Company Quick10K Filing
HV Bancorp
Price14.76 EPS0
Shares2 P/E36
MCap33 P/FCF-2
Net Debt-27 EBIT4
TEV6 TEV/EBIT1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-13
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-14
10-Q 2019-09-30 Filed 2019-11-14
10-K 2019-06-30 Filed 2019-09-26
10-Q 2019-03-31 Filed 2019-05-14
10-Q 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-11-14
10-K 2018-06-30 Filed 2018-09-27
10-Q 2018-03-31 Filed 2018-05-14
10-Q 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-13
10-K 2017-06-30 Filed 2017-09-28
10-Q 2017-03-31 Filed 2017-05-12
10-Q 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-12-22
8-K 2020-11-06
8-K 2020-08-19
8-K 2020-08-06
8-K 2020-05-20
8-K 2020-05-01
8-K 2020-02-28
8-K 2019-11-20
8-K 2019-11-18
8-K 2019-11-08
8-K 2019-08-21
8-K 2019-08-15
8-K 2019-07-17
8-K 2019-05-03
8-K 2019-04-17
8-K 2018-11-21
8-K 2018-08-17
8-K 2018-06-13
8-K 2018-05-16
8-K 2018-02-21
8-K 2018-02-21
8-K 2018-01-16

HVBC 10Q Quarterly Report

Part I - Financial Information
Item 1 - Consolidated Financial Statements - Unaudited
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 hvbc-ex311_8.htm
EX-31.2 hvbc-ex312_7.htm
EX-32 hvbc-ex32_6.htm

HV Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3602882161447202015201620182020
Assets, Equity
0.50.40.30.20.10.02016201720182020
Rev, G Profit, Net Income
6546278-11-302015201620182020
Ops, Inv, Fin

10-Q 1 hvbc-10q_20200930.htm 10-Q hvbc-10q_20200930.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from   to                to           

Commission file number: 001-37981

 

HV BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Pennsylvania

 

46-4351868

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

2005 South Easton Road, Suite 304, Doylestown, Pennsylvania  18901

(Address of Principal Executive Offices and Zip Code)

(267) 280-4000

(Registrant's Telephone Number, Including Area Code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

HVBC

 

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company” or an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  As of November 10, 2020, there were 2,221,745 outstanding shares of the issuer’s common stock.

 

 

 


 

INDEX

 

 

 

 

 

 

PART I – FINANCIAL INFORMATION

2

 

 

 

 

 

 

Item 1 – Consolidated Financial Statements – Unaudited

2

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

8

 

 

 

 

 

 

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

 

 

 

 

 

 

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

58

 

 

 

 

 

 

Item 4 – Controls and Procedures

59

 

 

 

 

 

 

PART II OTHER INFORMATION

59

 

 

 

 

Item 1 – Legal Proceedings

59

 

 

 

 

 

 

Item 1A – Risk Factors

59

 

 

 

 

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

59

 

 

 

 

Item 3 – Defaults upon Senior Securities

60

 

 

 

 

Item 4 – Mine Safety Disclosures

60

 

 

 

 

Item 5 – Other Information

60

 

 

 

 

Item 6 – Exhibits

60

 

 

 

SIGNATURES

61

 

 

 


PART I – FINANCIAL INFORMATION

Item 1 – Consolidated Financial Statements – Unaudited

HV BANCORP, INC. AND SUBSIDIARY

Unaudited Consolidated Statements of Financial Condition as of September 30, 2020 and December 31, 2019 (Dollars in thousands, except share and per share data)

 

 

At September 30,

 

 

At December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,747

 

 

$

1,473

 

Interest-earning deposits with banks

 

 

43,229

 

 

 

19,152

 

Federal funds sold

 

 

2,150

 

 

 

 

Cash and cash equivalents

 

 

47,126

 

 

 

20,625

 

Investment securities available-for-sale, at fair value

 

 

17,961

 

 

 

21,156

 

Equity securities

 

 

500

 

 

 

500

 

Loans held for sale, at fair value

 

 

100,101

 

 

 

37,876

 

Loans receivable, net of allowance for loan losses of  $1,909 at

September 30, 2020 and $1,437 at December 31, 2019

 

 

315,823

 

 

 

255,032

 

Bank-owned life insurance

 

 

6,370

 

 

 

6,255

 

Restricted investment in bank stock

 

 

1,714

 

 

 

1,552

 

Premises and equipment, net

 

 

2,813

 

 

 

2,501

 

Operating lease right-of-use assets

 

 

7,867

 

 

 

5,979

 

Accrued interest receivable

 

 

1,278

 

 

 

967

 

Mortgage banking derivatives

 

 

3,820

 

 

 

1,204

 

Mortgage servicing rights

 

 

1,127

 

 

 

 

Other assets

 

 

1,239

 

 

 

939

 

Total Assets

 

$

507,739

 

 

$

354,586

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

$

371,116

 

 

$

283,767

 

Advances from the Federal Home Loan Bank

 

