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WEFP: Cash & Stock merger; WEFP acquired by Citizens Community Bancorp Inc. (CZWI); for every 1 share of WEFP shareholders have the right to receive both a) $41.31 in cash & b) 0.7598982 shares of CZWI
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
11/21/2014
MV $28
BV $35.37
11/19/2014
WEFP announces qtr. cash dividend $0.15/share
11/17/2014
WEFP to acquire St. James Federal Savings and Loan Association in a conversion merger transaction
you still holding any 10bagger?
WEFP.. $18.00.. Book value per share $ 28.42
Div.. $1.04 or 5.77%
Diluted earnings per share $ 0.57 vrs. $ 0.58,, $ 2.71 vrs. $ 1.58
Wells Financial Corp. Announces Annual Results and Cash Dividend
WELLS, Minn., Jan. 21 /PRNewswire-FirstCall/ --
Selected Financial Data
(Dollars in Thousands, except per share data)
(unaudited)
Quarter Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
Net Income $ 440 $ 455 $ 2,110 $ 1,245
Basic earnings per share $ 0.57 $ 0.59 $ 2.72 $ 1.59
Diluted earnings per share $ 0.57 $ 0.58 $ 2.71 $ 1.58
Return on average equity (1) 8.02% 8.90% 9.85% 6.03%
Return on average assets (1) 0.68% 0.73% 0.81% 0.50%
Net interest rate spread 3.26% 3.47% 3.29% 3.25%
Net interest rate margin 3.32% 3.57% 3.36% 3.35%
Book value per share $ 28.42 $ 26.58 $ 28.42 $ 26.58
(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 annual earnings for 2009 of $2,110,000, up $865,000 or 69.5%, when compared to 2008. Basic and diluted earnings per share for 2009 were $2.72 and $2.71, respectively, up $1.13, when compared to 2008. The increase in net income for 2009 when compared to 2008 resulted, primarily, from an increase in the gain on sale of loans to the secondary market. During 2009 the Bank saw increased activity in the refinancing of loans sold to the secondary market due to a decrease in secondary market interest rates and programs introduced by the secondary market that streamlined the refinance process for the Bank's customers. Net income for the quarter ended December 31, 2009 was $440,000, down $15,000 or 3.3%, when compared to the same period in 2008. Basic and diluted earnings per share for the fourth quarter of 2009 were $0.57. Basic and diluted earnings per share for the fourth quarter of 2008 were $0.59 and $0.58, respectively.
When comparing December 31, 2009 to December 31, 2008, total assets increased by $12,168,000 due to a $32.3 million increase in cash. This increase in cash resulted from an increase in customer deposits of $26 million. Partially offsetting the increase in cash was a $22 million decrease in loans receivable. The decrease in loans receivable resulted, primarily, from decreases in loans for agricultural land and home equity line of credit loans. Liabilities increased by $10.7 million during 2009 due to the increase in deposits mentioned above being partially offset by a $15.4 million decrease in borrowed funds.
Cash Dividend Announcement
On January 19, 2010, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on February 23, 2010 to shareholders of record on February 09, 2010. This is the seventeenth consecutive quarter that the Company has paid a $0.26 dividend.
