Wells Financial Corp. Announces Second Quarter Earnings WELLS,
Minn., Aug. 5 /PRNewswire-FirstCall/ -- Selected Financial Data
Three months ended Six months ended June 30, June 30, June 30, June
30, 2004 2003 2004 2003 Net Income $565,000 $1,004,000 $1,042,000
$1,892,000 Basic earnings per share $0.49 $0.89 $0.90 $1.68 Diluted
earnings per share $0.47 $0.87 $0.88 $1.64 Return on average equity
(A) 8.0% 15.3% 7.4% 14.6% Return on average assets (A) 1.0% 1.8%
0.9% 1.7% Net interest rate spread 3.8% 3.1% 3.7% 2.9% Net interest
rate margin 4.0% 3.2% 3.9% 3.1% Book value per share at June 30
$24.39 $23.58 $24.39 $23.58 (A) annualized Lonnie R. Trasamar,
President of Wells Financial Corp. (NASDAQ:WEFC) (the "Company"),
the holding company of Wells Federal Bank (the "Bank"), announced
earnings of $565,000 for the quarter ended June 30, 2004, down
43.7% when compared to the same period in 2003. Basic and diluted
earnings per share for the quarter were $0.49 and $0.47,
respectively. This compares to basic and diluted earnings per share
of $0.89 and $0.87 for the quarter ended June 30, 2003. Net income
for the six-months ended June 30, 2004 was $1,042,000, down 44.9%
when compared to the same period in 2003. Basic and diluted
earnings per share were $0.90 and $0.88, respectively. Basic and
diluted earnings per share for the six-months ended June 30, 2003
were $1.68 and $1.64, respectively. The decrease in net income for
the three and six months ended June 30, 2004 when compared to the
same periods in 2003 was primarily the result of a decrease in the
gain on sale of loans originated for sale. During the first six
months of 2004 fewer mortgage loans were originated for sale when
compared to the first six months of 2003 resulting in a decrease in
gain on sale of loans originated for sale. Partially offsetting the
decrease in gain on sale of loans originated for sale were
increases of $393,000 and $658,000 in net interest income for the
three and six months ended June 30, 2004, respectively, when
compared to the same periods in 2003. Total assets decreased by
$452,000 during the first six months of 2004 due primarily from a
reduction in customer deposits. Cash and securities available for
sale decreased by $18,588,000 and $5,747,000, respectively, while
loans held for sale and loans receivable increased by $1,525,000
and $21,433,000, respectively. The increase in loans receivable
resulted, primarily, from increases in commercial and agricultural
real estate loans. Liabilities decreased by $912,000 during the
first six months of 2004 primarily due to a $4,300,000 decrease in
deposits being partially offset by a $3,140,000 increase in
borrowed funds. Wells Financial Corp. and Wells Federal Bank are
headquartered in Wells, Minnesota. The Bank operates eight full
service offices located in Wells, Blue Earth, Mankato, Fairmont,
North Mankato, Albert Lea, St. Peter and Owatonna Minnesota and
loan origination offices located in Farmington, Minnesota and Mason
City, Iowa. 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. 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. WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated
Statements of Financial Condition June 30, 2004 and December 31,
2003 (Dollars in Thousands) (Unaudited) ASSETS 2004 2003 Cash,
including interest-bearing accounts June 30, 2004 $2,397; December
31, 2003 $17,655 $6,730 $25,318 Certificates of deposit 126 200
Securities available for sale, at fair value 21,663 27,410 Federal
Home Loan Bank Stock, at cost 1,444 1,303 Loans held for sale 3,522
1,997 Loans receivable, net 181,482 160,049 Accrued interest
receivable 1,502 1,209 Premises and equipment, net 4,016 3,585
Mortgage servicing rights, net 2,680 2,681 Other assets 188 53
TOTAL ASSETS $223,353 $223,805 LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES Deposits $165,362 $169,662 Borrowed funds 26,140 23,000
Advances from borrowers for taxes and insurance 1,736 1,585
Deferred income taxes 1,327 1,456 Accrued interest payable 208 34
Accrued expenses and other liabilities 252 200 TOTAL LIABILITIES
195,025 195,937 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 17,146 17,154
Retained earnings, substantially restricted 27,453 26,922
Accumulated other comprehensive income 287 525 Unearned
compensation restricted stock awards (488) (561) Treasury stock, at
cost, 1,026,274 shares at June 30, 2004, and 1,033,673 shares at
December 31, 2003 (16,289) (16,391) TOTAL STOCKHOLDERS' EQUITY
28,328 27,868 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $223,353
$223,805 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,
2004 2003 2004 2003 Interest and dividend income Loans receivable:
First mortgage loans $1,703 $1,876 $3,433 $3,815 Consumer and other
loans 1,121 709 2,097 1,419 Investment securities and other
interest bearing deposits 219 316 445 653 Total interest income
3,043 2,901 5,975 5,887 Interest Expense Deposits 635 897 1,296
1,880 Borrowed funds 321 310 631 617 Total interest expense 956
1,207 1,927 2,497 Net interest income 2,087 1,694 4,048 3,390
Provision for loan losses - - - - Net interest income after
provision for loan losses 2,087 1,694 4,048 3,390 Noninterest
income Gain on sale of loans originated for sale 550 1,591 829
2,998 Loan servicing fees 240 231 481 449 Insurance commissions 152
117 340 211 Fees and service charges 122 196 303 416 Other 30 41 60
69 Total noninterest income 1,094 2,176 2,013 4,143 Noninterest
expense Compensation and benefits 1,275 1,054 2,297 1,966 Occupancy
and equipment 270 271 534 532 Data processing 127 127 267 252
Advertising 71 74 152 133 Amortization and valuation adjustments
for mortgage servicing rights 24 85 264 604 Other 493 593 880 920
Total noninterest expense 2,260 2,204 4,394 4,407 Income before
taxes 921 1,666 1,667 3,126 Income tax expense 356 662 625 1,234
Net income $565 $1,004 $1,042 $1,892 Cash dividends declared per
share $0.22 $0.20 $0.44 $0.40 Earnings per share Basic $0.49 $0.89
$0.90 $1.68 Diluted $0.47 $0.87 $0.88 $1.64 Weighted average number
of common shares outstanding: Basic 1,162,283 1,131,085 1,160,414
1,128,490 Diluted 1,190,265 1,159,797 1,188,396 1,153,604
DATASOURCE: Wells Financial Corp. CONTACT: Lonnie R. Trasamar of
Wells Financial Corp., +1-507-553-3151
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