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Harleysville Financial

OTCPK:HARL
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HARL
OTCPK
$89M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Harleysville Financial Corporation operates as a bank holding company for Harleysville Bank that provides various banking products and services primarily in southeastern Pennsylvania. The last earnings update was 62 days ago. More info.


Add to Portfolio Compare Print
HARL Share Price and Events
7 Day Returns
-3%
OTCPK:HARL
-0.9%
US Mortgage
0.1%
US Market
1 Year Returns
4.9%
OTCPK:HARL
-1%
US Mortgage
1.2%
US Market
HARL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Harleysville Financial (HARL) -3% -2.6% -3.6% 4.9% 25.1% 38.9%
US Mortgage -0.9% -0.5% 1.6% -1% 35.2% 36.1%
US Market 0.1% 0.6% 0.9% 1.2% 36.7% 37.9%
1 Year Return vs Industry and Market
  • HARL outperformed the Mortgage industry which returned -1% over the past year.
  • HARL outperformed the Market in United States of America which returned 1.2% over the past year.
Price Volatility
HARL
Industry
5yr Volatility vs Market

Value

 Is Harleysville Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Harleysville Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Harleysville Financial.

OTCPK:HARL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $18.33 * 8.2%
$1.50
Book Value of Equity per Share Median Book Value from the past 5 years. $18.33
Discount Rate (Cost of Equity) See below 11.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:HARL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.899 (1 + (1- 21%) (125.26%))
1.529
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.53
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.529 * 5.96%)
11.84%

Discounted Cash Flow Calculation for OTCPK:HARL using Excess Returns Model Model

The calculations below outline how an intrinsic value for Harleysville Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OTCPK:HARL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.2% – 11.84%) * $18.33)
$-0.67
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.67 / (11.84% - 2.73%)
$-7.32
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $18.33 + $-7.32
$11
OTCPK:HARL Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.00
Current discount Discount to share price of $23.61
= -1 x ($23.61 - $11.00) / $11.00
-114.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Harleysville Financial is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Harleysville Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Harleysville Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:HARL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.22
OTCPK:HARL Share Price ** OTCPK (2019-06-14) in USD $23.61
United States of America Mortgage Industry PE Ratio Median Figure of 130 Publicly-Listed Mortgage Companies 13.99x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Harleysville Financial.

OTCPK:HARL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OTCPK:HARL Share Price ÷ EPS (both in USD)

= 23.61 ÷ 2.22

10.61x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Harleysville Financial is good value based on earnings compared to the US Mortgage industry average.
  • Harleysville Financial is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Harleysville Financial's expected growth come at a high price?
Raw Data
OTCPK:HARL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-2.9%per year
United States of America Mortgage Industry PEG Ratio Median Figure of 49 Publicly-Listed Mortgage Companies 1.27x
United States of America Market PEG Ratio Median Figure of 2,126 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Harleysville Financial, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Harleysville Financial's assets?
Raw Data
OTCPK:HARL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $19.71
OTCPK:HARL Share Price * OTCPK (2019-06-14) in USD $23.61
United States of America Mortgage Industry PB Ratio Median Figure of 145 Publicly-Listed Mortgage Companies 1.13x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
OTCPK:HARL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OTCPK:HARL Share Price ÷ Book Value per Share (both in USD)

= 23.61 ÷ 19.71

1.2x

* Primary Listing of Harleysville Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Harleysville Financial is overvalued based on assets compared to the US Mortgage industry average.
X
Value checks
We assess Harleysville Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage industry average (and greater than 0)? (1 check)
  5. Harleysville Financial has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Harleysville Financial expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Harleysville Financial, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Harleysville Financial expected to grow at an attractive rate?
  • Harleysville Financial's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Harleysville Financial's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Unable to compare Harleysville Financial's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OTCPK:HARL Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:HARL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -2.9%
United States of America Mortgage Industry Earnings Growth Rate Market Cap Weighted Average 10.4%
United States of America Mortgage Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:HARL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:HARL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 27 8
2018-12-31 26 8
2018-09-30 25 7 7
2018-06-30 25 7
2018-03-31 24 6
2017-12-31 24 6
2017-09-30 23 9 6
2017-06-30 23 6
2017-03-31 22 6
2016-12-31 22 6
2016-09-30 22 5 5
2016-06-30 22 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Harleysville Financial's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Harleysville Financial is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:HARL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Harleysville Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:HARL Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.22
2018-12-31 2.08
2018-09-30 1.89
2018-06-30 1.73
2018-03-31 1.57
2017-12-31 1.53
2017-09-30 1.51
2017-06-30 1.52
2017-03-31 1.52
2016-12-31 1.51
2016-09-30 1.48
2016-06-30 1.41

