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. The cash dividend will be payable on August 24, 2011 to stockholders of record on August 10, 2011.
Net income for the third quarter was $1,988,000 or $.53 per diluted share compared to $1,314,000 or $.36 per diluted share for the same quarter last year. There was a onetime Bank Owned Life Insurance (“BOLI”) net benefit of $927,000 or $.24 per diluted share in the current quarter.
Net income for the nine months ended June 30, 2011 amounted to $4,298,000 or $1.16 per diluted share compared to $3,688,000 or $1.01 per diluted share for the same nine-month period a year ago.
Ron Geib, President and Chief Executive Officer of the Company, stated, “While our results for the quarter benefited from the BOLI income, we are pleased with the improvement in the financial strength of the bank. Our credit quality has remained strong, we continue to increase the number of relationships with customers wanting to establish their checking and savings accounts with a locally owned and managed community bank, and we are beginning to see the improvement in our interest rate spread. We anticipate our interest rate spread to continue improving as high cost liabilities reprice over the coming quarters and we continue to grow our small business lending relationships.
"We continue to experience positive results through the preservation of 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 $857.6 million compared to $867.1 million a year ago. Stockholders’ tangible book value increased 5.53% to $15.09 per share from $14.30 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.