Harleysville Savings Bank (HARL, Financial) filed Quarterly Report for the period ended 2009-03-31.
Harleysville Savings Financial Corporation is the bank holding company of Harleysville Savings Bank. Harleysville Savings Bank has a market cap of $47.58 million; its shares were traded at around $13.25 with a P/E ratio of 8.55 and P/S ratio of 1.06. The dividend yield of Harleysville Savings Bank stocks is 5.43%. Harleysville Savings Bank had an annual average earning growth of 15.2% over the past 5 years.
The proceeds from the sales and maturities of investments were used to pay down borrowings. During the six-month period ended March 31, 2009, the total borrowings decreased by $29.7 million to $318.1 million. The decrease in borrowings was partially offset by an increase in deposits of $14.0 million. Advances from borrowers for taxes and insurance increased by $3.1 million due to the timing of property tax payments.
Net interest income was $4.4 million for the three-month period ended March 31, 2009 compared to $3.2 million for the comparable period in 2008. The increase in the net interest income for the three-month period ended March 31, 2009 when compared to the same period in 2008 can be attributed to the increase in interest rate spread from 1.39% in 2008 to 1.97% in 2009, and the difference between the average interest earning assets in relation to the average interest bearing liabilities in comparable periods. The increase in the net interest income for the six-month period ended March 31, 2009 when compared to the same period in 2008 can be attributed to the increase in interest rate spread from 1.63% in 2008 to 2.02% in 2009. Net interest income was $8.5 million for the six-month period ended March 31, 2009 compared to $6.1 million for the comparable period in 2008.
Non-interest income decreased to $23,000 for the three-month period ended March 31, 2009 from $467,000 for the comparable period in 2008. The decrease is primarily due to an impairment write-down of four equity securities resulting in a loss of $449,000. Non-interest income decreased to $494,000 for the six-month period ended March 31, 2009 from $966,000 for the comparable period in 2008.
For the three-month period ended March 31, 2009, non-interest expenses increased by $394,000 or 16.2% to $2.8 million compared to $2.4 million for the same period in 2008. For the six month period ended March 31, 2009, non-interest expenses increased by $762,000 or 15.8% to $5.6 million compared to $4.8 million for the same period in 2008. These period costs are primarily due to normal salary increases and increases in the cost of 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 six month periods ended March 31, 2009 and 2008 were 1.37%,1.35% and 1.21%, 1.22%, respectively.
The Company made provisions for income taxes of $258,000 and $684,500 for the three-month period and six-month period ended March 31, 2009, respectively, compared to $205,503 and $387,503 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 $47.58 million; its shares were traded at around $13.25 with a P/E ratio of 8.55 and P/S ratio of 1.06. The dividend yield of Harleysville Savings Bank stocks is 5.43%. Harleysville Savings Bank had an annual average earning growth of 15.2% over the past 5 years.
Highlight of Business Operations:
Total assets at March 31, 2009 were $813.7 million, a decrease of $12.0 million for the six-month period then ended. The decrease was primarily due to the sales and maturities of investments and mortgage-backed securities which total approximately $18.8 million. The decrease in assets was partially offset by the retail growth in mortgage and commercial loans, resulting in an overall increase in loans receivable of approximately $6.5 million.The proceeds from the sales and maturities of investments were used to pay down borrowings. During the six-month period ended March 31, 2009, the total borrowings decreased by $29.7 million to $318.1 million. The decrease in borrowings was partially offset by an increase in deposits of $14.0 million. Advances from borrowers for taxes and insurance increased by $3.1 million due to the timing of property tax payments.
Net interest income was $4.4 million for the three-month period ended March 31, 2009 compared to $3.2 million for the comparable period in 2008. The increase in the net interest income for the three-month period ended March 31, 2009 when compared to the same period in 2008 can be attributed to the increase in interest rate spread from 1.39% in 2008 to 1.97% in 2009, and the difference between the average interest earning assets in relation to the average interest bearing liabilities in comparable periods. The increase in the net interest income for the six-month period ended March 31, 2009 when compared to the same period in 2008 can be attributed to the increase in interest rate spread from 1.63% in 2008 to 2.02% in 2009. Net interest income was $8.5 million for the six-month period ended March 31, 2009 compared to $6.1 million for the comparable period in 2008.
Non-interest income decreased to $23,000 for the three-month period ended March 31, 2009 from $467,000 for the comparable period in 2008. The decrease is primarily due to an impairment write-down of four equity securities resulting in a loss of $449,000. Non-interest income decreased to $494,000 for the six-month period ended March 31, 2009 from $966,000 for the comparable period in 2008.
For the three-month period ended March 31, 2009, non-interest expenses increased by $394,000 or 16.2% to $2.8 million compared to $2.4 million for the same period in 2008. For the six month period ended March 31, 2009, non-interest expenses increased by $762,000 or 15.8% to $5.6 million compared to $4.8 million for the same period in 2008. These period costs are primarily due to normal salary increases and increases in the cost of 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 six month periods ended March 31, 2009 and 2008 were 1.37%,1.35% and 1.21%, 1.22%, respectively.
The Company made provisions for income taxes of $258,000 and $684,500 for the three-month period and six-month period ended March 31, 2009, respectively, compared to $205,503 and $387,503 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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