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Harleysville Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Harleysville Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Harleysville Financial has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Harleysville Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Harleysville Financial's growth in the last year to its industry (Mortgage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Harleysville Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Harleysville Financial's 1-year earnings growth exceeds its 5-year average (40.9% vs 9.9%)
  • Harleysville Financial's earnings growth has exceeded the US Mortgage industry average in the past year (40.9% vs 39%).
Earnings and Revenue History
Harleysville Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Harleysville Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:HARL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 26.65 8.34 11.32
2018-12-31 25.93 7.82 11.32
2018-09-30 25.39 7.11 11.32
2018-06-30 24.71 6.51 10.79
2018-03-31 24.10 5.92 10.79
2017-12-31 23.76 5.73 10.79
2017-09-30 23.00 5.65 10.79
2017-06-30 22.72 5.63 10.24
2017-03-31 22.43 5.61 10.24
2016-12-31 22.29 5.58 10.24
2016-09-30 22.29 5.48 10.24
2016-06-30 22.01 5.21 10.50
2016-03-31 21.72 4.99 10.50
2015-12-31 21.76 4.98 10.50
2015-09-30 21.51 4.93 10.50
2015-06-30 21.50 4.92
2015-03-31 21.52 4.97
2014-12-31 21.18 4.84
2014-09-30 20.99 4.92 10.08
2014-06-30 20.53 4.86 9.68
2014-03-31 20.18 4.83 9.68
2013-12-31 20.08 4.81 9.68
2013-09-30 20.15 4.81 9.68
2013-06-30 20.34 4.82 9.87
2013-03-31 20.68 4.97 9.87
2012-12-31 20.50 4.99 9.87
2012-09-30 20.68 5.05 9.87
2012-06-30 20.14 4.99 9.86

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Harleysville Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Harleysville Financial used its assets more efficiently than the US Mortgage industry average last year based on Return on Assets.
  • Unable to establish if Harleysville Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Harleysville Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Harleysville Financial has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Harleysville Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Harleysville Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Harleysville Financial Company Filings, last reported 2 months ago.

