Harleysville Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2024
Harleysville Financial Corporation (OTCQX:HARL) has declared a regular quarterly cash dividend of $.31 per share on the Company’s common stock. This dividend is scheduled for payment on May 15, 2024, to shareholders of record as of May 1, 2024.
For the second quarter, the Company reported net income of $2,112,000, or $.58 per diluted share. This performance compares to the net income of $3,073,000, or $.82 per diluted share, recorded for the same period in the previous year. Over the first six months of the fiscal year ending March 31, 2024, net income reached $4,622,000, or $1.27 per diluted share, compared to $6,404,000, or $1.71 per diluted share, for the corresponding period last year.
Brendan J. McGill, the President and Chief Executive Officer of Harleysville Financial Corporation, commented on the results, emphasizing the Company’s resilience in the face of industry-wide net interest margin compression. McGill highlighted the organization’s strong balance sheet, consistent loan growth, and robust credit quality as key factors supporting its solid second-quarter performance. He also noted the continued challenges posed by the Federal Reserve’s efforts to manage inflation but expressed confidence in the Company’s team and strategy to navigate the complex interest rate environment successfully.
Looking forward, the Company anticipates ongoing challenges from interest margin compression throughout the 2024 fiscal year. Despite these challenges, the focus will remain on maintaining the high quality of underwriting, investment in creditworthy assets, operating expense control, and the practice of sound capital management.
As of the most recent financial highlight, Harleysville Financial Corporation’s assets stood at $847.4 million, showing a slight increase from $842.9 million reported a year earlier. The stockholders’ tangible book value per share has risen by 2.4%, reaching $23.34, up from $22.79 a year ago.
Harleysville Financial Corporation is publicly traded on the OTCQX market under the ticker symbol HARL and serves as the holding company for Harleysville Bank. Established in 1915, Harleysville Bank is a Pennsylvania chartered and federally insured bank, with headquarters in Harleysville, PA. The Bank proudly operates out of six full-service offices located in Montgomery County and one office in Bucks County, Pennsylvania.
This announcement includes forward-looking statements. These statements are subject to a variety of risks and uncertainties, including changes in economic conditions, interest rates, legislative changes, and other factors that might significantly affect the Company’s operations and financial results.
