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Harleysville Savings Financial Corporation Announces Declaration Of Regular Cash Dividend And Earnings For The First Fiscal Quarter 2011

Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Company’s Board of Directors declared a regular quarterly cash dividend of $.19 per share on the Company’s common stock. This is the 94th consecutive quarter that the Company has paid a cash dividend to its stockholders. The cash dividend will be payable on February 23, 2011 to stockholders of record on February 9, 2011.

Net income for the quarter ended December 31, 2010 was $1,216,000 or $.33 per diluted share compared to $1,214,000 or $.33 per diluted share for the same quarter last year.

Ron Geib, President and Chief Executive Officer of the Company, commented “We continue to be pleased with our financial results despite the current economic conditions our country is continuing to encounter. We are also pleased with the growth that we have seen in our transactional deposit accounts and our commercial loan balances. We believe the current level of our allowance for credit losses is adequate and we continue to maintain a strong capital position in excess of the well-capitalized regulatory guidelines.”

The Company’s assets totaled $856.7 million compared to $839.9 million a year ago and stockholders’ tangible book value increased to $14.63 per share from $13.96 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. 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.

           
Harleysville Savings Financial Corporation
Selected Consolidated Financial Data as of December 31, 2010
(Dollars in thousands except per share data)                  
(Unaudited) Three Months Ended
 
Selected Consolidated Earnings Data

Dec 31,

2010

 

Sept 30,

2010

June 30,

2010

Mar 31,

2010

Dec 31,

2009

Total interest income $ 9,430 $ 9,867 $ 9,951 $ 9,944 $ 10,256
Total interest expense   4,975   5,163   5,290   5,425   5,869
 
Net Interest Income 4,455 4,704 4,661 4,519 4,387
Provision for loan losses   150   150   150   150   150
 
Net Interest Income after Provision for Loan Losses   4,305   4,554   4,511   4,369   4,237
 
Other income 501 519 508 458 502
FDIC insurance premiums 226 224 229 226 227
Total other expenses   2,935   2,973   2,976   3,004   2,843
 
Income before Income Taxes 1,645 1,876 1,814 1,597 1,669
Income tax expense   429   556   500   437   455
 
Net Income $ 1,216 $ 1,320 $ 1,314 $ 1,160 $ 1,214
 
 
Per Common Share Data
Basic earnings $ 0.33 $ 0.36 $ 0.36 $ 0.32 $ 0.33
Diluted earnings $ 0.33 $ 0.35 $ 0.36 $ 0.32 $ 0.33
Dividends $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19
Tangible book value $ 14.63 $ 14.47 $ 14.30 $ 14.12 $ 13.96
Shares outstanding 3,704,940 3,687,409 3,670,083 3,660,892 3,645,288
Average shares outstanding - basic 3,693,373 3,678,492 3,665,786 3,654,047 3,633,347
Average shares outstanding - diluted 3,731,203 3,722,324 3,698,977 3,670,280 3,646,284
 
 
 
 
Three Months Ended
Other Selected Consolidated Data

Dec 31,

2010

Sept 30,

2010

June 30,

2010

Mar 31,

2010

Dec 31,

2009

Return on average assets 0.57% 0.61% 0.61% 0.55% 0.58%
Return on average equity 9.08% 10.01% 10.12% 9.08% 9.65%
Net interest income rate spread 1.98% 2.07% 2.07% 2.05% 1.97%
Net yield on interest earning assets 2.14% 2.24% 2.24% 2.22% 2.15%
Operating expenses to average assets 1.48% 1.48% 1.50% 1.54% 1.47%
Efficiency ratio 63.78% 61.22% 62.00% 64.89% 62.79%

Ratio of non-performing assets to total assets at end of period

0.39% 0.30% 0.28% 0.23% 0.27%
Loan loss reserve to total loans, net 0.51% 0.48% 0.47% 0.45% 0.43%
Stockholders' equity to assets 6.33% 6.22% 6.05% 6.13% 6.06%
 
         
Selected Consolidated Financial Data

Dec 31,

2010

Sept 30,

2010

June 30,

2010

Mar 31,

2010

Dec 31,

2009

Total assets $ 856,681 $ 857,140 $ 867,109 $ 843,074 $ 839,894
Consumer Loans receivable - net 419,567 430,303 440,266 437,122 440,287
Commercial Loans 85,220 79,791 75,543 74,373 63,433
Loan loss reserve 2,639 2,504 2,437 2,330 2,194
Cash & investment securities 176,274 166,063 157,904 134,884 132,212
Mortgage-backed securities 127,188 131,628 144,211 145,358 154,293
FHLB stock 15,291 16,096 16,096 16,096 16,096

Checking accounts

80,426 70,912 74,029 68,181 65,413
Savings account 134,671 139,818 136,114 114,875 95,213
Certificate of deposit accounts 316,550 317,370 312,627 308,519 325,715
Total Deposits 531,647 528,100 522,770 491,575 486,341
Advances 265,347 272,047 283,730 290,398 297,141
Total stockholders' equity 54,205 53,351 52,488 51,680 50,904
 




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