Printer Friendly

EARNINGS, DIVIDENDS INCREASE AT HARLEYSVILLE NATIONAL CORPORATION

 HARLEYSVILLE, Pa., Jan. 13 /PRNewswire/ -- Harleysville National Corporation (NASDAQ-NMS: HNBC), parent of Harleysville National Bank and Trust Company and The Citizens National Bank of Lansford, today reported record earnings at Dec. 31, 1993, of $9,279,805 (including $300,000 for a cumulative effect of a change in accounting for income taxes), up from $7,809,409 a year earlier.
 This 18.8% increase in net income was accompanied by a 5.9% increase in total assets to $713,433,521. Primary earnings per share for the year increased to $1.79 from $1.52 the previous year, while fully diluted earnings per share increased to $1.73 compared with $1.47 a year ago.
 Fourth quarter primary earnings per share at $.42 were up 5.0% from $.40 in the comparable period last year. Fourth quarter fully diluted earnings per share at $.41 were up 5.1% from $.39 in the comparable period last year.
 Dividends on Harleysville National Corporation's common stock were also increased in the fourth quarter. A quarterly cash dividend of $.26 per share, a special cash dividend of $.01 per share, and a 2-for-1 stock split in the form of a 100% stock dividend were paid on Dec. 31, 1993. Total cash dividends for 1993 (prior to the adjustment for the stock dividend) were $1.03 per share.
 Nonperforming assets, including nonaccrual loans, restructured loans and other real estate owned were $4.1 million at Dec. 31, 1993, or .58% of total assets. At the same time last year, the nonperforming asset total was $3.3 million or .49% of total assets.
 Net charge-offs were $77,000 in the fourth quarter of 1993 compared with $75,000 in the fourth quarter of 1992. Net charge-offs for the year were $1,523,000 compared to $1,733,000 a year ago.
 The provision for loan losses was $718,000 in the fourth quarter of 1993 compared with $343,000 in the fourth quarter of 1992. The provision for loan losses for the year was $3,020,000 compared to $2,167,000 for 1992.
 The allowance for loan losses at Dec. 31, 1993, was $5,558,136 compared to $4,061,213 at Dec. 31, 1992. This results in a ratio of allowance to non-performing assets of 135.2% at Dec. 31, 1993, compared to a ratio of 123.4% at Dec. 31, 1992.
 Walter E. Daller Jr., president and CEO, Harleysville National Corporation, said, "We are very pleased with our performance in 1993 and are grateful for the support of our shareholders, customers and employees. As HNC heads into its 85th year and prepares for the addition of a third subsidiary, we will continue to be guided by the basics of community banking: listening to our customers, re-investing in the community, and an unfaltering commitment to asset quality."
 As previously announced, HNC entered into a definitive agreement to acquire all of the outstanding shares of common stock of Security National Bank, Pottstown, Pa. Under such agreement, HNC will issue approximately 265,780 shares of HNC common stock (as adjusted for the 100% stock dividend noted earlier) in exchange for all outstanding Security National common stock, subject to proportional adjustment in the event that the average closing price of HNC common stock exceeds $25 per share (as adjusted for the 100% stock dividend) during a 15 trading day period preceding the closing. As of Dec. 2, 1993, the date of the definitive agreement, the transaction was valued at approximately $5,315,000. Closing of the transaction is subject to the satisfaction of certain conditions, including regulatory approval and approval by Security National's shareholders. Closing is currently expected to occur in mid-1994.
 Harleysville National Corporation is a bank holding company with total assets in excess of $700 million. Harleysville National's wholly owned subsidiaries are Harleysville National Bank and Trust Company, which operates 15 branch offices in Montgomery and Bucks counties, and The Citizens National Bank of Lansford, which operates two branch offices in Carbon County, Pa. Harleysville National Corporation stock is traded over-the-counter on the NASDAQ National Market System under the symbol "HNBC."
 /delval/
 -0- 1/13/94
 /CONTACT: Walter E. Daller Jr., president and CEO of Harleysville National Corporation, 215-256-8851, ext. 201/
 (HNBC)


CO: Harleysville National Corporation ST: Pennsylvania IN: FIN SU: ERN DIV

MJ-MK -- PH014 -- 1044 01/13/94 11:34 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1994
Words:727
Previous Article:GTE DECLARES DIVIDEND OF 47 CENTS PER SHARE ON THE COMPANY'S COMMON STOCK.
Next Article:BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters