Harleysville Savings Financial Corporation Announces Earnings for the Fiscal Year Ended September 30, 2015 and the Declaration of Regular Cash Dividend

HARLEYSVILLE, Pa.--()--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 November 18, 2015 to stockholders of record on November 4, 2015.

Net income for the twelve months ended September 30, 2015 amounted to $4,926,000 or $1.30 per diluted share compared to $4,917,000 or $1.27 per diluted share for the twelve months ended September 30, 2014.

Net income for the fourth quarter of fiscal year 2015 amounted to $1,213,000 or $.32 per diluted share compared to $1,202,000 or $.31 per diluted share for the fourth quarter of fiscal year 2014.

Commenting on the year-end operating results, Chief Executive Officer Ron Geib said, “We are pleased with the solid financial results of this fiscal year in spite of the extended low interest rate environment. We have experienced growth this past year – in total loans, transaction accounts, earnings, interest rate spread and tangible book value. These results reflect our discipline to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling operating expenses, and practicing sound capital management.

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

The Company’s assets totaled $770.5 million compared to $791.4 million a year ago. Stockholders’ book value increased 2.86% to $17.24 per share from $16.76 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 September 30 , 2015
(Dollars in thousands except per share data)   Year-To-Date                    
(Unaudited) Twelve Months Ended: Three Months Ended:
         
Selected Consolidated Earnings Data Sept 30, 2015 Sept 30, 2014 Sept 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sept 30, 2014
Total interest income $ 28,792 $ 29,238 $ 7,123 $ 7,047 $ 7,338 $ 7,284 $ 7,275
Total interest expense   8,823     10,161     2,149     2,198     2,187     2,289     2,348  
 
Net Interest Income 19,969 19,077 4,974 4,849 5,151 4,995 4,927
Provision for loan losses   875     880     180     170     260     265     210  
Net Interest Income after Provision for Loan Losses   19,094     18,197     4,794     4,679     4,891     4,730     4,717  
 
Gain on sale of investments 221 709 - - 221 - 114
Bank owned life insurance 404 416 103 99 100 102 106
Other income 1,788 1,667 461 459 402 466 413
Total other expenses   14,147     13,632     3,542     3,554     3,555     3,496     3,401  
 
Income before income taxes 7,360 7,357 1,816 1,683 2,059 1,802 1,949
Income tax expense   2,434     2,440     603     536     714     581     747  
 
Net Income $ 4,926   $ 4,917   $ 1,213   $ 1,147   $ 1,345   $ 1,221   $ 1,202  
 
 
Per Common Share Data
Basic earnings $ 1.33 $ 1.30 $ 0.33 $ 0.31 $ 0.36 $ 0.33 $ 0.32
Diluted earnings $ 1.30 $ 1.27 $ 0.32 $ 0.30 $ 0.36 $ 0.32 $ 0.31
Dividends $ 0.84 $ 0.84 $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21
Tangible book value $ 17.24 $ 16.76 $ 17.24 $ 17.15 $ 17.04 $ 16.88 $ 16.76
Shares outstanding 3,704,013 3,767,647 3,704,013 3,715,863 3,712,650 3,710,041 3,767,647
Average shares outstanding - basic 3,714,089 3,789,714 3,710,762 3,714,271 3,710,815 3,720,439 3,776,378
Average shares outstanding - diluted 3,793,381 3,858,312 3,800,438 3,804,829 3,792,254 3,782,564 3,838,189
 
 
 
Year-To-Date                  
Twelve Months Ended: Three Months Ended:
Other Selected Consolidated Data Sept 30, 2015 Sept 30, 2014 Sept 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sept 30, 2014
Return on average assets 0.64 % 0.62 % 0.63 % 0.60 % 0.70 % 0.62 % 0.61 %
Return on average equity 7.82 % 7.88 % 7.63 % 7.25 % 8.57 % 7.82 % 7.65 %
Net interest rate spread 2.50 % 2.30 % 2.47 % 2.43 % 2.60 % 2.48 % 2.40 %
Net yield on interest earning assets 2.66 % 2.46 % 2.66 % 2.60 % 2.75 % 2.62 % 2.56 %
Operating expenses to average assets 1.83 % 1.71 % 1.84 % 1.86 % 1.85 % 1.78 % 1.72 %
Efficiency ratio 63.85 % 64.43 % 63.96 % 65.73 % 62.89 % 62.84 % 62.46 %
Ratio of non-performing loans to total
assets at end of period 1.42 % 1.53 % 1.42 % 1.41 % 1.45 % 1.37 % 1.53 %
Loan loss reserve to total loans, net 0.71 % 0.66 % 0.71 % 0.72 % 0.72 % 0.68 % 0.66 %
Stockholders' equity to assets 8.29 % 7.98 % 8.29 % 8.28 % 8.28 % 8.10 % 7.98 %
 
                 
Selected Consolidated Financial Data Sept 30, 2015   Jun 30, 2015   Mar 31, 2015   Dec 31, 2014   Sept 30, 2014
Total assets $ 770,484 $ 769,804 $ 763,940 $ 773,588 $ 791,353
Cash & investment securities 62,828 62,185 59,722 59,284 70,067
Mortgage-backed securities 150,852 156,893 159,277 168,915 176,590
Total Investments 213,680 219,078

 

218,999 228,199 246,657
Consumer Loans receivable 384,258 381,269 378,610 382,544 380,554
Commercial Loans receivable 138,941 135,827 132,237 128,210 127,473
Loan loss reserve (3,688 ) (3,711 ) (3,682 ) (3,491 ) (3,336 )
Total Loans receivable net 519,511 513,385 507,165 507,263 504,691
FHLB stock 6,910 7,225 7,319 8,075 9,858
Checking accounts 140,401 131,866 129,755 121,037 113,955
Savings accounts 204,546 197,467 195,772 183,512 187,014
Certificate of deposit accounts 169,293 177,020 183,451 191,023 201,282
Total Deposits 514,240 506,353 508,978 495,572 502,251
Advances 185,205 189,313 183,367 208,014 218,467
Total stockholders' equity 63,868 63,722 63,264 62,640 63,162

Contacts

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

Contacts

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