Harleysville Savings Bank (HARL, Financial) filed Quarterly Report for the period ended 2011-03-31.
Harleysville Savings Bank has a market cap of $55.4 million; its shares were traded at around $14.9 with a P/E ratio of 11.2 and P/S ratio of 1.3. The dividend yield of Harleysville Savings Bank stocks is 5.1%. Harleysville Savings Bank had an annual average earning growth of 3.5% over the past 10 years. GuruFocus rated Harleysville Savings Bank the business predictability rank of 2-star.
Net income for the three-month period ended March 31, 2011 was $1.1 million compared to $1.2 millions for the comparable period in 2010. Basic and diluted earnings per share for the period ending March 31, 2011 was $0.29. Net income for the six-month period ended March 31, 2011 was $2.3 million compared to $2.4 million for the comparable period in 2010. Basic and diluted earnings per share for the six-month period ended March 31, 2011 was $0.62 compared to $0.65 for the comparable period in 2010.
Net interest income was $4.5 million for the three-month period ended March 31, 2011 compared to $4.5 million for the comparable period in 2010. Net interest income increased to $9.0 million for the six-month period ended March 31, 2011 compared to $8.9 million for the comparable period in 2010 due to a reduction in the cost of funds on interest-bearing liabilities.
Non-interest income slightly decreased to $432,000 for the three-month period ended March 31, 2011 from $458,000 for the comparable period in 2010. Non-interest income decreased to $933,000 for the six-month period ended March 31, 2010 from $960,000 for the comparable period in 2010. The decreases are primarily due to reduction in income on non-deposit products.
For the three-month period ended March 31, 2011, non-interest expenses increased by $110,000 or 3.41% to $3.3 million compared to $3.2 million for the same period in 2010. For the six month period ended March 31, 2011, non-interest expenses increased by $202,000 or 3.21% to $6.5 million compared to $6.3 million for the same period in 2010. Salary and employee benefits increased $133,000 to $1.9 million and $193,000 to $3.6 million for the three and six month period ended March 31, 2011. These increases are primarily due to salary increases and additional employee benefits expense. Occupancy and equipment also increased $32,000 and $85,000 for the three and six month period due to building maintenance and depreciation expense for our Souderton Branch which opened in March 2010. FDIC insurance expense increased to $263,000 and $489,000 for the three and six month period ended March 31, 2011 compared to $226,000 and $453,000 for the same periods in 2010 due to an increase in deposits. Other expenses decreased by $86,000 and $120,000 for the three and six month period ended March 31, 2011. The decrease was primarily due to prior years expense relating to the sale of REO properties. The annualized ratio of non-interest expenses to average assets for the three and six month periods ended March 31, 2011 and 2010 were 1.56%, 1.52% and 1.54%, 1.48%, respectively.
The Company made provisions for income taxes of $350,000 and $779,000 for the three-month and six-month period ended March 31, 2011, compared to $437,000 and $892,000 for the comparable periods in 2010. These provisions are based on the levels of pre-tax income, adjusted primarily for tax-exempt interest income on investments.
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Harleysville Savings Bank has a market cap of $55.4 million; its shares were traded at around $14.9 with a P/E ratio of 11.2 and P/S ratio of 1.3. The dividend yield of Harleysville Savings Bank stocks is 5.1%. Harleysville Savings Bank had an annual average earning growth of 3.5% over the past 10 years. GuruFocus rated Harleysville Savings Bank the business predictability rank of 2-star.
Highlight of Business Operations:
Total assets at March 31, 2011 were $856.5 million, a decrease of $662,000 for the six-month period then ended. The decrease was primarily due to a decrease in loans receivable of approximately $8.9 million, investments available for sale of $10.6 million and repurchase of Federal Home Loan Bank Stock of $1.6 million. The decrease in assets was partially offset by an increase in cash and investments held to maturity of $19.4 million.Net income for the three-month period ended March 31, 2011 was $1.1 million compared to $1.2 millions for the comparable period in 2010. Basic and diluted earnings per share for the period ending March 31, 2011 was $0.29. Net income for the six-month period ended March 31, 2011 was $2.3 million compared to $2.4 million for the comparable period in 2010. Basic and diluted earnings per share for the six-month period ended March 31, 2011 was $0.62 compared to $0.65 for the comparable period in 2010.
Net interest income was $4.5 million for the three-month period ended March 31, 2011 compared to $4.5 million for the comparable period in 2010. Net interest income increased to $9.0 million for the six-month period ended March 31, 2011 compared to $8.9 million for the comparable period in 2010 due to a reduction in the cost of funds on interest-bearing liabilities.
Non-interest income slightly decreased to $432,000 for the three-month period ended March 31, 2011 from $458,000 for the comparable period in 2010. Non-interest income decreased to $933,000 for the six-month period ended March 31, 2010 from $960,000 for the comparable period in 2010. The decreases are primarily due to reduction in income on non-deposit products.
For the three-month period ended March 31, 2011, non-interest expenses increased by $110,000 or 3.41% to $3.3 million compared to $3.2 million for the same period in 2010. For the six month period ended March 31, 2011, non-interest expenses increased by $202,000 or 3.21% to $6.5 million compared to $6.3 million for the same period in 2010. Salary and employee benefits increased $133,000 to $1.9 million and $193,000 to $3.6 million for the three and six month period ended March 31, 2011. These increases are primarily due to salary increases and additional employee benefits expense. Occupancy and equipment also increased $32,000 and $85,000 for the three and six month period due to building maintenance and depreciation expense for our Souderton Branch which opened in March 2010. FDIC insurance expense increased to $263,000 and $489,000 for the three and six month period ended March 31, 2011 compared to $226,000 and $453,000 for the same periods in 2010 due to an increase in deposits. Other expenses decreased by $86,000 and $120,000 for the three and six month period ended March 31, 2011. The decrease was primarily due to prior years expense relating to the sale of REO properties. The annualized ratio of non-interest expenses to average assets for the three and six month periods ended March 31, 2011 and 2010 were 1.56%, 1.52% and 1.54%, 1.48%, respectively.
The Company made provisions for income taxes of $350,000 and $779,000 for the three-month and six-month period ended March 31, 2011, compared to $437,000 and $892,000 for the comparable periods in 2010. These provisions are based on the levels of pre-tax income, adjusted primarily for tax-exempt interest income on investments.
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