Harleysville Savings Financial Corporation (OTCQX: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 20, 2014 to stockholders of record on August 6, 2014.
Net income for the third quarter was $1,201,000 or $.31 per diluted share compared to $1,163,000 or $.30 per diluted share for the same quarter last year.
Net income for the nine months ended June 30, 2014 amounted to $3,715,000 or $.96 per diluted share compared to $3,666,000 or $.95 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, and practicing sound capital management.
We are very pleased with our consistent growth in our net interest income and increased core deposit relationships. Our team works hard providing financial products and services as we help to strengthen the communities we serve.”
The Company’s assets totaled $795.5 million compared to $796.6 million a year ago. Stockholders’ tangible book value increased 3.0% to $16.65 per share from $16.17 a year ago.
Harleysville Savings Financial Corporation is traded on the OTCQX 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 full-service 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, 2014 | ||||||||||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | |||||||||||||||||||||||||||
| ( Unaudited) | Nine Months Ended: | Three Months Ended: | ||||||||||||||||||||||||||
| Selected Consolidated Earnings Data | Jun 30, 2014 | Jun 30, 2013 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sept 30, 2013 | Jun 30, 2013 | |||||||||||||||||||||
| Total interest income | $ | 21,963 | $ | 23,116 | $ | 7,351 | $ | 7,269 | $ | 7,343 | $ | 7,471 | $ | 7,440 | ||||||||||||||
| Total interest expense | 7,813 | 9,560 | 2,390 | 2,535 | 2,888 | 2,967 | 3,013 | |||||||||||||||||||||
| Net Interest Income | 14,150 | 13,556 | 4,961 | 4,734 | 4,455 | 4,504 | 4,427 | |||||||||||||||||||||
| Provision for loan losses | 670 | 650 | 210 | 210 | 250 | 240 | 210 | |||||||||||||||||||||
| Net Interest Income after Provision for Loan Losses | 13,480 | 12,906 | 4,751 | 4,524 | 4,205 | 4,264 | 4,217 | |||||||||||||||||||||
| Gain on sale of investments | 595 | 68 | - | 291 | 304 | - | 68 | |||||||||||||||||||||
| Gain on sales of loans | - | 592 | - | - | - | 32 | 77 | |||||||||||||||||||||
| Bank owned life insurance | 310 | 328 | 97 | 103 | 110 | 109 | 104 | |||||||||||||||||||||
| Other income | 1,254 | 1,369 | 412 | 355 | 487 | 486 | 445 | |||||||||||||||||||||
| Total other expenses | 10,231 | 9,709 | 3,594 | 3,380 | 3,257 | 3,273 | 3,186 | |||||||||||||||||||||
| Income before income taxes | 5,408 | 5,554 | 1,666 | 1,893 | 1,849 | 1,618 | 1,725 | |||||||||||||||||||||
| Income tax expense | 1,693 | 1,888 | 465 | 681 | 547 | 471 | 562 | |||||||||||||||||||||
| Net Income | $ | 3,715 | $ | 3,666 | $ | 1,201 | $ | 1,212 | $ | 1,302 | $ | 1,147 | $ | 1,163 | ||||||||||||||
| Per Common Share Data | ||||||||||||||||||||||||||||
| Basic earnings | $ | 0.98 | $ | 0.97 | $ | 0.32 | $ | 0.32 | $ | 0.34 | $ | 0.30 | $ | 0.31 | ||||||||||||||
| Diluted earnings | $ | 0.96 | $ | 0.95 | $ | 0.31 | $ | 0.31 | $ | 0.34 | $ | 0.30 | $ | 0.30 | ||||||||||||||
| Dividends | $ | 0.63 | $ | 0.62 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | ||||||||||||||
| Tangible book value | $ | 16.65 | $ | 16.17 | $ | 16.65 | $ | 16.53 | $ | 16.41 | $ | 16.27 | $ | 16.17 | ||||||||||||||
| Shares outstanding | 3,793,472 | 3,781,917 | 3,793,472 | 3,798,956 | 3,797,231 | 3,786,627 | 3,781,917 | |||||||||||||||||||||
