Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2025
Net income for the second quarter was $2,130,000 or $.59 per diluted share compared to $2,112,000 or $.58 per diluted share for the same quarter last year.
Net income for the six months ended March 31, 2025 amounted to $4,136,000 or $1.14 per diluted share compared to $4,622,000 or $1.27 per diluted share for the same six-month period a year ago.
Brendan J. McGill, President, and Chief Executive Officer of the Company, stated, "Despite the volatility and uncertainty in the markets, the Company has achieved solid second quarter results. Our core banking business has continued to expand in fiscal 2025, net interest margin improved, loans and deposits have outperformed our projections, and our credit quality remains strong.
We will continue to maintain our prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management. This together with our strong balance sheet will create a strong foundation for future results."
The Company's assets totaled $871.4 million compared to $847.4 million a year ago. Stockholders' tangible book value increased 4.5% to $24.40 per share from $23.34 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 March 31, 2025
(Dollars in thousands except per share data)
Year-To-Date
(Unaudited)
Six Months Ended:
Three Months Ended:
Selected Consolidated Earnings Data
Mar 31,2025
Mar 31,2024
Mar 31,2025
Dec 31,2024
Sep 30,2024
June 30,2024
Mar 31,2024
Total interest income
$
19,557
$
18,444
$
9,745
$
9,812
$
9,797
$
9,555
$
9,268
Total interest expense
6,887
5,536
3,274
3,613
3,681
3,261
2,984
Net Interest Income
12,670
12,908
6,471
6,199
6,116
6,294
6,284
Provision for loan losses
120
12
(28
)
148
46
13
4
Net Interest Income after Provision for Loan Losses
12,550
12,896
6,499
6,051
6,070
6,281
6,280
Bank owned life insurance
208
202
103
105
102
99
100
Other income
1,126
1,066
572
554
572
550
486
Total other expenses
8,478
8,081
4,434
4,044
4,161
4,228
4,110
Income before income taxes
5,406
6,083
2,740
2,666
2,583
2,702
2,756
Income tax expense
1,270
1,461
610
660
532
516
644
Net Income
$
4,136
$
4,622
$
2,130
$
2,006
$
2,051
$
2,186
$
2,112
Per Common Share Data
Basic earnings
$
1.14
$
1.27
$
0.59
$
0.55
$
0.56
$
0.60
$
0.58
Diluted earnings
$
1.14
$
1.27
$
0.59
$
0.55
$
0.56
$
0.60
$
0.58
Dividends
$
0.64
$
0.61
$
0.33
$
0.31
$
0.31
$
0.31
$
0.31
Special Dividend
$
-
$
1.20
$
-
$
-
$
-
$
-
$
-
Tangible book value
$
24.40
$
23.34
$
24.40
$
24.13
$
23.83
$
23.65
$
23.34
Shares outstanding
3,605,824
3,635,367
3,605,824
3,628,170
3,637,748
3,626,559
3,635,367
Average shares outstanding - basic
3,628,464
3,644,094
3,624,490
3,634,394
3,636,212
3,632,261
3,644,446
Average shares outstanding - diluted
3,635,410
3,652,806
3,631,337
3,641,435
3,643,915
3,640,387
3,653,117
(Unaudited)
Six Months Ended:
Three Months Ended:
Other Selected Consolidated Data
Mar 31,2025
Mar 31,2024
Mar 31,2025
Dec 31,2024
Sep 30,2024
June 30,2024
Mar 31,2024
Return on average assets
0.96
%
1.09
%
0.99
%
0.93
%
0.95
%
1.02
%
0.99
%
Return on average equity
9.45
%
10.91
%
9.66
%
9.24
%
9.53
%
10.28
%
10.04
%
Net interest rate spread
2.55
%
2.73
%
2.63
%
2.47
%
2.42
%
2.58
%
2.62
%
Net yield on interest earning assets
3.01
%
3.11
%
3.07
%
2.95
%
2.90
%
3.01
%
3.02
%
Operating expenses to average assets
1.97
%
1.90
%
2.06
%
1.88
%
1.93
%
1.98
%
1.93
%
Efficiency ratio
60.54
%
57.00
%
62.05
%
58.97
%
61.28
%
60.89
%
59.82
%
Ratio of non-performing loans to total
assets at end of period
0.14
%
0.21
%
0.14
%
0.18
%
0.17
%
0.20
%
0.21
%
Loan loss reserve to total loans, net
0.69
%
0.71
%
0.69
%
0.70
%
0.69
%
0.69
%
0.71
%
Stockholders' equity to assets
10.10
%
10.01
%
10.10
%
10.16
%
10.04
%
9.93
%
10.01
%
Selected Consolidated Financial Data
Mar 31,2025
Dec 31,2024
Sep 30,2024
June 30,2024
Mar 31,2024
Total assets
$
871,430
$
861,327
$
862,988
$
863,899
$
847,416
Cash & investment securities
13,577
14,198
16,525
22,892
20,853
Mortgage-backed securities
125,115
124,774
127,523
132,621
138,072
Total Investments
138,692
138,972
#
144,048
155,513
158,925
Consumer Loans receivable
341,850
341,175
340,618
335,802
325,483
Commercial Loans receivable
357,076
348,424
343,346
337,872
329,235
Loan loss reserve
(4,828
)
(4,854
)
(4,714
)
(4,668
)
(4,662
)
Total Loans receivable net
694,098
684,745
679,250
669,006
650,056
FHLB stock
3,874
3,909
5,501
5,366
4,813
Checking accounts
266,215
259,589
255,472
255,110
264,294
Savings accounts
214,159
206,369
208,491
223,101
229,208
Certificate of deposit accounts
216,918
224,273
201,424
180,007
166,664
Total Deposits
697,292
690,231
665,387
658,218
660,166
Advances
74,016
74,585
102,273
108,078
92,757
Total stockholders' equity
87,986
87,552
86,686
85,765
84,837
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416865498/en/
Contacts
FOR FURTHER INFORMATIONM. Shane MichalakSenior Vice President/CFO215-256-8828
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