The aggregate outstanding amount of our loans to our executive officers, directors and their
related parties was $3.7 million at June 30, 2018. At June 30, 2018, all of our loans to directors, executive officers and their related parties were made in the ordinary course of business, were made on substantially the same terms,
including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to Huntingdon Valley Bank, and did not involve more than the normal risk of collectability or present other unfavorable features.
These loans were performing according to their original terms at June 30, 2018, and were made in compliance with federal banking regulations.
Additionally, any transactions that would be required to be reported must be reviewed by our audit committee or another independent body of
the board of directors. Any transaction with a director is reviewed by and subject to approval of the members of the board of directors who are not directly involved in the proposed transaction to confirm that the transaction is on terms that are no
more favorable than those that would be available to us from an unrelated third party through an arms-length transaction.
PROPOSAL
IIRATIFICATION OF APPOINTMENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Our independent registered public accounting firm for the year ended June 30, 2018 was S.R. Snodgrass, P.C. Our Audit Committee has
approved the engagement of S.R. Snodgrass, P.C. to be our independent registered public accounting firm for the year ending June 30, 2019, subject to the ratification of the engagement by our stockholders. At the Annual Meeting, stockholders
will consider and vote on the ratification of the Audit Committees engagement of S.R. Snodgrass, P.C. for the year ending June 30, 2019. A representative of S.R. Snodgrass, P.C. is expected to attend the annual meeting to respond to
appropriate questions and to make a statement if they so desire.
Even if the engagement of S.R. Snodgrass, P.C. is ratified, the Audit
Committee, in its discretion, may direct the appointment of a different independent registered public accounting firm at any time during the year if it determines that such change would be in the best interests of HV Bancorp, Inc. and its
stockholders.
Our independent registered public accounting firm for the year ended June 30, 2017 was BDO USA, LLP. On
February 21, 2018 the Audit Committee met and decided to dismiss BDO USA, LLP as our independent registered public accounting firm. Our consolidated financial statements for the year ended June 30, 2017 and 2016 were audited by BDO USA,
LLP. Also, on February 21, 2018, our Audit Committee approved the engagement of S.R. Snodgrass, P.C. to be our independent registered public accounting firm for the year ended June 30, 2018.
The audit reports of BDO USA, LLP on our consolidated financial statements as of and for the year ended June 30, 2017 did not contain an
adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the year ended June 30, 2017 and the subsequent interim period through February 21, 2018, there
were no: (1) disagreements with BDO USA, LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which disagreements, if not resolved to the satisfaction of BDO USA, LLP, would have
caused BDO USA, LLP to make reference to the subject matter of the disagreements in connection with its audit reports, or (2) reportable events under Item 304(a)(1)(v) of SEC
Regulation S-K.
During the years ended June 30, 2017 through February 21, 2018, we did not consult with S.R. Snodgrass, P.C. regarding any
matters or events set forth in Item 304 (a) (2) (i) and (ii) of SEC
Regulation S-K.
Set forth below is certain information concerning aggregate fees billed for professional services rendered by S.R. Snodgrass, P.C. and BDO
USA, LLP during the years ended June 30, 2018 and 2017, respectively.
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