DOYLESTOWN, Pa., Nov. 04, 2022 (GLOBE NEWSWIRE) — HV Bancorp, Inc. (the “Company” or “HVB”) (Nasdaq Capital Market: HVBC), the holding company of Huntingdon Valley Bank (the “Bank ” ), reported the Company’s results of operations for the quarter and nine months ended September 30, 2022. Net income for the quarter ended September 30, 2022 was $705,000 or ($0.35 per basic share and $0.34 per diluted share ) versus net income of $640,000 or ($0.33 per basic share and $0.31 per diluted share) for the quarter ended June 30, 2022.
Net income for the nine months ended September 30, 2022 was $1.9 million ($0.98 per basic share and $0.94 per diluted share) compared to net income of $3.7 million ($1.86 per basic share and $1.82 per diluted share) for the nine months ended September 30, 2021. For the quarter and nine months ended September 30, 2022, net interest income increased 34.4 % and 24.1% to $5.4 million and $13.4 million, respectively, from the same periods last year.
Travis J. Thompson, Esq., Chairman & CEO, commented, “We are pleased with HVB’s strong performance in commercial lending, totaling $60 million for the quarter and $165 million for the year to date. dollars amounted. Total outstanding commercial loans increased $127 million year-over-year (excluding paycheck protection program loans). This strategy has proven to be a key driver of our yield and margin performance, offsetting the volatility of the residential mortgage market, which has been impacted by significantly higher…