| Average shares outstanding - basic | 3,794,209 | 3,771,464 | 3,795,048 | 3,797,191 | 3,790,460 | 3,783,441 | 3,778,626 | |||||||||||||||||||||
| Average shares outstanding - diluted | 3,865,459 | 3,855,565 | 3,858,964 | 3,868,522 | 3,872,464 | 3,884,851 | 3,894,556 | |||||||||||||||||||||
| Year-To-Date | ||||||||||||||||||||||||||||
| Nine Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
| Other Selected Consolidated Data | Jun 30, 2014 | Jun 30, 2013 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sept 30, 2013 | Jun 30, 2013 | |||||||||||||||||||||
| Return on average assets | 0.62 | % | 0.61 | % | 0.60 | % | 0.61 | % | 0.65 | % | 0.57 | % | 0.58 | % | ||||||||||||||
| Return on average equity | 7.95 | % | 8.11 | % | 7.65 | % | 7.77 | % | 8.43 | % | 7.50 | % | 7.66 | % | ||||||||||||||
| Net interest rate spread | 2.26 | % | 2.15 | % | 2.40 | % | 2.28 | % | 2.10 | % | 2.12 | % | 2.10 | % | ||||||||||||||
| Net yield on interest earning assets | 2.42 | % | 2.32 | % | 2.56 | % | 2.43 | % | 2.27 | % | 2.30 | % | 2.28 | % | ||||||||||||||
| Operating expenses to average assets | 1.70 | % | 1.62 | % | 1.80 | % | 1.69 | % | 1.61 | % | 1.62 | % | 1.60 | % | ||||||||||||||
| Efficiency ratio | 65.09 | % | 64.07 | % | 65.71 | % | 65.10 | % | 64.47 | % | 64.17 | % | 64.04 | % | ||||||||||||||
| Ratio of non-performing loans to total | ||||||||||||||||||||||||||||
| assets at end of period | 1.65 | % | 1.68 | % | 1.65 | % | 1.53 | % | 1.64 | % | 1.58 | % | 1.68 | % | ||||||||||||||
| Loan loss reserve to total loans, net | 0.65 | % | 0.78 | % | 0.65 | % | 0.66 | % | 0.74 | % | 0.70 | % | 0.78 | % | ||||||||||||||
| Stockholders' equity to assets | 7.94 | % | 7.68 | % | 7.94 | % | 7.88 | % | 7.70 | % | 7.60 | % | 7.68 | % | ||||||||||||||
| Selected Consolidated Financial Data | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sept 30, 2013 | Jun 30, 2013 | |||||||||||||||||||||||
| Total assets | $ | 795,548 | $ | 796,887 | $ | 809,273 | $ | 810,363 | $ | 796,628 | ||||||||||||||||||
| Cash & investment securities | 76,721 | 79,243 | 81,996 | 81,394 | 74,237 | |||||||||||||||||||||||
| Mortgage-backed securities | 186,361 | 194,351 | 206,365 | 213,625 | 207,984 | |||||||||||||||||||||||
| Total Investments | 263,082 | 273,594 | 288,361 | 295,019 | 282,221 | |||||||||||||||||||||||
| Consumer Loans receivable | 375,042 | 363,929 | 362,604 | 359,573 | 362,581 | |||||||||||||||||||||||
| Commercial Loans receivable | 120,971 | 122,484 | 122,756 | 120,091 | 115,945 | |||||||||||||||||||||||
| Loan loss reserve | (3,246 | ) | (3,226 | ) | (3,567 | ) | (3,345 | ) | (3,732 | ) | ||||||||||||||||||
| Total Loans receivable net | 492,767 | 483,187 | 481,793 | 476,319 | 474,794 | |||||||||||||||||||||||
| Total Loans held for sale | - | - | 371 | 373 | 629 | |||||||||||||||||||||||
| FHLB stock | 9,514 | 9,386 | 9,040 | 9,070 | 8,514 | |||||||||||||||||||||||
| Checking accounts | 118,254 | 117,672 | 112,329 | 110,583 | 114,804 | |||||||||||||||||||||||
| Savings accounts | 187,879 | 180,718 | 176,842 | 175,910 | 173,004 | |||||||||||||||||||||||
| Certificate of deposit accounts | 213,204 | 225,427 | 237,844 | 248,225 | 256,899 | |||||||||||||||||||||||
| Total Deposits | 519,337 | 523,817 | 527,015 | 534,718 | 544,707 | |||||||||||||||||||||||
| Advances | 202,381 | 200,291 | 212,160 | 208,058 | 180,785 | |||||||||||||||||||||||
| Total stockholders' equity | 63,145 | 62,804 | 62,302 | 61,617 | 61,156 | |||||||||||||||||||||||
