

84,039

 

 

87,213

 

 

 

Contacts

FOR FURTHER INFORMATION
M. Shane Michalak
Senior Vice President /CFO
(215-256-8828)

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