Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.30 per share on the Company’s common stock. The cash dividend will be payable on November 15, 2023 to stockholders of record on November 1, 2023.

Net income for the twelve months ended September 30, 2023 amounted to $12,223,000 or $3.29 per diluted share compared to $8,790,000 or $2.34 per diluted share for the twelve months ended September 30, 2022.

Net income for the fourth quarter of fiscal year 2023 amounted to $3,018,000 or $.82 per diluted share compared to $2,892,000 or $.77 per diluted share for the fourth quarter of fiscal year 2022. Due to a decrease in qualitative factors in the Allowance for Credit Losses calculation, there was a reduction in our provision for loan losses of $595,000 included in our twelve months and three months ended September 30, 2023.

Commenting on the year-end operating results, President and Chief Executive Officer Brendan J. McGill said, “We are pleased to report record earnings for the fiscal year 2023 of $12,223,000, which represents a 39% increase over prior year.

We continued to generate strong earnings in the fourth quarter of fiscal 2023, despite seeing margin compression due to cost of funding increasing on deposits as well as borrowings. We anticipate additional margin compression in the coming fiscal year. We feel our balance sheet is strong. We are being intentional when it comes to pricing our loan and deposit products while still providing our customers with competitive rates, they have come to expect from us. We will continue to navigate the uncertain economic environment adhering to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.”

The Company’s assets totaled $842.3 million compared to $912.1 million a year ago. Stockholders’ book value increased 4.16% to $23.76 per share from $22.81 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 full-service 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.

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