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|
|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|
|Per Common Share Data|
|Tangible book value||$||14.63||$||14.47||$||14.30||$||14.12||$||13.96|
|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%|
|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|
|Consumer Loans receivable - net||419,567||430,303||440,266||437,122||440,287|
|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|
|Certificate of deposit accounts||316,550||317,370||312,627||308,519||325,715|
|Total stockholders' equity||54,205||53,351||52,488||51,680||50,904|
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