Harleysville Savings Financial Corporation Announces Increased Earnings For The Fiscal Year Ended September 30, 2010 And The Declaration Of Regular Cash Dividend.
Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.19 per share on the Company’s common stock. The cash dividend will be payable on November 24, 2010 to stockholders of record on November 10, 2010.
Net income for the fourth quarter of fiscal year 2010 amounted to $1,320,000 or $.35 per diluted share compared to $1,282,000 or $.35 per diluted share for the fourth quarter of fiscal year 2009.
Net income for the twelve months ended September 30, 2010 amounted to $5,008,000 or $1.36 per diluted share compared to $4,716,000 or $1.31 per diluted share for the twelve months ended September 30, 2009.
Commenting on the year-end operating results, President and Chief Executive Officer Ron Geib said, “Despite the current economic conditions our country is continuing to encounter, we are very pleased with the growth we have experienced this past year - in loans, deposits, and that we are able to maintain our cash dividend. We believe the current level of our allowance for credit losses is adequate and we continue to maintain a strong capital position in excess of the well-capitalized regulatory guidelines. I am very proud of the work ethic of our team members and the manner in which they serve our customers. All these conditions combined create a strong community bank that is well positioned to continue to create value for our stakeholders. We are also pleased to report record earnings for the fiscal year ended 2010 of $5,008,000. These results reflect our discipline to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.”The Company’s assets totaled $857.1 million compared to $830.0 million a year ago. Stockholders’ book value increased to $14.47 per share from $13.82 a year ago.
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