HARLEYSVILLE, Pa. -- (Business Wire)
Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.35 per share on the Company’s common stock. The cash dividend will be payable on May 13, 2026 to stockholders of record on April 29, 2026.
Net income for the second quarter was $3,811,000 or $1.06 per diluted share compared to $2,130,000 or $0.59 per diluted share, for the same quarter last year. Results for the current quarter include non-recurring Bank Owned Life Insurance (“BOLI”) net benefits of $1,139,000 or $0.32 per diluted share. Excluding these BOLI benefits, net income for the second quarter was $2,672,00, representing a 25% increase over the same period last year.
Net income for the current six months ended March 31, 2026 amounted to $6,478,000 or $1.80 per diluted share compared to $4,136,000 or $1.14 per diluted share for the same six-month period a year ago. Excluding these BOLI benefits, net income for the six months ended was $5,339,000, representing a 29% increase over the same period last year.
Brendan J. McGill, President, and Chief Executive Officer of the Company, stated, “While our results for the quarter benefited from the BOLI income, we are encouraged by the bank’s growing financial resilience. With credit quality remaining high, we are seeing a steady increase in households choosing the personalized service of a locally managed community bank. Furthermore, our interest rate spread continues to trend upward. By pairing disciplined underwriting and expense control with a robust balance sheet, we are building a solid foundation for long-term growth.”
The Company’s assets totaled $957.7 million compared to $871.4 million a year ago. Stockholders’ tangible book value increased 8.2% to $26.39 per share from $24.40 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, 2026 |
| (Dollars in thousands except per share data) | | | | | | | | |
| (Unaudited) | | Year-To-Date | | | | | | |
| | Six Months Ended: | | Three Months Ended: |
| | | | | | | | | | | | | | |
| Selected Consolidated Earnings Data | | Mar 31,
2026 | | Mar 31,
2025 | | Mar 31,
2026 | | Dec 31,
2025 | | Sep 30,
2025 | | June 30,
2025 | | Mar 31,
2025 |
| Total interest income | | $ | 22,684 |
| |
$
|
19,557
|
| | $ | 11,345 |
| |
$
|
11,339
|
| |
$
|
11,038
|
| |
$
|
10,325
|
| |
$
|
9,745
|
|
| Total interest expense | |
| 7,469 |
| |
|
6,887
|
| |
| 3,670 |
| |
|
3,799
|
| |
|
3,698
|
| |
|
3,324
|
| |
|
3,274
|
|
| | | | | | | | | | | | | | |
| Net Interest Income | |
| 15,215 |
| |
|
12,670
|
| |
| 7,675 |
| |
|
7,540
|
| |
|
7,340
|
| |
|
7,001
|
| |
|
6,471
|
|
| Provision for loan losses | |
| 215 |
| |
|
120
|
| |
| 174 |
| |
|
41
|
| |
|
(84
|
)
| |
|
118
|
| |
|
(28
|
)
|
| Net Interest Income after Provision for Loan Losses | |
| 15,000 |
| |
|
12,550
|
| |
| 7,501 |
| |
|
7,499
