Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Third Quarter Earning

Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Third 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. The cash dividend will be payable on August 21, 2013 to stockholders of record on August 7, 2013.

Net income for the third quarter was $1,163,000 or $.30 per diluted share compared to $1,311,000 or $.34 per diluted share for the same quarter last year.

Net income for the nine months ended June 30, 2013 amounted to $3,666,000 or $.95 per diluted share compared to $3,896,000 or $1.03 per diluted share for the same nine-month period a year ago.

Ron Geib, President and Chief Executive Officer of the Company, stated, "We continue to experience positive results by adhering 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.

"We are very pleased with our growth in transaction relationships, commercial relationships and our tangible book value. Our team works hard providing financial products and services as we help to strengthen the communities we serve.

"In addition, we believe that the recent increase in longer term interest rates will be beneficial to the bank over the coming quarters."

The Company's assets totaled $796.6 million compared to $822.7 million a year ago. Stockholders' tangible book value increased 2.8% to $16.17 per share from $15.73 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 June 30, 2013
(Dollars in thousands except per share data)Year-To-Date 


Nine Months Ended:Three Months Ended:
Selected Consolidated Earnings DataJun 30, 2013Jun 30, 2012Jun 30, 2013Mar 31, 2013Dec 31, 2012Sept 30, 2012Jun 30, 2012
Total interest income$23,116$26,340$7,440$7,669$8,007$8,194$8,599
Total interest expense 9,560  11,613  3,013  3,170  3,377  3,483  3,691 
Net Interest Income13,55614,7274,4274,4994,6304,7114,908
Provision for loan losses 650  760  210  185  255  170  255 
Net Interest Income after Provision for Loan Losses 12,906  13,967  4,217  4,314  4,375  4,541  4,653 
Gain on sale of investments683468---34
Gain on sales of loans592-7726125434-
Bank owned life insurance328364104118106122121
Other income1,3691,233445475449382443
Total other expenses 9,709  10,096  3,186  3,267  3,256  3,392  3,385 
Income before income taxes5,5545,5021,7251,9011,9281,6871,866
Income tax expense 1,888  1,606  562  699  627  531  555 
Net Income$3,666 $3,896 $1,163 $1,202 $1,301 $1,156 $1,311 
Per Common Share Data
Basic earnings$0.97$1.04$0.31$0.32$0.35$0.31$0.35
Diluted earnings$0.95$1.03$0.30$0.31$0.34$0.30$0.34
Tangible book value$16.17$15.73$16.17$16.12$15.99$15.85$15.73
Shares outstanding3,781,9173,747,0313,781,9173,774,1473,779,9693,768,9313,747,031
Average shares outstanding - basic3,771,4643,746,0383,778,6263,768,8253,766,9633,752,7643,736,462
Average shares outstanding - diluted3,855,5653,801,1593,894,5563,842,3813,836,0233,834,8263,823,689
Nine Months Ended:Three Months Ended:
Other Selected Consolidated DataJun 30, 2013Jun 30, 2012Jun 30, 2013Mar 31, 2013Dec 31, 2012Sept 30, 2012Jun 30, 2012
Return on average assets0.61%0.61%0.58%0.60%0.65%0.57%0.63%
Return on average equity8.11%8.72%7.66%7.97%8.71%7.83%9.00%
Net interest rate spread2.15%2.26%2.10%2.14%2.20%2.23%2.27%
Net yield on interest earning assets2.32%2.43%2.28%2.31%2.37%2.40%2.44%
Operating expenses to average assets1.62%1.64%1.60%1.64%1.62%1.68%1.63%
Efficiency ratio64.07%63.47%64.04%64.17%62.80%65.04%61.85%

Ratio of non-performing loans to total assets at end of period

Loan loss reserve to total loans, net0.78%0.71%0.78%0.90%0.85%0.81%0.71%
Stockholders' equity to assets7.68%7.16%7.68%7.56%7.53%7.44%7.16%
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