OTCPK:HARL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 74.32 111.47 49.09
2018-12-31 73.06 103.20 31.80
2018-09-30 71.84 108.52 7.52
2018-06-30 70.62 110.23 33.12
2018-03-31 70.34 112.33 39.96
2017-12-31 69.64 131.40 43.86
2017-09-30 68.90 136.96 8.84
2017-06-30 68.12 148.08 54.44
2017-03-31 67.42 135.37 43.01
2016-12-31 66.40 149.52 44.10
2016-09-30 65.68 151.77 22.65
2016-06-30 64.99 153.05 43.40
2016-03-31 64.43 159.61 50.64
2015-12-31 64.49 185.88 61.73
2015-09-30 63.87 185.21 14.87
2015-06-30 63.72 189.31 62.19
2015-03-31 63.26 183.37 59.72
2014-12-31 62.64 208.01 59.28
2014-09-30 63.16 218.47 12.23
2014-06-30 63.15 202.38 76.72
2014-03-31 62.80 200.29 79.24
2013-12-31 62.30 212.16 82.00
2013-09-30 61.62 208.06 11.43
2013-06-30 61.16 175.20 74.24
2013-03-31 60.83 185.32 92.13
2012-12-31 60.44 191.29 114.79
2012-09-30 59.74 194.83 23.59
2012-06-30 58.92 203.77 32.85
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Harleysville Financial has an acceptable proportion of non-loan assets held.
  • Harleysville Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Harleysville Financial are broadly funded by customer deposits.
  • Harleysville Financial's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Harleysville Financial has a low allowance for bad loans.
  • Harleysville Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Harleysville Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Harleysville Financial has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Harleysville Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.24%
Current annual income from Harleysville Financial dividends.
If you bought $2,000 of Harleysville Financial shares you are expected to receive $85 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Harleysville Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Harleysville Financial's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:HARL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Mortgage Industry Average Dividend Yield Market Cap Weighted Average of 95 Stocks 3.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:HARL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-17 1.000 4.146
2019-01-24 1.000 4.138
2018-11-30 0.920 3.928
2018-10-17 0.920 3.904
2018-07-18 0.920 3.804
2018-04-19 0.920 3.909
2018-01-24 0.920 3.858
2017-12-04 0.880 3.799
2017-10-18 0.880 3.926
2017-07-19 0.880 3.864
2017-04-20 0.880 3.863
2017-01-25 0.880 4.001
2016-10-20 0.840 4.230
2016-07-20 0.840 4.555
2016-04-21 0.840 4.538
2016-01-27 0.840 4.579
2015-12-03 0.840 4.344
2015-10-21 0.840 4.391
2015-07-16 0.840 4.518
2015-04-17 0.840 4.534
2015-01-29 0.840 4.599
2014-07-16 0.840 4.954
2014-04-16 0.840 4.944
2014-01-22 0.840 4.808
2013-07-18 0.840 4.606
2013-04-17 0.840 4.296
2013-01-30 0.840 4.735
2013-01-23 0.840 4.969
2012-10-17 0.800 4.899
2012-07-19 0.800 4.696
2012-04-18 0.800 4.537
2012-01-25 0.760 4.660
2011-10-19 0.760 5.264
2011-07-20 0.760 5.285
2011-04-20 0.760 5.037
2011-01-26 0.760 5.021
2010-10-21 0.760 5.101
2010-07-21 0.760 5.074
2010-04-21 0.760 5.148
2010-01-27 0.760 5.557
2009-10-21 0.760 5.659
2009-07-15 0.760 5.422

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Harleysville Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Harleysville Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Harleysville Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Harleysville Financial has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Harleysville Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brendan McGill
COMPENSATION $533,261
AGE 50
TENURE AS CEO 1.3 years
CEO Bio

Mr. Brendan J. McGill has been Chief Executive Officer of Harleysville Financial Corporation since March 31, 2018. He has been the President of Harleysville Financial Corporation and its subsidiary Harleysville Savings Bank since September 17, 2014. Mr. McGill was Chief Operating Officer of Harleysville Financial Corporation since June 2010 to March 2018. He is Chief Operating Officer of Harleysville Savings Bank. He served as the Chief Financial Officer of Harleysville Financial Corporation from February 2000 to September 17, 2014 and served as its Executive Vice President from June 3, 2009 to September 17, 2014. Mr. McGill served as the Chief Financial Officer of Harleysville Savings Bank from September 1999 to September 17, 2014 and served as its Executive Vice President and Treasurer until September 17, 2014. He served as Treasurer of Harleysville Financial Corporation from February 2000 to May 2009 and served as its Principal Accounting Officer. He served as Treasurer of Harleysville Savings Bank since September 1999. He served as Senior Vice President of Harleysville Financial Corporation from February 2000 to June 3, 2009. He served as Senior Vice President at Harleysville Savings Bank since joined in September 1999 until June 3, 2009. Prior thereto, Mr. McGill was an Auditor with the accounting firm of Deloitte & Touche, specializing in financial institutions. He has been a Director of Federal Home Loan Bank of Pittsburgh since January 01, 2017. He has been a Director of Harleysville Savings Bank since January 2014. He has been Director of Harleysville Financial Corporation since 2014. He serves on the Boards of the Pennsylvania Association of Community Bankers (PACB), the Financial Managers Association of Philadelphia, Spruce Lake Retreat and North Penn United Way. Mr. McGill holds a Bachelor of Science degree in Accounting from LaSalle University.

