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Harleysville Savings Financial Corporation Announces Declaration Of Regular Cash Dividend And Second Quarter Earnings For Fiscal Year 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 95th consecutive quarter that the Company has paid a cash dividend to its stockholders. The cash dividend will be payable on May 25, 2011 to stockholders of record on May 11, 2011.

Net income for the second quarter was $1,094,000 or $.29 per diluted share compared to $1,160,000 or $.32 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2011 amounted to $2,310,000 or $.62 per diluted share compared to $2,374,000 or $.65 per diluted share for the same six-month period a year ago.

Commenting on the quarter-end operating results, President and Chief Executive Officer Ron Geib stated, "We are pleased that we experienced another solid quarter in what continues to be a difficult economic environment. We look forward to our continued reduction in our interest expense due to the Federal Home Loan Bank advances maturing over the next several quarters. At the same time, we continue to realize the benefits of growing our local account relationships and appreciate the confidence and trust that our customers have in doing business with us."

The Company’s assets totaled $856.5 million compared to $843.1 million a year ago. Stockholders’ tangible book value increased 4.4% to $14.74 per share from $14.12 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 central 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 March 31, 2011
 
(Dollars in thousands except per share data)   Year-To-Date    

(Unaudited)
Six Months Ended: Three Months Ended:
         
Mar 31, Mar 31, Mar 31, Dec 31, Sept 30, June 30, Mar 31,
Selected Consolidated Earnings Data 2011 2010 2011 2010   2010   2010   2010
Total interest income $ 18,722 $ 20,200 $ 9,291 $ 9,430 $ 9,867 $ 9,951 $ 9,944
Total interest expense   9,739     11,294     4,764     4,975     5,163     5,290     5,425  
 
Net Interest Income 8,983 8,906 4,527 4,455 4,704 4,661 4,519
Provision for loan losses   325     300     175     150     150     150     150  
Net Interest Income after Provision for Loan Losses   8,658     8,606     4,352     4,305     4,554     4,511     4,369  
 
Other income 933 960 432 501 519 508 458
FDIC insurance premiums 490 453 263 226 224 229 226
Total other expenses   6,012     5,847     3,077     2,935     2,973     2,976     3,004  
 
Income before income taxes 3,089 3,266 1,444 1,645 1,876 1,814 1,597
Income tax expense   779     892     350     429     556     500     437  
 
Net Income $ 2,310   $ 2,374   $ 1,094   $ 1,216   $ 1,320   $ 1,314   $ 1,160  
 
 
Per Common Share Data
Basic earnings $ 0.62 $ 0.65 $ 0.29 $ 0.33 $ 0.36 $ 0.36 $ 0.32
Diluted earnings $ 0.62 $ 0.65 $ 0.29 $ 0.33 $ 0.35 $ 0.36 $ 0.32
Dividends $ 0.38 $ 0.38 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19
Tangible book value $ 14.74 $ 14.12 $ 14.74 $ 14.63 $ 14.47 $ 14.30 $ 14.12
Shares outstanding 3,731,574 3,660,892 3,731,574 3,704,940 3,687,409 3,670,083 3,660,892
Average shares outstanding - basic 3,708,140 3,643,583 3,723,236 3,693,373 3,678,492 3,665,786 3,654,047
Average shares outstanding - diluted 3,741,864 3,658,087 3,758,260 3,731,203 3,722,324 3,698,977 3,670,280
 
 
 
Year-To-Date  
Six Months Ended: Three Months Ended:
Mar 31, Mar 31, Mar 31, Dec 31, Sept 30, June 30, Mar 31,
Other Selected Consolidated Data 2011 2010 2011 2010 2010 2010 2010
Return on average assets 0.54 % 0.57 % 0.51 % 0.57 % 0.61 % 0.61 % 0.55 %
Return on average equity 8.55 % 9.37 % 8.03 % 9.08 % 10.01 % 10.12 % 9.08 %
Net interest income rate spread 2.00 % 2.01 % 2.01 % 1.98 % 2.07 % 2.07 % 2.05 %
Net yield on interest earning assets 2.16 % 2.19 % 2.17 % 2.14 % 2.24 % 2.24 % 2.22 %
Operating expenses to average assets 1.52 % 1.50 % 1.56 % 1.48 % 1.48 % 1.50 % 1.54 %
Efficiency ratio 65.57 % 63.84 % 67.36 % 63.78 % 61.22 % 62.00 % 64.89 %

Ratio of non-performing loans to total assets at end of period
0.42 % 0.23 % 0.42 % 0.39 % 0.30 % 0.28 % 0.23 %
Loan loss reserve to total loans, net 0.55 % 0.45 % 0.55 % 0.51 % 0.48 % 0.47 % 0.45 %
Stockholders' equity to assets 6.42 % 6.13 % 6.42 % 6.33 % 6.22 % 6.05 % 6.13 %
 
                                     
Mar 31, Dec 31, Sept 30, June 30, Mar 31,
Selected Consolidated Financial Data 2011   2010   2010   2010   2010
Total assets $ 856,478 $ 856,681 $ 857,140 $ 867,109 $ 843,074
Consumer Loans receivable - net 415,534 418,736 429,462 439,419 436,270
Commercial Loans 85,646 86,051 80,631 76,389 75,224
Loan loss reserve 2,795 2,639 2,504 2,437 2,330
Cash & investment securities 161,878 176,274 166,063 157,904 134,884
Mortgage-backed securities 144,686 127,188 131,628 144,211 145,358
FHLB stock 14,526 15,291 16,096 16,096 16,096
Checking accounts 81,698 80,426 70,912 74,029 68,181
Savings accounts 138,228 134,671 139,818 136,114 114,875
Certificate of deposit accounts 311,346 316,550 317,370 312,627 308,519
Total Deposits 531,272 531,647 528,100 522,770 491,575
Advances 263,632 265,347 272,047 283,730 290,398
Total stockholders' equity 55,009 54,205 53,351 52,488 51,680
 

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