Dear Customers, Neighbors and Friends,
At Harleysville Bank, we are fortunate to be celebrating our 104th year as a community bank. I appreciate our Board of Directors and team members whose dedication to our culture, customers, and community has allowed us to create value for our stakeholders and grow our company. We are pleased to report that our performance last year resulted in a year of record earnings. Net income amounted to $8,149,000, which is the most that Harleysville Bank has earned in any year in its 104 year history.
Net income for the year amounted to $2.13 per share on a diluted basis compared to $1.85 per diluted share for the past fiscal year. Return on average equity was 11.04% and return on average assets was 1.04% for the year. Stockholders’ equity increased to $20.26 per share compared to $19.19 per share a year ago.
At Harleysville Bank our success is measured by how well we meet the expectations of the people we serve. To the communities we serve, it’s helping to improve the overall quality of life. To our customers, it’s providing them with the services and expertise they deserve and an experience they enjoy. To our team members, it means providing a nurturing workplace with opportunity for advancement. To you our stockholders, it’s a strong return on your investment.
Solid financial results are only part of the story – in fact, without our customers there wouldn’t be much of a story to tell. We have learned over the years that many people in our area enjoy doing business with a local bank. Our customers enjoy interacting with our team members and having the peace of mind that our decision makers are local people that live and do business in the communities that they serve.
Our commitment to the community is simply a way of life. Giving back is one of the core values we proudly display throughout the bank, through monetary support, and our investment in and support of our communities and community activities in their many shapes and sizes. During this past fiscal year, our team volunteered approximately 7,000 hours to over 100 organizations. Our team donated $30,519 to the United Way which was then matched 100% by the bank for a total donation of $61,038. Through our United Way campaign, our team made a direct impact to 61 local nonprofit organizations.
The success that Harleysville Bank has enjoyed is a tribute to our greatest assets, our talented team members who serve our customers. We believe it is essential to provide a work environment where we can focus on growing our team. We invest many hours into our training program, focusing on making us a better bank and better leaders. This past year, we had the honor of promoting 16 team members internally.
We remain clearly aligned with the mission of the Company – to build value for our customers, team members, stockholders and the community by consistently providing an exceptional community banking experience. As we look ahead to the coming year, we are confident our position as a community bank will be stronger than ever. We will continue to honor the safe and conservative principles that have served us well over the years. On behalf of our Directors and our Team, we thank you for your continued trust, confidence and investment in our Company.
Harleysville Bank is a wholly owned subsidiary of Harleysville Financial Corporation, which trades on the OTCQX national market system under the symbol HARL.
Chief Executive Officer/President
Video - Celebrating our first 100 years...