Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnin

Before you go, we thought you'd like these...
Before you go close icon

Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 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. The cash dividend will be payable on May 22, 2013 to stockholders of record on May 8, 2013.

Net income for the second quarter was $1,202,000 or $.31 per diluted share compared to $1,221,000 or $.32 per diluted share for the same quarter last year.


Net income for the six months ended March 31, 2013 amounted to $2,502,000 or $.65 per diluted share compared to $2,585,000 or $.68 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, "The low level of interest rates continues to provide a unique challenge for the financial industry. This environment, along with a continued lack in demand for loans, is putting pressure on the interest margins and constraining the growth in the balance sheet. Given these conditions, we are very pleased to report another quarter of solid financial results. Our net interest income, level of non-performing loans and other expenses, are closely monitored and are the key to allowing us to deliver consistent, ongoing returns for our shareholders."

The Company's assets totaled $804.4 million compared to $842.3 million a year ago. Stockholders' tangible book value increased 3.6% to $16.12 per share from $15.56 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 March 31, 2013
(Dollars in thousands except per share data) Year-To-Date           

( Unaudited)

Six Months Ended:Three Months Ended:
   
Selected Consolidated Earnings Data

Mar 31,
2013

Mar 31,
2012

Mar 31,
2013

Dec 31, 2012

Sept 30,
2012

  Jun 30, 2012 

Mar 31,
2012

Total interest income$15,676$17,741$7,669$8,007$8,194$8,599$8,736
Total interest expense 6,547  7,922  3,170  3,377  3,483  3,691  3,955 
 
Net Interest Income9,1299,8194,4994,6304,7114,9084,781
Provision for loan losses 440  505  185  255  170  255  255 
Net Interest Income after Provision for Loan Losses 8,689  9,314  4,314  4,375  4,541  4,653  4,526 
 
Gain on sale of investments-----34-
Gain on sales of loans515-26125434--
Bank owned life insurance224243118106122121121
Other income924790475449382443341
Total other expenses 6,524  6,711  3,267  3,256  3,392  3,385  3,413 
 
Income before income taxes3,8283,6361,9011,9281,6871,8661,575
Income tax expense 1,326  1,051  699  627  531  555  354 
 
Net Income$2,502 $2,585 $1,202 $1,301 $1,156 $1,311 $1,221 
 
 
Per Common Share Data
Basic earnings$0.66$0.69$0.32$0.35$0.31$0.35$0.33
Diluted earnings$0.65$0.68$0.31$0.34$0.30$0.34$0.32
Dividends$0.41$0.38$0.21$0.20$0.20$0.20$0.19
Tangible book value$16.12$15.56$16.12$15.99$15.85$15.73$15.56
Shares outstanding3,774,1473,728,0893,774,1473,779,9693,768,9313,747,0313,728,089
Average shares outstanding - basic3,767,8843,750,8003,768,8253,766,9633,752,7643,736,4623,738,430
Average shares outstanding - diluted3,839,1403,790,5923,842,3813,836,0233,834,8263,823,6893,794,487
 
 
 
Year-To-Date          
Six Months Ended:Three Months Ended:
Other Selected Consolidated Data

Mar 31,
2013

Mar 31,
2012

Mar 31,
2013

Dec 31, 2012

Sept 30,
2012

  Jun 30, 2012 

Mar 31,
2012

Return on average assets0.63%0.62%0.60%0.65%0.57%0.63%0.59%
Return on average equity8.34%8.97%7.97%8.71%7.83%9.00%8.44%
Net interest rate spread2.17%2.26%2.14%2.20%2.23%2.27%2.19%
Net yield on interest earning assets2.34%2.43%2.31%2.37%2.40%2.44%2.36%
Operating expenses to average assets1.63%1.62%1.64%1.62%1.68%1.63%1.64%
Efficiency ratio63.48%61.95%64.17%62.80%65.04%61.85%65.10%
Ratio of non-performing loans to total
assets at end of period1.96%1.00%1.96%1.95%1.85%1.44%1.00%
Loan loss reserve to total loans, net0.90%0.73%0.90%0.85%0.81%0.71%0.73%
Stockholders' equity to assets7.56%6.89%7.56%7.53%7.44%7.16%6.89%
 
         
Selected Consolidated Financial Data

Mar 31,
2013

 

Dec 31,
2012

 

Sept 30,
2012

 Jun 30, 2012 

Mar 31,
2012

Total assets$804,421$802,890$802,626$822,726$842,266
Consumer Loans receivable372,956378,865394,634400,463409,244
Commercial Loans receivable110,525106,029103,765103,997102,655
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Markets

S&P 5002,241.3529.121.32%
DJIA19,549.62297.841.55%
NASDAQ5,393.7660.761.14%
DAX10,986.69211.371.96%
HANG SENG22,800.92125.770.55%
NIKKEI 22518,496.69136.150.74%
USD (per EUR)1.080.000.33%
USD (per CHF)1.010.00-0.25%
JPY (per USD)113.73-0.32-0.28%
GBP (per USD)1.260.00-0.37%
Gift Finder Promo
More to Explore