Harleysville Savings Financial Corporation Announces Declaration Of Regular Cash Dividend And Increased Earnings For The First Fiscal Quarter 2012
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 February 22, 2012 to stockholders of record on February 8, 2012.
Net income for the quarter ended December 31, 2011 was $1,364,000 or $.36 per diluted share compared to $1,216,000 or $.33 per diluted share for the same quarter last year.
Ron Geib, President and Chief Executive Officer of the Company, stated, “Given today’s economic and interest rate environment, we are pleased with the solid financial results of the quarter and look forward to another year of creating value for our stakeholders. Despite the lack of growth in assets, we were able to increase the net interest income by reducing the funding cost of the liabilities. We continue to remain focused on increasing core deposit relationships and reducing the amount of advances as they mature. This strategy has allowed our net interest rate spread to increase every quarter this past year from 1.98% a year ago to 2.33% for the current period. Reducing our funding costs while maintaining a portfolio of quality loans and investments should allow us to deliver consistent, ongoing returns for our shareholders. Combining the prudent management of the balance sheet with a highly engaged team of employees is a great beginning to our 25th year as a public company.”
The Company’s assets totaled $832.6 million compared to $856.7 million a year ago and stockholders’ tangible book value increased to $15.39 per share from $14.63 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. The Bank operates from six full-service offices located in Montgomery County and one office located in Bucks County, Pennsylvania.
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