|
| |
|
7,424
|
| |
|
6,883
|
| |
|
6,499
|
|
| | | | | | | | | | | | | | |
| Bank owned life insurance | |
| 1,482 |
| |
|
208
|
| |
| 1,376 |
| |
|
106
|
| |
|
105
|
| |
|
101
|
| |
|
103
|
|
| Other income | |
| 1,138 |
| |
|
1,126
|
| |
| 562 |
| |
|
576
|
| |
|
592
|
| |
|
557
|
| |
|
572
|
|
| Total other expenses | |
| 9,168 |
| |
|
8,478
|
| |
| 4,610 |
| |
|
4,558
|
| |
|
4,370
|
| |
|
4,297
|
| |
|
4,434
|
|
| | | | | | | | | | | | | | |
| Income before income taxes | |
| 8,452 |
| |
|
5,406
|
| |
| 4,829 |
| |
|
3,623
|
| |
|
3,751
|
| |
|
3,244
|
| |
|
2,740
|
|
| Income tax expense | |
| 1,974 |
| |
|
1,270
|
| |
| 1,018 |
| |
|
956
|
| |
|
884
|
| |
|
713
|
| |
|
610
|
|
| | | | | | | | | | | | | | |
| Net Income | | $ | 6,478 |
| |
$
|
4,136
|
| | $ | 3,811 |
| |
$
|
2,667
|
| |
$
|
2,867
|
| |
$
|
2,531
|
| |
$
|
2,130
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Per Common Share Data | | | | | | | | | | | | | | |
| Basic earnings | | $ | 1.81 |
| |
$
|
1.14
|
| | $ | 1.06 |
| |
$
|
0.74
|
| |
$
|
0.80
|
| |
$
|
0.70
|
| |
$
|
0.59
|
|
| Diluted earnings | | $ | 1.80 |
| |
$
|
1.14
|
| | $ | 1.06 |
| |
$
|
0.74
|
| |
$
|
0.77
|
| |
$
|
0.70
|
| |
$
|
0.59
|
|
| Dividends | | $ | 0.68 |
| |
$
|
0.64
|
| | $ | 0.35 |
| |
$
|
0.33
|
| |
$
|
0.33
|
| |
$
|
0.33
|
| |
$
|
0.33
|
|
| Tangible book value | | $ | 26.39 |
| |
$
|
24.40
|
| | $ | 26.39 |
| |
$
|
25.67
|
| |
$
|
25.25
|
| |
$
|
24.80
|
| |
$
|
24.40
|
|
| Shares outstanding | |
| 3,584,924 |
| |
|
3,605,824
|
| |
| 3,584,924 |
| |
|
3,587,996
|
| |
|
3,587,377
|
| |
|
3,589,883
|
| |
|
3,605,824
|
|
| Average shares outstanding - basic | |
| 3,585,698 |
| |
|
3,628,464
|
| |
| 3,583,788 |
| |
|
3,587,579
|
| |
|
3,589,417
|
| |
|
3,591,861
|
| |
|
3,624,490
|
|
| Average shares outstanding - diluted | |
| 3,607,441 |
| |
|
3,635,410
|
| |
| 3,610,073 |
| |
|
3,604,675
|
| |
|
3,719,559
|
| |
|
3,597,353
|
| |
|
3,631,337
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | Year-To-Date | | | | | | |
| | Six Months Ended: | | Three Months Ended: |
| Other Selected Consolidated Data | | Mar 31,
2026 | | Mar 31,
2025 | | Mar 31,
2026 | | Dec 31,
2025 | | Sep 30,
2025 | | June 30,
2025 | | Mar 31,
2025 |
| Return on average assets | |
| 1.38 | % | |
|
0.96
|
%
| |
| 1.61 | % | |
|
1.14
|
%
| |
|
1.25
|
%
| |
|
1.14
|
%
| |
|
0.99
|
%
|
| Return on average equity | |
| 14.11 | % | |
|
9.45
|
%
| |
| 16.45 | % | |
|
11.72
|
%
| |
|
12.82
|
%
| |
|
11.49
|
%
| |
|
9.66
|
%
|
| Net interest rate spread | |
| 2.89 | % | |
|
2.55
|
%
| |
| 2.90 | % | |
|
2.87
|
%
| |
|
2.83
|
%
| |
|
2.80
|
%
| |
|
2.63
|
%
|
| Net yield on interest earning assets | |
| 3.30 | % | |
|
3.01
|
%
| |
| 3.30 | % | |
|
3.29
|
%
| |
|
3.26
|
%
| |
|
3.22
|
%
| |
|
3.07
|
%
|
| Operating expenses to average assets | |
