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8-K - FORM 8-K - HARLEYSVILLE SAVINGS FINANCIAL CORPform8k.htm
 


Exhibit 99.1
 
 
 
 
 
 
 
 
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION
January 23, 2013 Brendan J. McGill
  Executive Vice President, COO/CFO
  215-256-8828
       
Harleysville Savings Financial Corporation Announces an Increase of the Regular Cash Dividend and Earnings for the First Fiscal Quarter 2013
 
 
Harleysville, PA, January 23, 2013 – Harleysville Savings Financial Corporation (OTCQB: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.  This is an increase of 10.6% from the prior year’s dividend.  The cash dividend will be payable on February 20, 2013 to stockholders of record on February 6, 2013.
Net income for the quarter ended December 31, 2012 was $1,301,000 or $.34 per diluted share compared to $1,364,000 or $.36 per diluted share for the same quarter last year.
Ron Geib, President and Chief Executive Officer of the Company, stated, “We are pleased to begin a new fiscal year with solid financial results. During the quarter, a milestone was reached by deregistering from the SEC and consequently, having our stock listed on the OTCQB.  This opportunity was a result of the Jumpstart Our Business Startups Act (or the JOBS Act) that was passed by Congress in April, 2012.  This event will reduce regulatory operating expenses for the Company by approximately $250,000 annually.  As a result of the financial strength of the Company and the benefits of the JOBS Act, the decision was made to pass along additional value to our stockholders by increasing the cash dividend to $.21 per share.”
 
 
 
 
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The Company’s assets totaled $802.9 million compared to $832.6 million a year ago, and stockholders’ tangible book value increased to $15.99 per share from $15.39 a year ago.
Harleysville Savings Financial Corporation is traded on the OTCQB 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.
 
 
 

 
 
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Harleysville Savings Financial Corporation
                         
Selected Consolidated Financial Data as of December 31, 2012
             
                           
(Dollars in thousands except per share data)
                         
( Unaudited)
 
Three Months Ended:
 
Selected Consolidated Earnings Data
 
Dec 31,
2012
   
Sept 30,
2012
   
Jun 30,
 2012
   
Mar 31,
2012
   
Dec 31,
2011
 
Total interest income
  $ 8,007     $ 8,194     $ 8,599     $ 8,736     $ 9,005  
Total interest expense
    3,377       3,483       3,691       3,955       3,967  
                                         
Net Interest Income
    4,630       4,711       4,908       4,781       5,038  
Provision for loan losses
    255       170       255       255       250  
Net Interest Income after Provision for Loan Losses
    4,375       4,541       4,653       4,526       4,788  
                                         
Gain on sale of investments
    -       -       34       -       -  
Gain on sales of loans
    254       34       -       -       -  
Bank owned life insurance
    106       122       121       121       122  
Other income
    449       382       443       341       449  
Total other expenses
    3,256       3,392       3,385       3,413       3,298  
                                         
Income before income taxes
    1,928       1,687       1,866       1,575       2,061  
Income tax expense
    627       531       555       354       697  
                                         
Net Income
  $ 1,301     $ 1,156     $ 1,311     $ 1,221     $ 1,364  
                                         
                                         
Per Common Share Data
                                       
Basic earnings
  $ 0.35     $ 0.31     $ 0.35     $ 0.33     $ 0.36  
Diluted earnings
  $ 0.34     $ 0.30     $ 0.34     $ 0.32     $ 0.36  
Dividends
  $ 0.20     $ 0.20     $ 0.20     $ 0.19     $ 0.19  
Tangible book value
  $ 15.99     $ 15.85     $ 15.73     $ 15.56     $ 15.39  
Shares outstanding
    3,779,969       3,768,931       3,747,031       3,728,089       3,772,028  
Average shares outstanding - basic
    3,766,963       3,752,764       3,736,462       3,738,430       3,763,147  
Average shares outstanding - diluted
    3,836,023       3,834,826       3,823,689       3,794,487       3,790,457  
                                         
                                         
 
 
 
 
 
 
 
 
 
 
 
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Three Months Ended:
 
Other Selected Consolidated Data
 
Dec 31,
2012
 
Sept 30,
2012
 
Jun 30,
2012
 
Mar 31,
 2012
 
Dec 31,
2011
 
Return on average assets
    0.65 %     0.57 %     0.63 %     0.59 %     0.66 %
Return on average equity
    8.71 %     7.83 %     9.00 %     8.44 %     9.40 %
Net interest rate spread
    2.20 %     2.23 %     2.27 %     2.19 %     2.33 %
Net yield on interest earning assets
    2.37 %     2.40 %     2.44 %     2.36 %     2.49 %
Operating expenses to average assets
    1.62 %     1.68 %     1.63 %     1.64 %     1.57 %
Efficiency ratio
    62.80 %     65.04 %     61.85 %     65.10 %     58.80 %
Ratio of non-performing loans to total
                                       
  assets at end of period
    1.95 %     1.85 %     1.44 %     1.00 %     0.64 %
Loan loss reserve to total loans, net
    0.85 %     0.81 %     0.71 %     0.73 %     0.68 %
Stockholders' equity to assets
    7.53 %     7.44 %     7.16 %     6.89 %     6.97 %
                                         
                                         
Selected Consolidated Financial Data
 
Dec 31,
2012
 
Sept 30, 2
012
 
Jun 30,
 2012
 
Mar 31,
 2012
 
Dec 31,
2011
 
Total assets
  $ 802,890     $ 802,626     $ 822,726     $ 842,266     $ 832,630  
   Consumer Loans receivable
    378,865       394,634       400,463       409,244       416,900  
   Commercial Loans receivable
    106,029       103,765       103,997       102,655       99,593  
   Loan loss reserve
    (4,135 )     (4,032 )     (3,867 )     (3,809 )     (3,559 )
Total Loans receivable net
    480,759       494,367       500,593       508,090       512,934  
Total Loans held for sale
    5,620       3,515       -       -       -  
   Cash & investment securities
    114,789       99,582       117,380       145,569       119,448  
   Mortgage-backed securities
    161,906       162,710       152,025       145,405       156,411  
Total Investments
    276,695       262,292       269,405       290,974       275,859  
FHLB stock
    8,834       10,165       11,240       11,832       12,455  
  Checking accounts
    108,408       101,033       106,661       112,165       96,671  
  Savings accounts
    162,887       162,719       160,136       153,684       147,156  
  Certificate of deposit accounts
    272,292       279,171       282,868       284,572       286,544  
Total Deposits
    543,587       542,923       549,665       550,421       530,371  
Advances
    191,287       192,483       203,765       227,228       238,676  
Total stockholders' equity
    60,435       59,736       58,924       58,026       58,033  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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