Harleysville Financial Corporation Financial Ratios — HARL

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Return on Common Equity (%)	10.81	9.67	8.89	8.8	8.55	9.18	9.1	10.92	11.77	9.74	9.57	11	14.56	10.32	10.79
Return on Assets (%)	0.64	0.62	0.6	0.61	0.63	0.72	0.75	0.93	1.05	0.87	0.83	0.97	1.39	1.04	1.06
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.86	2.83	2.87	2.69	2.52	2.48	2.58	2.8	2.61	2.75	2.63	2.27	1.45	1.86	1.78
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	33.68	33.27	34.08	33.64	32.88	36.25	35.45	37.8	40.55	36.79	38.38	42.34	49.52	40.74	41.75
Profit Margin (%)	25.06	23.38	22.87	22.48	22.01	23.81	23.87	26.9	29.47	27.92	28.38	32.37	36.97	31.75	32.1
Net Income to Common Margin (%)	25.06	23.38	22.87	22.48	22.01	23.81	23.87	26.9	29.47	27.92	28.38	32.37	36.97	31.75	32.1
Effective Tax Rate (%)	25.59	29.72	32.89	33.17	33.07	34.3	32.66	28.82	27.33	24.1	26.05	23.55	25.34	22.07	23.12
Dvd Payout Ratio (%)	41.04	44.35	65.05	64.78	63.26	56.76	57.43	48.19	45.26	56.17	57.18	48.75	71.32	100.1	49.35
Sustainable Growth Rate (%)	6.38	5.38	3.11	3.1	3.14	3.97	3.87	5.66	6.45	4.27	4.1	5.64	4.18	-0.01	5.46

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Total Debt	250	192	208	218	185	152	137	109	111	110	78	62	98	102	155
ST Debt	- -	- -	33	50	33	9	14	17	9	21	19	15	52	45	71
LT Debt	250	192	175	168	152	143	123	91	102	88	59	47	46	57	84
Total Debt/EBITDA	406.82	315.03	343.9	370.91	328.96	265.79	224.52	146.84	153.91	156.69	114.9	100.58	205.12	197.44	293.78
Net Debt/EBITDA	370.1	276.43	318.89	350.15	302.55	226.13	210.04	135.91	124.43	-7.97	-189.98	-120.15	182.84	178.19	277.32
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.12	6.64	6.78	7.17	7.6	8.15	8.3	8.71	9.17	8.72	8.7	9.01	10.17	9.96	9.78
Long-Term Debt/Equity (%)	438.31	322.22	283.34	266.19	238.38	217.93	177.97	127.1	134.16	112.25	73.11	55.4	52.58	65.69	92.72
Long-Term Debt/Capital (%)	83.02	78.32	66.37	61.1	62.47	67.3	61.23	52.03	56.03	47.91	38.01	32.63	24.96	30.25	34.11
Long-Term Debt/Total Assets (%)	29.94	23.98	21.54	21.25	19.76	19.16	16.07	11.88	13.13	10.32	6.61	5.15	5.44	6.6	9.05
Total Debt/Equity (%)	438.31	322.22	337.66	345.88	289.98	231.09	198.78	151.06	145.74	139.49	96.1	72.91	112.42	117.98	171.58
Total Debt/Capital (%)	83.02	78.32	79.1	79.39	75.99	71.37	68.39	61.83	60.87	59.53	49.96	42.95	53.36	54.34	63.13
Total Debt/Total Assets (%)	29.94	23.98	25.67	27.61	24.04	20.31	17.95	14.11	14.26	12.83	8.69	6.78	11.64	11.85	16.75
Net Debt to Equity	398.75	282.74	313.11	326.53	266.7	196.61	185.96	139.81	117.82	-7.1	-158.9	-87.1	100.21	106.48	161.96
Net Debt/Capital (%)	81.65	76.01	77.82	78.43	74.43	67.95	66.93	59.99	55.7	-8.09	253.63	-891.67	50.49	51.78	61.77
EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	- -	1	1
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.12	6.64	6.78	7.17	7.6	8.15	8.3	8.71	9.17	8.72	8.7	9.01	10.17	9.96	9.78
Long-Term Debt/Equity (%)	438.31	322.22	283.34	266.19	238.38	217.93	177.97	127.1	134.16	112.25	73.11	55.4	52.58	65.69	92.72
Long-Term Debt/Capital (%)	83.02	78.32	66.37	61.1	62.47	67.3	61.23	52.03	56.03	47.91	38.01	32.63	24.96	30.25	34.11
Long-Term Debt/Total Assets (%)	29.94	23.98	21.54	21.25	19.76	19.16	16.07	11.88	13.13	10.32	6.61	5.15	5.44	6.6	9.05
Total Debt/Equity (%)	438.31	322.22	337.66	345.88	289.98	231.09	198.78	151.06	145.74	139.49	96.1	72.91	112.42	117.98	171.58
Total Debt/Capital (%)	83.02	78.32	79.1	79.39	75.99	71.37	68.39	61.83	60.87	59.53	49.96	42.95	53.36	54.34	63.13
Total Debt/Total Assets (%)	29.94	23.98	25.67	27.61	24.04	20.31	17.95	14.11	14.26	12.83	8.69	6.78	11.64	11.85	16.75
CFO/Total Liabilities	0.99	0.67	1.66	1.05	0.86	0.78	1.23	0.94	1.17	1.11	1.13	1.33	1.57	1.04	1.18
CFO/CapEx	16.63	31.81	53.42	26.47	15.25	11.36	8.89	15.37	21.85	29	67.54	97.63	28.23	22.59	24.8
Altman's Z-Score	0.15	0.17	0.18	0.18	0.19	0.2	0.22	0.23	0.24	0.22	0.22	0.22	0.25	0.23	0.23

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Accounts Receivable Turnover	7.11	7.88	8.33	9.33	10.03	11.1	11.73	12.24	12.81	11.49	12.96	15.71	16.44	12.14	11.38
Days Sales Outstanding	51.35	46.33	43.8	39.13	36.4	32.88	31.12	29.81	28.5	31.77	28.16	23.24	22.2	30.05	32.07
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Market Capitalization	52	61	70	63	69	68	85	89	86	82	96	95	84	80	88
- Cash & Cash Equivalents	23	24	15	12	15	23	9	8	21	115	206	136	11	10	9
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	250	192	208	218	185	152	137	109	111	110	78	62	98	102	155
Enterprise Value	280	230	259	268	239	192	212	188	172	71	-33	16	170	172	234
Total Capital	301	246	263	275	244	213	200	175	183	184	155	144	184	188	246
Total Debt/Capital (%)	83.02	78.32	79.1	79.39	75.99	71.37	68.39	61.83	60.87	59.53	49.96	42.95	53.36	54.34	63.13
Total Debt / EV	0.89	0.84	0.8	0.82	0.78	0.79	0.65	0.58	0.65	1.54	-2.34	3.76	0.58	0.59	0.66
EV/Sales	13	10.66	12.32	12.25	10.66	8.34	8.96	7.12	6.23	2.79	- -	0.61	5.16	6.17	7.88
EV/EBITDA	454.99	377.02	428.7	454.82	423.69	336.1	347.68	254.71	238.6	101.65	- -	26.76	356.65	332.61	442.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	36.42	46.42	20.84	35.14	39.39	36.1	24.78	28.62	20.97	8.23	- -	1.49	14.35	21.31	23.7
EV/Free Cash Flow to Firm	34.36	45.01	20.45	33.86	36.97	33.18	22.28	26.87	20.05	7.96	- -	1.48	13.85	20.4	22.78
Diluted Market Cap	53	63	71	64	71	69	87	91	87	83	97	96	84	80	89
Diluted Enterprise Value	280	231	264	270	241	198	215	192	177	78	-31	22	171	173	235
EV per Share	75.09	61.47	68.72	70.69	64.22	51.88	56.86	50.06	45.85	18.92	- -	4.43	46.13	47.34	64.82
TTM Sales	22	22	21	22	22	23	24	26	28	25	26	27	33	28	30
TTM EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	- -	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	8	5	12	8	6	5	9	7	8	9	9	11	12	8	10
TTM Free Cash Flow to Firm	8	5	13	8	6	6	10	7	9	9	9	11	12	8	10

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	09/30/2013	09/30/2014	09/30/2015	09/30/2016	09/30/2017	09/30/2018	09/30/2019	09/30/2020	09/30/2021	09/30/2022	09/30/2023	09/30/2024	09/30/2025

