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 on the Company’s common stock. The cash
dividend will be payable on February 25, 2015 to stockholders of record
on February 11, 2015.
Net income for the quarter ended December 31, 2014 was $1,221,000 or
$.32 per diluted share compared to $1,302,000 or $.34 per diluted share
for the same quarter last year.
Commenting on the quarter end operating results, Chief Executive Officer
Ron Geib, stated, “We are pleased to begin our 100th year with solid
financial results which have been achieved 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.
“Despite the extended low interest rate environment our Team was able to
increase our total loans, transaction accounts, tangible book value, and
the interest rate spread over the prior quarter and prior year amounts.”
The Company’s assets totaled $773.6 million compared to $809.3 million a
year ago, and stockholders’ tangible book value increased to $16.88 per
share from $16.41 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 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 December 31, 2014
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(Dollars in thousands except per share data)
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(Unaudited)
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Three Months Ended:
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Selected Consolidated Earnings Data
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Dec 31, 2014
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Sept 30, 2014
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June 30, 2014
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Mar 31, 2014
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Dec 31, 2013
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Total interest income
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$
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7,284
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$
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7,275
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$
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7,351
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$
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7,269
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$
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7,343
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Total interest expense
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2,289
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2,348
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2,390
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2,535
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2,888
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Net Interest Income
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4,995
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4,927
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4,961
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4,734
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4,455
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Provision for loan losses
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265
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210
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210
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210
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250
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Net Interest Income after Provision for Loan Losses
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4,730
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4,717
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4,751
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4,524
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4,205
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Gain on sale of investments
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-
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114
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-
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291
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304
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Bank owned life insurance
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102
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106
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97
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103
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110
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Other income
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466
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413
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412
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355
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487
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Total other expenses
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3,496
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3,401
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3,594
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3,380
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3,257
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Income before income taxes
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1,802
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1,949
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1,666
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1,893
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1,849
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Income tax expense
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581
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747
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465
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681
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547
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Net Income
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$
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1,221
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$
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1,202
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$
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1,201
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$
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1,212
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$
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1,302
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Per Common Share Data
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Basic earnings
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$
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0.33
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$
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0.32
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$
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0.32
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$
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0.32
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$
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0.34
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Diluted earnings
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$
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0.32
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$
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0.31
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$
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0.31
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$
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0.31
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$
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0.34
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Dividends
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$
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0.21
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$
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0.21
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$
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0.21
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$
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0.21
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$
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0.21
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Tangible book value
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$
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16.88
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$
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16.76
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$
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16.65
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$
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16.53
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$
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16.41
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Shares outstanding
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3,710,041
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3,767,647
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3,793,472
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3,798,956
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3,797,231
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Average shares outstanding - basic
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3,720,439
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3,776,378
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3,795,048
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3,797,191
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3,790,460
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Average shares outstanding - diluted
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3,782,564
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3,838,189
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3,858,964
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3,868,522
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3,872,464
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Three Months Ended:
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Other Selected Consolidated Data
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Dec 31, 2014
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Sept 30, 2014
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June 30, 2014
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Mar 31, 2014
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Dec 31, 2013
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Return on average assets
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0.62
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%
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0.61
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%
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0.60
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%
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0.61
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%
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|
0.65
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%
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Return on average equity
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7.82
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%
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|
7.65
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%
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7.65
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%
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7.77
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%
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8.43
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%
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Net interest rate spread
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2.48
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%
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2.40
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%
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2.40
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%
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2.28
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%
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2.10
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%
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Net yield on interest earning assets
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2.62
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%
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2.56
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%
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2.56
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%
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2.43
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%
|
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2.27
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%
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Operating expenses to average assets
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1.78
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%
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1.72
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%
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1.80
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%
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1.69
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%
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1.61
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%
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Efficiency ratio
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62.84
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%
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62.46
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%
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65.71
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%
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65.10
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%
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64.47
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%
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Ratio of non-performing loans to total assets at end of period
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1.37
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%
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1.53
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%
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1.65
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%
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1.53
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%
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1.64
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%
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Loan loss reserve to total loans, net
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0.68
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%
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|
0.66
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%
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0.65
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%
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0.66
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%
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0.74
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%
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Stockholders' equity to assets
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8.10
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%
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7.98
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%
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7.94
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%
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7.88
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%
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7.70
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%
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Selected Consolidated Financial Data
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Dec 31, 2014
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Sept 30, 2014
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June 30, 2014
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Mar 31, 2014
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Dec 31, 2013
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Total assets
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$
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773,588
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$
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791,353
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$
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795,548
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$
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796,887
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$
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809,273
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Cash & investment securities
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|
59,284
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|
70,067
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76,721
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|
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79,243
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|
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|
81,996
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Mortgage-backed securities
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|
168,915
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176,590
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|
|
186,361
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|
|
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|
194,351
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|
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|
206,365
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Total Investments
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|
228,199
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|
|
|
|
246,657
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|
|
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|
263,082
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|
273,594
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|
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288,361
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Consumer Loans receivable
|
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|
382,544
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|
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|
380,554
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|
375,343
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364,912
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|
|
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|
362,855
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Commercial Loans receivable
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|
|
|
128,210
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|
|
|
|
127,473
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|
|
|
|
120,971
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|
|
|
|
122,484
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|
|
|
|
122,756
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|
Loan loss reserve
|
|
|
|
(3,491
|
)
|
|
|
|
(3,336
|
)
|
|
|
|
(3,246
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)
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|
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(3,226
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)
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(3,567
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)
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Total Loans receivable net
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|
507,263
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|
504,691
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|
493,068
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|
484,170
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|
|
|
|
482,044
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Total Loans held for sale
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|
-
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|
-
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-
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|
-
|
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|
|
|
371
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|
FHLB stock
|
|
|
|
8,075
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|
|
|
|
9,858
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|
|
|
|
9,514
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|
|
|
|
9,386
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|
|
|
|
9,040
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Checking accounts
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|
|
121,037
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|
|
113,955
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|
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|
|
118,254
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|
|
117,672
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|
|
|
|
112,329
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Savings accounts
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|
|
|
183,512
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|
|
|
|
187,014
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|
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|
|
187,879
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|
|
|
|
180,718
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|
|
|
|
176,842
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Certificate of deposit accounts
|
|
|
|
191,023
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|
|
|
|
201,282
|
|
|
|
|
213,204
|
|
|
|
|
225,427
|
|
|
|
|
237,844
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|
Total Deposits
|
|
|
|
495,572
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|
|
|
|
502,251
|
|
|
|
|
519,337
|
|
|
|
|
523,817
|
|
|
|
|
527,015
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|
Advances
|
|
|
|
208,014
|
|
|
|
|
218,467
|
|
|
|
|
202,381
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|
|
|
|
200,291
|
|
|
|
|
212,160
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|
Total stockholders' equity
|
|
|
|
62,640
|
|
|
|
|
63,162
|
|
|
|
|
63,145
|
|
|
|
|
62,804
|
|
|
|
|
62,302
|
|
|
|
|
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Copyright Business Wire 2015