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 21, 2014 to stockholders of record on
May 7, 2014.
Net income for the second quarter was $1,212,000 or $.31 per diluted
share compared to $1,202,000 or $.31 per diluted share for the same
quarter last year.
Net income for the six months ended March 31, 2014 amounted to
$2,514,000 or $.65 per diluted share compared to $2,502,000 or $.65 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.
Despite this environment, our Team was able to increase our total loans,
checking and savings accounts, and the interest rate spread over the
prior quarter and prior year amounts. In addition, the 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 $796.9 million compared to $804.4 million a
year ago. Stockholders’ tangible book value increased 2.5% to $16.53 per
share from $16.12 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.
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Harleysville Savings Financial Corporation
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Selected Consolidated Financial Data as of March 31, 2014
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(Dollars in thousands except per share data)
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Year-To-Date
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(Unaudited)
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Six Months Ended:
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Three Months Ended:
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Selected Consolidated Earnings Data
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Mar 31, 2014
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Mar 31, 2013
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Mar 31, 2014
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Dec 31, 2013
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Sept 30, 2013
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Jun 30, 2013
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Mar 31, 2013
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Total interest income
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$ 14,612
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$ 15,676
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$ 7,269
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$ 7,343
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$ 7,471
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$ 7,440
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$ 7,669
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Total interest expense
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5,423
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6,547
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2,535
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2,888
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2,967
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3,013
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3,170
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Net Interest Income
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9,189
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9,129
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4,734
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4,455
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4,504
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4,427
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4,499
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Provision for loan losses
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460
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440
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210
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250
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240
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210
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185
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Net Interest Income after Provision for Loan Losses
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8,729
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8,689
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4,524
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4,205
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4,264
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4,217
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4,314
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Gain on sale of investments
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595
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-
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291
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304
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-
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68
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-
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Gain on sales of loans
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-
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515
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-
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-
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32
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77
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261
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Bank owned life insurance
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213
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224
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103
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110
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109
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104
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118
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Other income
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842
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924
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355
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487
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486
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445
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475
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Total other expenses
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6,637
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6,524
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3,380
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3,257
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3,273
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3,186
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3,267
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Income before income taxes
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3,742
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3,828
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1,893
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1,849
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1,618
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1,725
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1,901
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Income tax expense
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1,228
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1,326
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681
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547
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471
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562
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699
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Net Income
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$ 2,514
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$ 2,502
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$ 1,212
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$ 1,302
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$ 1,147
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$ 1,163
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$ 1,202
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Per Common Share Data
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Basic earnings
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$ 0.66
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$ 0.66
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$ 0.32
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$ 0.34
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$ 0.30
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$ 0.31
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$ 0.32
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Diluted earnings
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$ 0.65
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$ 0.65
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$ 0.31
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$ 0.34
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$ 0.30
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$ 0.30
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$ 0.31
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Dividends
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$ 0.42
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$ 0.41
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$ 0.21
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$ 0.21
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$ 0.21
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$ 0.21
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$ 0.21
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Tangible book value
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$ 16.53
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$ 16.12
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$ 16.53
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$ 16.41
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$ 16.27
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$ 16.17
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$ 16.12
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Shares outstanding
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3,798,956
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3,774,147
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3,798,956
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3,797,231
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3,786,627
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3,781,917
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3,774,147
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Average shares outstanding - basic
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3,793,789
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3,767,884
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3,797,191
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3,790,460
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3,783,441
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3,778,626
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3,768,825
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Average shares outstanding - diluted
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3,870,259
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3,839,140
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3,868,522
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3,872,464
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3,884,851
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3,894,556
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3,842,381
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Year-To-Date
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Six Months Ended:
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Three Months Ended:
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Other Selected Consolidated Data
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Mar 31, 2014
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Mar 31, 2013
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Mar 31, 2014
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Dec 31, 2013
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Sept 30, 2013
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Jun 30, 2013
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Mar 31, 2013
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Return on average assets
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0.63%
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0.63%
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0.61%
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0.65%
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0.57%
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0.58%
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0.60%
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Return on average equity
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8.10%
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8.34%
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7.77%
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8.43%
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7.50%
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7.66%
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7.97%
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Net interest rate spread
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2.19%
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2.17%
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2.28%
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2.10%
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2.12%
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2.10%
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2.14%
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Net yield on interest earning assets
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2.35%
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2.34%
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2.43%
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2.27%
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2.30%
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2.28%
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2.31%
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Operating expenses to average assets
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1.65%
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1.63%
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1.69%
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1.61%
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1.62%
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1.60%
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1.64%
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Efficiency ratio
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64.78%
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63.48%
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65.10%
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64.47%
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64.17%
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64.04%
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64.17%
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Ratio of non-performing loans to total assets at end of period
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1.53%
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1.96%
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1.53%
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1.64%
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1.58%
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1.68%
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1.96%
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Loan loss reserve to total loans, net
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0.66%
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0.90%
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0.66%
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0.74%
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0.70%
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0.78%
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0.90%
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Stockholders' equity to assets
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7.88%
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7.56%
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7.88%
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7.70%
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7.60%
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7.68%
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7.56%
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Selected Consolidated Financial Data
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Mar 31, 2014
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Dec 31, 2013
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Sept 30, 2013
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Jun 30, 2013
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Mar 31, 2013
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Total assets
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$ 796,887
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$ 809,273
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$ 810,363
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$ 796,628
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$ 804,421
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Cash & investment securities
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79,243
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81,996
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81,394
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74,237
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92,132
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Mortgage-backed securities
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194,351
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206,365
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213,625
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207,984
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192,824
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Total Investments
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273,594
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288,361
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295,019
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282,221
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284,956
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Consumer Loans receivable
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363,929
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362,604
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359,573
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362,581
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372,956
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Commercial Loans receivable
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122,484
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122,756
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120,091
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115,945
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110,525
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Loan loss reserve
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(3,226)
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(3,567)
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(3,345)
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(3,732)
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(4,318)
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Total Loans receivable net
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483,187
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481,793
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476,319
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474,794
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479,163
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Total Loans held for sale
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-
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371
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373
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629
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356
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FHLB stock
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9,386
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9,040
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9,070
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8,514
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8,802
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Checking accounts
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117,672
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112,329
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110,583
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114,804
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111,115
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Savings accounts
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180,718
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176,842
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175,910
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173,004
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171,433
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Certificate of deposit accounts
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225,427
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237,844
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248,225
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256,899
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263,849
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Total Deposits
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523,817
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527,015
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534,718
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544,707
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546,397
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Advances
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200,291
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212,160
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208,058
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180,785
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187,997
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Total stockholders' equity
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62,804
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62,302
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61,617
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61,156
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60,830
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Copyright Business Wire 2014