Attached files
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| 8-K - FORM 8-K - HARLEYSVILLE SAVINGS FINANCIAL CORP | d384641d8k.htm |
Exhibit 99.1
| FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION | |
| July 18, 2012 | Brendan J. McGill | |
| Executive Vice President COO/CFO | ||
| 215-256-8828 |
Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Third Quarter Earnings for Fiscal Year 2012
Harleysville, PA., July 18, 2012 – Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.20 per share. The cash dividend will be payable on August 22, 2012 to stockholders of record on August 8, 2012.
Net income for the third quarter was $1,311,000 or $.34 per diluted share compared to $1,988,000 or $.53 per diluted share for the same quarter last year. There was a onetime Bank Owned Life Insurance (“BOLI”) net benefit of $927,000 or $.24 per diluted share in the 2011 quarter.
Net income for the nine months ended June 30, 2012 amounted to $3,896,000 or $1.03 per diluted share compared to $4,298,000 or $1.15 per diluted share for the same nine-month period a year ago.
Ron Geib, President and Chief Executive Officer of the Company, stated, “The low level of interest rates continues to provide a unique challenge for the financial industry. This environment, along with a continued lack in demand for loans, is putting pressure on the interest margins and constraining the growth in the balance sheet. Given these conditions, we are very pleased to report another quarter of solid financial results. Our net interest income, 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 $822.7 million compared to $857.6 million a year ago. Stockholders’ tangible book value increased 4.24% to $15.73 per share from $15.09 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 central 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 June 30, 2012
| (Dollars in thousands except per share data) | Year-To-Date | |||||||||||||||||||||||||||
| ( Unaudited) | Nine Months Ended: | Three Months Ended: | ||||||||||||||||||||||||||
| Selected Consolidated Earnings Data |
Jun 30, 2012 |
Jun 30, 2011 |
Jun 30, 2012 |
Mar 31, 2012 |
Dec 31, 2011 |
Sept 30, 2011 |
June 30, 2011 |
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| Total interest income |
$ | 26,340 | $ | 28,215 | $ | 8,599 | $ | 8,736 | $ | 9,005 | $ | 9,358 | $ | 9,494 | ||||||||||||||
| Total interest expense |
11,613 | 14,475 | 3,691 | 3,955 | 3,967 | 4,559 | 4,736 | |||||||||||||||||||||
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| Net Interest Income |
14,727 | 13,740 | 4,908 | 4,781 | 5,038 | 4,799 | 4,758 | |||||||||||||||||||||
| Provision for loan losses |
760 | 490 | 255 | 255 | 250 | 660 | 165 | |||||||||||||||||||||
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| Net Interest Income after Provision for Loan Losses |
13,967 | 13,250 | 4,653 | 4,526 | 4,788 | 4,139 | 4,593 | |||||||||||||||||||||
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| Gain on sale of investments |
34 | — | 34 | — | — | — | — | |||||||||||||||||||||
| Bank owned life insurance |
364 | 1,407 | 121 | 121 | 122 | 141 | 1,163 | |||||||||||||||||||||
| Other income |
1,233 | 1,045 | 443 | 341 | 449 | 393 | 356 | |||||||||||||||||||||
| Total other expenses |
10,096 | 9,886 | 3,385 | 3,413 | 3,298 | 3,239 | 3,385 | |||||||||||||||||||||
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| Income before income taxes |
5,502 | 5,816 | 1,866 | 1,575 | 2,061 | 1,434 | 2,727 | |||||||||||||||||||||
| Income tax expense |
1,606 | 1,518 | 555 | 354 | 697 | 337 | 739 | |||||||||||||||||||||
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| Net Income |
$ | 3,896 | $ | 4,298 | $ | 1,311 | $ | 1,221 | $ | 1,364 | $ | 1,097 | $ | 1,988 | ||||||||||||||
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| Per Common Share Data |
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| Basic earnings |
$ | 1.04 | $ | 1.16 | $ | 0.35 | $ | 0.33 | $ | 0.36 | $ | 0.29 | $ | 0.53 | ||||||||||||||
| Diluted earnings |
$ | 1.03 | $ | 1.15 | $ | 0.34 | $ | 0.32 | $ | 0.36 | $ | 0.29 | $ | 0.53 | ||||||||||||||
| Dividends |
$ | 0.58 | $ | 0.57 | $ | 0.20 | $ | 0.19 | $ | 0.19 | $ | 0.19 | $ | 0.19 | ||||||||||||||
| Tangible book value |
$ | 15.73 | $ | 15.09 | $ | 15.73 | $ | 15.56 | $ | 15.39 | $ | 15.19 | $ | 15.09 | ||||||||||||||
| Shares outstanding |
3,747,031 | 3,747,920 | 3,747,031 | 3,728,089 | 3,772,028 | 3,758,751 | 3,747,920 | |||||||||||||||||||||
| Average shares outstanding - basic |
3,746,038 | 3,717,906 | 3,736,462 | 3,738,430 | 3,763,147 | 3,752,394 | 3,737,439 | |||||||||||||||||||||
| Average shares outstanding - diluted |
3,801,159 | 3,752,059 | 3,823,689 | 3,794,487 | 3,790,457 | 3,776,650 | 3,771,917 | |||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | |||||||||||||||||||||||||||
| ( Unaudited) | Nine Months Ended: | Three Months Ended: | ||||||||||||||||||||||||||
| Other Selected Consolidated Data |
Jun 30, 2012 |
Jun
30, 2011 |
Jun 30, 2012 |
Mar 31, 2012 |
Dec 31, 2011 |
Sept 30, 2011 |
June 30, 2011 |
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| Return on average assets |
0.61 | % | 0.67 | % | 0.63 | % | 0.59 | % | 0.66 | % | 0.52 | % | 0.93 | % | ||||||||||||||
| Return on average equity |
8.72 | % | 10.46 | % | 9.00 | % | 8.44 | % | 9.40 | % | 7.74 | % | 14.26 | % | ||||||||||||||
| Net interest rate spread |
2.26 | % | 2.03 | % | 2.27 | % | 2.19 | % | 2.33 | % | 2.16 | % | 2.11 | % | ||||||||||||||
| Net yield on interest earning assets |
2.43 | % | 2.20 | % | 2.44 | % | 2.36 | % | 2.49 | % | 2.34 | % | 2.28 | % | ||||||||||||||
| Operating expenses to average assets |
1.64 | % | 1.54 | % | 1.63 | % | 1.64 | % | 1.57 | % | 1.53 | % | 1.58 | % | ||||||||||||||
| Efficiency ratio |
63.47 | % | 61.69 | % | 61.85 | % | 65.10 | % | 58.80 | % | 60.72 | % | 53.93 | % | ||||||||||||||
| Ratio of non-performing loans to total assets at end of period |
1.44 | % | 0.38 | % | 1.44 | % | 1.00 | % | 0.64 | % | 0.40 | % | 0.38 | % | ||||||||||||||
| Loan loss reserve to total loans, net |
0.71 | % | 0.51 | % | 0.71 | % | 0.73 | % | 0.68 | % | 0.63 | % | 0.51 | % | ||||||||||||||
| Stockholders' equity to assets |
7.16 | % | 6.59 | % | 7.16 | % | 6.89 | % | 6.97 | % | 6.83 | % | 6.59 | % | ||||||||||||||
| Selected Consolidated Financial Data |
Jun 30, 2012 |
Mar 31, 2012 |
Dec 31, 2011 |
Sept 30, 2011 |
Jun 30, 2011 |
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| Total assets |
$ | 822,726 | $ | 842,266 | $ | 832,630 | $ | 835,713 | $ | 857,579 | ||||||||||||||||||
| Consumer Loans receivable |
400,463 | 409,244 | 416,900 | 424,424 | 421,203 | |||||||||||||||||||||||
| Commercial Loans receivable |
103,997 | 102,655 | 99,593 | 97,373 | 90,916 | |||||||||||||||||||||||
| Loan loss reserve |
(3,867 | ) | (3,809 | ) | (3,559 | ) | (3,311 | ) | (2,652 | ) | ||||||||||||||||||
| Total Loans receivable net |
500,593 | 508,090 | 512,934 | 518,486 | 509,467 | |||||||||||||||||||||||
| Cash & investment securities |
117,380 | 145,569 | 119,448 | 122,306 | 150,978 | |||||||||||||||||||||||
| Mortgage-backed securities |
152,025 | 145,405 | 156,411 | 150,547 | 150,669 | |||||||||||||||||||||||
| Total Investments |
269,405 | 290,974 | 275,859 | 272,853 | 301,647 | |||||||||||||||||||||||
| FHLB stock |
11,240 | 11,832 | 12,455 | 13,110 | 13,800 | |||||||||||||||||||||||
| Checking accounts |
106,661 | 112,165 | 96,671 | 90,146 | 89,629 | |||||||||||||||||||||||
| Savings accounts |
160,136 | 153,684 | 147,156 | 138,805 | 137,474 | |||||||||||||||||||||||
| Certificate of deposit accounts |
282,868 | 284,572 | 286,544 | 295,450 | 303,999 | |||||||||||||||||||||||
| Total Deposits |
549,665 | 550,421 | 530,371 | 524,401 | 531,102 | |||||||||||||||||||||||
| Advances |
203,765 | 227,228 | 238,676 | 250,194 | 261,900 | |||||||||||||||||||||||
| Total stockholders' equity |
58,924 | 58,026 | 58,033 | 57,082 | 56,551 | |||||||||||||||||||||||