Harleysville Savings Financial Corporation (OTCQB:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.21 per share on the Company’s common stock. The cash dividend will be payable on November 20, 2013 to stockholders of record on November 6, 2013.
Net income for the twelve months ended September 30, 2013 amounted to $4,813,000 or $1.25 per diluted share compared to $5,053,000 or $1.33 per diluted share for the twelve months ended September 30, 2012.
Net income for the fourth quarter of fiscal year 2013 amounted to $1,147,000 or $.30 per diluted share compared to $1,156,000 or $.30 per diluted share for the fourth quarter of fiscal year 2012.
Ron Geib, President and Chief Executive Officer of the Company, stated, “Again this year, we ended our fiscal year with solid financial results in spite of continued economic uncertainty, increased regulatory burden, low demand for loans and pressure on interest margins. Our credit quality remains high, we continue to focus on controlling expenses and the liabilities on our balance sheet continue to experience a shift from certificate of deposits to an increase in core transaction accounts. Between the improved strength of the balance sheet and the work ethic of our highly engaged team members, we are looking forward to continuing to create value for our stakeholders this coming year.”
The Company’s assets totaled $810.4 million compared to $802.6 million a year ago. Stockholders’ book value increased 2.65% to $16.27 per share from $15.85 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 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.
| Harleysville Savings Financial Corporation | |||||||||||||||||||||||||||||
| Selected Consolidated Financial Data as of September 30, 2013 | |||||||||||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | ||||||||||||||||||||||||||||
(Unaudited) | Twelve Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
| Selected Consolidated Earnings Data | Sept 30, |
Sept 30, | Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, | ||||||||||||||||||||||
| Total interest income | $ | 30,587 | $ | 34,533 | $ | 7,471 | $ | 7,440 | $ | 7,669 | $ | 8,007 | $ | 8,194 | |||||||||||||||
| Total interest expense | 12,527 | 15,095 | 2,967 | 3,013 | 3,170 | 3,377 | 3,483 | ||||||||||||||||||||||
| Net Interest Income | 18,060 | 19,438 | 4,504 | 4,427 | 4,499 | 4,630 | 4,711 | ||||||||||||||||||||||
| Provision for loan losses | 890 | 930 | 240 | 210 | 185 | 255 | 170 | ||||||||||||||||||||||
| Net Interest Income after Provision for Loan Losses | 17,170 | 18,508 | 4,264 | 4,217 | 4,314 | 4,375 | 4,541 | ||||||||||||||||||||||
| Gain on sale of investments | 68 | 34 | - | 68 | - | - | - | ||||||||||||||||||||||
| Gain on sales of loans | 624 | 34 | 32 | 77 | 261 | 254 | 34 | ||||||||||||||||||||||
| Bank owned life insurance | 437 | 486 | 109 | 104 | 118 | 106 | 122 | ||||||||||||||||||||||
| Other income | 1,855 | 1,616 | 486 | 445 | 475 | 449 | 382 | ||||||||||||||||||||||
| Total other expenses | 12,982 | 13,488 | 3,273 | 3,186 | 3,267 | 3,256 | 3,392 | ||||||||||||||||||||||
| Income before income taxes | 7,172 | 7,190 | 1,618 | 1,725 | 1,901 | 1,928 | 1,687 | ||||||||||||||||||||||
| Income tax expense | 2,359 | 2,137 | 471 | 562 | 699 | 627 | 531 | ||||||||||||||||||||||
| Net Income | $ | 4,813 | $ | 5,053 | $ | 1,147 | $ | 1,163 | $ | 1,202 | $ | 1,301 | $ | 1,156 | |||||||||||||||
| Per Common Share Data | |||||||||||||||||||||||||||||
| Basic earnings | $ | 1.28 | $ | 1.35 | $ | 0.30 | $ | 0.31 | $ | 0.32 | $ | 0.35 | $ | 0.31 | |||||||||||||||
| Diluted earnings | $ | 1.25 | $ | 1.33 | $ | 0.30 | $ | 0.30 | $ | 0.31 | $ | 0.34 | $ | 0.30 | |||||||||||||||
| Dividends | $ | 0.83 | $ | 0.78 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | |||||||||||||||
