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Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2021

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Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.28 per share on the Company’s common stock. The cash dividend will be payable on May 19, 2021 to stockholders of record on May 5, 2021.

Net income for the second quarter was $2,054,000 or $.54 per diluted share compared to $1,800,000 or $.47 per diluted share for the same quarter last year. Net income for the quarter ended March 31, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $452,000 or $.12 per diluted share for the quarter ended.

Net income for the six months ended March 31, 2021 amounted to $4,156,000 or $1.10 per diluted share compared to $3,706,000 or $.97 per diluted share for the same six-month period a year ago. Net income for the six months ended March 31, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $770,000 or $.20 per diluted share for the six months ended.

Brendan J. McGill, President and Chief Executive Officer of the Company, stated, "Despite a challenging operating environment brought on by the COVID-19 pandemic and a continued low interest rate environment, we were able to have a strong second quarter and six months. I am extremely proud of the Harleysville team. In addition to recording strong earnings, we were able to provide support to our communities through the SBA’s Paycheck Protection Programs (PPP), guiding our business customers through the application, funding and forgiveness process.

As we continue to navigate through the COVID-19 environment, the well-being of our customers, team members, stockholders and the communities we serve remains at the forefront. Our balance sheet is strong and we are well capitalized; this will allow us to continue to support the borrowing needs of individuals and businesses in our communities."

The Company’s assets totaled $904.5 million compared to $790.4 million a year ago. Stockholders’ tangible book value increased 4.5% to $21.50 per share from $20.57 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, 2021

(Dollars in thousands except per share data)

Year-To-Date

(Unaudited)

Six Months Ended:

Three Months Ended:

Selected Consolidated Earnings Data

Mar 31, 2021

Mar 31, 2020

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Total interest income

$

14,140

$

15,248

$

6,980

$

7,160

$

7,156

$

7,216

$

7,536

Total interest expense

2,579

3,613

1,239

1,340

1,510

1,561

1,749

Net Interest Income

11,561

11,635

5,741

5,820

5,646

5,655

5,787

Provision for loan losses

190

304

95

95

154

353

114

Net Interest Income after Provision for Loan Losses

11,371

11,331

5,646

5,725

5,492

5,302

5,673

Gain on sales of loans

162

-

96

66

-

-

-

Bank owned life insurance

199

200

99

100

100

98

99

Other income

1,249

1,112

612

637

567

455

534

Total other expenses

7,300

7,741

3,706

3,594

3,847

3,700

3,910

Income before income taxes

5,681

4,902

2,747

2,934

2,312

2,155

2,396

Income tax expense

1,525

1,196

693

832

518

544

596

Net Income

$

4,156

$

3,706

$

2,054

$

2,102

$

1,794

$

1,611

$

1,800

Per Common Share Data

Basic earnings

$

1.11

$

0.98

$

0.55

$

0.56

$

0.48

$

0.43

$

0.48

Diluted earnings

$

1.10

$

0.97

$

0.54

$

0.56

$

0.48

$

0.43

$

0.47

Dividends

$

0.55

$

0.52

$

0.28

$

0.27

$

0.27

$

0.27

$

0.27

Tangible book value

$

21.50

$

20.57

$

21.50

$

21.23

$

20.96

$

20.76

$

20.57

Shares outstanding

3,743,203

3,742,933

3,743,203

3,745,058

3,752,221

3,747,052

3,742,933

Average shares outstanding - basic

3,750,638

3,772,526

3,748,385

3,752,787

3,749,350

3,744,957

3,778,093

Average shares outstanding - diluted

3,777,646

3,824,553

3,780,590

3,776,067

3,775,775

3,775,593

3,827,541

Year-To-Date

Six Months Ended:

Three Months Ended:

Other Selected Consolidated Data

Mar 31, 2021

Mar 31, 2020

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Return on average assets

0.95

%

0.94

%

0.93

%

0.98

%

0.83

%

0.78

%

0.91

%

Return on average equity

10.47

%

9.64

%

10.29

%

10.65

%

9.21

%

8.35

%

9.33

%

Net interest rate spread

2.55

%

2.84

%

2.49

%

2.61

%

2.52

%

2.63

%

2.82

%

Net yield on interest earning assets

2.70

%

3.03

%

2.64

%

2.76

%

2.69

%

2.80

%

3.01

%

Operating expenses to average assets

1.67

%

1.97

%

1.67

%

1.67

%

1.79

%

1.79

%

1.98

%

Efficiency ratio

56.12

%

59.79

%

57.44

%

54.82

%

60.94

%

59.60

%

60.91

%

Ratio of non-performing loans to total

assets at end of period

0.82

%

0.89

%

0.82

%

0.89

%

0.88

%

0.85

%

0.89

%

Loan loss reserve to total loans, net

0.92

%

0.81

%

0.92

%

0.87

%

0.87

%

0.83

%

0.81

%

Stockholders' equity to assets

8.90

%

9.74

%

8.90

%

9.11

%

9.20

%

9.13

%

9.74

%

Selected Consolidated Financial Data

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Total assets

$

904,515

$

873,410

$

854,876

$

851,821

$

790,447

Cash & investment securities

220,822

170,640

127,951

104,934

56,088

Mortgage-backed securities

71,683

70,895

81,851

93,970

105,016

Total Investments

292,505

241,535

209,802

198,904

161,104

Consumer Loans receivable

316,840

339,951

358,472

379,205

391,542

Commercial Loans receivable

262,177

258,898

253,698

240,485

204,489

Loan loss reserve

(5,320

)

(5,235

)

(5,308

)

(5,167

)

(4,820

)

Total Loans receivable net

573,697

593,614

606,862

614,523

591,211

Total Loans held for sale

939

720

-

-

-

FHLB stock

4,281

4,310

4,463

4,692

4,699

Checking accounts

270,878

257,227

231,068

226,921

193,383

Savings accounts

281,350

256,721

252,117

242,820

220,734

Certificate of deposit accounts

165,310

168,577

174,545

181,489

183,674

Total Deposits

717,538

682,525

657,730

651,230

597,791

Advances

95,043

100,173

109,684

109,781

104,804

Total stockholders' equity

80,467

79,524

78,631

77,780

77,007

View source version on businesswire.com: https://www.businesswire.com/news/home/20210421005826/en/

Contacts

M. Shane Michalak
Senior Vice President/CFO
215-256-8828