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

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 Income

4,630

4,711

4,908

4,781

5,038

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 loans

254

34

-

-

-

Bank owned life insurance

106

122

121

121

122

Other income

449

382

443

341

449

Total other expenses

3,256

3,392

3,385

3,413

3,298

Income before income taxes

1,928

1,687

1,866

1,575

2,061

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 outstanding

3,779,969

3,768,931

3,747,031

3,728,089

3,772,028

Average shares outstanding - basic

3,766,963

3,752,764

3,736,462

3,738,430

3,763,147

Average shares outstanding - diluted

3,836,023

3,834,826

3,823,689

3,794,487

3,790,457

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 assets

0.65

%

0.57

%

0.63

%

0.59

%

0.66

%

Return on average equity

8.71

%

7.83

%

9.00

%

8.44

%

9.40

%

Net interest rate spread

2.20

%

2.23

%

2.27

%

2.19

%

2.33

%

Net yield on interest earning assets

2.37

%

2.40

%

2.44

%

2.36

%

2.49

%

Operating expenses to average assets

1.62

%

1.68

%

1.63

%

1.64

%

1.57

%

Efficiency ratio

62.80

%

65.04

%

61.85

%

65.10

%

58.80

%

Ratio of non-performing loans to total

assets at end of period

1.95

%

1.85

%

1.44

%

1.00

%

0.64

%

Loan loss reserve to total loans, net

0.85

%

0.81

%

0.71

%

0.73

%

0.68

%

Stockholders' equity to assets

7.53

%

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 receivable

378,865

394,634

400,463

409,244

416,900

Commercial Loans receivable

106,029

103,765

103,997

102,655

99,593

Loan loss reserve

(4,135

)

(4,032

)

(3,867

)

(3,809

)

(3,559

)

Total Loans receivable net

480,759

494,367

500,593

508,090

512,934

Total Loans held for sale

5,620

3,515

-

-

-

Cash & investment securities

114,789

99,582

117,380

145,569

119,448

Mortgage-backed securities

161,906

162,710

152,025

145,405

156,411

Total Investments

276,695

262,292

269,405

290,974

275,859

FHLB stock

8,834

10,165

11,240

11,832

12,455

Checking accounts

108,408

101,033

106,661

112,165

96,671

Savings accounts

162,887

162,719

160,136

153,684

147,156

Certificate of deposit accounts

272,292

279,171

282,868

284,572

286,544

Total Deposits

543,587

542,923

549,665

550,421

530,371

Advances

191,287

192,483

203,765

227,228

238,676

Total stockholders' equity

60,435

59,736

58,924

58,026

58,033



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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