| Tangible book value | $ | 16.27 | $ | 15.85 | $ | 16.27 | $ | 16.17 | $ | 16.12 | $ | 15.99 | $ | 15.85 | |||||||||||||||
| Shares outstanding | 3,786,627 | 3,768,931 | 3,786,627 | 3,781,917 | 3,774,147 | 3,779,969 | 3,768,931 | ||||||||||||||||||||||
| Average shares outstanding - basic | 3,774,419 | 3,747,729 | 3,783,441 | 3,778,626 | 3,768,825 | 3,766,963 | 3,752,764 | ||||||||||||||||||||||
| Average shares outstanding - diluted | 3,863,016 | 3,811,447 | 3,884,851 | 3,894,556 | 3,842,381 | 3,836,023 | 3,834,826 | ||||||||||||||||||||||
| Year-To-Date | |||||||||||||||||||||||||||||
| Twelve Months Ended: | Three Months Ended: | ||||||||||||||||||||||||||||
| Other Selected Consolidated Data | Sept 30, |
Sept 30, | Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, | ||||||||||||||||||||||
| Return on average assets | 0.60 | % | 0.61 | % | 0.57 | % | 0.58 | % | 0.60 | % | 0.65 | % | 0.57 | % | |||||||||||||||
| Return on average equity | 7.96 | % | 8.69 | % | 7.50 | % | 7.66 | % | 7.97 | % | 8.71 | % | 7.83 | % | |||||||||||||||
| Net interest rate spread | 2.14 | % | 2.26 | % | 2.12 | % | 2.10 | % | 2.14 | % | 2.20 | % | 2.23 | % | |||||||||||||||
| Net yield on interest earning assets | 2.32 | % | 2.42 | % | 2.30 | % | 2.28 | % | 2.31 | % | 2.37 | % | 2.40 | % | |||||||||||||||
| Operating expenses to average assets | 1.62 | % | 1.64 | % | 1.62 | % | 1.60 | % | 1.64 | % | 1.62 | % | 1.68 | % | |||||||||||||||
| Efficiency ratio | 63.79 | % | 62.70 | % | 64.17 | % | 64.04 | % | 64.17 | % | 62.80 | % | 65.04 | % | |||||||||||||||
| Ratio of non-performing loans to total | |||||||||||||||||||||||||||||
| assets at end of period | 1.58 | % | 1.85 | % | 1.58 | % | 1.68 | % | 1.96 | % | 1.95 | % | 1.85 | % | |||||||||||||||
| Loan loss reserve to total loans, net | 0.70 | % | 0.81 | % | 0.70 | % | 0.78 | % | 0.90 | % | 0.85 | % | 0.81 | % | |||||||||||||||
| Stockholders' equity to assets | 7.60 | % | 7.44 | % | 7.60 | % | 7.68 | % | 7.56 | % | 7.53 | % | 7.44 | % | |||||||||||||||
| Selected Consolidated Financial Data | Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, | ||||||||||||||||||||||||
| Total assets | $ | 810,363 | $ | 796,628 | $ | 804,421 | $ | 802,890 | $ | 802,626 | |||||||||||||||||||
| Consumer Loans receivable | 359,573 | 362,581 | 372,956 | 378,865 | 394,634 | ||||||||||||||||||||||||
| Commercial Loans receivable | 120,091 | 115,945 | 110,525 | 106,029 | 103,765 | ||||||||||||||||||||||||
| Loan loss reserve | (3,345 | ) | (3,732 | ) | (4,318 | ) | (4,135 | ) | (4,032 | ) | |||||||||||||||||||
| Total Loans receivable net | 476,319 | 474,794 | 479,163 | 480,759 | 494,367 | ||||||||||||||||||||||||
| Total Loans held for sale | 373 | 629 | 356 | 5,620 | 3,515 | ||||||||||||||||||||||||
| Cash & investment securities | 81,393 | 74,237 | 92,132 | 114,789 | 99,582 | ||||||||||||||||||||||||
| Mortgage-backed securities | 213,626 | 207,984 | 192,824 | 161,906 | 162,710 | ||||||||||||||||||||||||
| Total Investments | 295,019 | 282,221 | 284,956 | 276,695 | 262,292 | ||||||||||||||||||||||||
| FHLB stock | 9,070 | 8,514 | 8,802 | 8,834 | 10,165 | ||||||||||||||||||||||||
| Checking accounts | 114,058 | 120,386 | 113,795 | 108,408 | 101,033 | ||||||||||||||||||||||||
| Savings accounts | 175,910 | 173,004 | 171,443 | 162,887 | 162,719 | ||||||||||||||||||||||||
| Certificate of deposit accounts | 248,225 | 256,899 | 263,849 | 272,292 | 279,171 | ||||||||||||||||||||||||
| Total Deposits | 538,193 | 550,289 | 549,077 | 543,587 | 542,923 | ||||||||||||||||||||||||
| Advances | 204,583 | 175,203 | 185,317 | 191,287 | 192,483 | ||||||||||||||||||||||||
| Total stockholders' equity | 61,617 | 61,156 | 60,830 | 60,435 | 59,736 | ||||||||||||||||||||||||
Contacts:
Brendan J. McGill
Executive
Vice President COO/CFO
215-256-8828
