Harleysville Savings Financial Corporation Announces Increased Earnings for the Fiscal Year Ended September 30, 2009 and the Declaration of Regular Cash Dividend
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HARLEYSVILLE, Pa.--(BUSINESS WIRE)-- Harleysville Savings Financial Corporation (NASDAQ: HARL) reported today that the Company's board of directors declared a regular quarterly cash dividend of $.19 per share on the Company's common stock which represents a 5.6% increase from the prior year. The cash dividend will be payable on November 25, 2009 to stockholders of record on November 11, 2009.
Net income for the fourth quarter of fiscal year 2009 amounted to $1,282,000 or $.35 per diluted share compared to $1,508,000 or $.42 per diluted share for the fourth quarter of fiscal year 2008.
Net income for the twelve months ended September 30, 2009 amounted to $4,716,000 or $1.31 per diluted share compared to $4,379,000 or $1.20 per diluted share for the twelve-month period ended September 30, 2008.
Commenting on the year-end operating results, President and Chief Executive Officer Ron Geib said, "Despite the current economic conditions our country is encountering, we are very pleased with the growth we have experienced this past year - in loans, deposits, earnings, and the cash dividend. We believe the current level of our allowance for credit losses is adequate and we continue to maintain a strong capital position in excess of the well-capitalized regulatory guidelines. I am also very proud of the work ethic of our team members and the manner in which they serve our customers. All these conditions combined create a strong community bank that is well positioned to continue to create value for our stakeholders. These results reflect our discipline 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."
The Company's assets totaled $830.0 million compared to $825.7 million a year ago. Stockholders' book value increased to $13.82 per share from $13.23 a year ago.
Harleysville Savings Financial Corporation 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. Harleysville is located in Montgomery County, which has the third largest population base and the second highest per capita income in the state of 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 September 30, 2009
(Dollars in
thousands
except per
share data)
(Unaudited) Twelve Months Ended: Three Months Ended:
Selected Sept 30, Sept 30, Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Consolidated
Earnings Data 2009 2008 2009 2009 2009 2008 2008
Total interest $ 41,343 $ 43,076 $ 10,140 $ 9,973 $ 10,504 $ 10,726 $ 11,041
income
Total interest 24,886 29,016 6,070 6,128 6,147 6,541 6,810
expense
Net Interest 16,457 14,060 4,070 3,845 4,357 4,185 4,231
Income
Provision for 400 85 110 90 100 100 45
loan losses
Net Interest
Income after 16,057 13,975 3,960 3,755 4,257 4,085 4,186
Provision for
Loan Losses
Impairment of
equity 449 - - - 449 - -
securities
Loss on sale of 25 179 14 - 11 - -
investments
Gain on sale of 20 - - - 20 - 69
investments
Other income 1,925 1,909 531 460 463 471 494
FDIC insurance 1,084 56 223 604 239 18 19
premiums
Non interest 10,443 10,038 2,617 2,510 2,580 2,736 2,710
expenses
Income before 6,001 5,611 1,637 1,101 1,461 1,802 2,020
income taxes
Income tax 1,285 1,232 355 245 258 427 512
expense
Net Income $ 4,716 $ 4,379 $ 1,282 $ 856 $ 1,203 $ 1,375 $ 1,508
Per Common
Share Data
Basic earnings $ 1.31 $ 1.20 $ 0.35 $ 0.24 $ 0.33 $ 0.38 $ 0.42
Diluted $ 1.31 $ 1.20 $ 0.35 $ 0.24 $ 0.33 $ 0.38 $ 0.42
earnings
Dividends $ 0.73 $ 0.69 $ 0.19 $ 0.18 $ 0.18 $ 0.18 $ 0.18
Book value $ 13.82 $ 13.23 $ 13.82 $ 13.66 $ 13.59 $ 13.41 $ 13.23
Shares 3,627,696 3,567,934 3,627,696 3,614,903 3,603,409 3,580,711 3,567,934
outstanding
Average shares
outstanding - 3,598,662 3,643,363 3,620,270 3,608,620 3,592,286 3,580,630 3,566,230
basic
Average shares
outstanding - 3,610,569 3,663,469 3,643,409 3,622,751 3,600,292 3,592,483 3,586,142
diluted
Year-To-Date
Twelve Months Ended: Three Months Ended:
Other Selected Sept 30, Sept 30, Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Consolidated
Data 2009 2008 2009 2009 2009 2008 2008
Return on 0.57 % 0.54 % 0.62 % 0.42 % 0.59 % 0.67 % 0.73 %
average assets
Return on 9.70 % 9.42 % 10.34 % 6.97 % 9.93 % 11.60 % 12.99 %
average equity
Net interest
income rate 1.85 % 1.59 % 1.82 % 1.72 % 1.97 % 1.87 % 1.89 %
spread
Net yield on
interest 2.04 % 1.82 % 2.01 % 1.92 % 2.17 % 2.07 % 2.09 %
earning assets
Operating
expenses to 1.40 % 1.25 % 1.37 % 1.52 % 1.37 % 1.33 % 1.32 %
average assets
Efficiency 62.92 % 63.85 % 61.73 % 72.33 % 58.48 % 59.14 % 57.76 %
ratio
Ratio of
non-performing
loans to total 0.21 % 0.15 % 0.21 % 0.24 % 0.23 % 0.16 % 0.15 %
assets at end
of period
Loan loss
reserve to 0.42 % 0.42 % 0.42 % 0.47 % 0.45 % 0.43 % 0.42 %
total loans,
net
Stockholders'
equity to 6.04 % 5.76 % 6.04 % 5.98 % 6.02 % 5.82 % 5.72 %
assets
Selected Sept 30, June 30, Mar 31, Dec 31, Sept 30,
Consolidated
Financial Data 2009 2009 2009 2008 2008
Total assets $ 830,007 $ 825,151 $ 813,732 $ 824,275 $ 825,675
Consumer Loans
receivable - 439,044 428,897 433,397 436,663 432,451
net
Commercial 59,347 54,201 49,974 46,910 44,407
Loans
Loan loss 2,094 2,272 2,193 2,098 1,988
reserve
Cash &
investment 121,364 120,291 92,224 90,128 89,483
securities
Mortgage-backed 163,215 176,091 193,179 206,674 214,691
securities
FHLB stock 16,096 16,096 16,096 16,096 16,574
Deposits 466,601 450,997 439,493 420,163 425,513
Advances 309,046 316,088 318,147 350,345 347,846
Total
stockholders' 50,140 49,383 48,988 48,007 47,209
equity
Source: Harleysville Savings Financial Corporation
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