ADDING AND REPLACING Harleysville Financial Corporation Announces a 3.7% Increase of the Regular Cash Dividend and Earnings for the First Fiscal Quarter 2021

Rhea-AI Summary

Harleysville Financial Corporation (OTCQX: HARL) has announced a 3.7% increase in its regular cash dividend, now set at $.28 per share. This increase from the previous dividend was attributed to strong financial results. For Q1 2021, net income rose to $2,102,000 or $.56 per diluted share, up from $1,906,000 or $.50 per diluted share a year prior. Assets reached $873.4 million, compared to $784.5 million last year, and tangible book value increased to $21.23 per share from $20.51.

Positive

• 3.7% increase in cash dividend to $.28 per share.
• Net income rose to $2,102,000, or $.56 per diluted share.
• Total assets increased to $873.4 million from $784.5 million.
• Tangible book value grew to $21.23 per share from $20.51.

Negative

• None.

One table has been added to the end of the release issued January 27, 2021.

The updated release reads:

HARLEYSVILLE FINANCIAL CORPORATION ANNOUNCES A 3.7% INCREASE OF THE REGULAR CASH DIVIDEND AND EARNINGS FOR THE FIRST FISCAL QUARTER 2021

Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.28 per share on the Company’s common stock. This represents an increase of 3.7% or $.01 per share from the previous dividend. The cash dividend will be payable on February 24, 2021 to stockholders of record on February 10, 2021.

Net income for the quarter ended December 31, 2020 was $2,102,000 or $.56 per diluted share compared to $1,906,000 or $.50 per diluted share for the same quarter last year.

President and Chief Executive Officer Brendan J. McGill stated, “Based on the solid financial results of the quarter and our belief that we are positioned for the future, we are pleased that we are able to create additional value for our stockholders by increasing the cash dividend to $.28 per share.

As we continue to navigate through the COVID-19 pandemic and the resulting economic conditions, the well-being of our customers, team members, stockholders and the communities we serve remains at the forefront. We have and will continue to meet our customers needs and support our communities by operating our branches in a safe and socially responsible manner.”

The Company’s assets totaled $873.4 million compared to $784.5 million a year ago, and stockholders’ tangible book value increased to $21.23 per share from $20.51 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, 2020
(Dollars in thousands except per share data)
( Unaudited)		Three Months Ended:
Selected Consolidated Earnings Data		Dec 31, 2020		Sept 30, 2020		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019
Total interest income		$      7,160		$      7,156		$      7,216		$       7,536		$      7,712
Total interest expense		1,340		1,510		1,561		1,749		1,864
Net Interest Income		5,820		5,646		5,655		5,787		5,848
Provision for loan losses		95		154		353		114		190
Net Interest Income after Provision for Loan Losses		5,725		5,492		5,302		5,673		5,658
Gain on sales of loans		66		-		-		-		-
Bank owned life insurance		100		100		98		99		101
Other income		637		567		455		534		578
Total other expenses		3,594		3,847		3,700		3,910		3,831
Income before income taxes		2,934		2,312		2,155		2,396		2,506
Income tax expense		832		518		544		596		600
Net Income		$      2,102		$      1,794		$      1,611		$       1,800		$      1,906
Per Common Share Data
Basic earnings		$        0.56		$        0.48		$        0.43		$         0.48		$        0.51
Diluted earnings		$        0.56		$        0.48		$        0.43		$         0.47		$        0.50
Dividends		$        0.27		$        0.27		$        0.27		$         0.27		$        0.25
Tangible book value		$      21.23		$      20.96		$      20.76		$       20.57		$      20.51
Shares outstanding		3,745,058		3,752,221		3,747,052		3,742,933		3,769,479
Average shares outstanding - basic		3,752,787		3,749,350		3,744,957		3,778,093		3,767,081
Average shares outstanding - diluted		3,776,067		3,775,775		3,775,593		3,827,541

FAQ

What is the new cash dividend rate for HARL?

The new cash dividend rate for Harleysville Financial Corporation is $.28 per share, a 3.7% increase.

What was HARL's net income for Q1 2021?

Harleysville Financial Corporation reported a net income of $2,102,000, or $.56 per diluted share for Q1 2021.

When will the cash dividend be paid for HARL?

The cash dividend for HARL will be payable on February 24, 2021, to stockholders of record on February 10, 2021.

How much did HARL's assets increase?

HARL's assets increased to $873.4 million from $784.5 million compared to the previous year.

What is HARL's tangible book value?

Harleysville Financial Corporation's tangible book value increased to $21.23 per share from $20.51.