Printer Friendly

HARLEYSVILLE NATIONAL CORPORATION POSTS PROFITS FOR THIRD QUARTER

 HARLEYSVILLE, Pa., Oct. 14 /PRNewswire/ -- Harleysville National Corporation (NASDAQ: HNBC), parent of Harleysville National Bank and Trust Company and The Citizens National Bank of Lansford, today reported third quarter 1993 earnings of $2,227,340, a 16.8 percent increase compared with $1,907,257 a year ago.
 Net income for the first nine months of 1993, prior to the cumulative effect of a change in accounting for income taxes, was $6,788,255, an 18.4 percent increase over the $5,733,421 for the comparable period in 1992. Due to this change in accounting for income taxes, the first nine months' earnings for 1993 were increased by $300,000 to a total of $7,088,255. The company's consolidated total assets were $690,303,782 at Sept. 30, 1993. This was 7.8 percent above the Sept. 30, 1992, level of $640,303,283.
 "We are pleased with our performance thus far in '93 and foresee a solid fourth quarter," Walter E. Daller Jr., president and CEO, Harleysville National Corporation, said. "Despite the sluggish economy, our strategy of `sticking to the basics' has kept us on target or ahead of most of our goals," Daller added.
 Earnings Per Share
 For the three months ended Sept. 30, 1993, primary earnings per share at $.86 were up 16.2 percent from $.74 in the comparable period last year. Fully diluted earnings per share at $.83 were up 16.9 percent from $.71 at Sept. 30, 1992. For the first nine months of 1993, before the cumulative effect of a change in accounting for income taxes, primary earnings per share at $2.63 were up 17.9 percent from $2.23 in the comparable period last year. Fully diluted earnings per share at $2.54 were up 18.1 percent from $2.15 at Sept. 30, 1992. After the change in accounting for income taxes, primary earnings per share for the first nine months of 1993 were $2.74 and the fully diluted earnings per share were $2.66.
 Asset Quality
 Nonperforming assets, including nonaccrual loans, restructured loans and other real estate owned were $4.3 million at Sept. 30, 1993, or .62 percent of total assets. At the same time last year, the nonperforming asset total was $3.8 million, or .59 percent of total assets.
 Net charge-offs were $672,000 in the third quarter of 1993 compared with $175,000 in the third quarter of 1992. Net charge-offs were $1,446,000 and $1,658,000 for the first nine months of 1993 and 1992, respectively.
 The provision for loan losses was $718,000 in the third quarter of 1993 compared with $180,000 in the third quarter of 1992. For the first nine months of 1993 and 1992, the provision for loan losses was $2,303,000 and $1,824,000, respectively.
 The allowance for loan losses at Sept. 30, 1993, was $4,917,294 compared to $3,792,981 at Sept. 30, 1992. This results in a ratio of allowance to non-performing assets of 114.6 at Sept. 30, 1993, compared to a ratio of 100.9 percent at Sept. 30, 1992.
 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.
 /delval/
 -0- 10/14/93
 /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

MK-LJ -- PH027 -- 2344 10/14/93 14:48 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1993
Words:603
Previous Article:CAPSTEAD MORTGAGE CORPORATION ANNOUNCES INCREASED EARNINGS
Next Article:FIRST NATIONAL BANK CORP. BOARD DECLARES 4-FOR-3 STOCK SPLIT
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters