Harleysville Financial Corporation Announces a 3.7% Increase of the Regular Cash Dividend and Earnings for the First Fiscal Quarter 2021

Rhea-AI Summary

Harleysville Financial Corporation (OTCQX:HARL) announced a quarterly cash dividend of $.28 per share, marking a 3.7% increase from the previous dividend. The dividend will be payable on February 24, 2021, to stockholders of record as of February 10, 2021. For Q4 2020, net income rose to $2,102,000 ($.56 per diluted share), up from $1,906,000 ($.50 per diluted share) year-over-year. The company's assets increased to $873.4 million from $784.5 million, and tangible book value per share rose to $21.23, up from $20.51 a year ago.

Positive

• Quarterly dividend increased by 3.7% to $.28 per share.
• Net income for Q4 2020 rose to $2,102,000, up 10.3% year-over-year.
• Total assets increased to $873.4 million, showing growth in the company’s financial position.
• Tangible book value per share increased to $21.23, up from $20.51.

Negative

• None.

Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.28 per share on the Company’s common stock. This represents an increase of 3.7% or $.01 per share from the previous dividend. The cash dividend will be payable on February 24, 2021 to stockholders of record on February 10, 2021.

Net income for the quarter ended December 31, 2020 was $2,102,000 or $.56 per diluted share compared to $1,906,000 or $.50 per diluted share for the same quarter last year.

President and Chief Executive Officer Brendan J. McGill stated, “Based on the solid financial results of the quarter and our belief that we are positioned for the future, we are pleased that we are able to create additional value for our stockholders by increasing the cash dividend to $.28 per share.

As we continue to navigate through the COVID-19 pandemic and the resulting economic conditions, the well-being of our customers, team members, stockholders and the communities we serve remains at the forefront. We have and will continue to meet our customers needs and support our communities by operating our branches in a safe and socially responsible manner.”

The Company’s assets totaled $873.4 million compared to $784.5 million a year ago, and stockholders’ tangible book value increased to $21.23 per share from $20.51 a year ago.

Harleysville Financial Corporation is traded on the OTCQX market under the symbol HARL (http://www.otcmarkets.com) and is the holding company for Harleysville Bank. Established in 1915, Harleysville Bank is a Pennsylvania chartered and federally insured 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.

This presentation may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005711/en/

FAQ

What is the latest dividend announced by Harleysville Financial Corporation (HARL)?

Harleysville Financial Corporation has declared a quarterly cash dividend of $.28 per share, which is a 3.7% increase from the previous dividend.

What was Harleysville Financial Corporation's net income for the fourth quarter of 2020?

The net income for the fourth quarter of 2020 was $2,102,000, or $.56 per diluted share.

When will the dividend for Harleysville Financial Corporation be paid?

The dividend will be payable on February 24, 2021, to stockholders of record as of February 10, 2021.

What were the total assets of Harleysville Financial Corporation as of December 31, 2020?

As of December 31, 2020, Harleysville Financial Corporation's total assets were $873.4 million.