Welcome to our dedicated page for Hv Bancorp news (Ticker: HVBC), a resource for investors and traders seeking the latest updates and insights on Hv Bancorp stock.
HV Bancorp, Inc. (NASDAQ: HVBC) provides essential financial services through Huntingdon Valley Bank across Pennsylvania, Delaware, and New Jersey. This news hub delivers verified updates about HVBC's strategic merger with Citizens Financial Services, Inc. (NASDAQ: CZFS), completed in June 2023 to enhance regional banking capabilities.
Investors and analysts will find comprehensive coverage of merger integration progress, leadership updates, and service expansions. Our curated collection includes press releases on financial results, operational milestones, and regulatory filings – all organized for efficient research.
Key focus areas include post-merger customer service enhancements, executive team developments, and market expansion strategies. The resource is particularly valuable for tracking how combined operations leverage HVBC's local expertise with CZFS's broader infrastructure.
Bookmark this page for ongoing access to authoritative HVBC updates. Check back regularly for new filings and analysis-ready information about this evolving financial institution.
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.