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 Statement of Financial Condition
(Dollars in Thousands)
(Unaudited)
ASSETS
12/31/09 12/31/08
Cash, including interest-bearing accounts: $ 41,013 $ 8,744
12/31/09 $34,777; 12/31/08 $2,689
Certificates of deposit 175 700
Securities available for sale 10,698 8,420
Federal Home Loan Stock 2,728 3,302
Loans held for sale 1,931 2,974
Loans receivable, net 195,423 217,425
Accrued interest receivable 1,564 1,813
Prepaid Income Taxes - -
Premises and equipment 3,693 3,961
Mortgage servicing rights, net 1,373 1,294
Other assets 6,623 4,420
TOTAL ASSETS $ 265,221 $ 253,053
LIABILITIES AND EQUITY
LIABILITIES:
Deposits $ 208,871 $ 182,888
Borrowed funds 31,435 46,806
Advances from borrowers for taxes and insurance 2,233 2,081
Income taxes:
Deferred 53 205
Accrued interest payable 61 84
Accrued expenses and other liabilities 505 376
TOTAL LIABILITIES 243,158 232,440
STOCKHOLDER'S EQUITY:
Common stock, $.10 par value; 7,000.000 shares
authorized; 2,187,500 shares issued $ 219 $ 219
Additional paid in capital 17,166 17,143
Retained earnings, substantially restricted 32,615 31,312
Other comprehensive income 131 23
Treasury stock, at cost, 1,411,260 shares at December
31, 2009; 1,412,060 shares at December 31, 2008 (28,068) (28,084)
TOTAL EQUITY 22,063 20,613
TOTAL LIABILITIES AND EQUITY $ 265,221 $ 253,053
Wells Financial Corp. and Subsidiary
Consolidated Statement of Income
(Dollars in thousands, except per share data)
(unaudited)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2009 2008 2009 2008
Interest and dividend income
Loans receivable:
Residential loans $ 615 $ 683 $ 2,689 $ 2,818
Commercial Loans 583 638 2,478 2,717
Ag Real Estate Loans 783 909 3,398 3,508
Consumer and other loans 1,170 1,308 4,754 5,123
Investment securities and other interest-
bearings deposits 109 124 437 688
Total interest income 3,260 3,662 13,756 14,854
Interest expense
Deposits 949 1,144 4,000 5,140
Borrowed funds 302 418 1,591 1,870
Total interest expense 1,251 1,562 5,591 7,010
Net interest income 2,009 2,100 8,165 7,844
Provision for loan losses 145 150 980 503
Net interest income after
provision for loan losses 1,864 1,950 7,185 7,341
Noninterest income
Gain on sale of loans 282 172 2,365 853
Loan servicing fees 240 225 933 910
Insurance commissions 154 150 636 601
Fees and service charges 158 164 605 683
Other 249 73 463 334
Total noninterest income 1,083 784 5,002 3,381
Noninterest expense
Compensation and benefits 1,135 987 4,269 4,089
Occupancy and equipment 246 282 1,010 1,175
Federal insurance premiums 196 8 325 28
Data processing 174 184 738 780
Advertising 58 62 238 238
Amortization & Valuation adjustments for MSR's 89 135 461 552
Impairment of Securities Available for Sale - - - 485
Other 387 332 1,791 1,380
Total noninterest expense 2,285 1,990 8,832 8,727
Income before income taxes 662 744 3,355 1,995
Income tax expense 222 289 1,245 750
Net Income $ 440 $ 455 $ 2,110 $ 1,245
Earnings per share
Basic earnings per share $ 0.57 $ 0.59 $ 2.72 $ 1.59
Diluted earnings per share $ 0.57 $ 0.58 $ 2.71 $ 1.58
SOURCE Wells Financial Corp.
WEFP..$18.80..Earnings..
WEFP hits earnings out of the Park..
10/21/09 12:57 PM EDT Buy 388 WEFP Executed @ $18.8 Details | Edit
10/21/09 12:53 PM EDT Buy 288 WEFP Executed @ $18.8 Details | Edit
Total position is now 3028 and is my largest Small Bank position..hank
Wells Financial Corp. Announces Third Quarter Results and Cash Dividend
PR Newswire - Oct 21 at 12:39 NONE
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.
Book value per share $28.19 Vrs. $26.18
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.
