Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2020 - Harleysville Finl (OTC:HARL)

Harleysville Financial Corporation HARL reported today that the Company's board of directors declared a regular quarterly cash dividend of $.27 per share on the Company's common stock. The cash dividend will be payable on May 13, 2020 to stockholders of record on April 29, 2020.

Net income for the second quarter was $1,800,000 or $.47 per diluted share compared to $2,103,000 or $.55 per diluted share for the same quarter last year. Net income for the quarter ended March 31, 2019 included two non-recurring gains totaling $211,000 or a combined $.06 per diluted share for the quarter ended.

Net income for the six months ended March 31, 2020 amounted to $3,706,000 or $.97 per diluted share compared to $4,266,000 or $1.12 per diluted share for the same six-month period a year ago. Net income for the six months ended March 31, 2019 included non-recurring gains on sale of $611,000 or a combined $.16 per diluted share for the six months ended.

Brendan J. McGill, President and Chief Executive Officer of the Company, stated, "We are pleased with our solid second quarter results. With the current quarter repurchase of 52,950 shares for $1,200,000, the Company's capital management reflects our confidence in our true community bank business model. Our balance sheet is strong and we are well capitalized. We know how important our dividend is to our stockholders; so we will continue to adhere to our operational efficiencies and our strong foundation for continuing to serve our community in these unprecedented times."

The Company's assets totaled $790.5 million compared to $793.3 million a year ago. Stockholders' tangible book value increased 4.4% to $20.57 per share from $19.71 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, 2020
(Dollars in thousands except per share data)	Year-To-Date
( Unaudited)	Six Months Ended:						Three Months Ended:

Selected Consolidated Earnings Data	Mar 31, 2020			Mar 31, 2019			Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			Jun 30, 2019			Mar 31, 2019
Total interest income	$	15,248		$	15,728		$	7,536		$	7,712		$	7,914		$	7,982		$	7,875
Total interest expense		3,613			3,381			1,749			1,864			1,846			1,826			1,712

Net Interest Income		11,635			12,347			5,787			5,848			6,068			6,156			6,163
Provision for loan losses		304			552			114			190			215			215			192
Net Interest Income after Provision for Loan Losses		11,331			11,795			5,673			5,658			5,853			5,941			5,971

Gain on sale of investments		-			144			-			-			-			-			144
Gain on sale of real estate owned		-			467			-			-			-			-			67
Bank owned life insurance		200			199			99			101			102			97			99
Other income		1,112			1,025			534			578			516			533			491
Total other expenses		7,741			7,683			3,910			3,831			3,846			3,930			3,903

Income before income taxes		4,902			5,947			2,396			2,506			2,625			2,641			2,869
Income tax expense		1,196			1,681			596			600			706			677			766

Net Income	$	3,706		$	4,266		$	1,800		$	1,906		$	1,919		$	1,964		$	2,103


Per Common Share Data
Basic earnings	$	0.98		$	1.14		$	0.48		$	0.51		$	0.51		$	0.52		$	0.56
Diluted earnings	$	0.97		$	1.12		$	0.47		$	0.50		$	0.50		$	0.51		$	0.55
Dividends	$	0.52		$	0.48		$	0.27		$	0.25		$	0.25		$	0.25		$	0.25
Tangible book value	$	20.57		$	19.71		$	20.57		$	20.51		$	20.26		$	19.98		$	19.71
Shares outstanding		3,742,933			3,770,651			3,742,933			3,769,479			3,764,057			3,759,019			3,770,651
Average shares outstanding - basic		3,772,526			3,750,691			3,778,093			3,767,081			3,761,840			3,766,383			3,754,634
Average shares outstanding - diluted		3,824,553			3,823,721			3,827,541			3,822,069			3,815,843			3,824,885			3,826,397



	Year-To-Date
	Six Months Ended:						Three Months Ended:
Other Selected Consolidated Data	Mar 31, 2020			Mar 31, 2019			Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			Jun 30, 2019			Mar 31, 2019
Return on average assets		0.94	%		1.10	%		0.91	%		0.97	%		0.98	%		0.99	%		1.08	%
Return on average equity		9.64	%		11.71	%		9.33	%		9.96	%		10.18	%		10.55	%		11.45	%
Net interest rate spread		2.84	%		3.08	%		2.82	%		2.85	%		2.96	%		2.99	%		3.06	%
Net yield on interest earning assets		3.03	%		3.26	%		3.01	%		3.05	%		3.15	%		3.17	%		3.24	%
Operating expenses to average assets		1.97	%		1.98	%		1.98	%		1.95	%		1.96	%		1.98	%		2.01	%
Efficiency ratio		59.79	%		54.73	%		60.91	%		58.69	%		57.52	%		57.91	%		57.24	%
Ratio of non-performing loans to total assets at end of period		0.89	%		1.16	%		0.89	%		0.96	%		1.08	%		1.07	%		1.16	%
Loan loss reserve to total loans, net		0.81	%		0.70	%		0.81	%		0.79	%		0.78	%		0.73	%		0.70	%
Stockholders' equity to assets		9.74	%		9.37	%		9.74	%		9.86	%		9.78	%		9.45	%		9.37	%


Selected Consolidated Financial Data	Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			Jun 30, 2019			Mar 31, 2019
Total assets	$	790,447		$	784,497		$	779,256		$	795,031		$	793,265
Cash & investment securities		56,088			41,590			42,337			53,891			49,086
Mortgage-backed securities		105,016			109,591			96,600			90,690			90,019
Total Investments		161,104			151,181			138,937			144,581			139,105
Consumer Loans receivable		391,542			396,270			401,950			407,271			413,553
Commercial Loans receivable		204,489			203,433			207,591			211,967			209,323
Loan loss reserve		(4,820	)		(4,711	)		(4,757	)		(4,547	)		(4,343	)
Total Loans receivable net		591,211			594,992			604,784			614,691			618,533
FHLB stock		4,699			4,840			5,058			5,074			5,094
Checking accounts		193,383			187,490			181,054			186,012			183,566
Savings accounts		220,734			212,986			208,633			216,687			218,788
Certificate of deposit accounts		183,674			188,636			196,655			192,456			196,532
Total Deposits		597,791			589,112			586,342			595,155			598,886
Advances		104,804			106,191			111,125			114,743			111,469
Total stockholders' equity		77,007			77,329			76,247			75,109			74,317

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