[July 15, 2020]

Harleysville Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2020

Harleysville Financial Corporation (OTCQX:HARL) reported today that the Company's board of directors declared a regular quarterly cash dividend of $.27 per share on the Company's common stock. The cash dividend will be payable on August 12, 2020 to stockholders of record on July 29, 2020.

Net income for the third quarter was $1,611,000 or $.43 per diluted share compared to $1,964,000 or $.51 per diluted share for the same quarter last year.

Net income for the nine months ended June 30, 2020 amounted to $5,317,000 or $1.40 per diluted share compared to $6,230,000 or $1.63 per diluted share for the same nine-month period a year ago. Net income for the nine months ended June 30, 2019 included non-recurring gains on sale of $611,000 or a combined $.16 per diluted share for the nine months ended.

Brendan J. McGill, President and Chief Executive Officer of the Company, stated, "Our third quarter and our nine months ended were impacted by a lower interest rate environment and the COVID-19 pandemic. In response to the COVID-19 pandemic, we took unprecedented steps to protect our team members, our customers and the communities we serve. Our Pandemic Plan was activated and upon the passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Company implemented the Paycheck Protection Program (PPP) through the Small Business Administration (SBA). Other actions were taken to assist customers including offering loan deferral programs, enhancing mobile banking and instituting mortgage forbearance.

These are difficult times, and I am proud of the leadership of our team members. As we continue to face challenges and changes due to the COVID-19 pandemic, we believe the Company's strong balance sheet and our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management will provide a strong foundation while we navigate through these difficult and unprecedented times."

The Company's assets totaled $851.8 million compared to $795.0 million a year ago. Stockholders' tangible book value increased 3.9% to $20.76 per share from $19.98 a year ago.

Harleysville Financial Corporation is traded on the OTCQX market under the symbol HARL (http://www.otcmarkets.com) and is the holding company for Harleysville Bank. Established in 1915, Harleysville Bank is a Pennsylvania chartered and federally insured bank, headquartered in Harleysville, PA. The Bank operates from six full-service offices located in Montgomery County and one office located in Bucks County, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200715005765/en/

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