Harleysville Financial Q1 net income rises on steady loan growth
Overview
Pennsylvania bank's fiscal Q1 net income rose 33% yr/yr, driven by steady loan growth
Company's assets grew to $940.1 mln from $861.3 mln a year ago
Company increased regular cash dividend by 6.1% to $0.35 per share
Outlook
Company did not provide specific guidance for future quarters or full year
Result Drivers
STEADY LOAN GROWTH - Co attributed net income increase to steady loan growth
INVESTMENT PORTFOLIO EXPANSION - Co cited expansion in investment portfolio as a driver for net income growth
ASSET QUALITY FOCUS - CEO highlighted commitment to asset quality as a key factor in financial performance
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Net Income |
| $2.67 mln |
|
Q1 Net Interest Income |
| $7.54 mln |
|
Q1 Pretax Profit |
| $3.62 mln |
|
Q1 Provision for Loan Losses |
| $41,000 |
|
Press Release: ID:nBw3TJd0da
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