Business & Finance
Business and Finance
Business and Finance
Wed, January 21, 2009 Harleysville Savings Financial Corporation Announces Increased First Quarter Earnings for Fiscal Year 2009
HARLEYSVILLE, Pa.--([ BUSINESS WIRE ])--Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that net income for the quarter ended December 31, 2008 was $1,375,000 or $.38 per diluted share compared to $801,000 or $.21 per diluted share for the same quarter last year.
Ron Geib, President and Chief Executive Officer of the Company, commented "We are pleased to be reporting a quarter of strong earnings growth. Despite the difficult economic times our country is currently facing, Harleysville Savings operates in a geographic area where real estate values and employment have remained relatively stable. These conditions along with remaining true to our fundamental operating principles of maintaining prudent underwriting standards and investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management, have allowed the Company to be well positioned for the uncertainties of 2009."
The Company's assets totaled $824.3 million compared to $791.9 million a year ago. Stockholders' book value increased to $13.41 per share from $12.67 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 central 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 December 31, 2008 | ||||||
| (Dollars in thousands except per share data) | ||||||
( (1) Unaudited) | Three Months Ended | |||||
| Selected Consolidated Earnings Data | Dec 31, 2008 (1) | Dec 31, 2007 (1) | ||||
| Total interest income | $ | 10,726 | $ | 10,501 | ||
| Total interest expense | 6,541 | 7,631 | ||||
| Net Interest Income | 4,185 | 2,870 | ||||
| Provision for loan losses | 100 | - | ||||
| Net Interest Income after Provision for Loan Losses | 4,085 | 2,870 | ||||
| Other income | 471 | 499 | ||||
| Total other expenses | 2,754 | 2,386 | ||||
| Income before Income Taxes | 1,802 | 983 | ||||
| Income tax expense | 427 | 182 | ||||
| Net Income | $ | 1,375 | $ | 801 | ||
| Per Common Share Data | ||||||
| Basic earnings | $ | 0.38 | $ | 0.22 | ||
| Diluted earnings | $ | 0.38 | $ | 0.21 | ||
| Dividends | $ | 0.18 | $ | 0.17 | ||
| Book value | $ | 13.41 | $ | 12.67 | ||
| Shares outstanding | 3,580,711 | 3,727,477 | ||||
| Average shares outstanding - basic | 3,580,630 | 3,721,413 | ||||
| Average shares outstanding - diluted | 3,592,483 | 3,736,585 | ||||
| Year To Date: | ||||||
| Other Selected Consolidated Data | Dec 31, 2008 (1) | Dec 31, 2007 (1) | ||||
| Return on average assets | 0.67 | % | 0.41 | % | ||
| Return on average equity | 11.60 | % | 6.82 | % | ||
| Interest rate spread | 1.87 | % | 1.24 | % | ||
| Net yield on interest earning assets | 2.07 | % | 1.50 | % | ||
| Operating expenses to average assets | 1.33 | % | 1.22 | % | ||
| Efficiency ratio | 59.14 | % | 70.81 | % | ||
Ratio of non-performing loans to total assets | 0.16 | % | 0.04 | % | ||
| Loan loss reserve to total loans, net | 0.43 | % | 0.45 | % | ||
| Selected Consolidated Financial Data | Dec 31, | Sept 30, | June 30, | Mar 31, | Dec 31, | ||||||||||
| Total assets | $ | 824,275 | $ | 825,675 | $ | 824,655 | $ | 811,854 | $ | 791,888 | |||||
| Consumer Loans receivable - net | 436,663 | 432,451 | 425,139 | 415,019 | 410,220 | ||||||||||
| Commercial Loans | 46,910 | 44,407 | 30,993 | 25,318 | 18,696 | ||||||||||
| Loan loss reserve | 2,098 | 1,988 | 1,960 | 1,925 | 1,924 | ||||||||||
| Cash & investment securities | 90,128 | 89,483 | 99,338 | 105,769 | 125,729 | ||||||||||
| Mortgage-backed securities | 206,674 | 214,691 | 224,917 | 223,579 | 195,735 | ||||||||||
| FHLB stock | 16,096 | 16,574 | 15,152 | 14,096 | 13,999 | ||||||||||
| Deposits | 420,163 | 425,513 | 440,921 | 450,516 | 440,500 | ||||||||||
| Advances | 350,345 | 347,846 | 329,154 | 309,285 | 298,711 | ||||||||||
| Total stockholders' equity | 48,007 | 47,209 | 46,004 | 45,397 | 47,239 | ||||||||||
