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HV Bancorp, Inc. (NASDAQ: HVBC) is a bank holding company headquartered in Doylestown, PA. It operates through its wholly owned subsidiary, Huntingdon Valley Bank, serving communities in Montgomery, Bucks, and Philadelphia Counties in Pennsylvania, New Castle County in Delaware, and Burlington County in New Jersey. HVBC offers a range of financial services through its executive office, seven full-service bank offices, one limited-service bank office, and six loan production and sales offices.
HVBC was recently acquired by Citizens Financial Services, Inc. (NASDAQ: CZFS), a $2.3 billion bank holding company conducting business through First Citizens Community Bank. This merger is expected to enhance and expand CZFS's presence and capabilities in Pennsylvania, Delaware, and New Jersey.
The merger, completed on June 16, 2023, involved HVBC stockholders electing to receive either $30.50 in cash or 0.4040 shares of CZFS common stock per HVBC share. The transaction is strategically positioned to leverage synergies between the institutions, providing enhanced financial services to their expanded customer base. The merger also saw Robert J. Marino, former President of HVBC, joining the combined company's board of directors and senior management team.
HV Bancorp reported a net income of $2.2 million for the year ending December 31, 2022, down from $4.1 million the previous year. The company's net interest income rose 30% to $18.8 million, and the net interest margin improved to 3.42%. However, non-interest income fell by $5.5 million due to a decrease in mortgage loan sales. The company received shareholder approval for a merger with Citizens Financial Services, expected to finalize in H1 2023. Total assets grew to $615.8 million, while total liabilities rose to $573.7 million. The book value per share dropped to $18.77.
HV Bancorp reported Q3 2022 net income of $705,000 or $0.35 per share, an increase from $640,000 in Q2 2022. However, year-to-date net income fell to $1.9 million from $3.7 million in 2021. Net interest income rose 34.4% to $5.4 million, driven by strong commercial loan originations of $60 million for the quarter. A merger agreement with Citizens Financial is underway, and expected completion is in H1 2023. Total assets increased to $603.3 million, with total liabilities at $561.8 million. Meanwhile, non-interest income decreased significantly due to lower mortgage origination volumes.
Citizens Financial Services and HV Bancorp announced a definitive agreement for HVBC to merge into CZFS. HVBC shareholders can choose $30.50 cash or 0.400 shares of CZFS stock, with a total transaction value of approximately $67.4 million. This merger aims to enhance CZFS's presence in Pennsylvania, Delaware, and New Jersey. Post-merger, the combined assets are expected to exceed $2.78 billion. The merger, approved by both companies' boards, is anticipated to complete in the first half of 2023, pending regulatory and shareholder approvals.
HV Bancorp, Inc. (HVBC) has partnered with MakerDAO to facilitate the first commercial loan participation between a regulated financial institution and a decentralized digital currency, DAI. This innovative transaction allows DAI stable coins to be converted into US Dollars, which are used for commercial loan funding in the Philadelphia area. MakerDAO will pre-fund a Delaware Trust Account with $100 million from DAI. The collaboration aims to provide funding for economic growth and supports a stable asset in the cryptocurrency space.
HV Bancorp reported a net income of $640,000 for Q2 2022, down from $1.3 million in Q2 2021. For the six months ended June 30, 2022, net income decreased to $1.2 million, compared to $2.6 million in the same period last year. Notably, net interest income rose by 24.4% in Q2 to $4.4 million. The company originated $78 million in commercial loans for Q2, totaling $105 million year-to-date. While total assets increased to $570.6 million, total shareholders’ equity fell to $41.2 million, influenced by comprehensive losses due to market interest rate adjustments.
HVB reported net income of $601,000 ($0.30/share) for Q1 2022, down from $1.3 million ($0.66/share) in Q1 2021. This decrease reflects pressures in the residential mortgage market and lower non-interest income, which fell 23.4% to $3.1 million. However, net interest income rose 11% to $3.6 million, driven by strong commercial loan growth, with $30 million in new originations. Book value per share increased to $19.13 from $18.32 year-over-year. Total assets decreased slightly to $556.5 million, while non-performing assets improved to 0.46% of total assets.
HV Bancorp reported a decline in net income for 2021 of $4.1 million, down from $5.8 million in 2020. Net income per share decreased to $2.04 from $2.84. However, shareholders’ equity increased 9.5%, reaching $42.6 million, and book value per share rose to $19.64. Net interest income surged by 36% to $14.5 million, driven by commercial loan growth. Despite total assets falling to $560.1 million and liabilities dropping to $517.5 million, the company navigated market challenges, including reduced housing inventory and an uptick in interest rates, effectively enhancing its market presence.
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