Harleysville Savings Financial Corporation Announces Regular Cash Dividend and Second Quarter Earnings for Fiscal Year 2017

HARLEYSVILLE, Pa.--()--Harleysville Savings Financial Corporation (OTCQX:HARL) reported today that the Company’s board of directors declared a regular quarterly cash dividend of $.22 per share on the Company’s common stock. The cash dividend will be payable on May 17, 2017 to stockholders of record on May 3, 2017.

“We are pleased with our solid second quarter results. We continue to increase the number of relationships with small businesses and customers wanting to establish loans and their checking and savings accounts with a locally owned and managed community bank.”

Net income for the second quarter was $1,384,000 or $.36 per diluted share compared to $1,356,000 or $.36 per diluted share for the same quarter last year.

Net income for the six months ended March 31, 2017 amounted to $2,758,000 or $.73 per diluted share compared to $2,630,000 or $.70 per diluted share for the same six-month period a year ago.

Ron Geib, Chief Executive Officer of the Company, stated, “We are pleased with our solid second quarter results. We continue to increase the number of relationships with small businesses and customers wanting to establish loans and their checking and savings accounts with a locally owned and managed community bank.

"Between the improved strength of our balance sheet and the work ethic of our highly engaged team members, we are looking forward to continuing to create value for our stakeholders.”

The Company’s assets totaled $761.9 million compared to $758.8 million a year ago. Stockholders’ tangible book value increased 3.0% to $17.98 per share from $17.46 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.

                           
Harleysville Savings Financial Corporation
Selected Consolidated Financial Data as of March 31, 2017
 
(Dollars in thousands except per share data) Year-To-Date  

(Unaudited)

Six Months Ended: Three Months Ended:
 
Selected Consolidated Earnings Data

Mar 31,

2017

Mar 31,

2016

Mar 31,

2017

Dec 31,

2016

Sept 30,

2016

Jun 30,

2016

Mar 31,

2016

Total interest income $ 14,077 $ 14,433 $ 7,038 $ 7,039 $ 7,106 $ 7,165 $ 7,237
Total interest expense   3,857     4,136     1,921     1,936     1,985     2,026     2,071  
 
Net Interest Income 10,220 10,297 5,117 5,103 5,121 5,139 5,166
Provision for loan losses   350     380     170     180     180     170     180  
Net Interest Income after Provision for Loan Losses   9,870     9,917     4,947     4,923     4,941     4,969     4,986  
 
Gain on sale of investments 173 - 173 - - - -
Bank owned life insurance 195 201 97 98 97 96 100
Other income 1,032 1,009 496 536 596 459 492
Total other expenses   7,054     7,052     3,656     3,398     3,443     3,447     3,498  
 
Income before income taxes 4,216 4,075 2,057 2,159 2,191 2,077 2,080
Income tax expense   1,458     1,445     673     785     709     708     724  
 
Net Income $ 2,758   $ 2,630   $ 1,384   $ 1,374   $ 1,482   $ 1,369   $ 1,356  
 
 
Per Common Share Data
Basic earnings $ 0.74 $ 0.71 $ 0.37 $ 0.37 $ 0.40 $ 0.37 $ 0.37
Diluted earnings $ 0.73 $ 0.70 $ 0.36 $ 0.36 $ 0.39 $ 0.36 $ 0.36
Dividends $ 0.43 $ 0.42 $ 0.22 $ 0.21 $ 0.21 $ 0.21 $ 0.21
Tangible book value $ 17.98 $ 17.46 $ 17.98 $ 17.94 $ 17.81 $ 17.62 $ 17.46
Shares outstanding 3,749,078 3,689,064 3,749,078 3,701,372 3,686,890 3,688,403 3,689,064
Average shares outstanding - basic 3,705,712 3,711,853 3,718,269 3,693,427 3,685,730 3,687,762 3,715,359
Average shares outstanding - diluted 3,793,177 3,795,817 3,814,420 3,771,069 3,754,474 3,758,443 3,792,483
 
 
 
Year-To-Date  
Six Months Ended: Three Months Ended:
Other Selected Consolidated Data

Mar 31,

2017

Mar 31,

2016

Mar 31,

2017

Dec 31,

2016

Sept 30,

2016

Jun 30,

2016

Mar 31,

2016

Return on average assets 0.73 % 0.68 % 0.73 % 0.73 % 0.78 % 0.72 % 0.71 %
Return on average equity 8.33 % 8.20 % 8.30 % 8.35 % 9.10 % 8.49 % 8.43 %
Net interest rate spread 2.61 % 2.61 % 2.59 % 2.62 % 2.62 % 2.61 % 2.62 %
Net yield on interest earning assets 2.78 % 2.75 % 2.76 % 2.79 % 2.80 % 2.79 % 2.77 %
Operating expenses to average assets 1.86 % 1.83 % 1.92 % 1.80 % 1.82 % 1.81 % 1.82 %
Efficiency ratio 61.63 % 61.28 % 64.03 % 59.23 % 59.22 % 60.54 % 60.75 %

Ratio of non-performing loans to total assets at end of period

1.58 % 1.46 % 1.58 % 1.36 % 1.36 % 1.42 % 1.46 %
Loan loss reserve to total loans, net 0.75 % 0.70 % 0.75 % 0.74 % 0.72 % 0.71 % 0.70 %
Stockholders' equity to assets 8.85 % 8.49 % 8.85 % 8.77 % 8.79 % 8.55 % 8.49 %
 
 
 
                                             
Selected Consolidated Financial Data

Mar 31,

2017

   

Dec 31,

2016

   

Sept 30,

2016

   

Jun 30,

2016

   

Mar 31,

2016

Total assets $ 761,925 $ 757,271 $ 747,174 $ 759,886 $ 758,813
Cash & investment securities 43,010 44,104 44,872 43,396 50,635
Mortgage-backed securities 126,291 135,028 123,839 132,129 139,809
Total Investments 169,301 179,132 168,711 175,525 190,444
Consumer Loans receivable 394,278 388,864 391,384 392,494 388,901
Commercial Loans receivable 166,672 157,750 155,488 159,641 146,858
Loan loss reserve (4,226 ) (4,051 ) (3,950 ) (3,891 ) (3,771 )
Total Loans receivable net 556,724 542,563 542,922 548,244 531,988
FHLB stock 5,229 5,533 5,513 5,859 6,098
Checking accounts 169,165 162,867 153,695 153,054 145,608
Savings accounts 241,183 238,367 230,659 230,571 224,810
Certificate of deposit accounts 139,444 132,802 139,066 148,258 156,013
Total Deposits 549,792 534,036 523,420 531,883 526,431
Advances 135,371 149,523 151,768 153,051 159,608
Total stockholders' equity 67,415 66,401 65,675 64,992 64,428
 

Contacts

Harleysville Savings Financial Corporation
Brendan J. McGill
President/COO
215-256-8828

Recent Stories

RSS feed for Harleysville Savings Financial Corporation

Harleysville Savings Financial Corporation