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Harleysville Savings Financial Corp (HARL) SEC Filing 8-K Material Event for the period ending Wednesday, October 19, 2011

Harleysville Savings Financial Corp

CIK: 1107160 Ticker: HARL
Exhibit 99.1
     
FOR IMMEDIATE RELEASE
  FOR FURTHER INFORMATION
October 19, 2011
  Brendan J. McGill
 
  Executive Vice President COO/ CFO
 
  (215-256-8828)
Harleysville Savings Financial Corporation Announces Increased Earnings for the Fiscal
Year Ended September 30, 2011 and the Declaration of Regular Cash Dividend.
Harleysville, PA., October 19, 2011 — 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. The cash dividend will be payable on November 23, 2011 to stockholders of record on November 9, 2011.
Net income for the twelve months ended September 30, 2011 amounted to $5,395,000 or $1.44 per diluted share compared to $5,008,000 or $1.36 per diluted share for the twelve months ended September 30, 2010.
Net income for the fourth quarter of fiscal year 2011 amounted to $1,097,000 or $.29 per diluted share compared to $1,320,000 or $.35 per diluted share for the fourth quarter of fiscal year 2010.
Ron Geib, President and Chief Executive Officer of the Company, stated, “Given the persistent soft economic conditions of the national and regional economies, we are pleased with the financial results of the past year and how the balance sheet has been strengthened to allow us to deliver consistent ongoing returns for our shareholders. The financial results include:
    Record year of earnings
    Continued payment of the cash dividend
    Loan growth while maintaining the level of high credit quality loans
    Higher level of loan loss reserve

 

 


 

    Increase in transaction accounts
    Improvement in the efficiency ratio
    Increase in capital levels
    Improvement in the interest rate spread
In addition, we have a dedicated team of employees who are committed to our culture and to taking care of our customers. We look forward to the year ahead and will continue to honor the safe and conservative principles that have served us well over the years.”
The Company’s assets totaled $835.7 million compared to $857.1 million a year ago. Stockholders’ book value increased to $15.19 per share from $14.47 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, 2011
                                                         
    Year-To-Date        
    Twelve Months Ended:     Three Months Ended:  
(Dollars in thousands except per share data)   Sept 30,     Sept 30,     Sept 30,     June 30,     Mar 31,     Dec 31,     Sept 30,  
(Unaudited)   2011     2010     2011     2011     2011     2010     2010  
Selected Consolidated Earnings Data                                          
Total interest income
  $ 37,573     $ 40,018     $ 9,358     $ 9,494     $ 9,291     $ 9,430     $ 9,867  
Total interest expense
    19,034       21,747       4,559       4,736       4,764       4,975       5,163  
 
                                         
 
                                                       
Net Interest Income
    18,539       18,271       4,799       4,758       4,527       4,455       4,704  
Provision for loan losses
    1,150       600       660       165       175       150       150  
 
                                         
Net Interest Income after Provision for Loan Losses
    17,389       17,671       4,139       4,593       4,352       4,305       4,554  
 
                                         
 
                                                       
Bank owned life insurance
    1,548       512       141       1,163       121       123       147  
Other income
    1,438       1,475       393       356       311       378       372  
Total other expenses
    13,125       12,702       3,239       3,385       3,340       3,161       3,197  
 
                                         
 
                                                       
Income before income taxes
    7,250       6,956       1,434       2,727       1,444       1,645       1,876  
Income tax expense
    1,855       1,948       337       739       350       429       556  
 
                                         
 
                                                       
Net Income
  $ 5,395     $ 5,008     $ 1,097     $ 1,988     $ 1,094     $ 1,216     $ 1,320  
 
                                         
 
