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Harleysville Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2021 and the Declaration of Regular Cash Dividend

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HARLEYSVILLE, Pa., October 20, 2021--(BUSINESS WIRE)--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 November 17, 2021 to stockholders of record on November 3, 2021.

Net income for the twelve months ended September 30, 2021 amounted to $7,284,000 or $1.93 per diluted share compared to $7,111,000 or $1.87 per diluted share for the twelve months ended September 30, 2020. Net income for the twelve months ended September 30, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $1,231,000, which was partially offset by prepayment expenses on Federal Home Loan Bank Advances of $522,000 or a net benefit of $.19 per diluted share for the twelve months ended.

Net income for the fourth quarter of fiscal year 2021 amounted to $1,546,000 or $.41 per diluted share compared to $1,794,000 or $.48 per diluted share for the fourth quarter of fiscal year 2020. Net income for the three months ended September 30, 2021 included SBA Paycheck Protection Program (PPP) fee income totaling $222,000, which was offset by prepayment expenses on Federal Home Loan Bank Advances of $434,000 or net impact of $.06 per diluted share for the three months ended.

Commenting on the year-end operating results, President and Chief Executive Officer Brendan J. McGill said, "We are pleased with our fiscal year end results despite the challenges of a lower interest rate environment and the prolonged COVID-19 pandemic. The Bank continues to prove its strength and resiliency through strong earnings, solid credit quality and managing expenses.

We are optimistic that most of the burdens of the COVID-19 pandemic are now behind us and we will continue to focus on the needs of our customers, safety of our team members and supporting our communities."

The Company’s assets totaled $892.6 million compared to $854.9 million a year ago. Stockholders’ book value increased 3.48% to $21.69 per share from $20.96 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 full-service 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 September 30, 2021

(Dollars in thousands except per share data)

Year-To-Date

(Unaudited)

Twelve Months Ended:

Three Months Ended:

Selected Consolidated Earnings Data

Sept 30, 2021

Sept 30, 2020

Sept 30, 2021

Jun 30, 2021

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Total interest income

$

27,323

$

29,620

$

6,555

$

6,628

$

6,980

$

7,160

$

7,156

Total interest expense

4,833

6,684

1,067

1,187

1,239

1,340

1,510

Net Interest Income

22,490

22,936

5,488

5,441

5,741

5,820

5,646

Provision for loan losses

385

811

90

105

95

95

154

Net Interest Income after Provision for Loan Losses

22,105

22,125

5,398

5,336

5,646

5,725

5,492

Gain on sales of loans

252

-

61

29

96

66

-

Bank owned life insurance

393

398

99

95

99

100

100

Other income

2,531

2,134

679

603

612

637

567

Total other expenses

15,431

15,288

4,203

3,928

3,706

3,594

3,847

Income before income taxes

9,850

9,369

2,034

2,135

2,747

2,934

2,312

Income tax expense

2,566

2,258

488

553

693

832

518

Net Income

$

7,284

$

7,111

$

1,546

$

1,582

$

2,054

$

2,102

$

1,794

Per Common Share Data

Basic earnings

$

1.95

$

1.89

$

0.41

$

0.42

$

0.55

$

0.56

$

0.48

Diluted earnings

$

1.93

$

1.87

$

0.41

$

0.42

$

0.54

$

0.56

$

0.48

Dividends

$

1.11

$

1.06

$

0.28

$

0.28

$

0.28

$

0.27

$

0.27

Tangible book value

$

21.69

$

20.96

$

21.69

$

21.61

$

21.50

$

21.23

$

20.96

Shares outstanding

3,721,038

3,752,221

3,721,038

3,741,307

3,743,203

3,745,058

3,752,221

Average shares outstanding - basic

3,744,566

3,759,909

3,732,812

3,744,305

3,748,385

3,752,787

3,749,350

Average shares outstanding - diluted

3,780,450

3,800,492

3,776,160

3,788,028

3,780,590

3,776,067

3,775,775

Harleysville Financial Corporation

Selected Consolidated Financial Data as of September 30, 2021

(Dollars in thousands except per share data)

Year-To-Date

(Unaudited)

Twelve Months Ended:

Three Months Ended:

Other Selected Consolidated Data

Sept 30, 2021

Sept 30, 2020

Sept 30, 2021

Jun 30, 2021

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Return on average assets

0.82

%

0.87

%

0.68

%

0.69

%

0.93

%

0.98

%

0.83

%

Return on average equity

9.12

%

9.21

%

7.66

%

7.87

%

10.29

%

10.65

%

9.21

%

Net interest rate spread

2.43

%

2.71

%

2.34

%

2.29

%

2.49

%

2.61

%

2.52

%

Net yield on interest earning assets

2.58

%

2.89

%

2.48

%

2.44

%

2.64

%

2.76

%

2.69

%

Operating expenses to average assets

1.76

%

1.87

%

1.86

%

1.72

%

1.67

%

1.67

%

1.79

%

Efficiency ratio

60.72

%

60.03

%

67.08

%

63.98

%

57.44

%

54.82

%

60.94

%

Ratio of non-performing loans to total assets at end of period

0.84

%

0.88

%

0.84

%

0.84

%

0.82

%

0.89

%

0.88

%

Loan loss reserve to total loans, net

1.00

%

0.87

%

1.00

%

0.95

%

0.92

%

0.87

%

0.87

%

Stockholders' equity to assets

9.04

%

9.20

%

9.04

%

8.94

%

8.90

%

9.11

%

9.20

%

Selected Consolidated Financial Data

Sept 30, 2021

Jun 30, 2021

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Total assets

$

892,639

$

904,670

$

904,515

$

873,410

$

854,876

Cash & investment securities

227,857

225,490

220,822

170,640

127,951

Mortgage-backed securities

83,412

76,177

71,683

70,895

81,851

Total Investments

311,269

301,667

292,505

241,535

209,802

Consumer Loans receivable

291,817

303,367

316,840

339,951

358,472

Commercial Loans receivable

250,627

254,856

244,148

237,908

226,239

SBA Paycheck Protection Program (PPP)

7,782

13,069

18,029

20,990

27,459

Loan loss reserve

(5,520

)

(5,422

)

(5,320

)

(5,235

)

(5,308

)

Total Loans receivable net

544,706

565,870

573,697

593,614

606,862

Total Loans held for sale

466

192

939

720

-

FHLB stock

3,583

3,955

4,281

4,310

4,463

Checking accounts

273,274

269,246

270,878

257,227

231,068

Savings accounts

299,306

293,948

281,350

256,721

252,117

Certificate of deposit accounts

153,356

159,271

165,310

168,577

174,545

Total Deposits

725,936

722,465

717,538

682,525

657,730

Advances

77,558

89,357

95,043

100,173

109,684

Total stockholders' equity

80,702

80,845

80,467

79,524

78,631

View source version on businesswire.com: https://www.businesswire.com/news/home/20211020005991/en/

Contacts

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

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