| 1.95 | % | |
|
1.97
|
%
| |
| 1.95 | % | |
|
1.95
|
%
| |
|
1.90
|
%
| |
|
1.94
|
%
| |
|
2.06
|
%
|
| Efficiency ratio | |
| 51.40 | % | |
|
60.54
|
%
| |
| 47.96 | % | |
|
55.43
|
%
| |
|
54.37
|
%
| |
|
56.10
|
%
| |
|
62.05
|
%
|
| Ratio of non-performing loans to total assets at end of period | |
| 0.11 | % | |
|
0.14
|
%
| |
| 0.11 | % | |
|
0.15
|
%
| |
|
0.09
|
%
| |
|
0.11
|
%
| |
|
0.14
|
%
|
| Loan loss reserve to total loans, net | |
| 0.70 | % | |
|
0.69
|
%
| |
| 0.70 | % | |
|
0.69
|
%
| |
|
0.68
|
%
| |
|
0.70
|
%
| |
|
0.69
|
%
|
| Stockholders' equity to assets | |
| 9.88 | % | |
|
10.10
|
%
| |
| 9.88 | % | |
|
9.80
|
%
| |
|
9.76
|
%
| |
|
9.87
|
%
| |
|
10.10
|
%
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Selected Consolidated Financial Data | | Mar 31,
2026 | | Dec 31,
2025 | | Sep 30,
2025 | | June 30,
2025 | | Mar 31,
2025 | | | | |
| Total assets | | $ | 957,738 |
| |
$
|
940,059
|
| |
$
|
928,042
|
| |
$
|
901,837
|
| |
$
|
871,430
|
| | | | |
| Cash & investment securities | |
| 11,268 |
| |
|
12,469
|
| |
|
12,030
|
| |
|
14,901
|
| |
|
13,577
|
| | | | |
| Mortgage-backed securities | |
| 202,145 |
| |
|
183,283
|
| |
|
164,769
|
| |
|
142,550
|
| |
|
125,115
|
| | | | |
| Total Investments | |
| 213,413 |
| |
|
195,752
|
| |
|
176,799
|
| |
|
157,451
|
| |
|
138,692
|
| | | | |
| Consumer Loans receivable | |
| 338,202 |
| |
|
343,646
|
| |
|
348,499
|
| |
|
344,494
|
| |
|
341,850
|
| | | | |
| Commercial Loans receivable | |
| 367,775 |
| |
|
364,179
|
| |
|
364,896
|
| |
|
364,488
|
| |
|
357,076
|
| | | | |
| Loan loss reserve | |
| (4,964 | ) | |
|
(4,869
|
)
| |
|
(4,841
|
)
| |
|
(4,949
|
)
| |
|
(4,828
|
)
| | | | |
| Total Loans receivable net | |
| 701,013 |
| |
|
702,956
|
| |
|
708,554
|
| |
|
704,033
|
| |
|
694,098
|
| | | | |
| FHLB stock | |
| 7,183 |
| |
|
7,054
|
| |
|
7,507
|
| |
|
5,435
|
| |
|
3,874
|
| | | | |
| Checking accounts | |
| 269,691 |
| |
|
263,948
|
| |
|
254,881
|
| |
|
264,641
|
| |
|
266,215
|
| | | | |
| Savings accounts | |
| 208,990 |
| |
|
201,898
|
| |
|
205,057
|
| |
|
207,953
|
| |
|
214,159
|
| | | | |
| Certificate of deposit accounts | |
| 223,301 |
| |
|
215,601
|
| |
|
212,064
|
| |
|
217,567
|
| |
|
216,918
|
| | | | |
| Total Deposits | |
| 701,982 |
| |
|
681,447
|
| |
|
672,002
|
| |
|
690,161
|
| |
|
697,292
|
| | | | |
| Advances | |
| 149,960 |
| |
|
156,666
|
| |
|
155,408
|
| |
|
110,853
|
| |
|
74,016
|
| | | | |
| Total stockholders' equity | |
| 94,590 |
| |
|
92,110
|
| |
|
90,577
|
| |
|
89,035
|
| |
|
87,986
|
| | | | |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260415238026/en/
Contacts:
M. Shane Michalak
Senior Vice President/CFO
215-256-8828
Source: Harleysville Financial Corporation
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