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 February 24, 2016 to stockholders of record on February 10, 2016.

Net income for the quarter ended December 31, 2015 was $1,274,000 or $.34 per diluted share compared to $1,221,000 or $.32 per diluted share for the same quarter last year.

Ron Geib, Chief Executive Officer of the Company, stated, “We continue to be pleased with our strong financial results despite the current economic conditions our country is continuing to encounter and look forward to another year of creating value for our stakeholders.

“We are also pleased with the growth that we have seen in our transactional deposit accounts, total loans, tangible book value, earnings per share, and the interest rate spread over the prior quarter and prior year amounts.”

The Company’s assets totaled $773.7 million compared to $773.6 million a year ago, and stockholders’ tangible book value increased to $17.35 per share from $16.88 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 December 31, 2015
(Dollars in thousands except per share data)
(Unaudited)   Three Months Ended:
       

 

Dec 31, Sept 30, June 30, Mar 31, Dec 31,

Selected Consolidated Earnings Data

2015 2015 2015 2015 2014
Total interest income $ 7,196 $ 7,123 $ 7,047 $ 7,338 $ 7,284
Total interest expense   2,065     2,149     2,198     2,187     2,289  
 
Net Interest Income 5,131 4,974 4,849 5,151 4,995
Provision for loan losses   200     180     170     260     265  
Net Interest Income after Provision for Loan Losses   4,931     4,794     4,679     4,891     4,730  
 
Gain on sale of investments - - - 221 -
Bank owned life insurance 101 103 99 100 102
Other income 517 461 459 402 466
Total other expenses   3,554     3,542     3,554     3,555     3,496  
 
Income before income taxes 1,995 1,816 1,683 2,059 1,802
Income tax expense   721     603     536     714     581  
 
Net Income $ 1,274   $ 1,213   $ 1,147   $ 1,345   $ 1,221  
 
 
Per Common Share Data
Basic earnings $ 0.34 $ 0.33 $ 0.31 $ 0.36 $ 0.33
Diluted earnings $ 0.34 $ 0.32 $ 0.30 $ 0.36 $ 0.32
Dividends $ 0.21 $ 0.21 $ 0.21 $ 0.21 $ 0.21
Tangible book value $ 17.35 $ 17.24 $ 17.15 $ 17.04 $ 16.88
Shares outstanding 3,716,647 3,704,013 3,715,863 3,712,650 3,710,041
Average shares outstanding - basic 3,708,385 3,710,762 3,714,271 3,710,815 3,720,439
Average shares outstanding - diluted 3,799,986 3,800,438 3,804,829 3,792,254 3,782,564
 
 
 
 
                 
Three Months Ended:

 

Dec 31, Sept 30, June 30, Mar 31, Dec 31,

Other Selected Consolidated Data

2015 2015 2015 2015 2014
Return on average assets 0.66 % 0.63 % 0.60 % 0.70 % 0.62 %
Return on average equity 7.97 % 7.63 % 7.25 % 8.57 % 7.82 %
Net interest rate spread 2.59 % 2.47 % 2.43 % 2.60 % 2.48 %
Net yield on interest earning assets 2.73 % 2.66 % 2.60 % 2.75 % 2.62 %
Operating expenses to average assets 1.84 % 1.84 % 1.86 % 1.85 % 1.78 %
Efficiency ratio 61.82 % 63.96 % 65.73 % 62.89 % 62.84 %

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

1.51 % 1.42 % 1.41 % 1.45 % 1.37 %
Loan loss reserve to total loans, net 0.70 % 0.71 % 0.72 % 0.72 % 0.68 %
Stockholders' equity to assets 8.33 % 8.29 % 8.28 % 8.28 % 8.10 %
 
                 

 

Dec 31, Sept 30, June 30, Mar 31, Dec 31,

Selected Consolidated Financial Data

2015 2015 2015 2015 2014
Total assets $ 773,706 $ 770,484 $ 769,804 $ 763,940 $ 773,588
Cash & investment securities 61,731 62,828 62,185 59,722 59,284
Mortgage-backed securities 145,520 150,852 156,893 159,277 168,915
Total Investments 207,251 213,680 219,078 218,999 228,199
Consumer Loans receivable 387,599 384,258 381,269 378,610 382,544
Commercial Loans receivable 144,961 138,941 135,827 132,237 128,210
Loan loss reserve (3,718 ) (3,688 ) (3,711 ) (3,682 ) (3,491 )
Total Loans receivable net 528,842 519,511 513,385 507,165 507,263
FHLB stock 7,262 6,910 7,225 7,319 8,075
Checking accounts 144,888 140,401 131,866 129,755 121,037
Savings accounts 208,338 204,546 197,467 195,772 183,512
Certificate of deposit accounts 162,557 169,293 177,020 183,451 191,023
Total Deposits 515,783 514,240 506,353 508,978 495,572
Advances 185,877 185,205 189,313 183,367 208,014
Total stockholders' equity 64,485 63,868 63,722 63,264 62,640