In table, in the Other Selected Consolidated Data section, percentages have changed under Six Months Ended: Mar 31, 2010 for the following rows:

Return on average assetsReturn on average equityInterest rate spreadNet yield on interest earning assetsOperating expenses to average assetsEfficiency ratio

The corrected release reads:

HARLEYSVILLE SAVINGS FINANCIAL CORPORATION ANNOUNCES DECLARATION OF REGULAR CASH DIVIDEND AND SECOND QUARTER EARNINGS FOR FISCAL YEAR 2010

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 which represents a 5.56% increase from the prior year. This is the 91st consecutive quarter that the Company has paid a cash dividend to its stockholders. The cash dividend will be payable on May 26, 2010 to stockholders of record on May 12, 2010.

Net income for the second quarter was $1,160,000 or $.32 per diluted share compared to $1,203,000 or $.33 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2010 amounted to $2,374,000 or $.65 per diluted share compared to $2,579,000 or $.72 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 said, “We are very pleased with the continued growth we are experiencing in our loans, deposits, and the tangible book value of the Company. With the recent opening of our seventh branch in the Souderton area, we are well positioned to provide a convenient community banking relationship for those customers wanting to deal with a locally operated, well-capitalized financial institution. Our team members have been working very hard to create value for all our stakeholders. These results reflect our discipline to preserve our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.”

The Company’s assets totaled $843.1 million compared to $813.7 million a year ago. Stockholders’ tangible book value increased 3.9% to $14.12 per share from $13.59 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, 2010
(Dollars in thousands except per share data)   Year-To-Date    

(Unaudited)
Six Months Ended: Three Months Ended:    
Selected Consolidated Earnings Data

Mar 31,2010
 

Mar 31,2009

Mar 31,2010
 

Dec 31,2009
 

Sept 30,2009
 

June 30,2009
 

Mar 31,2009
Total interest income $ 20,200 $ 21,230 $ 9,944 $ 10,256 $ 10,140 $ 9,973 $ 10,504
Total interest expense   11,294     12,688     5,425     5,869     6,070     6,128     6,147  
 
Net Interest Income 8,906 8,542 4,519 4,387 4,070 3,845 4,357
Provision for loan losses   300     200     150     150     110     90     100  
Net Interest Income after Provision for Loan Losses   8,606     8,342     4,369     4,237     3,960     3,755     4,257  
 
Impairment of equity securities - 449 - - - 449
Loss on sale of investments - 11 - - 14 - 11
Gain on sale of investments - 20 - - - - 20
Other income 960 934 458 502 531 460 463
FDIC insurance premiums 453 257 226 227 223 604 239
Total other expenses   5,847     5,315     3,004     2,843     2,617     2,510     2,580  
 
Income before income taxes 3,266 3,264 1,597 1,669 1,637 1,101 1,461
Income tax expense   892     685     437     455     355     245     258  
 
Net Income $ 2,374   $ 2,579   $ 1,160   $ 1,214   $ 1,282   $ 856   $ 1,203  
 
 
Per Common Share Data
Basic earnings $ 0.65 $ 0.72 $ 0.32 $ 0.33 $ 0.35 $ 0.24 $ 0.33
Diluted earnings $ 0.65 $ 0.72 $ 0.32 $ 0.33 $ 0.35 $ 0.24 $ 0.33
Dividends $ 0.38 $ 0.36 $ 0.19 $ 0.19 $ 0.19 $ 0.18 $ 0.18
Tangible book value $ 14.12 $ 13.59 $ 14.12 $ 13.96 $ 13.82 $ 13.66 $ 13.59
Shares outstanding 3,660,892 3,603,409 3,660,892 3,645,288 3,627,696 3,614,903 3,603,409
Average shares outstanding - basic 3,643,583 3,582,760 3,654,047 3,633,347 3,620,270 3,608,620 3,592,286
Average shares outstanding - diluted 3,658,087 3,592,571 3,670,280 3,646,284 3,643,409 3,622,751 3,600,292
 
 
 
Year-To-Date                  
Six Months Ended: Three Months Ended:

Other Selected Consolidated Data

Mar 31,2010

Mar 31,2009

Mar 31,2010

Dec 31,2009

Sept 30,2009

June 30,2009

Mar 31,2009

Return on average assets

0.57
% 0.63 % 0.55 % 0.58 % 0.62 % 0.42 % 0.59 %

Return on average equity

9.37
% 10.76 % 9.08 % 9.65 % 10.34 % 6.97 % 9.93 %

Interest rate spread

2.01
% 1.92 % 2.05 % 1.97 % 1.82 % 1.72 % 1.97 %

Net yield on interest earning assets

2.19
% 2.12 % 2.22 % 2.15 % 2.01 % 1.92 % 2.17 %

Operating expenses to average assets

1.50
% 1.35 % 1.54 % 1.47 % 1.37 % 1.52 % 1.37 %

Efficiency ratio

63.84
% 58.81 % 64.89 % 62.79 % 61.73 % 72.33 % 58.48 %

Ratio of non-performing loans to total assets at end of period
0.23 % 0.23 % 0.23 % 0.27 % 0.21 % 0.24 % 0.23 %
Loan loss reserve to total loans, net 0.45 % 0.45 % 0.45 % 0.43 % 0.42 % 0.47 % 0.45 %
Stockholders' equity to assets 6.13 % 6.02 % 6.13 % 6.06 % 6.04 % 5.98 % 6.02 %
 
                 
Selected Consolidated Financial Data

Mar 31,2010
 

Dec 31,2009
 

Sept 30,2009
 

June 30,2009
 

Mar 31,2009
Total assets $ 843,074 $ 839,894 $ 830,007 $ 825,151 $ 813,732
Consumer Loans receivable - net 437,122 440,287 439,044 428,897 433,397
Commercial Loans 74,373 63,433 59,347 54,201 49,974
Loan loss reserve 2,330 2,194 2,094 2,272 2,193
Cash & investment securities 134,884 132,212 121,364 120,291 92,224
Mortgage-backed securities 145,358 154,293 163,215 176,091 193,179
FHLB stock 16,096 16,096 16,096 16,096 16,096
Deposits 491,575 486,341 466,601 450,997 439,493
Advances 290,398 297,141 309,046 316,088 318,147
Total stockholders' equity 51,680 50,904 50,139 49,383 48,988

Copyright Business Wire 2010

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