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 16, 2016 to stockholders of record on November 2, 2016.
Net income for the twelve months ended September 30, 2016 amounted to $5,481,000 or $1.45 per diluted share compared to $4,926,000 or $1.30 per diluted share for the twelve months ended September 30, 2015.
Net income for the fourth quarter of fiscal year 2016 amounted to $1,482,000 or $.39 per diluted share compared to $1,213,000 or $.32 per diluted share for the fourth quarter of fiscal year 2015.
Ron Geib, Chief Executive Officer of the Company, stated, “Given the prolonged low interest rate environment, 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, loan growth while maintaining the level of high credit quality loans, increase in transaction accounts, improvement in efficiency ratio, increase in capital levels and improvement in the interest rate spread.
In addition we have a dedicated team of employees who are committed to our culture and to the 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 $747.2 million compared to $770.5 million a year ago. Stockholders’ book value increased 3.31% to $17.81 per share from $17.24 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, 2016 | |||||||||||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | ||||||||||||||||||||||||||||
(Unaudited) | Twelve Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
| Selected Consolidated Earnings Data | Sept 30, 2016 | Sept 30, 2015 | Sept 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | ||||||||||||||||||||||
| Total interest income | $ | 28,704 | $ | 28,792 | $ | 7,106 | $ | 7,165 | $ | 7,237 | $ | 7,196 | $ | 7,123 | |||||||||||||||
| Total interest expense | 8,147 | 8,823 | 1,985 | 2,026 | 2,071 | 2,065 | 2,149 | ||||||||||||||||||||||
| Net Interest Income | 20,557 | 19,969 | 5,121 | 5,139 | 5,166 | 5,131 | 4,974 | ||||||||||||||||||||||
| Provision for loan losses | 730 | 875 | 180 | 170 | 180 | 200 | 180 | ||||||||||||||||||||||
| Net Interest Income after Provision for Loan Losses | 19,827 | 19,094 | 4,941 | 4,969 | 4,986 | 4,931 | 4,794 | ||||||||||||||||||||||
| Gain on sale of investments | - | 221 | - | - | - | - | - | ||||||||||||||||||||||
| Bank owned life insurance | 394 | 404 | 97 | 96 | 100 | 101 | 103 | ||||||||||||||||||||||
| Other income | 2,064 | 1,788 | 596 | 459 | 492 | 517 | 461 | ||||||||||||||||||||||
| Total other expenses | 13,942 | 14,147 | 3,443 | 3,447 | 3,498 | 3,554 | 3,542 | ||||||||||||||||||||||
| Income before income taxes | 8,343 | 7,360 | 2,191 | 2,077 | 2,080 | 1,995 | 1,816 | ||||||||||||||||||||||
| Income tax expense | 2,862 | 2,434 | 709 | 708 | 724 | 721 | 603 | ||||||||||||||||||||||
| Net Income | $ | 5,481 | $ | 4,926 | $ | 1,482 | $ | 1,369 | $ | 1,356 | $ | 1,274 | $ | 1,213 | |||||||||||||||
| Per Common Share Data | |||||||||||||||||||||||||||||
| Basic earnings | $ | 1.48 | $ | 1.33 | $ | 0.40 | $ | 0.37 | $ | 0.37 | $ | 0.34 | $ | 0.33 | |||||||||||||||
| Diluted earnings | $ | 1.45 | $ | 1.30 | $ | 0.39 | $ | 0.36 | $ | 0.36 | $ | 0.34 | $ | 0.32 | |||||||||||||||
| Dividends | $ | 0.84 | $ | 0.84 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | |||||||||||||||
| Tangible book value | $ | 17.81 | $ | 17.24 | $ | 17.81 | $ | 17.62 | $ | 17.46 | $ | 17.35 | $ | 17.24 | |||||||||||||||
| Shares outstanding | 3,686,890 | 3,704,013 | 3,686,890 | 3,688,403 | 3,689,064 | 3,716,647 | 3,704,013 | ||||||||||||||||||||||
| Average shares outstanding - basic | 3,699,292 | 3,714,089 | 3,685,730 | 3,687,762 | 3,715,359 | 3,708,385 | 3,710,762 | ||||||||||||||||||||||
