Dear Customers, Neighbors and Friends,
At Harleysville Bank, we are excited to be celebrating our 107th year as a community bank. I appreciate our Board of Directors and Team Members whose dedication to our stakeholders has allowed us to continue growing our company. We are pleased to announce a record year of earnings for year ended September 30, 2022. The solid financial results of the past year and the strength of our balance sheet has allowed us to deliver consistent ongoing returns for our shareholders.
Net income for the year amounted to $2.34 per share on a diluted basis compared to $1.93 per diluted share for the past fiscal year. Return on average equity was 10.72% and return on average assets was 0.96% for the year. Stockholders’ equity increased to $22.81 per share compared to $21.69 per share a year ago.
As an independent community bank, we have the ability to make decisions that allow us to react to customer needs in a timely fashion. Our customers enjoy doing business with a local bank and interacting with our team members. We are a resource to many, offering advice and support beyond the bank doors. We continue to be focused on building relationships and emphasizing our loyalty as our customers select Harleysville Bank as their trusted financial partner.
We believe it is very important to provide a work environment where we can focus on growing our team. We invest many hours into our training program, focusing on personal growth and learning and understanding banking. This past year, we had the honor of promoting 13 team members internally. I recognize that my fellow team members’ commitment, patience and outstanding customer service demonstrates their dedication to our values and culture.
As people who live and work in the communities in which we serve, re-investing in those communities is simply a way of life. During this past fiscal year our team volunteered over 5,000 hours to over 60 organizations. We continued our annual giving campaign, where our team donated $45,411 which was then matched 100% by the Bank for a total donation of $90,822. Through our campaign, the team made a direct impact to 63 local nonprofit organizations. We were able to bring back our Community Appreciation Day this year which was well received by the community. We also educated the community at numerous fraud seminars during the year. We are proud we can continue supporting our local economy and communities.
We are extremely thankful for our dedicated team members, shareholders and customers who have placed their trust in us. As we look ahead to the coming year, our position as a community bank continues to be strong. We will continue to honor the principles that have served us well over the years. Thank you for your continued support and, as always, we welcome your comments and questions.
Brendan J. McGill
President/Chief Executive Officer