CEO Compensation
  • Brendan's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Brendan's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Harleysville Financial management team in years:

4.8
Average Tenure
48
Average Age
  • The tenure for the Harleysville Financial management team is about average.
Management Team

Brendan McGill

TITLE
Vice Chairman
COMPENSATION
$533K
AGE
50
TENURE
1.3 yrs

M. Michalak

TITLE
Senior VP & CFO
COMPENSATION
$252K
AGE
46
TENURE
4.8 yrs

Adrian Gordon

TITLE
Senior VP
COMPENSATION
$118K
AGE
48
TENURE
13.4 yrs

James Garrity

TITLE
General Counsel

Denise Monaghan

TITLE
VP & Loan Administration Manager of Harleysville Savings Bank

Kim Licata

TITLE
VP & Loan Customer Service Manager of Harleysville Savings Bank

Michelle Beck

TITLE
VP & Security Officer of Harleysville Savings Bank

Rodney Kipp

TITLE
VP & Technology Operations Manager of Harleysville Savings Bank

Scott Little

TITLE
VP & Commercial Loan Officer of Harleysville Savings Bank

Craig Munson

TITLE
VP & Senior Credit Officer of Harleysville Savings Bank
Board of Directors Tenure

Average tenure and age of the Harleysville Financial board of directors in years:

14.4
Average Tenure
59
Average Age
  • The average tenure for the Harleysville Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ron Geib

TITLE
Chairman of the Board
COMPENSATION
$585K
AGE
64
TENURE
2.4 yrs

Brendan McGill

TITLE
Vice Chairman
COMPENSATION
$533K
AGE
50

George Meschter

TITLE
Director
COMPENSATION
$36K
AGE
66
TENURE
38.4 yrs

Mark Cummins

TITLE
Director
COMPENSATION
$43K
AGE
62
TENURE
24.4 yrs

Sanford Alderfer

TITLE
Director
COMPENSATION
$35K
AGE
66
TENURE
18.4 yrs

James Rittenhouse

TITLE
Director
COMPENSATION
$41K
AGE
57
TENURE
14.4 yrs

Charlotte Hunsberger

TITLE
Director
COMPENSATION
$42K
AGE
49
TENURE
14.4 yrs

Thomas Clemens

TITLE
Director
COMPENSATION
$34K
AGE
59
TENURE
10.4 yrs

Keith Ahart

TITLE
Director
COMPENSATION
$38K
AGE
50
TENURE
2.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Harleysville Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Harleysville Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Harleysville Financial Corporation operates as a bank holding company for Harleysville Bank that provides various banking products and services primarily in southeastern Pennsylvania. The company accepts various deposit products, including checking accounts, savings accounts, and certificates of deposit. It also provides auto, mortgage, home equity, savings account, business term, commercial real estate, and small business loans, as well as lines and letters of credit. In addition, the company offers online banking and bill payment, mobile banking, debit card, telephone banking, direct deposit, reorder check, safe deposit box, and other services. Further, it provides investment services, such as financial consultation, cash and wealth management, education planning, investment strategy, insurance, retirement and estate planning, financial and goal planning, and asset allocation services; and investment products comprising fixed and variable annuities, mutual funds, life insurances, stocks and bonds, tax-advantaged investments, long-term care insurances, disability insurances, retirement plans/individual retirement accounts, wrap accounts, and unit investment trusts. As of October 17, 2018, the company operated six full-service offices located in Montgomery County; and one full-service office situated in Bucks County, Pennsylvania. The company was formerly known as Harleysville Savings Financial Corporation and changed its name to Harleysville Financial Corporation in May 2017. Harleysville Financial Corporation was founded in 1915 and is headquartered in Harleysville, Pennsylvania.

Details
Name: Harleysville Financial Corporation
HARL
Exchange: OTCPK
Founded: 1915
$88,986,892
3,769,034
Website: http://www.harleysvillebank.com
Address: Harleysville Financial Corporation
271 Main Street,
Harleysville,
Pennsylvania, 19438,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OTCPK HARL Common Stock Pink Sheets LLC US USD 01. Sep 1987
Number of employees
Current staff
Staff numbers
0
Harleysville Financial employees.
Industry
Thrifts and Mortgage Finance
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 23:38
End of day share price update: 2019/06/14 00:00
Last earnings filing: 2019/04/17
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.