HARLEYSVILLE, PA — Harleysville Financial Corporation (OTCQX: HARL) has announced a regular quarterly cash dividend of $0.31 per share on its common stock, payable on November 13, 2024, to shareholders of record as of October 30, 2024.
For the fiscal year ending September 30, 2024, the company reported a net income of $8.86 million, or $2.43 per diluted share, a decrease from $12.22 million, or $3.29 per diluted share, reported in the previous year. In the fourth quarter alone, net income was $2.05 million, or $0.56 per diluted share, down from $3.02 million, or $0.82 per diluted share, in the same quarter of the prior year.
President and CEO Brendan J. McGill expressed satisfaction with the company’s performance, noting, “We are pleased to report solid earnings for the fiscal year 2024 of $8,860,000; despite the margin compression the banking industry experienced over the year.” McGill highlighted the company’s strong balance sheet, attributed to growth in loans, increased deposit accounts, and improved asset quality, despite challenges faced throughout the year.
As the financial environment shifts towards lower interest rates, McGill emphasized the importance of strategic pricing for loan and deposit products to maintain competitiveness in the market. He praised the dedication of the company’s team members, whose efforts uphold the firm’s principles of prudent underwriting, high credit quality investments, controlled expenses, and sound capital management.
The corporation’s assets reached $863.0 million, marking an increase from $842.3 million the previous year, while the stockholders’ book value saw a slight rise to $23.83 per share from $23.76. This financial report reflects Harleysville Financial Corporation’s ongoing efforts to stability and growth amid a challenging economic landscape.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.