                                                       
Per Common Share Data
                                                       
Basic earnings
  $ 1.45     $ 1.37     $ 0.29     $ 0.53     $ 0.29     $ 0.33     $ 0.36  
Diluted earnings
  $ 1.44     $ 1.36     $ 0.29     $ 0.53     $ 0.29     $ 0.33     $ 0.35  
Dividends
  $ 0.76     $ 0.76     $ 0.19     $ 0.19     $ 0.19     $ 0.19     $ 0.19  
Tangible book value
  $ 15.19     $ 14.47     $ 15.19     $ 15.09     $ 14.74     $ 14.63     $ 14.47  
Shares outstanding
    3,758,751       3,687,409       3,758,751       3,747,920       3,731,574       3,704,940       3,687,409  
Average shares outstanding — basic
    3,726,599       3,658,300       3,752,394       3,737,439       3,723,236       3,693,373       3,678,492  
Average shares outstanding — diluted
    3,758,281       3,685,004       3,776,650       3,771,917       3,758,260       3,731,203       3,722,324  
                                                         
    Year-To-Date        
(Dollars in thousands except per share data)   Twelve Months Ended:     Three Months Ended:  
(Unaudited)   Sept 30,     Sept 30,     Sept 30,     Jun 31,     Mar 31,     Dec 31,     Sept 30,  
Other Selected Consolidated Data   2011     2010     2011     2011     2011     2010     2010  
Return on average assets
    0.63 %     0.59 %     0.52 %     0.93 %     0.51 %     0.57 %     0.61 %
Return on average equity
    9.79 %     9.73 %     7.74 %     14.26 %     8.03 %     9.08 %     10.01 %
Net interest rate spread
    2.07 %     2.04 %     2.16 %     2.11 %     2.01 %     1.98 %     2.07 %
Net yield on interest earning assets
    2.23 %     2.21 %     2.34 %     2.28 %     2.17 %     2.14 %     2.24 %
Operating expenses to average assets
    1.54 %     1.50 %     1.53 %     1.58 %     1.56 %     1.48 %     1.48 %
Efficiency ratio
    61.45 %     62.73 %     60.72 %     53.93 %     67.36 %     63.78 %     61.22 %
Ratio of non-performing loans to total assets at end of period
    0.40 %     0.30 %     0.40 %     0.38 %     0.42 %     0.39 %     0.30 %
Loan loss reserve to total loans, net
    0.63 %     0.48 %     0.63 %     0.51 %     0.55 %     0.51 %     0.48 %
Stockholders’ equity to assets
    6.83 %     6.22 %     6.83 %     6.59 %     6.42 %     6.33 %     6.22 %
                                         
    Sept 30,     Jun 30,     Mar 31,     Dec 31,     Sept 30,  
Selected Consolidated Financial Data   2011     2011     2011     2010     2010  
Total assets
  $ 835,713     $ 857,579     $ 856,478     $ 856,681     $ 857,140  
Consumer Loans receivable
    424,424       421,203       418,329       421,375       431,966  
Commercial Loans receivable
    97,373       90,916       85,646       86,051       80,631  
Loan loss reserve
    (3,311 )     (2,652 )     (2,795 )     (2,639 )     (2,504 )
Total Loans receivable net
    518,486       509,467       501,180       504,787       510,093  
Cash & investment securities
    122,306       150,978       161,878       176,274       166,063  
Mortgage-backed securities
    150,547       150,669       144,686       127,188       131,628  
Total Investments
    272,853       301,647       306,564       303,462       297,691  
FHLB stock
    13,110       13,800       14,526       15,291       16,096  
Checking accounts
    90,146       89,629       81,698       80,426       70,912  
Savings accounts
    138,805       137,474       138,228       134,671       139,818  
Certificate of deposit accounts
    295,450       303,999       311,346       316,550       317,370  
Total Deposits
    524,401       531,102       531,272       531,647       528,100  
Advances
    250,194       261,900       263,632       265,347       272,047  
Total stockholders’ equity
    57,082       56,551       55,009       54,205       53,351  

 

 

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Ticker: HARL
CIK: 1107160
Form Type: 8-K Corporate News
Accession Number: 0000950123-11-090902
Submitted to the SEC: Thu Oct 20 2011 1:45:04 PM EST
Accepted by the SEC: Thu Oct 20 2011
Period: Wednesday, October 19, 2011
Industry: National Commercial Banks
Events:
  1. Earnings Release
  2. Financial Exhibit

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