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

Rhea-AI Summary

Harleysville Financial (OTCQX:HARL) has announced its financial results for the fiscal year ended September 30, 2024, and declared a regular quarterly cash dividend of $0.31 per share. Net income for the fiscal year 2024 was $8,860,000 or $2.43 per diluted share, compared to $12,223,000 or $3.29 per diluted share in fiscal year 2023. For the fourth quarter of 2024, net income was $2,051,000 or $0.56 per diluted share, down from $3,018,000 or $0.82 per diluted share in the same quarter of 2023.

The company reported total assets of $863.0 million, up from $842.3 million a year ago. Stockholders' book value increased 0.3% to $23.83 per share. Despite margin compression in the banking industry, Harleysville Financial highlighted positive loan growth, increased deposit accounts, a strong efficiency ratio, and improved asset quality.

Positive

• Regular quarterly cash dividend of $0.31 per share declared
• Total assets increased to $863.0 million from $842.3 million year-over-year
• Stockholders' book value increased 0.3% to $23.83 per share
• Positive loan growth and increase in deposit accounts reported
• Strong efficiency ratio and improved asset quality noted

Negative

• Net income for fiscal year 2024 decreased to $8,860,000 from $12,223,000 in fiscal year 2023
• Earnings per diluted share dropped to $2.43 from $3.29 year-over-year
• Fourth quarter net income declined to $2,051,000 from $3,018,000 compared to previous year
• Margin compression experienced in the banking industry

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.

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

 

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FOR FURTHER INFORMATION

M. Shane Michalak

Senior Vice President /CFO

(215-256-8828)

Source: Harleysville Financial Corporation

FAQ

What was Harleysville Financial 's (HARL) net income for fiscal year 2024?

Harleysville Financial (HARL) reported a net income of $8,860,000 for the fiscal year ended September 30, 2024.

How much is the quarterly cash dividend declared by Harleysville Financial (HARL) for 2024?

Harleysville Financial (HARL) declared a regular quarterly cash dividend of $0.31 per share on the Company's common stock.

What was the total asset value of Harleysville Financial (HARL) as of September 30, 2024?

Harleysville Financial (HARL) reported total assets of $863.0 million as of September 30, 2024.

How did Harleysville Financial 's (HARL) net income in fiscal year 2024 compare to 2023?

Harleysville Financial 's (HARL) net income decreased from $12,223,000 in fiscal year 2023 to $8,860,000 in fiscal year 2024.