| Average shares outstanding - diluted | 3,775,173 | 3,793,381 | 3,754,474 | 3,758,443 | 3,792,483 | 3,799,986 | 3,800,438 | ||||||||||||||||||||||
| Harleysville Savings Financial Corporation | |||||||||||||||||||||||||||||
| Selected Consolidated Financial Data as of September 30, 2016 | |||||||||||||||||||||||||||||
| (Dollars in thousands except per share data) | Year-To-Date | ||||||||||||||||||||||||||||
(Unaudited) | Twelve Months Ended: | Three Months Ended: | |||||||||||||||||||||||||||
| Other Selected Consolidated Data | Sept 30, 2016 | Sept 30, 2015 | Sept 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | ||||||||||||||||||||||
| Return on average assets | 0.72 | % | 0.64 | % | 0.78 | % | 0.72 | % | 0.71 | % | 0.66 | % | 0.63 | % | |||||||||||||||
| Return on average equity | 8.50 | % | 7.82 | % | 9.10 | % | 8.49 | % | 8.43 | % | 7.97 | % | 7.63 | % | |||||||||||||||
| Net interest rate spread | 2.61 | % | 2.50 | % | 2.62 | % | 2.61 | % | 2.62 | % | 2.59 | % | 2.47 | % | |||||||||||||||
| Net yield on interest earning assets | 2.77 | % | 2.66 | % | 2.80 | % | 2.79 | % | 2.77 | % | 2.73 | % | 2.66 | % | |||||||||||||||
| Operating expenses to average assets | 1.82 | % | 1.83 | % | 1.82 | % | 1.81 | % | 1.82 | % | 1.84 | % | 1.84 | % | |||||||||||||||
| Efficiency ratio | 60.58 | % | 63.85 | % | 59.22 | % | 60.54 | % | 60.75 | % | 61.82 | % | 63.96 | % | |||||||||||||||
Ratio of non-performing loans to total assets at end of period | 1.36 | % | 1.42 | % | 1.36 | % | 1.42 | % | 1.46 | % | 1.51 | % | 1.42 | % | |||||||||||||||
| Loan loss reserve to total loans, net | 0.72 | % | 0.71 | % | 0.72 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.71 | % | |||||||||||||||
| Stockholders' equity to assets | 8.79 | % | 8.29 | % | 8.79 | % | 8.55 | % | 8.49 | % | 8.33 | % | 8.29 | % | |||||||||||||||
| Selected Consolidated Financial Data | Sept 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | ||||||||||||||||||||||||
| Total assets | $ | 747,174 | $ | 759,886 | $ | 758,813 | $ | 773,706 | $ | 770,484 | |||||||||||||||||||
| Cash & investment securities | 44,872 | 43,396 | 50,635 | 61,731 | 62,828 | ||||||||||||||||||||||||
| Mortgage-backed securities | 123,839 | 132,129 | 139,809 | 145,520 | 150,852 | ||||||||||||||||||||||||
| Total Investments | 168,711 | 175,525 | 190,444 | 207,251 | 213,680 | ||||||||||||||||||||||||
| Consumer Loans receivable | 391,384 | 392,494 | 388,901 | 387,599 | 384,258 | ||||||||||||||||||||||||
| Commercial Loans receivable | 155,488 | 159,641 | 146,858 | 144,961 | 138,941 | ||||||||||||||||||||||||
| Loan loss reserve | (3,950 | ) | (3,891 | ) | (3,771 | ) | (3,718 | ) | (3,688 | ) | |||||||||||||||||||
| Total Loans receivable net | 542,922 | 548,244 | 531,988 | 528,842 | 519,511 | ||||||||||||||||||||||||
| FHLB stock | 5,513 | 5,859 | 6,098 | 7,262 | 6,910 | ||||||||||||||||||||||||
| Checking accounts | 153,695 | 153,054 | 145,608 | 144,888 | 140,401 | ||||||||||||||||||||||||
| Savings accounts | 230,659 | 230,571 | 224,810 | 208,338 | 204,546 | ||||||||||||||||||||||||
| Certificate of deposit accounts | 139,066 | 148,258 | 156,013 | 162,557 | 169,293 | ||||||||||||||||||||||||
| Total Deposits | 523,420 | 531,883 | 526,431 | 515,783 | 514,240 | ||||||||||||||||||||||||
| Advances | 151,768 | 153,051 | 159,608 | 185,877 | 185,205 | ||||||||||||||||||||||||
| Total stockholders' equity | 65,675 | 64,992 | 64,428 | 64,485 | 63,868 | ||||||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20161019006006/en/
Contacts:
Brendan J. McGill,
President /COO
215-256-8828
