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Harleysville Savings Financial Corporation Announces Regular Cash Dividend And Earnings For The First Fiscal Quarter 2014

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 February 19, 2014 to stockholders of record on February 5, 2014.

Net income for the quarter ended December 31, 2013 was $1,302,000 or $.34 per diluted share compared to $1,301,000 or $.34 per diluted share for the same quarter last year.

Ron Geib, President and Chief Executive Officer of the Company, stated, “We are pleased to begin a new fiscal year with solid financial results which have been achieved by adhering to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.

“We are very pleased with our growth in transaction relationships, commercial relationships and our tangible book value. Our team works hard providing financial products and services as we help to strengthen the communities we serve.”

The Company’s assets totaled $809.3 million compared to $802.9 million a year ago, and stockholders’ tangible book value increased to $16.41 per share from $15.99 a year ago.

Harleysville Savings Financial Corporation is traded on the OTCQB market under the symbol HARL ( http://www.otcmarkets.com) and 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, 2013

 

(Dollars in thousands except per share data)

                 

(Unaudited)

Three Months Ended:
       

Selected Consolidated Earnings Data

Dec 31, 2013

Sept 30,2013

Jun 30,2013

Mar 31,2013

Dec 31,2012

Total interest income $ 7,343 $ 7,471 $ 7,440 $ 7,669 $ 8,007
Total interest expense   2,888     2,967     3,013     3,170     3,377  
 
Net Interest Income 4,455 4,504 4,427 4,499 4,630
Provision for loan losses   250     240     210     185     255  
Net Interest Income after Provision for Loan Losses   4,205     4,264     4,217     4,314     4,375  
 
Gain on sale of investments 304 - 68 - -
Gain on sales of loans - 32 77 261 254
Bank owned life insurance 110 109 104 118 106
Other income 487 486 445 475 449
Total other expenses   3,257     3,273     3,186     3,267     3,256  
 
Income before income taxes 1,849 1,618 1,725 1,901 1,928
Income tax expense   547     471     562     699     627  
 
Net Income $ 1,302   $ 1,147   $ 1,163   $ 1,202   $ 1,301  
 
 
Per Common Share Data
Basic earnings $ 0.34 $ 0.30 $ 0.31 $ 0.32 $ 0.35
Diluted earnings $ 0.34 $ 0.30 $ 0.30 $ 0.31 $ 0.34
Dividends $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.20
Tangible book value $ 16.41 $ 16.27 $ 16.17 $ 16.12 $ 15.99
Shares outstanding 3,797,231 3,786,627

3,781,917

3,774,147 3,779,969
Average shares outstanding - basic 3,790,460 3,783,441

3,778,626

3,768,825 3,766,963
Average shares outstanding - diluted 3,872,464 3,884,851

3,894,556

3,842,381 3,836,023
 
 
 
                 
Three Months Ended:
Other Selected Consolidated Data

Dec 31, 2013

Sept 30,2013

Jun 30,2013

Mar 31,2013

Dec 31,2012

Return on average assets 0.65 % 0.57 % 0.58 % 0.60 % 0.65 %
Return on average equity 8.43 % 7.50 % 7.66 % 7.97 % 8.71 %
Net interest rate spread 2.10 % 2.12 % 2.10 % 2.14 % 2.20 %
Net yield on interest earning assets 2.27 % 2.30 % 2.28 % 2.31 % 2.37 %
Operating expenses to average assets 1.61 % 1.62 % 1.60 % 1.64 % 1.62 %
Efficiency ratio 64.47 % 64.17 % 64.04 % 64.17 % 62.80 %

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

1.64 % 1.58 % 1.68 % 1.96 % 1.95 %
Loan loss reserve to total loans, net 0.74 % 0.70 % 0.78 % 0.90 % 0.85 %
Stockholders' equity to assets 7.70 % 7.60 % 7.68 % 7.56 % 7.53 %
 
                 
Selected Consolidated Financial Data

Dec 31, 2013

 

Sept 30,2013

 

Jun 30,2013

 

Mar 31,2013

 

Dec 31,2012

Total assets $ 809,273 $ 810,363 $ 796,628 $ 804,421 $ 802,890
Cash & investment securities 81,996 81,394 74,237 92,132 114,789

Mortgage-backed securities

206,365 213,625 207,984 192,824 161,906
Total Investments 288,361 295,019 282,221 284,956 276,695
Consumer Loans receivable 362,604 359,573 362,581 372,956 378,865
Commercial Loans receivable 122,756 120,091 115,945 110,525 106,029
Loan loss reserve (3,567 ) (3,345 ) (3,732 ) (4,318 ) (4,135 )
Total Loans receivable net 481,793 476,319 474,794 479,163 480,759
Total Loans held for sale 371 373 629 356 5,620
FHLB stock 9,040 9,070 8,514 8,802 8,834
Checking accounts 112,329 110,583 114,804 111,115 104,934
Savings accounts 176,842 175,910 173,004 171,433 162,887
Certificate of deposit accounts 237,844 248,225 256,899 263,849 272,292
Total Deposits 527,015 534,718 544,707 546,397 540,113
Advances 212,160 208,058 180,785 187,997 194,761
Total stockholders' equity 62,302 61,617 61,156 60,830 60,435
 




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