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Harleysville Savings Financial Corporation Announces Declaration of Regular Cash Dividend and Second Quarter Earnings for Fisca

^{Published on 2011-04-20 09:00:49 - Market Wire}
 

HARLEYSVILLE, Pa.--([ BUSINESS WIRE ])--Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Companya™s board of directors declared a regular quarterly cash dividend of $.19 per share on the Companya™s common stock. This is the 95th consecutive quarter that the Company has paid a cash dividend to its stockholders. The cash dividend will be payable on May 25, 2011 to stockholders of record on May 11, 2011.

Net income for the second quarter was $1,094,000 or $.29 per diluted share compared to $1,160,000 or $.32 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2011 amounted to $2,310,000 or $.62 per diluted share compared to $2,374,000 or $.65 per diluted share for the same six-month period a year ago.

Commenting on the quarter-end operating results, President and Chief Executive Officer Ron Geib stated, "We are pleased that we experienced another solid quarter in what continues to be a difficult economic environment. We look forward to our continued reduction in our interest expense due to the Federal Home Loan Bank advances maturing over the next several quarters. At the same time, we continue to realize the benefits of growing our local account relationships and appreciate the confidence and trust that our customers have in doing business with us."

The Companya™s assets totaled $856.5 million compared to $843.1 million a year ago. Stockholdersa™ tangible book value increased 4.4% to $14.74 per share from $14.12 a year ago.

Harleysville Savings Financial Corporation is the holding company for Harleysville Savings Bank. Established in 1915, Harleysville Savings Bank is a Pennsylvania chartered and federally insured savings bank. Headquartered in Harleysville, PA, Harleysville is located in central Montgomery County, which has the third largest population base and the second highest per capita income in the state of Pennsylvania.

This presentation may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services.