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 Statement of Financial Condition
(Dollars in Thousands)
(Unaudited)
ASSETS
09/30/09 12/31/08
-------- --------
Cash, including interest-bearing
accounts:
09/30/09 $25,430;
12/31/08 $2,689 $31,317 $8,744
Certificates of deposit 175 700
Securities available for sale 8,750 8,420
Federal Home Loan Stock 3,660 3,302
Loans held for sale 3,201 2,974
Loans receivable, net 197,719 217,425
Accrued interest receivable 1,803 1,813
Prepaid Income Taxes 71 -
Premises and equipment 3,762 3,961
Mortgage servicing rights, net 1,422 1,294
Other assets 5,739 4,420
----- -----
TOTAL ASSETS $257,619 $253,053
======== ========
LIABILITIES AND EQUITY
LIABILITIES:
Deposits $197,795 $182,888
Borrowed funds 33,556 46,806
Advances from borrowers for taxes
and insurance 3,249 2,081
Income taxes:
Deferred 49 205
Accrued interest payable 423 84
Accrued expenses and other liabilities 688 376
--- ---
TOTAL LIABILITIES 235,760 232,440
------- -------
STOCKHOLDERS' EQUITY:
Common stock, $.10 par value;
7,000.000 shares authorized;
2,187,500 shares issued $219 $219
Additional paid in capital 17,156 17,143
Retained earnings, substantially
restricted 32,378 31,312
Other comprehensive income 174 23
Treasury stock, at cost, 1,411,260
shares at September 30, 2009;
1,412,060 shares at December 31, 2008 (28,068) (28,084)
------ ------
TOTAL EQUITY 21,859 20,613
------ ------
TOTAL LIABILITIES AND EQUITY $257,619 $253,053
======== ========
WELLS FINANCIAL CORP. and SUBSIDIARY
Consolidated Statement of Income
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Interest and dividend income
Loans receivable:
Residential loans $653 $654 $2,074 $2,135
Commercial Loans 687 683 1,895 2,079
Ag Real Estate Loans 835 835 2,615 2,599
Consumer and other loans 1,160 1,261 3,584 3,815
Investment securities and
other interest-
bearings deposits 116 164 328 564
--- --- --- ---
Total interest income 3,451 3,597 10,496 11,192
----- ----- ------ ------
Interest expense
Deposits 992 1,219 3,051 3,996
Borrowed funds 387 418 1,289 1,452
--- --- ----- -----
Total interest expense 1,379 1,637 4,340 5,448
----- ----- ----- -----
Net interest income 2,072 1,960 6,156 5,744
----- ----- ----- -----
Provision for loan losses 75 220 835 353
-- --- --- ---
Net interest income after
provision for loan losses 1,997 1,740 5,321 5,391
----- ----- ----- -----
Noninterest income
Gain on sale of loans 357 136 2,083 681
Loan servicing fees 237 225 693 685
Insurance commissions 149 141 482 451
Fees and service charges 155 184 447 519
Other 78 102 214 261
-- --- --- ---
Total noninterest income 976 788 3,919 2,597
--- --- ----- -----
Noninterest expense
Compensation and benefits 1,032 1,008 3,134 3,102
Occupancy and equipment 238 262 764 893
Federal insurance premiums 73 9 129 20
Data processing 180 179 564 596
Advertising 77 63 180 176
Amortization & Valuation
adjustments for MSR's 111 140 372 417
Impairment of Securities
Available for Sale - 485 - 485
Other 576 362 1,404 1,048
--- --- ----- -----
Total noninterest expense 2,287 2,508 6,547 6,737
----- ----- ----- -----
Income before income taxes 686 20 2,693 1,251
Income tax expense 258 12 1,023 461
--- -- ----- ---
Net Income $428 $8 $1,670 $790
==== == ====== ====
Earnings per share
Basic earnings per share $0.55 $0.01 $2.15 $1.00
===== ===== ===== =====
Diluted earnings per share $0.55 $0.01 $2.15 $1.00
===== ===== ===== =====
SOURCE Wells Financial Corp.
WEFP.. 27.50 6.0%+ Yeild.. Upside potential $52.50..
About WEFP.. http://investorshub.advfn.com/boards/board.aspx?board_id=14369
Pay's @0.26 per Qtr div.. which I think will be raised to $0.32 by the end of the year,, Should/could earn $3.20 to $3.50 this year and has a great balance sheet.. Operates in a rural/farming community with low non performing assets.. This is one of the best run Small banks that I have seen in 3 years.. hank
Wells Financial Corp. is a Minnesota corporation organized in December 1994 at the direction of the Board of Directors of Wells Federal Bank to acquire all of the capital stock that Wells Federal Bank issued upon its conversion from mutual to stock form of ownership. Wells Financial Corp. is a unitary savings and loan holding company which, under existing laws, generally is not restricted in the types of business activities in which it may engage provided that Wells Federal Bank retains a specified amount of its assets in housing-related investments. Wells Financial Corp.’s common stock trades on the OTC Bulletin Board under the symbol “WEFP”.
