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Harleysville National Corp. in Pennsylvania said second-quarter earnings fell by nearly 24% from a year earlier, to $7.1 million.
The $3.3 billion-asset company chalked up the results to higher funding costs and a rise in nonperforming assets. Harleysville said net interest income decreased 5.1%, and its net interest margin fell 22 basis points, to 2.82%, because deposit rates increased faster than loan rates. Nonperforming assets rose 21 basis points, to 0.57% of total loans.