Harleysville Savings Bank (HARL, Financial) filed Quarterly Report for the period ended 2009-06-30.
Harleysville Savings Financial Corporation is the bank holding company of Harleysville Savings Bank. Harleysville Savings Bank has a market cap of $55.1 million; its shares were traded at around $15.3 with a P/E ratio of 10.2 and P/S ratio of 1.2. The dividend yield of Harleysville Savings Bank stocks is 5%. Harleysville Savings Bank had an annual average earning growth of 15.2% over the past 5 years.
Non-interest income increased to $460,000 for the three-month period ended June 30, 2009 from $201,000 for the comparable period in 2008. The increase is primarily due to an impairment write down of equity securities resulting in a loss of $252,000 in the June 30, 2008 period. Non-interest income decreased to $955,000 for the nine-month period ended June 30, 2009 from $1.17 million for the comparable period in 2008. The decrease is primarily due to a difference in impairment write downs of equity securities resulting in losses of $449,000 and $252,000 in the June 30, 2009 and June 30, 2008 periods, respectively.
For the three-month period ended June 30, 2009, non-interest expenses increased by $559,000 or 21.9% to $3.1 million compared to $2.6 million for the same period in 2008. For the nine month period ended June 30, 2009, non-interest expenses increased by $1.3 million or 18.0% to $8.7 million compared to $7.4 million for the same period in 2008. These increased costs are primarily due to the increase in FDIC insurance, normal salary increases and increases in healthcare costs. Management believes that these are reasonable increases in the cost of operations after considering the impact of additional expenses related to the Companys new commercial loan department business banking and additional FDIC premiums. The annualized ratio of non-interest expenses to average assets for the three and nine month periods ended June 30, 2009 and 2008 were 1.52%,1.41% and 1.25%, 1.22%, respectively.
FDIC insurance expense increased to $604,000 for the three-month period ended June 30, 2009 from $12,000 for the comparable period in 2008. The $592,000 increase was due to a $382,000 special assessment, in addition to an increase in assessment rates, which was effective January 1, 2009. FDIC insurance premiums were reduced by $54,000 for one-time credits in the three-month period ended June 30, 2008.
For the nine month period ended June 30, 2009, FDIC insurance expense increased $824,000 to $861,000 compared to $37,000 for the same period in 2008. The increase is due to the $382,000 special assessment, in addition to an increase in assessment rates, which was effective January 1, 2009. FDIC insurance premiums were reduced by $88,000 and $166,000 for one-time credits in the nine-month period ended June 30, 2009 and 2008, respectively.
The Company made provisions for income taxes of $246,000 and $930,000 for the three-month period and nine-month period ended June 30, 2009, respectively, compared to $332,000 and $720,000 for the comparable periods in 2008. 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 Financial Corporation is the bank holding company of Harleysville Savings Bank. Harleysville Savings Bank has a market cap of $55.1 million; its shares were traded at around $15.3 with a P/E ratio of 10.2 and P/S ratio of 1.2. The dividend yield of Harleysville Savings Bank stocks is 5%. Harleysville Savings Bank had an annual average earning growth of 15.2% over the past 5 years.
Highlight of Business Operations:
During the nine-month period ended June 30, 2009, the total deposits increased by $25.5 million to $451 million. The increase was offset by a decrease in borrowings of $31.8 million. Advances from borrowers for taxes and insurance also increased by $4.1 million due to the timing of property tax payments.Non-interest income increased to $460,000 for the three-month period ended June 30, 2009 from $201,000 for the comparable period in 2008. The increase is primarily due to an impairment write down of equity securities resulting in a loss of $252,000 in the June 30, 2008 period. Non-interest income decreased to $955,000 for the nine-month period ended June 30, 2009 from $1.17 million for the comparable period in 2008. The decrease is primarily due to a difference in impairment write downs of equity securities resulting in losses of $449,000 and $252,000 in the June 30, 2009 and June 30, 2008 periods, respectively.
For the three-month period ended June 30, 2009, non-interest expenses increased by $559,000 or 21.9% to $3.1 million compared to $2.6 million for the same period in 2008. For the nine month period ended June 30, 2009, non-interest expenses increased by $1.3 million or 18.0% to $8.7 million compared to $7.4 million for the same period in 2008. These increased costs are primarily due to the increase in FDIC insurance, normal salary increases and increases in healthcare costs. Management believes that these are reasonable increases in the cost of operations after considering the impact of additional expenses related to the Companys new commercial loan department business banking and additional FDIC premiums. The annualized ratio of non-interest expenses to average assets for the three and nine month periods ended June 30, 2009 and 2008 were 1.52%,1.41% and 1.25%, 1.22%, respectively.
FDIC insurance expense increased to $604,000 for the three-month period ended June 30, 2009 from $12,000 for the comparable period in 2008. The $592,000 increase was due to a $382,000 special assessment, in addition to an increase in assessment rates, which was effective January 1, 2009. FDIC insurance premiums were reduced by $54,000 for one-time credits in the three-month period ended June 30, 2008.
For the nine month period ended June 30, 2009, FDIC insurance expense increased $824,000 to $861,000 compared to $37,000 for the same period in 2008. The increase is due to the $382,000 special assessment, in addition to an increase in assessment rates, which was effective January 1, 2009. FDIC insurance premiums were reduced by $88,000 and $166,000 for one-time credits in the nine-month period ended June 30, 2009 and 2008, respectively.
The Company made provisions for income taxes of $246,000 and $930,000 for the three-month period and nine-month period ended June 30, 2009, respectively, compared to $332,000 and $720,000 for the comparable periods in 2008. These provisions are based on the levels of pre-tax income, adjusted primarily for tax-exempt interest income on investments.
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