Wells Federal Bank is a federally chartered stock savings bank headquartered in Wells, Minnesota. Wells Federal Bank has ten full service offices located in Wells, Blue Earth, Mankato, Fairmont, North Mankato, Albert Lea, St. Peter and Owatonna, Minnesota and Mason City, Iowa and one loan origination office located in Farmington, Minnesota. Wells Federal Bank was founded in 1934 and its deposits are federally insured. Wells Federal Bank is a community oriented, full-service retail savings institution. Wells Federal Bank attracts deposits from the general public and uses such deposits to invest in residential lending on owner occupied properties, commercial real estate and construction loans, agricultural real estate and operating loans, home equity and other consumer loans.
Wells Federal Bank has two operating subsidiaries, Greater Minnesota Mortgage and Wells Insurance Agency. Greater Minnesota Mortgage originates loans through referrals from community commercial banks and, primarily, sells these loans to the secondary market. Wells Insurance Agency is a full service insurance agency that sells property, casualty, life, health and investment products, including annuities and mutual funds.
WEFP..$27.50 Six Mo's 2008 Results..
Wells Financial Corp. Announces Second Quarter Results and Cash Dividend
WELLS, Minn., July 22 /PRNewswire-FirstCall/ --
Selected Financial Data
Quarter ended Six months ended June 30, June 30, June 30, June 30, 2009 2008 2009 2008
Net Income $597,000 $458,000 $1,242,000 $782,000 Basic earnings per share $0.77 $0.58 $1.60 $0.99 Diluted earnings per share $0.77 $0.58 $1.60 $0.98 Return on average equity(1) 11.2% 8.8% 11.1% 7.5% Return on average assets(1) 0.9% 0.7% 0.9% 0.6% Net interest rate spread 3.3% 3.2% 3.3% 3.1% Net interest rate margin 3.4% 3.3% 3.4% 3.2% Book value per share $27.75 $26.36 $27.75 $26.36
(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 second quarter of 2009 of $597,000, up $139,000 or 30.3%, when compared to the second quarter of 2008. Basic and diluted earnings per share for the second quarter of 2009 were $0.77, up $0.19, or 33.8% when compared to the second quarter of 2008.
Net income for the six months ended June 30, 2009 was $1,242,000, up $460,000 or 58.8% when compared to the same period in 2008. Basic earnings per share were $1.60 for the first six months of 2009, up 61.6% when compared to basic earnings per share of $0.99 for the first six months of 2008. Diluted earnings per share for the first six months of 2009 were $1.60, up 63.3% when compared to the diluted earnings per share of $0.99 for the first six months of 2008.
Net interest income increased by $22,000 and $300,000, or 1.1% and 7.9%, for the three and six month periods ended June 30, 2009, respectively, when compared to the same periods in 2008. The provision for loan loss increased by $300,000 and $627,000 for the three and six months ended June 30, 2009 when compared to the same periods in 2008. In accordance with the Bank's internal classification of assets policy, management evaluates the loan portfolio on a quarterly 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 June 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 $1,785,000 and $1,096,000 and 0.85% and 0.50%, respectively.
When comparing the quarter and six months ended June 30, 2009 to the same periods in 2008, noninterest income increased by $587,000 and $1,134,000, or 62.8% and 62.7%, respectively, due to an increase in the gain on sale of loans which resulted from increased residential loan refinance activity. Noninterest expense increased by $34,000 and $31,000, or 1.6% and 0.7% for the quarter and six months ended June 30, 2009, respectively, when compared to the same periods in 2008.
When comparing June 30, 2009 to December 31, 2008, total loans decreased by $9,778,000 due, primarily, to decreases in home equity line of credit loans and loans on agricultural real estate. Liabilities increased by $2,929,000 during the first six months of 2009 due to a decrease in borrowed funds being more than offset by an increase in deposits.
Cash Dividend Announcement
On July 21, 2009, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on August 24, 2009 to shareholders of record on August 10, 2009.