 

26,228

 

 

 

27,000

 

Advances from the Federal Reserve's Paycheck Protection Program liquidity facility ("PPPLF")

 

 

57,714

 

 

 

 

Operating lease liabilities

 

 

8,119

 

 

 

6,023

 

Advances from borrowers for taxes and insurance

 

 

1,561

 

 

 

2,138

 

Deferred income taxes, net

 

 

1,009

 

 

 

97

 

Other liabilities

 

 

4,757

 

 

 

1,962

 

Total Liabilities

 

 

470,504

 

 

 

320,987

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred  Stock, $0.01 par value, 2,000,000 shares authorized; no shares

issued and outstanding as of June 30, 2020  and December 31, 2019

 

 

 

 

 

 

Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,270,725 and 2,269,125    shares issued as of September 30, 2020 and December 31, 2019, respectively; 2,222,802 and 2,268,917 shares outstanding as of September 30, 2020 and December 31, 2019, respectively

 

 

23

 

 

 

23

 

Treasury Stock, at cost (47,923 shares at September 30, 2020 and 208 shares at December 31, 2019)

 

 

(585

)

 

 

(3

)

Additional paid-in capital

 

 

20,952

 

 

 

20,740

 

Retained earnings

 

 

18,681

 

 

 

14,973

 

Accumulated other comprehensive income (loss)

 

 

189

 

 

 

(18

)

Unearned Employee Stock Option Plan

 

 

(2,025

)

 

 

(2,116

)

Total Shareholders' Equity

 

 

37,235

 

 

 

33,599

 

Total Liabilities and Shareholders' Equity

 

$

507,739

 

 

$

354,586

 

 

See Notes to the Unaudited Consolidated Financial Statements

2


HV BANCORP, INC. AND SUBSIDIARY

Unaudited Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019; (Dollars in thousands, except per share data)

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

3,383

 

 

$

2,789

 

 

$

9,329

 

 

$

7,639

 

Interest and dividends on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

101

 

 

 

104

 

 

 

289

 

 

 

325

 

Nontaxable

 

 

7

 

 

 

70

 

 

 

30

 

 

 

214

 

Interest on mortgage-backed securities and collateralized mortgage obligations

 

 

25

 

 

 

53

 

 

 

117

 

 

 

241

 

Interest on interest-earning deposits and federal funds sold

 

 

23

 

 

 

95

 

 

 

128

 

 

 

279

 

Total Interest Income

 

 

3,539

 

 

 

3,111

 

 

 

9,893

 

 

 

8,698

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

567

 

 

 

877

 

 

 

1,919

 

 

 

2,287

 

Interest on advances from the Federal Home Loan Bank

 

 

104

 

 

 

158

 

 

 

424

 

 

 

319

 

Interest on advances from the Federal Reserve PPPLF

 

 

49

 

 

 

 

 

 

68

 

 

 

 

Interest on securities sold under agreements to repurchase

 

 

 

 

 

1

 

 

 

 

 

 

3

 

Total Interest Expense

 

 

720

 

 

 

1,036

 

 

 

2,411

 

 

 

2,609

 

Net interest income

 

 

2,819

 

 

 

2,075

 

 

 

7,482

 

 

 

6,089

 

Provision for Loan Losses

 

 

424

 

 

 

244

 

 

 

985

 

 

 

772

 

Net interest income after provision for loan losses

 

 

2,395

 

 

 

1,831

 

 

 

6,497

 

 

 

5,317

 

Non-Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees for customer services

 

 

41

 

 

 

51

 

 

 

111

 

 

 

119

 

Increase in cash surrender value of bank-owned life insurance

 

 

39

 

 

 

41

 

 

 

115

 

 

 

120

 

Gain on sale of loans, net

 

 

3,044

 

 

 

1,680

 

 

 

7,000

 

 

 

2,977

 

Gain on sale of available-for-sale securities, net

 

 

 

 

 

211

 

 

 

141

 

 

 

219

 

Gain from derivative instruments, net

 

 

1,015

 

 

 

177

 

 

 

2,479

 

 

 

1,341

 

Change in fair value of loans held-for-sale

 

 

1,988

 

 

 

40

 

 

 

2,281

 

 

 

346

 

Other

 

 

68

 

 

 

5

 

 

 

157

 

 

 

13

 

Total Non-Interest Income

 

 

6,195

 

 

 

2,205

 

 

 

12,284

 

 

 

5,135

 

Non-Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,720

 

 

 

2,192

 

 

 

8,501

 

 

 

5,696

 

Occupancy

 

 

473

 

 

 

465

 

 

 

1,356

 

 

 

1,171

 

Federal deposit insurance premiums

 

 

69

 

 

 

4

 

 

 

189

 

 

 

119

 

Data processing related operations

 

 

331

 

 

 

214

 

 

 

806

 

 

 

590

 

Professional fees

 

 

186

 

 

 

169

 

 

 

522

 

 

 

450

 

