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Harleysville Savings Financial Corporation Announces Increased First Quarter Earnings for Fiscal Year 2009

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^{Published in Business and Finance on Wednesday, January 21st 2009 at 7:44 GMT, Last Modified on 2009-01-21 07:45:37 by Market Wire}  

HARLEYSVILLE, Pa.--([ BUSINESS WIRE ])--Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that net income for the quarter ended December 31, 2008 was $1,375,000 or $.38 per diluted share compared to $801,000 or $.21 per diluted share for the same quarter last year.

Ron Geib, President and Chief Executive Officer of the Company, commented "We are pleased to be reporting a quarter of strong earnings growth. Despite the difficult economic times our country is currently facing, Harleysville Savings operates in a geographic area where real estate values and employment have remained relatively stable. These conditions along with remaining true to our fundamental operating principles of maintaining prudent underwriting standards and investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management, have allowed the Company to be well positioned for the uncertainties of 2009."

The Company's assets totaled $824.3 million compared to $791.9 million a year ago. Stockholders' book value increased to $13.41 per share from $12.67 a year ago.

Harleysville Savings Financial Corporation is the holding company for Harleysville Savings Bank. Established in 1915, Harleysville Savings Bank is a Pennsylvania chartered and federally insured savings bank. Headquartered in Harleysville, PA. Harleysville is located in central Montgomery County, which has the third largest population base and the second highest per capita income in the state of 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.