WEFC.. $27.50,, 1'st Qtr 2008 Results..
Wells Financial Corp. Announces First Quarter Results and Cash Dividend
WELLS, Minn., April 22 /PRNewswire-FirstCall/ --
Selected Financial Data
Quarter ended Quarter ended 03/31/09 03/31/08
Net Income $645,000 $324,000 Basic earnings per share $0.83 $0.41 Diluted earnings per share $0.83 $0.41 Return on average equity 12.4% 6.25% Return on average assets 0.99% 0.51% Book value per share $27.23 $26.27 Net interest rate spread 3.40% 2.97% Net interest rate margin 3.47% 3.09% Allowance for loan loss to total loans 0.69% 0.48%
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 first quarter of 2009 of $645,000, up $321,000 or 99.1%, when compared to the first quarter of 2008. Basic and diluted earnings per share for the first quarter of 2009 were $0.83. This compares to basic and diluted earnings per share for the first quarter of 2008 of $0.41.
The increase in net income was due to an increase of $547,000, or 62.5%, in noninterest income which resulted from an increase in gain on sale of loans originated for sale. During the first three months of 2009 reduced interest rates on loans that are originated for sale to the secondary market resulted in a dramatic increase in the refinancing of loans secured by single family dwellings and the increase in fee income.
Net interest income increased by $278,000, or 15.1% when comparing the first quarter of 2009 with the same period in 2008.
Management evaluates the adequacy of the allowance for loan losses on a quarterly basis and adjusts the allowance for loan losses based on this evaluation through the provision for loan losses. During the first quarter of 2009 the Company recorded a provision for loan losses of $385,000 as compared to $58,000 for the first quarter of 2008.
Total assets increased by $14,179,000, from $253,053,000 at December 31, 2008 to $267,232,000 at March 31, 2009 due primarily to an increase in cash. The increase in cash resulted from a combined increase of $13,161,000 in deposits, borrowed funds and advances from borrowers for taxes and insurance and from an $11,536,000 decrease in the Company's loan portfolio. The decrease in the Company's loan portfolio resulted, primarily, from the refinance of residential mortgage loans into the secondary market that is described above.
Liabilities increased by $13,674,000 during the first quarter of 2009 due to the changes in deposits, borrowed funds and advances from borrowers for taxes and insurance mentioned above.
Cash Dividend
On April 21, 2009, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on May 22, 2009 to shareholders of record on May 8, 2009.
Wells Financial Corp. and Wells Federal Bank are headquartered in Wells, Minnesota. The Bank operates nine full service offices located in Wells, Blue Earth, Mankato, Fairmont, North Mankato, Albert Lea, St. Peter and Owatonna, Minnesota and a loan origination office located in Farmington, Minnesota. The Bank is a community oriented, full service savings bank offering traditional mortgage, consumer, commercial and agricultural loan products. The Bank offers insurance, mutual funds and variable rate annuity products through its subsidiary, Wells Insurance Agency.
WEFC..$27.50 Annual ,, 2008 results..
Wells Financial Corp. Announces Annual Results and Cash Dividend
WELLS, Minn., Jan. 23 /PRNewswire-FirstCall/ --
Selected Financial Data
Year ended December 31, 2008 2007
Net Income $1,245 $1,714 Basic earnings per share $1.59 $1.91 Diluted earnings per share $1.58 $1.90 Return on average equity 6.03% 7.38% Return on average assets 0.50% 0.66% Net interest rate spread 3.25% 3.06% Net interest rate margin 3.35% 3.23% Book value per share $26.58 $26.06
Lonnie R. Trasamar, President of Wells Financial Corp. (OTC Bulletin Board: WEFP) (the Company), the holding company of Wells Federal Bank (the Bank), announced annual earnings for 2008 of $1,245,000, down $469,000 or 27.4%, when compared to 2007. Basic and diluted earnings per share for 2008 were $1.59 and $1.58, respectively, down $0.32 when compared to 2007. The decrease in net income for 2008 when compared to 2007 resulted from a $485,000 other-than-temporary impairment the Company realized on its Federal Home Loan Mortgage Corp. preferred stock and from a $467,000 increase in the provision for loan loss.
