DOYLESTOWN, Pa., HV Bancorp, Inc., the holding company of Huntingdon Valley Bank, has reported operating results for the Company for the year ended December 31, 2022. Net income for the year ended December 31, 2022, was $2.2 million versus net income of $4.1 million for the year ended December 31, 2021. For 2022, net interest income increased to $18.8 million and net interest margin continues to improve, increasing to 3.42% for the year ended December 31, 2022 compared to 2021.
Travis J. Thompson, Esq., Chairman & CEO, commented, “We are pleased to announce our business banking initiative continues to grow with net interest income increasing 30% year over year, all while expanding our net interest margin 25% over that same period. This additional income helped off-set the cyclical nature of our non-interest income, which is currently lower due to the declining mortgage market, and also off-set the one-time merger expenses booked in the 4th quarter of 2022.”
Additionally, Mr. Thompson stated, “We are further pleased to report that HV Bancorp, Inc. has received shareholder approval at our February 15th, 2023 Special Meeting to move forward with the planned merger with FCCB. Our shareholders voted overwhelmingly in favor of the merger with greater than 99% of the votes cast voting in favor of the proposed transaction.”
