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Harleysville Savings Financial Corporation Announces An Increase Of The Regular Cash Dividend And Second Quarter Earnings For Fiscal Year 2012

Stocks in this article: HARL

Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.20 per share on the Company’s common stock. This represents an increase of 5.27% from the previous dividend. The cash dividend will be payable on May 23, 2012 to stockholders of record on May 9, 2012.

Net income for the second quarter was $1,221,000 or $.32 per diluted share compared to $1,094,000 or $.29 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2012 amounted to $2,585,000 or $.68 per diluted share compared to $2,310,000 or $.62 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, “Based on the solid financial results of the quarter and our belief that we are well positioned for the future, we are pleased that we are able to create additional value for our stockholders by increasing the cash dividend to $.20 per share. We continue to remain focused on increasing core deposit relationships and reducing the amount of advances as they mature. Reducing our funding costs, while maintaining a portfolio of quality loans and investments, should allow us to deliver consistent, ongoing returns for our shareholders.”

The Company’s assets totaled $842.3 million compared to $856.5 million a year ago. Stockholders’ tangible book value increased 5.6% to $15.56 per share from $14.74 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.

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