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Wells Financial Corp. (fka WEFP)

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Last Post: 8/18/2017 5:00:00 PM - Followers: 2 - Board type: Free - Posts Today: 0

Wells Financial Corp.

 Wells Financial Corp. Announces Third Quarter Results and Cash Dividend

  Company Symbols: NASDAQ-OTCBB:WEFP


WELLS, Minn., Oct. 21 /PRNewswire-FirstCall/ --

 Selected Financial Data Quarter ended Nine months ended September 30, September 30, September 30, September 30, 2009 2008 2009 2008 Net Income $428,000 $8,000 $1,670,000 $965,000 Basic earnings per share $0.55 $0.01 $2.15 $1.00 Diluted earnings per share $0.55 $0.01 $2.15 $1.00 Return on average equity (1) 7.9% - 10.5% 5.1% Return on average assets (1) 0.7% - 0.9% 0.4% Net interest rate spread 3.4% 3.4% 3.3% 3.2% Net interest rate margin 3.5% 3.4% 3.4% 3.3% Book value per share $28.19 $26.18 $28.19 $26.18 (1) annualized 

Lonnie R. Trasamar, President of Wells Financial Corp. (OTC Bulletin Board: WEFP) (the Company), the holding company of Wells Federal Bank (the Bank), announced earnings for the third quarter of 2009 of $428,000, up $420,000 when compared to the third quarter of 2008. During the third quarter of 2008 the Company realized a other-than-temporary pre-tax impairment of $485,000 (approximately $316,000 post-tax) on Federal Home Loan Mortgage Corp. preferred stock which resulted in reduced income during that period. Basic and diluted earnings per share for the third quarter of 2009 were $0.55 compared to basic and diluted earnings per share of $0.01 for the third quarter of 2008.

 Net income for the nine months ended September 30, 2009 was $1,670,000, up $705,000 when compared to the same period in 2008. Basic and diluted earnings per share were $2.15 for the first nine months of 2009 compared to basic and diluted earnings per share of $1.00 for the first nine months of 2008. 

"I am extremely pleased with the performance of the Company and Bank during 2009," stated Trasamar. "During the past twelve months the profitability of the Company has increased the book value of the Company's stock by over $2.00 per share," he added.

 Net interest income increased by $112,000 and $412,000, or 5.7% and 7.2%, for the three and nine month periods ended September 30, 2009, respectively, when compared to the same periods in 2008. The provision for loan loss decreased by $145,000 for the third quarter 2009 when compared to the third quarter 2008 and increased by $482,000 for the nine months ended September 30, 2009 when compared to the same period in 2008. In accordance with the Bank's internal classification of assets policy, management evaluates the loan portfolio on a monthly basis to identify and determine the adequacy of the allowance for loan loss and adjusts the level of the allowance for loan loss through the provision for loan loss. As of September 30, 2009 and December 31, 2008, the balance in the allowance for loan losses and the allowance for loan losses as a percentage of total loans were $1,806,000 and $1,096,000 and 0.90% and 0.50%, respectively.

 When comparing the quarter and nine months ended September 30, 2009 to the same periods in 2008, noninterest income increased by $188,000 and $1,322,000, or 23.9% and 51.0%, respectively, due to an increase in the gain on sale of loans which resulted from increased residential loan refinance activity. Noninterest expense decreased by $221,000 and $190,000, or 8.8% and 2.8% for the quarter and nine months ended September 30, 2009, respectively, when compared to the same periods in 2008.

 In the nine months ended September 30, 2009, total loans decreased by $19,497,000 due, primarily, to decreases in home equity line of credit loans and loans on agricultural real estate. Deposits increased by $14,907,000 during the first nine months of 2009. Partially offsetting the increase in deposits was a decrease of $13,250,000 in borrowed funds. 

Cash Dividend Announcement 

On October 20, 2009, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on November 20, 2009 to shareholders of record on November 6, 2009

 

 

 

 

SOURCE Wells Financial Corp.




 

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#12   WEFP: Cash & Stock merger; WEFP acquired by Renee 08/18/17 05:00:00 PM
#11   NO.. hank 10 bagger 11/21/14 05:10:54 PM
#10   11/21/2014 MV $28 norweger1979 11/21/14 03:39:09 PM
#9   WEFP.. $18.00.. Book value per share 10 bagger 01/21/10 12:08:21 PM
#8   WEFP..$18.80..Earnings.. WEFP hits earnings out of the Park.. 10 bagger 10/21/09 01:17:34 PM
#7   WEFP.. 27.50 6.0%+ Yeild.. Upside potential $52.50.. 10 bagger 08/02/09 12:50:10 AM
#6   WEFP..$27.50 Six Mo's 2008 Results.. 10 bagger 08/02/09 12:36:16 AM
#5   WEFC.. $27.50,, 1'st Qtr 2008 Results.. 10 bagger 08/02/09 12:27:39 AM
#4   WEFC..$27.50 Annual ,, 2008 results.. 10 bagger 08/02/09 12:25:35 AM
#3   WEFC..$27.50,, 3'rd Qtr 2008 Results.. 10 bagger 08/02/09 12:21:33 AM
#2   WEFP..$27.50 10 bagger 08/02/09 12:18:16 AM
#1   6% yield, my average cost basis is 16.82. Med.rare 07/30/09 01:10:39 PM
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