Harleysville Savings Financial Corporation Announces Increased Earnings For The Fiscal Year Ended September 30, 2010 And The Declaration Of Regular Cash Dividend.

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. The cash dividend will be payable on November 24, 2010 to stockholders of record on November 10, 2010.

Net income for the fourth quarter of fiscal year 2010 amounted to $1,320,000 or $.35 per diluted share compared to $1,282,000 or $.35 per diluted share for the fourth quarter of fiscal year 2009.

Net income for the twelve months ended September 30, 2010 amounted to $5,008,000 or $1.36 per diluted share compared to $4,716,000 or $1.31 per diluted share for the twelve months ended September 30, 2009.

Commenting on the year-end operating results, President and Chief Executive Officer Ron Geib said, “Despite the current economic conditions our country is continuing to encounter, we are very pleased with the growth we have experienced this past year - in loans, deposits, and that we are able to maintain our cash dividend. 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. I am very proud of the work ethic of our team members and the manner in which they serve our customers. All these conditions combined create a strong community bank that is well positioned to continue to create value for our stakeholders. We are also pleased to report record earnings for the fiscal year ended 2010 of $5,008,000. These results reflect our discipline 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.”

The Company’s assets totaled $857.1 million compared to $830.0 million a year ago. Stockholders’ book value increased to $14.47 per share from $13.82 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 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 September 30, 2010
(Dollars in thousands except per share data)          

(Unaudited)
Twelve Months Ended: Three Months Ended:
         
Sept 30, Sept 30, Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Selected Consolidated Earnings Data 2010 2009 2010 2010 2010 2009 2009
Total interest income $ 40,018 $ 41,343 $ 9,867 $ 9,951 $ 9,944 $ 10,256 $ 10,140
Total interest expense   21,747     24,886     5,163     5,290     5,425     5,869     6,070  
 
Net Interest Income 18,271 16,457 4,704 4,661 4,519 4,387 4,070
Provision for loan losses   600     400     150     150     150     150     110  
Net Interest Income after Provision for Loan Losses   17,671     16,057     4,554     4,511     4,369     4,237     3,960  
 
Impairment of equity securities - 449 - - - -
Loss on sale of investments - 25 - - - - 14
Gain on sale of investments - 20 - - - - -
Other income 1,987 1,925 519 508 458 502 531
FDIC insurance premiums 906 1,084 224 229 226 227 223
Non interest expenses   11,796     10,443     2,973     2,976     3,004     2,843     2,617  
 
Income before income taxes 6,956 6,001 1,876 1,814 1,597 1,669 1,637
Income tax expense   1,948     1,285     556     500     437     455     355  
 
Net Income $ 5,008   $ 4,716   $ 1,320   $ 1,314   $ 1,160   $ 1,214   $ 1,282  
 
 
Per Common Share Data
Basic earnings $ 1.37 $ 1.31 $ 0.36 $ 0.36 $ 0.32 $ 0.33 $ 0.35
Diluted earnings $ 1.36 $ 1.31 $ 0.35 $ 0.36 $ 0.32 $ 0.33 $ 0.35
Dividends $ 0.76 $ 0.73 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19
Book value $ 14.47 $ 13.82 $ 14.47 $ 14.30 $ 14.12 $ 13.96 $ 13.82
Shares outstanding 3,687,409 3,627,696 3,687,409 3,670,083 3,660,892 3,645,288 3,627,696
Average shares outstanding - basic 3,658,300 3,598,662 3,678,492 3,665,786 3,654,047 3,633,347 3,620,270
Average shares outstanding - diluted 3,685,004 3,610,569 3,722,324 3,698,977 3,670,280 3,646,284 3,643,409
 
 
 
Year-To-Date  
Twelve Months Ended: Three Months Ended:
Sept 30, Sept 30, Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Other Selected Consolidated Data 2010 2009 2010 2010 2010 2009 2009
Return on average assets 0.59 % 0.57 % 0.61 % 0.61 % 0.55 % 0.58 % 0.62 %
Return on average equity 9.73 % 9.70 % 10.01 % 10.12 % 9.08 % 9.65 % 10.34 %
Net interest income rate spread 2.04 % 1.85 % 2.07 % 2.07 % 2.05 % 1.97 % 1.82 %
Net yield on interest earning assets 2.21 % 2.04 % 2.24 % 2.24 % 2.22 % 2.15 % 2.01 %
Operating expenses to average assets 1.50 % 1.40 % 1.48 % 1.50 % 1.54 % 1.47 % 1.37 %
Efficiency ratio 62.73 % 62.92 % 61.22 % 62.00 % 64.89 % 62.79 % 61.73 %

Ratio of non-performing assets to total assets at end of period
0.30 % 0.32 % 0.30 % 0.28 % 0.23 % 0.27 % 0.32 %
Loan loss reserve to total loans, net 0.48 % 0.42 % 0.48 % 0.47 % 0.45 % 0.43 % 0.42 %
Stockholders' equity to assets 6.22 % 6.04 % 6.22 % 6.05 % 6.13 % 6.06 % 6.04 %
 
                                     
Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Selected Consolidated Financial Data 2010   2010   2010   2009   2009
Total assets $ 857,140 $ 867,109 $ 843,074 $ 839,894 $ 830,007
Consumer Loans receivable - net 430,303 440,266 437,122 440,287 439,044
Commercial Loans 79,791 75,543 74,373 63,433 59,347
Loan loss reserve 2,504 2,437 2,330 2,194 2,094
Cash & investment securities 166,063 157,904 134,884 132,212 121,364
Mortgage-backed securities 131,628 144,211 145,358 154,293 163,215
FHLB stock 16,096 16,096 16,096 16,096 16,096
Checking accounts 70,912 74,029 68,181 65,413 58,463
Savings account 139,818 136,114 114,875 95,213 80,372
Certificate of deposit accounts 317,370 312,627 308,519 325,715 327,766
Total Deposits 528,100 522,770 491,575 486,341 466,601
Advances 272,047 283,730 290,398 297,141 309,046
Total stockholders' equity 53,351 52,488 51,680 50,904 50,139
 

Copyright Business Wire 2010

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