Harleysville Posts Record Q3 Earnings

Pennsylvania-based Harleysville National Corporation announced third quarter 2003 diluted earnings per share of $.36, a 5.9 percent increase over the $.34 earned during the third quarter of 2002 and a record for the company’s quarterly statements.

“Basic earnings per share at $.37 were up 5.7% from $.35 in the third quarter of 2002,” said the bulletin. “For the first nine months of 2003, diluted earnings per share of $1.07 were up 7.0% from $1.00 in the comparable period last year. Basic earnings per share of $1.11 for the first nine months of 2003 were 7.8% higher than the $1.03 year-to-date September 30, 2002.

“Third quarter 2003 net income of $8,795,000 represented a 4.5% increase over third quarter 2002 net income of $8,413,000. Net income for the first nine months of 2003 was $26,361,000 a 7.1% increase over the $24,604,000 for the comparable period in 2002. This continues the company’s 28 consecutive years of record earnings.”

Chairman, President and CEO Walter Daller, Jr. noted, “We view this solid earnings report as a real accomplishment, considering the difficult economy in which we have been operating for some time now. In addition to the record earnings this quarter, we were pleased to have paid a 25% common stock dividend and increased our regular cash dividend by 17%, as well.”