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Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2025

HARLEYSVILLE, Pa., April 16, 2025--(BUSINESS WIRE)--Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company's board of directors declared a regular quarterly cash dividend of $.33 per share on the Company's common stock. The cash dividend will be payable on May 14, 2025 to stockholders of record on April 30, 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 ( ) 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 Contacts FOR FURTHER INFORMATIONM. Shane MichalakSenior Vice President/CFO215-256-8828