Net income for the fourth quarter of 2008 was $455,000, up $63,000, or 16.1% when compared to the fourth quarter of 2007.
When comparing December 31, 2008 to December 31, 2007, total assets decreased by $5,245,000 due, primarily, to cash being used to fund a reduction in deposits. Liabilities decreased by $5,218,000 during 2008 due to a $6,743,000 decrease in deposits, primarily higher cost certificates of deposit.
Cash Dividend Announcement
On January 20, 2009, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on February 24, 2009 to shareholders of record on February 10, 2009. This is the thirteenth consecutive quarter that the Company has paid a $0.26 dividend.
WEFC..$27.50,, 3'rd Qtr 2008 Results..
Wells Financial Corp. Announces Third Quarter Results and Cash Dividend
WELLS, Minn., Oct. 22 /PRNewswire-FirstCall/ --
Selected Financial Data
Quarter ended Nine months ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2008 2007 2008 2007
Net Income $8,000 $436,000 $965,000 $1,322,000 Basic earnings per share $0.01 $0.49 $1.00 $1.44 Diluted earnings per share $0.01 $0.48 $1.00 $1.42 Return on average equity (1) - 7.5% 5.1% 7.4% Return on average assets (1) - 0.7% 0.4% 0.7% Net interest rate spread 3.4% 3.1% 3.2% 3.1% Net interest rate margin 3.4% 3.3% 3.3% 3.3% Book value per share $26.18 $26.01 $26.18 $26.01
(1) annualized
Lonnie R. Trasamar, President of Wells Financial Corp. (the Company) (OTC:WEFP) (BULLETIN BOARD: WEFP) , the holding company of Wells Federal Bank (the Bank), announced earnings for the third quarter of 2008 of $8,000, down $428,000 or 98.2%, when compared to the third quarter of 2007. Basic and diluted earnings per share for the third quarter of 2008 were $0.01, down $0.48 and $0.47, respectively, when compared to the third quarter of 2007. During September of 2008 the federal government placed the Federal Home Loan Mortgage Corp. (Freddie Mac) into conservatorship which resulted in the Company realizing a $485,000 other-than-temporary impairment on the Freddie Mac preferred stock in its security portfolio. The Company has no other preferred stock in its investment portfolio. "The impairment of the Freddie Mac preferred stock due to government action was an unexpected development that offset most of the Company's income during the third quarter", said Trasamar. "Absent this impairment, the Company would have reported net income of approximately $316,000 for the quarter," he added. Also contributing to the reduction in net income for the quarter was a $192,000 increase in the provision for loan loss when compared to the third quarter of 2007.
"The liquidity position of Wells Financial Corp. remains strong and it continues to have capital levels that exceed regulatory standards to be classified as a well capitalized institution," said Trasamar.
Net income for the nine months ended September 30, 2008 was $965,000, down $357,000 or 27.0% when compared to the same period in 2007. Basic and diluted earnings per share were $1.00 for the first nine months of 2008, down 30.0% and 31.0%, respectively, when compared to basic and diluted earnings per share for the first nine months of 2007 of $1.44 and $1.42, respectively. The decrease in net income and earnings per share for the nine months ended September 30, 2008 when compared to the same period in 2007 resulted from the other-than-temporary impairment and increase in the provision for loan loss described above.
When comparing September 30, 2008 to December 31, 2007, total assets decreased by $13,046,000 due primarily to decreases in loans receivable and cash. The decrease in loans receivable resulted primarily from decreases in residential mortgages, agricultural real estate and construction loans.
Liabilities decreased by $12,697,000 during the first nine months of 2008 due to a decrease in deposits of $10,670,000 and a decrease of $3,379,000 in borrowed funds.
Cash Dividend Announcement
On October 21, 2008, the Company's Board of Directors declared a $0.26 per share cash dividend, payable on November 24, 2008 to shareholders of record on November 10, 2008.
WEFP..$27.50
http://www.wellsfinancialcorp.com/
6% yield, my average cost basis is 16.82. Someone buy us out. If not I will collect my 6% dividend until that happens
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Wells Financial Corp.
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