Harleysville Savings Financial Corporation Announces an Increase of the Regular Cash Dividend and Ea

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Harleysville Savings Financial Corporation Announces an Increase of the Regular Cash Dividend and Earnings for the First Fiscal Quarter 2013

HARLEYSVILLE, Pa.--(BUSINESS WIRE)-- 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. This is an increase of 10.6% from the prior year's dividend. The cash dividend will be payable on February 20, 2013 to stockholders of record on February 6, 2013.

Net income for the quarter ended December 31, 2012 was $1,301,000 or $.34 per diluted share compared to $1,364,000 or $.36 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. During the quarter, a milestone was reached by deregistering from the SEC and consequently, having our stock listed on the OTCQB. This opportunity was a result of the Jumpstart Our Business Startups Act (or the JOBS Act) that was passed by Congress in April, 2012. This event will reduce regulatory operating expenses for the Company by approximately $250,000 annually. As a result of the financial strength of the Company and the benefits of the JOBS Act, the decision was made to pass along additional value to our stockholders by increasing the cash dividend to $.21 per share."

The Company's assets totaled $802.9 million compared to $832.6 million a year ago, and stockholders' tangible book value increased to $15.99 per share from $15.39 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, 2012
(Dollars in thousands except per share data) 

( Unaudited)

Three Months Ended:
    
Selected Consolidated Earnings Data

Dec 31,
2012

Sept 30,
2012

Jun 30,
2012

Mar 31,
2012

Dec 31,
2011

Total interest income$8,007$8,194$8,599$8,736$9,005
Total interest expense 3,377  3,483  3,691  3,955  3,967 
 
Net Interest Income4,6304,7114,9084,7815,038
Provision for loan losses 255  170  255  255  250 
Net Interest Income after Provision for Loan Losses 4,375  4,541  4,653  4,526  4,788 
 
Gain on sale of investments--34--
Gain on sales of loans25434---
Bank owned life insurance106122121121122
Other income449382443341449
Total other expenses 3,256  3,392  3,385  3,413  3,298 
 
Income before income taxes1,9281,6871,8661,5752,061
Income tax expense 627  531  555  354  697 
 
Net Income$1,301 $1,156 $1,311 $1,221 $1,364 
 
 
Per Common Share Data
Basic earnings$0.35$0.31$0.35$0.33$0.36
Diluted earnings$0.34$0.30$0.34$0.32$0.36
Dividends$0.20$0.20$0.20$0.19$0.19
Tangible book value$15.99$15.85$15.73$15.56$15.39
Shares outstanding3,779,9693,768,9313,747,0313,728,0893,772,028
Average shares outstanding - basic3,766,9633,752,7643,736,4623,738,4303,763,147
Average shares outstanding - diluted3,836,0233,834,8263,823,6893,794,4873,790,457
 
 
 
         
Three Months Ended:
Other Selected Consolidated Data

Dec 31,
2012

Sept 30,
2012

Jun 30,
2012

Mar 31,
2012

Dec 31,
2011

Return on average assets0.65%0.57%0.63%0.59%0.66%
Return on average equity8.71%7.83%9.00%8.44%9.40%
Net interest rate spread2.20%2.23%2.27%2.19%2.33%
Net yield on interest earning assets2.37%2.40%2.44%2.36%2.49%
Operating expenses to average assets1.62%1.68%1.63%1.64%1.57%
Efficiency ratio62.80%65.04%61.85%65.10%58.80%
Ratio of non-performing loans to total
assets at end of period1.95%1.85%1.44%1.00%0.64%
Loan loss reserve to total loans, net0.85%0.81%0.71%0.73%0.68%
Stockholders' equity to assets7.53%7.44%7.16%6.89%6.97%
 
         
Selected Consolidated Financial Data

Dec 31,
2012

Sept 30,
2012

Jun 30,
2012

Mar 31,
2012

Dec 31,
2011

Total assets$802,890$802,626$822,726$842,266$832,630
Consumer Loans receivable378,865394,634400,463409,244416,900
Commercial Loans receivable106,029103,765103,997102,65599,593
Loan loss reserve(4,135)(4,032)(3,867)(3,809)(3,559)
Total Loans receivable net480,759494,367500,593508,090512,934
Total Loans held for sale5,6203,515---
Cash & investment securities114,78999,582117,380145,569119,448
Mortgage-backed securities161,906162,710152,025145,405156,411
Total Investments276,695262,292269,405290,974275,859
FHLB stock8,83410,16511,24011,83212,455
Checking accounts108,408101,033106,661112,16596,671
Savings accounts162,887162,719160,136153,684147,156
Certificate of deposit accounts272,292279,171282,868284,572286,544
Total Deposits543,587542,923549,665550,421530,371
Advances191,287192,483203,765227,228238,676
Total stockholders' equity60,43559,73658,92458,02658,033



Harleysville Savings Financial Corporation
Brendan J. McGill
Executive Vice President, COO/CFO
215-256-8828

KEYWORDS:   United States  North America  Pennsylvania

INDUSTRY KEYWORDS:

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