Price | 14.76 | EPS | 0 | |
Shares | 2 | P/E | 36 | |
MCap | 33 | P/FCF | -2 | |
Net Debt | -27 | EBIT | 4 | |
TEV | 6 | TEV/EBIT | 1 | 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 |
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 |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
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.
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 |
|