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. The cash dividend will be payable on August 25, 2010 to stockholders of record on August 11, 2010.

Net income for the third quarter was $1,314,000 or $.36 per diluted share, compared to $856,000 or $.24 per diluted share after the $287,000 or $.08 per diluted share after tax adjustment due to the FDIC special assessment for the same quarter last year.

Net income for the nine months ended June 30, 2010 amounted to $3,688,000 or $1.01 per diluted share compared to $3,435,000 or $.95 per diluted share, after the $287,000 or $.08 per diluted share after tax adjustment due to the FDIC special assessment, for the same nine-month period a year ago.

Ron Geib, President and Chief Executive Officer of the Company, stated, “We continue to be very pleased with our growth in loans, deposits and tangible book value. Our team works hard providing financial products and services with hometown, community banking relationships and we are delighted that the bank was recently listed in the top ten of the “best of the best” of the top 100 largest public thrift institutions by SNL Financial for the 2nd consecutive year. We continue to experience positive results through the preservation of 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 $867.1 million compared to $825.2 million a year ago. Stockholders’ book value increased 4.70% to $14.30 per share from $13.66 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 June 30, 2010
           
(Dollars in thousands except per share data) Year-To-Date                  
( Unaudited) Nine Months Ended: Three Months Ended:
 
Selected Consolidated Earnings Data

June 30, 2010

June 30,2009

June 30, 2010

Mar 31,2010

Dec 31,2009

Sept 30,2009

June 30,2009
Total interest income $ 30,151 31,203 $ 9,951 $ 9,944 $ 10,256 $ 10,140 $ 9,973
Total interest expense   16,584     18,816     5,290     5,425     5,869     6,070     6,128  
 
Net Interest Income 13,567 12,387 4,661 4,519 4,387 4,070 3,845
Provision for loan losses   450     290     150     150     150     110     90  
Net Interest Income after Provision for Loan Losses   13,117     12,097     4,511     4,369     4,237     3,960     3,755  
 
Impairment of equity securities - 449 - - - -
Loss on sale of investments - 11 - - - 14 -
Gain on sale of investments - 20 - - - - -
Other income 1,468 1,395 508 458 502 531 460
FDIC insurance premiums 682 861 229 226 227 223 604
Non interest expenses   8,823     7,826     2,976     3,004     2,843     2,617     2,510  
 
Income before income taxes 5,080 4,365 1,814 1,597 1,669 1,637 1,101
Income tax expense   1,392     930     500     437     455     355     245  
 
Net Income $ 3,688   $ 3,435   $ 1,314   $ 1,160   $ 1,214   $ 1,282   $ 856  
 
 
Per Common Share Data
Basic earnings $ 1.01 $ 0.96 $ 0.36 $ 0.32 $ 0.33 $ 0.35 $ 0.24
Diluted earnings $ 1.01 $ 0.95 $ 0.36 $ 0.32 $ 0.33 $ 0.35 $ 0.24
Dividends $ 0.57 $ 0.54 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.18
Tangible book value $ 14.30 $ 13.66 $ 14.30 $ 14.12 $ 13.96 $ 13.82 $ 13.66
Shares outstanding 3,670,083 3,614,903 3,670,083 3,660,892 3,645,288 3,627,696 3,614,903
Average shares outstanding - basic 3,650,984 3,591,380 3,665,786 3,654,047 3,633,347 3,620,270 3,608,620
Average shares outstanding - diluted 3,671,466 3,602,169 3,698,977 3,670,280 3,646,284 3,643,409 3,622,751
 
 
 
(Dollars in thousands except per share data) Year-To-Date                  
( Unaudited) Nine Months Ended: Three Months Ended:

Other Selected Consolidated Data

June 30, 2010

June 30,2009

June 30, 2010

Mar 31,2010

Dec 31,2009

Sept 30,2009

June 30,2009
Return on average assets 0.58 % 0.56 % 0.61 % 0.55 % 0.58 % 0.62 % 0.42 %
Return on average equity 9.62 % 9.50 % 10.12 % 9.08 % 9.65 % 10.34 % 6.97 %
Net interest income rate spread 2.03 % 1.85 % 2.07 % 2.05 % 1.97 % 1.82 % 1.72 %
Net yield on interest earning assets 2.20 % 2.05 % 2.24 % 2.22 % 2.15 % 2.01 % 1.92 %
Operating expenses to average assets 1.50 % 1.41 % 1.50 % 1.54 % 1.47 % 1.37 % 1.52 %
Efficiency ratio 63.23 % 63.32 % 62.00 % 64.89 % 62.79 % 61.73 % 72.33 %
Ratio of non-performing loans to total
assets at end of period 0.28 % 0.24 % 0.28 % 0.23 % 0.27 % 0.21 % 0.24 %
Loan loss reserve to total loans, net 0.47 % 0.47 % 0.47 % 0.45 % 0.43 % 0.42 % 0.47 %
Stockholders' equity to assets 6.08 % 5.98 % 6.05 % 6.13 % 6.06 % 6.04 % 5.98 %
 
                 
Selected Consolidated Financial Data

June 30, 2010

Mar 31,2010

Dec 31,2009
 

Sept 30,2009

June 30,2009
Total assets $ 867,109 $ 843,074 $ 839,894 $ 830,007 $ 825,151
Consumer Loans receivable - net 440,266 437,122 440,287 439,044 428,897
Commercial Loans 75,543 74,373 63,433 59,347 54,201
Loan loss reserve 2,437 2,330 2,194 2,094 2,272
Cash & investment securities 157,904 134,884 132,212 121,364 120,291
Mortgage-backed securities 144,211 145,358 154,293 163,215 176,091
FHLB stock 16,096 16,096 16,096 16,096 16,096
Checking accounts 74,029 68,181 65,413 58,463 60,104
Savings account 136,114 114,875 95,213 80,372 65,314
Certificate of deposit accounts 312,627 308,519 325,715 327,766 325,579
Total Deposits 522,770 491,575

 
486,341 466,601 450,997
Advances 283,730 290,398 297,141 309,046 316,088
Total stockholders' equity 52,488 51,680 50,904 50,139 49,383

Copyright Business Wire 2010