Harleysville Savings Financial Corporation Announces An Increase Of The Regular Cash Dividend And Second Quarter Earnings For Fiscal Year 2012

Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.20 per share on the Company’s common stock. This represents an increase of 5.27% from the previous dividend. The cash dividend will be payable on May 23, 2012 to stockholders of record on May 9, 2012.

Net income for the second quarter was $1,221,000 or $.32 per diluted share compared to $1,094,000 or $.29 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2012 amounted to $2,585,000 or $.68 per diluted share compared to $2,310,000 or $.62 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, “Based on the solid financial results of the quarter and our belief that we are well positioned for the future, we are pleased that we are able to create additional value for our stockholders by increasing the cash dividend to $.20 per share. We continue to remain focused on increasing core deposit relationships and reducing the amount of advances as they mature. Reducing our funding costs, while maintaining a portfolio of quality loans and investments, should allow us to deliver consistent, ongoing returns for our shareholders.”

The Company’s assets totaled $842.3 million compared to $856.5 million a year ago. Stockholders’ tangible book value increased 5.6% to $15.56 per share from $14.74 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, 2012
(Dollars in thousands except per share data)   Year-To-Date                    

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

Mar 31,2012

Mar 31,2011

Mar 31,2012

Dec 31,2011

Sept 30,2011

June 30,2011

Mar 31,2011
Total interest income $ 17,741 $ 18,722 $ 8,736 $ 9,005 $ 9,358 $ 9,494 $ 9,291
Total interest expense   7,922     9,739     3,955     3,967     4,559     4,736     4,764  
 
Net Interest Income 9,819 8,983 4,781 5,038 4,799 4,758 4,527
Provision for loan losses   505     325     255     250     660     165     175  
Net Interest Income after Provision for Loan Losses   9,314     8,658     4,526     4,788     4,139     4,593     4,352  
 
Bank owned life insurance 243 244 121 122 141 1,163 121
Other income 790 689 341 449 393 356 311
Total other expenses   6,711     6,502     3,413     3,298     3,239     3,385     3,340  
 
Income before income taxes 3,636 3,089 1,575 2,061 1,434 2,727 1,444
Income tax expense   1,051     779     354     697     337     739     350  
 
Net Income $ 2,585   $ 2,310   $ 1,221   $ 1,364   $ 1,097   $ 1,988   $ 1,094  
 
 
Per Common Share Data
Basic earnings $ 0.69 $ 0.62 $ 0.33 $ 0.36 $ 0.29 $ 0.53 $ 0.29
Diluted earnings $ 0.68 $ 0.62 $ 0.32 $ 0.36 $ 0.29 $ 0.53 $ 0.29
Dividends $ 0.38 $ 0.38 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19
Tangible book value $ 15.56 $ 14.74 $ 15.56 $ 15.39 $ 15.19 $ 15.09 $ 14.74
Shares outstanding 3,728,089 3,731,574 3,728,089 3,772,028 3,758,751 3,747,920 3,731,574
Average shares outstanding - basic 3,750,800 3,708,140 3,738,430 3,763,147 3,752,394 3,737,439 3,723,236
Average shares outstanding - diluted 3,790,592 3,741,864 3,794,487 3,790,457 3,776,650 3,771,917 3,758,260
 
 
 
Year-To-Date                  
Six Months Ended: Three Months Ended:
Other Selected Consolidated Data

Mar 31,2012

Mar 31,2011

Mar 31,2012

Dec 31,2011
 

Sept 30,2011
 

June 30,2011
 

Mar 31,2011
Return on average assets 0.62 % 0.54 % 0.59 % 0.66 % 0.52 % 0.93 % 0.51 %
Return on average equity 8.97 % 8.55 % 8.44 % 9.40 % 7.74 % 14.26 % 8.03 %
Net interest rate spread 2.26 % 2.00 % 2.19 % 2.33 % 2.16 % 2.11 % 2.01 %
Net yield on interest earning assets 2.43 % 2.16 % 2.36 % 2.49 % 2.34 % 2.28 % 2.17 %
Operating expenses to average assets 1.62 % 1.52 % 1.64 % 1.57 % 1.53 % 1.58 % 1.56 %
Efficiency ratio 61.95 % 65.57 % 65.10 % 58.80 % 60.72 % 53.93 % 67.36 %
Ratio of non-performing loans to total
assets at end of period 1.00 % 0.42 % 1.00 % 0.64 % 0.40 % 0.38 % 0.42 %
Loan loss reserve to total loans, net 0.73 % 0.55 % 0.73 % 0.68 % 0.63 % 0.51 % 0.55 %
Stockholders' equity to assets 6.89 % 6.42 % 6.89 % 6.97 % 6.83 % 6.59 % 6.42 %
 
                 
Selected Consolidated Financial Data

Mar 31,2012
 

Dec 31,2011
 

Sept 30,2011
 

Jun 30,2011
 

Mar 31,2011
Total assets $ 842,266 $ 832,630 $ 835,713 $ 857,579 $ 856,478
Consumer Loans receivable 409,244 416,900 424,424 421,203 418,329
Commercial Loans receivable 102,655 99,593 97,373 90,916 85,646
Loan loss reserve (3,809 ) (3,559 ) (3,311 ) (2,652 ) (2,795 )
Total Loans receivable net 508,090 512,934 518,486 509,467 501,180
Cash & investment securities 145,569 119,448 122,306 150,978 161,878
Mortgage-backed securities 145,405 156,411 150,547 150,669 144,686
Total Investments 290,974 275,859 272,853 301,647 306,564
FHLB stock 11,832 12,455 13,110 13,800 14,526
Checking accounts 112,165 96,671 90,146 89,629 81,698
Savings accounts 153,684 147,156 138,805 137,474 138,228
Certificate of deposit accounts 284,572 286,544 295,450 303,999 311,346
Total Deposits 550,421 530,371 524,401 531,102 531,272
Advances 227,228 238,676 250,194 261,900 263,632
Total stockholders' equity 58,026 58,033 57,082 56,551 55,009
 

Copyright Business Wire 2010

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