Other expenses

 

 

963

 

 

 

558

 

 

 

2,276

 

 

 

1,420

 

Total Non-Interest Expense

 

 

5,742

 

 

 

3,602

 

 

 

13,650

 

 

 

9,446

 

Income before income taxes

 

 

2,848

 

 

 

434

 

 

 

5,131

 

 

 

1,006

 

Income Tax Expense

 

 

785

 

 

 

101

 

 

 

1,423

 

 

 

203

 

Net Income

 

$

2,063

 

 

$

333

 

 

$

3,708

 

 

$

803

 

Net Income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.02

 

 

$

0.16

 

 

$

1.82

 

 

$

0.39

 

Diluted

 

$

1.02

 

 

$

0.16

 

 

$

1.82

 

 

$

0.39

 

See Notes to the Unaudited Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

3


HV BANCORP, INC. AND SUBSIDIARY

 

Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 (Dollars in thousands)

 

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Comprehensive Income, Net of Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

2,063

 

 

$

333

 

 

$

3,708

 

 

$

803

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities (pre-tax

  $44 and $66, and $127 and $885, respectively)

 

 

31

 

 

 

61

 

 

 

306

 

 

 

685

 

Reclassification for gains included in income (pre-tax ($(0) and ($211) and ($141) and ($219), respectively) (1)

 

 

 

 

 

(162

)

 

 

(99

)

 

 

(168

)

Other comprehensive income (loss)

 

 

31

 

 

 

(101

)

 

 

207

 

 

 

517

 

Comprehensive Income

 

$

2,094

 

 

$

232

 

 

$

3,915

 

 

$

1,320

 

 

(1)

Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income.

See Notes to the Unaudited Consolidated Financial Statements

 

4


HV BANCORP, INC. AND SUBSIDIARY

Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019 (Dollars in thousands, except per share data)

 

 

Common Stock    Shares

 

 

Common Stock Amount

 

 

Treasury Stock

 

 

Additional Paid-In Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Unearned ESOP Shares

 

 

Total

 

Balance, July 1, 2020

 

 

2,239,253

 

 

$

23

 

 

$

(379

)

 

$

20,893

 

 

$

16,618

 

 

$

158

 

 

$

(2,056

)

 

$

35,257

 

ESOP shares committed to be

released

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

31

 

 

 

30

 

Treasury stock purchased

 

 

(16,451

)

 

 

 

 

 

(206

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(206

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

15

 

Restricted stock expense

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,063

 

 

 

 

 

 

 

 

 

2,063

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Balance, September 30, 2020

 

 

2,222,802

 

 

$

23

 

 

$

(585

)

 

$

20,952

 

 

$

18,681

 

 

$

189

 

 

$

(2,025

)

 

$

37,235

 

 

 

 

Common Stock    Shares

 

 

Common Stock Amount

 

 

Treasury Stock

 

 

Additional Paid-In Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Unearned ESOP Shares

 

 

Total

 

Balance, July 1, 2019

 

 

2,268,917

 

 

$

23

 

 

$

(3

)

 

$

20,611

 

 

$

14,156

 

 

$

70

 

 

$

(2,177

)

 

$

32,680

 

ESOP shares committed to be

released

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

30

 

 

 

34

 

Treasury stock purchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

15

 

Restricted stock expense

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

46

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

 

 

 

333

 

Adoption of ASU 2016-02, Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

277

 

 

 

 

 

 

 

 

 

277

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(101

)

 

 

 

 

 

(101

)

Balance, September 30, 2019

 

 

2,268,917

 

 

$

23

 

 

$

(3

)

 

$

20,676

 

 

$

14,766

 

 

$

(31

)

 

$

(2,147

)

 

$

33,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock    Shares

 

 

Common Stock Amount

 

 

Treasury Stock

 

 

Additional Paid-In Capital

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Unearned ESOP Shares

 

 

Total

 

Balance, January 1, 2020

 

 

2,268,917

 

 

$

23

 

 

$

(3

)

 

$

20,740

 

 

$

14,973

 

 

$

(18

)

 

$

(2,116

)

 

$

33,599

 

ESOP shares committed to be

released

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

91

 

 

 

95

 

Treasury stock purchased (47,424 shares)

 

 

(47,715

)

 

 

 

 

 

(582

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(582

)

Stock option exercise

 

 

1,600

 

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Restricted stock expense

 

 

 

 

 

 

 

 

 

 

 

139

 

 

 

 

 

 

 

 

 

 

 

 

139

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,708

 

 

 

 

 

 

 

 

 

3,708

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

207

 

 

 

 

 

 

207

 

Balance, September 30, 2020

 

 

2,222,802

 

 

$

23

 

 

$

(585

)

 

$

20,952

 

 

$

18,681

 

 

$

189

 

 

$

(2,025

)

 

$

37,235

 

5


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock    Shares

 

 

Common Stock Amount

 

 

Treasury Stock

 

 

Additional Paid-In Capital

 

 

Retained Earnings