HSFC, which is the holding company for Harleysville Savings Bank, reported income for the quarter ended December 31 of $1,374,000 or $0.36 per diluted share.
This is a significant increase over the same quarter last year which had income of $1,274,000 or $0.34 per diluted share.
The company’s assets totaled $757.3 million, which is a slight decrease compared to the $773.7 million a year ago. However, the stockholders’ tangible book value went up to $17.94 per share compared to $17.35 a year ago.
“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 $.22 per share,” said CEO, Ron Geib.
He added that the company will keep its focus on increasing its core deposit relationships, as well as 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,” he noted.