Price/Free Cash Flow	6.46	12.21	5.64	8.05	10.94	11.98	9.13	13.03	10.14	9.31	10.42	8.59	6.82	9.5	8.64
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	280	230	259	268	239	192	212	188	172	71	-33	16	170	172	234
Low Price	11.57	13.28	14.55	16.3	16.5	18	18.2	21.71	22.77	20	20.5	24.25	22	19.1	21.75
EV/Sales	13	10.66	12.32	12.25	10.66	8.34	8.96	7.12	6.23	2.79	- -	0.61	5.16	6.17	7.88
EV/EBITDA	454.99	377.02	428.7	454.82	423.69	336.1	347.68	254.71	238.6	101.65	- -	26.76	356.65	332.61	442.3
Price/Earnings	9.68	12.16	14.51	12.72	14.02	12.38	15.02	12.56	10.51	11.58	13.21	10.79	6.83	9.04	9.21
Price/Earnings Average	10.27	12.06	14.1	13.41	13.59	12.63	14.33	12.46	10.92	12.19	12.16	10.86	7.33	8.89	8.58
Price/Earnings High	10.87	14.45	16.08	14.64	15.08	14.44	15.84	13.74	12.45	14.52	13.88	11.74	10.18	10.56	9.28
Price/Earnings Low	7.99	9.85	11.41	12.56	12.44	12.15	12.02	11.48	10.5	10.57	10.54	10.26	6.65	7.85	8.23
Price/Book Value	1.02	1.15	1.27	1.1	1.18	1.11	1.34	1.33	1.2	1.1	1.24	1.15	0.97	0.93	0.97
Price/Book Value Average	1.08	1.14	1.23	1.16	1.14	1.14	1.28	1.32	1.25	1.16	1.14	1.16	1.05	0.92	0.9
Price/Book Value High	1.15	1.37	1.41	1.27	1.27	1.3	1.41	1.46	1.42	1.39	1.3	1.26	1.45	1.09	0.97
Price/Book Value Low	0.84	0.93	1	1.09	1.05	1.09	1.07	1.22	1.2	1.01	0.99	1.1	0.95	0.81	0.86
Price/Tangible Book Value	0.91	1.03	1.13	0.99	1.08	1.03	1.23	1.24	1.12	1.05	1.19	1.12	0.96	0.92	0.97
Price/Tangible Book Value Average	0.97	1.02	1.1	1.04	1.05	1.05	1.17	1.23	1.17	1.1	1.1	1.13	1.03	0.91	0.9
Price/Tangible Book Value High	1.03	1.22	1.26	1.14	1.16	1.21	1.3	1.36	1.33	1.31	1.25	1.22	1.43	1.08	0.98
Price/Tangible Book Value Low	0.76	0.83	0.89	0.98	0.96	1.01	0.99	1.14	1.12	0.96	0.95	1.06	0.93	0.8	0.87
Price/Sales	2.43	2.84	3.32	2.86	3.09	2.95	3.59	3.38	3.1	3.23	3.75	3.49	2.53	2.87	2.96
Price/Sales Average	2.57	2.82	3.23	3.02	2.99	3.01	3.42	3.35	3.22	3.4	3.45	3.52	2.71	2.82	2.75
Price/Sales High	2.73	3.38	3.68	3.29	3.32	3.44	3.78	3.7	3.67	4.06	3.94	3.8	3.76	3.35	2.98
Price/Sales Low	2	2.3	2.61	2.82	2.74	2.89	2.87	3.09	3.09	2.95	2.99	3.32	2.46	2.49	2.64
Price/Cash Flow	6.8	12.39	5.61	8.2	11.41	12.77	9.92	13.58	10.43	9.53	10.48	8.59	7.03	9.9	8.89
Price/Cash Flow Average	7.21	12.29	5.45	8.65	11.05	13.02	9.46	13.47	10.83	10.03	9.64	8.66	7.54	9.74	8.29
Price/Cash Flow High	7.63	14.71	6.22	9.44	12.27	14.89	10.46	14.86	12.35	11.95	11.01	9.35	10.47	11.57	8.96
Price/Cash Flow Low	5.61	10.03	4.41	8.1	10.12	12.53	7.93	12.41	10.41	8.7	8.36	8.17	6.84	8.6	7.95
Price/Free Cash Flow Average	6.86	12.11	5.48	8.49	10.59	12.21	8.7	12.94	10.53	9.8	9.59	8.66	7.32	9.35	8.06
Price/Free Cash Flow High	7.26	14.51	6.25	9.27	11.76	13.97	9.63	14.26	12.01	11.68	10.95	9.35	10.17	11.1	8.71
Price/Free Cash Flow Low	5.34	9.89	4.43	7.95	9.7	11.75	7.3	11.92	10.13	8.5	8.31	8.17	6.64	8.25	7.73
EV/Sales Average	13.15	10.64	12.39	12.45	10.6	8.62	8.83	7.15	6.47	3.19	- -	0.8	5.35	6.13	7.69
EV/Sales High	13.3	11.2	12.84	12.72	10.93	9.05	9.2	7.5	6.92	3.84	- -	1.08	6.41	6.66	7.92
EV/Sales Low	12.58	10.12	11.78	12.26	10.35	8.5	8.28	6.89	6.34	2.73	- -	0.6	5.1	5.8	7.58
EV/EBITDA Average	460.19	376.21	431.09	462.12	421.41	347.34	342.72	255.84	247.66	115.88	-58.79	35.13	370.34	330.19	431.96
EV/EBITDA High	465.48	395.91	446.79	472.4	434.49	364.77	356.79	268.14	264.94	139.58	-40.2	47.62	443.22	358.74	444.49
EV/EBITDA Low	440.21	357.88	409.67	455.03	411.4	342.75	321.33	246.37	242.93	99.46	-76.25	26.46	352.92	312.38	425.72
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.01	16.4	18.5	16.5	18.6	18.35	22.75	23.75	22.8	21.9	25.7	25.5	22.6	22	24.32
High Price	15.74	19.48	20.5	19	20	21.4	24	25.99	27	27.47	27	27.75	33.68	25.7	24.5
Enterprise Value Average	283	230	261	272	237	198	209	189	179	81	-40	22	177	171	229
Enterprise Value High	286	242	270	278	245	208	218	198	191	98	-27	29	212	186	235
Enterprise Value Low	271	219	248	268	232	196	196	182	175	70	-51	16	169	162	225

