News Column

Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2014

July 16, 2014

HARLEYSVILLE, Pa.--(BUSINESS WIRE)-- 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 DataJun 30, 2014Jun 30, 2013Jun 30, 2014Mar 31, 2014Dec 31, 2013Sept 30, 2013Jun 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 DataJun 30, 2014Jun 30, 2013Jun 30, 2014Mar 31, 2014Dec 31, 2013Sept 30, 2013Jun 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 DataJun 30, 2014Mar 31, 2014Dec 31, 2013Sept 30, 2013Jun 30, 2013
Total assets $795,548 $ 796,887 $ 809,273 $ 810,363 $ 796,628
Cash & investment securities76,721 79,243 81,996 81,394 74,237
Mortgage-backed securities186,361 194,351 206,365 213,625 207,984
Total Investments 263,082 273,594 288,361 295,019 282,221
Consumer Loans receivable375,042 363,929 362,604 359,573 362,581
Commercial Loans receivable120,971 122,484 122,756 120,091 115,945
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 accounts118,254 117,672 112,329 110,583 114,804
Savings accounts187,879 180,718 176,842 175,910 173,004
Certificate of deposit accounts213,204 225,427 237,844 248,225 256,899
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





Harleysville Savings Financial Corporation

Brendan J. McGill

Executive Vice President COO/CFO

215-256-8828


Source: Harleysville Savings Financial Corporation


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