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Harleysville National Q4 earnings down

Harleysville National has reported a net income of $3.8m

Harleysville National, the parent bank holding company of Harleysville National Bank and Trust, has reported a net income of $3.8 million, or $0.11 per diluted share, for the fourth quarter of 2008, compared to $6.2 million, or $0.20 per diluted share, for the fourth quarter of 2007.

Net interest income on a tax equivalent basis in the fourth quarter of 2008 increased 36% to $29.45 million from $21.58 million for the same period in 2007. The net interest margin for the fourth quarter at 3.16% was up 40 basis points from 2.76% for the fourth quarter of 2007.

For the year ended December 31, 2008, net income was $25.1 million, or $0.78 per diluted share, compared to $26.6 million, or $0.90 per diluted share, for the year 2007. Net interest income for the year 2008 was $104.14 million, as compared to $82.43 million for the year 2007. The net interest margin for the year ended December 31, 2008 was 3.04%, compared to 2.82% for the year 2007.

Total assets were $5.5 billion at December 31, 2008, an increase of 40.7% over $3.9 billion at December 31, 2007. Loans increased approximately $1.2 billion and deposits grew $1 billion from the prior year.