EMWNews.com Cyber Security Crypto Asset Mobile Phone Bank Account Stocks Data Scammers Hackers use Data Breach to Scam you efani SAFE Secure EMWNews.com
2008-07-17 11:34:00
WELLS, Minn., July 17 /EMWNews/ -- Selected Financial Data Quarter ended Six months ended June 30, June 30, June 30, June 30, 2008 2007 2008 2007 Net Income $458,000 $419,000 $782,000 $886,000 Basic earnings per share $0.58 $0.45 $0.99 $0.95 Diluted earnings per share $0.58 $0.45 $0.98 $0.94 Return on average equity (1) 8.8% 6.9% 7.5% 7.3% Return on average assets (1) 0.7% 0.6% 0.6% 0.7% Net interest rate spread 3.2% 3.1% 3.1% 3.3% Net interest rate margin 3.3% 3.3% 3.2% 3.5% Book value per share $26.36 $26.16 $26.36 $26.16 (1) annualized Lonnie R. Trasamar, President of Wells Financial Corp. (the Company) (OTC Bulletin Board: WEFP), the holding company of Wells Federal Bank (the Bank), announced earnings for the second quarter of 2008 of $458,000, up $39,000 or 9.3%, when compared to the second quarter of 2007. Basic and diluted earnings per share for the second quarter of 2008 were $0.58, up $0.13, or 28.9% when compared to the second quarter of 2007. Net income for the six months ended June 30, 2008 was $782,000, down $104,000 or 11.7% when compared to the same period in 2007. Basic and diluted earnings per share were $0.99 and $0.98, respectively, for the first six months of 2008, up 4.2% when compared to basic and diluted earnings per share for the first six months of 2007 of $0.95 and $0.94, respectively. When comparing June 30, 2008 to December 31, 2007, total assets decreased by $10,448,000 due primarily to a decrease in loans receivable. The decrease in loans receivable resulted primarily from decreases in residential mortgages and loans on agricultural real estate. Liabilities decreased by $10,599,000 during the first six months of 2008 due to a decrease in deposits of $8,071,000 and a decrease of $2,597,000 in borrowed funds. Cash Dividend Announcement On July 15, 2008, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on August 22, 2008 to shareholders of record on August 8, 2008. Forward-looking Statements Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. The foregoing material may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances arising after the date hereof. **An unaudited consolidated balance sheet and income statement are part of this press release**
WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated Statements of Financial Condition June 30, 2008 and December 31, 2007 (Dollars in Thousands) (Unaudited) ASSETS 2008 2007 Cash, including interest-bearing accounts June 30, 2008 $8,227; December 31, 2007 $7,138 $13,632 $14,182 Certificates of deposit 300 300 Securities available for sale, at fair value 9,408 9,082 Federal Home Loan Bank Stock, at cost 2,924 2,329 Loans held for sale 1,547 1,821 Loans receivable, net 209,546 220,974 Accrued interest receivable 1,955 2,056 Premises and equipment, net 4,092 4,225 Mortgage servicing rights, net 1,460 1,503 Other assets 2,986 1,826 TOTAL ASSETS $247,850 $258,298 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $181,560 $189,631 Borrowed funds 42,388 44,985 Advances from borrowers for taxes and insurance 2,064 2,095 Deferred income taxes 405 576 Accrued interest payable 348 128 Accrued expenses and other liabilities 282 231 TOTAL LIABILITIES 227,047 237,646 STOCKHOLDERS' EQUITY: Preferred stock, no par value; 500,000 shares authorized; none outstanding - - Common stock, $.10 par value; authorized 7,000,000 shares; issued 2,187,500 shares 219 219 Additional paid-in capital 17,121 17,091 Retained earnings, substantially restricted 31,254 30,884 Accumulated other comprehensive income 31 206 Treasury stock, at cost, 1,398,460 shares at June 30, 2008, and 1,394,885 shares at December 31, 2007 (27,822) (27,748) TOTAL STOCKHOLDERS' EQUITY 20,803 20,652 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $247,850 $258,298 WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Interest and dividend income Loans receivable: First mortgage loans $2,303 $2,660 $4,641 $5,443 Consumer and other loans 1,271 1,270 2,554 2,496 Investment securities and other interest bearing deposits 189 226 400 486 Total interest income 3,763 4,156 7,595 8,425 Interest Expense Deposits 1,320 1,489 2,777 2,968 Borrowed funds 494 675 1,034 1,349 Total interest expense 1,814 2,164 3,811 4,317 Net interest income 1,949 1,992 3,784 4,108 Provision for loan losses 75 12 133 25 Net interest income after provision for loan losses 1,874 1,980 3,651 4,083 Noninterest income Gain on sale of loans originated for sale 294 221 545 371 Loan servicing fees 230 232 460 464 Insurance commissions 138 119 310 284 Fees and service charges 172 176 335 340 Other 100 37 159 81 Total noninterest income 934 785 1,809 1,540 Noninterest expense Compensation and benefits 1,027 1,083 2,094 2,142 Occupancy and equipment 303 329 631 657 Data processing 219 131 417 280 Advertising 60 65 113 147 Amortization and valuation adjustments for mortgage servicing rights 135 134 277 268 Other 354 360 697 728 Total noninterest expense 2,098 2,102 4,229 4,222 Income before taxes 710 663 1,231 1,401 Income tax expense 252 244 449 515 Net income $458 $419 $782 $886 Cash dividends declared per share $0.26 $0.26 $0.52 $0.52 Earnings per share Basic $0.58 $0.45 $0.99 $0.95 Diluted $0.58 $0.45 $0.98 $0.94 Weighted average number of common shares outstanding: Basic 791,206 929,510 791,511 933,761 Diluted 795,159 941,466 795,464 945,717
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions
