Harleysville Financial: 2021 Annual Report


Harleysville Financial Corporation (the “Company”) is a Pennsylvania corporation headquartered in Harleysville, Pennsylvania. The Company became the banking holding company of Harleysville Bank, as part of the reorganization of the Bank’s holding company in February 2000 (the “Reorganization”). In August 1987, the Bank’s predecessor, Harleysville Savings Association, converted to the joint stock organization. The Bank, whose predecessor was originally incorporated in 1915, changed from a Pennsylvania chartered permanent reserve savings association to a Pennsylvania chartered stock savings bank in June 1991 The Bank operates from six full-service offices located in Montgomery County and one office located in Bucks County, Pennsylvania. The Bank’s primary market includes Montgomery County, which has the third largest population and second highest per capita income in the Commonwealth of Pennsylvania, and, to a lesser extent, Bucks County. As at September 30, 2021, the Company had total assets of $ 892.6 million, $ 725.9 million in deposits and $ 80.7 million in equity. The Company’s equity represented 9.0% of total assets as at September 30, 2021.

The main activity of the Bank is to attract deposits from the general public and businesses through various deposit programs and to invest these deposits primarily in first mortgage loans secured by residential properties in the main market of the Bank. Bank. The Bank also provides a variety of consumer loans, primarily home equity loans and lines of credit also secured by residential properties in the Bank’s primary lending area. The Bank is also engaged in general commercial banking activities and provides a full range of commercial loans and commercial real estate loans to clients in the Bank’s core market. The Bank serves its clients through its network of full-service branches, the Internet, telephone and mobile banking services.

Deposits with the Bank are insured to the maximum extent provided by law through the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank is subject to comprehensive review and regulation by the FDIC and the Pennsylvania Department of Banking (“Department”). It is also a member of the Federal Home Loan Bank of Pittsburgh (“FHLB of Pittsburgh” or “FHLB”), which is one of 11 regional banks comprising the Federal Home Loan Bank System (“FHLB System”). The Bank is also subject to the regulations of the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) governing the reserves to be maintained against deposits and certain other matters.

The principal management offices of the Company are located at 271 Main Street, Harleysville, PA 19438 and its telephone number is (215) 256-8828.


The Company’s most direct competition for deposits historically has come from commercial banks and savings institutions located in its market area. The Company faces significant additional competition for investor funds from other financial intermediaries. The Company competes for deposits primarily by providing depositors with a variety of deposit programs, convenient branches, hours of operation and other services. The Company does not depend on any group or entity for a significant portion of its deposits.

The Company’s competition for home loans comes primarily from mortgage companies, other savings institutions and commercial banks. The Bank competes for loan arrangements mainly on the interest rates and loan fees it charges, the efficiency and quality of the services it provides to borrowers, recommendations from real estate brokers and builders. and the variety of its products. Factors that affect competition include general and local economic conditions, current levels of interest rates and volatility in mortgage markets.

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