Harleysville Financial Corporation Announces Quarterly Earnings and a 6.5% Increase of the Regular Cash Dividend for the First Fiscal Quarter 2025

Rhea-AI Summary

Harleysville Financial (OTCQX:HARL) has announced a 6.5% increase in its quarterly cash dividend to $0.33 per share, payable on February 19, 2025. The company reported net income of $2,006,000 ($0.55 per diluted share) for the quarter ended December 31, 2024, compared to $2,510,000 ($0.69 per diluted share) in the same quarter last year.

Total assets reached $861.3 million, up from $853.3 million a year ago, while stockholders' tangible book value increased to $24.13 per share from $23.05. The company maintains its focus on disciplined pricing of loans and deposits while providing competitive rates to customers in the current interest rate environment.

Positive

• Quarterly dividend increased by 6.5% to $0.33 per share
• Total assets grew to $861.3 million from $853.3 million YoY
• Tangible book value per share increased to $24.13 from $23.05 YoY

Negative

• Net income decreased by 20% YoY to $2,006,000 from $2,510,000
• Diluted EPS declined to $0.55 from $0.69 YoY

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 $.33 per share on the Company’s common stock. This represents an increase of 6.5% or $.02 per share from the previous dividend. The cash dividend will be payable on February 19, 2025 to stockholders of record on February 5, 2025.

Net income for the quarter ended December 31, 2024 was $2,006,000 or $.55 per diluted share compared to $2,510,000 or $.69 per diluted share for the same quarter last year.

President and Chief Executive Officer, Brendan J. McGill stated, “We are pleased to report solid financial results for the first quarter. These results were accomplished, in part, through disciplined pricing of both loans and deposits. We will continue to provide our customers with competitive rates in our loan and deposit products even in a dynamic interest rate environment. 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 $.33 per share.”

The Company’s assets totaled $861.3 million compared to $853.3 million a year ago, and stockholders’ tangible book value increased to $24.13 per share from $23.05 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, 2024
(Dollars in thousands except per share data)
(Unaudited)		Three Months Ended:
Selected Consolidated Earnings Data		Dec 31, 2024				Sep 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023
Total interest income		$	9,812			$	9,797			$	9,555			$	9,268			$	9,176
Total interest expense			3,613				3,681				3,261				2,984				2,552
Net Interest Income			6,199				6,116				6,294				6,284				6,624
Provision for loan losses			148				46				13				4				8
Net Interest Income after Provision for Loan Losses			6,051				6,070				6,281				6,280				6,616
Bank owned life insurance			105				102				99				100				102
Other income			554				572				550				486				580
Total other expenses			4,044				4,161				4,228				4,110				3,971
Income before income taxes			2,666				2,583				2,702				2,756				3,327
Income tax expense			660				532				516				644				817
Net Income		$	2,006			$	2,051			$	2,186			$	2,112			$	2,510
Per Common Share Data
Basic earnings		$	0.55			$	0.56			$	0.60			$	0.58			$	0.69
Diluted earnings		$	0.55			$	0.56			$	0.60			$	0.58			$	0.69
Dividends		$	0.31			$	0.31			$	0.31			$	0.31			$	0.30
Special Dividend		$	-			$	-			$	-			$	-			$	1.20
Tangible book value		$	24.13			$	23.83			$	23.65			$	23.34			$	23.05
Shares outstanding			3,628,170				3,637,748				3,626,559				3,635,367				3,646,269
Average shares outstanding - basic			3,634,394				3,636,212				3,632,261				3,644,446				3,643,746
Average shares outstanding - diluted			3,641,435				3,643,915				3,640,387				3,653,117				3,652,493
		Three Months Ended:
Other Selected Consolidated Data		Dec 31, 2024				Sep 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023
Return on average assets			0.93	%			0.95	%			1.02	%			0.99	%			1.18	%
Return on average equity			9.24	%			9.53	%			10.28	%			10.04	%			11.79	%
Net interest rate spread			2.47	%			2.42	%			2.58	%			2.62	%			2.83	%
Net yield on interest earning assets			2.95	%			2.90	%			3.01	%			3.02	%			3.19	%
Operating expenses to average assets			1.88	%			1.93	%			1.98	%			1.93	%			1.87	%
Efficiency ratio			58.97	%			61.28	%			60.89	%			59.82	%			54.35	%
Ratio of non-performing loans to total
assets at end of period			0.18	%			0.17	%			0.20	%			0.21	%			0.28	%
Loan loss reserve to total loans, net			0.70	%			0.69	%			0.69	%			0.71	%			0.71	%
Stockholders' equity to assets			10.16	%			10.04	%			9.93	%			10.01	%			9.85	%
Selected Consolidated Financial Data		Dec 31, 2024				Sep 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023
Total assets		$	861,327			$	862,988			$	863,899			$	847,416			$	853,315
Cash & investment securities			14,198				16,525				22,892				20,853				23,626
Mortgage-backed securities			124,774				127,523				132,621				138,072				142,677
Total Investments			138,972				144,048				155,513				158,925				166,303
Consumer Loans receivable			341,175				340,618				335,802				325,483				325,654
Commercial Loans receivable			348,424				343,346				337,872				329,235				327,093
Loan loss reserve			(4,854	)			(4,714	)			(4,668	)			(4,662	)			(4,663	)
Total Loans receivable net			684,745				679,250				669,006				650,056				648,084
FHLB stock			3,909				5,501				5,366				4,813				5,550
Checking accounts			259,589				255,472				255,110				264,294				266,353
Savings accounts			206,369				208,491				223,101				229,208				239,496
Certificate of deposit accounts			224,273				201,424				180,007				166,664				140,194
Total Deposits			690,231				665,387				658,218				660,166				646,043
Advances			74,585				102,273				108,078				92,757				113,430
Total stockholders' equity			87,552				86,686				85,765				84,837				84,039

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122004672/en/

FOR FURTHER INFORMATION

M. Shane Michalak

Senior Vice President/CFO

215-256-8828

Source: Harleysville Financial Corporation

FAQ

What is Harleysville Financial's (HARL) new quarterly dividend amount for Q1 2025?

Harleysville Financial's new quarterly dividend is $0.33 per share, representing a 6.5% increase from the previous dividend.

How did HARL's Q1 2025 earnings compare to the previous year?

HARL's net income for Q1 2025 was $2,006,000 ($0.55 per diluted share), down from $2,510,000 ($0.69 per diluted share) in the same quarter last year.

What is HARL's current tangible book value per share?

HARL's tangible book value per share increased to $24.13, up from $23.05 a year ago.

What was HARL's total asset value as of December 31, 2024?

HARL's total assets were $861.3 million as of December 31, 2024, compared to $853.3 million a year ago.

When will HARL's new quarterly dividend be payable?

The quarterly cash dividend will be payable on February 19, 2025, to stockholders of record on February 5, 2025.