Shares Outstanding	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Diluted Weighted Avg Shares	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Basic Weighted Avg Shares	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Revenue per Share	5.78	5.77	5.58	5.77	6.03	6.22	6.34	7.03	7.36	6.77	6.85	7.3	8.95	7.67	8.23
EBITDA per Share	0.17	0.16	0.16	0.16	0.15	0.15	0.16	0.2	0.19	0.19	0.18	0.17	0.13	0.14	0.15
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.45	1.35	1.28	1.3	1.33	1.48	1.51	1.89	2.17	1.89	1.95	2.36	3.31	2.43	2.64
Basic EPS from Cont Ops	1.45	1.35	1.28	1.3	1.33	1.48	1.51	1.89	2.17	1.89	1.95	2.36	3.31	2.43	2.64
Diluted EPS, GAAP	1.44	1.33	1.25	1.27	1.3	1.45	1.48	1.85	2.13	1.87	1.93	2.34	3.29	2.43	2.61
Diluted EPS from Cont Ops	1.44	1.33	1.25	1.27	1.3	1.45	1.48	1.85	2.13	1.87	1.93	2.34	3.29	2.43	2.61
Dividend per Share	0.59	0.6	0.83	0.84	0.84	0.84	0.87	0.91	0.98	1.06	1.11	1.15	2.36	2.44	1.3
Cash Flow per Share	2.06	1.32	3.3	2.01	1.63	1.44	2.29	1.75	2.19	2.3	2.45	2.97	3.22	2.22	2.73
Free Cash Flow per Basic Share	1.94	1.28	3.24	1.94	1.52	1.31	2.04	1.64	2.09	2.22	2.42	2.94	3.1	2.12	2.62
Cash & Equivalents per Share	6.06	6.29	4.91	3.46	4.24	7.5	2.61	2.55	6.53	32.15	55.26	37.71	3	2.76	2.55
Book Value per Share	13.73	14.22	14.57	14.96	15.76	16.46	16.97	17.81	19.01	19.83	20.74	22.1	23.19	23.62	25.15
Tangible Book Value per Share	15.32	15.94	16.32	16.67	17.2	17.75	18.47	19.11	20.29	20.91	21.55	22.82	23.6	23.82	25.09

Harleysville Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)