Harleysville Financial Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017
January 24, 2018 at 11:57 am EST
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Harleysville Financial Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2017. Net income for the quarter ended December 31, 2017 was $1,453,000 or $0.38 per diluted share compared to $1,374,000 or $0.36 per diluted share for the same quarter last year. There was a onetime adjustment to the deferred tax assets of approximately $355,000 or $0.09 per diluted share in the current quarter due to the tax reform bill that was signed into law. The law changed the corporate income tax rate from 35% to 21%. The $355,000 tax adjustment was recorded as additional income tax expense. Total interest income was $7,418,000 compared to $7,039,000 a year ago. Net interest income was $5,590,000 compared to $5,103,000 a year ago. Income before income taxes was $2,598,000 compared to $2,159,000 a year ago. Tangible book value was $18.48 compared to $17.94 a year ago. Return on average assets was 0.76% compared to 0.73% a year ago. Return on average equity was 8.42% compared to 8.35% a year ago.
Harleysville Financial Corporation is the bank holding company for Harleysville Bank (the Bank). The Bank is principally in the business of attracting deposits through its branch offices and investing those deposits, together with funds from borrowings and operations. The Company provides personal banking business banking services. Its personal banking services include money market plus, trusty's club (Youth Savings), individual retirement account (IRA), certificates of deposit, auto loans, mortgage loans, home-equity loans, savings account loan, cash rewards, cash back rewards, saver and statement savings. The Companyâs business banking services business checking, business savings, cash management services. Its business checking provides business analyzed checking, business interest checking and community non-profit checking. The Companyâs business savings include business savings accounts, business loans & credit, business term loan, line of credit and commercial real estate loan.