WELLS FINANCIAL CORP. 
By
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%
The increase in net income was due to an increase of
Net interest income increased by
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
Total assets increased by
Liabilities increased by
Cash Dividend
On
Wells Financial Corp. and Wells Federal Bank are headquartered in
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
March 31, 2009 and December 31, 2008
(Dollars in Thousands)
(Unaudited)
ASSETS
03/31/09 12/31/08
-------- --------
Cash, including interest-bearing
accounts: $31,816 $8,744
03/31/09 $26,655; 12/31/08 $2,689
Certificates of deposit 400 700
Securities available for sale 9,290 8,420
Federal Home Loan Bank Stock, at
cost 3,660 3,302
Loans held for sale 4,493 2,974
Loans receivable, net 205,889 217,425
Accrued interest receivable 1,688 1,813
Premises and equipment 3,917 3,961
Mortgage servicing rights, net 1,414 1,294
Other assets 4,665 4,420
TOTAL ASSETS $267,232 $253,053
LIABILITIES AND EQUITY
LIABILITIES:
Deposits $189,926 $182,888
Borrowed funds 51,681 46,806
Advances from borrowers for
taxes and insurance 3,329 2,081
Income taxes:
Deferred 155 205
Accrued interest payable 209 84
Accrued expenses and other
liabilities 814 376
TOTAL LIABILITIES 246,114 232,440
STOCKHOLDERS' EQUITY:
Common stock, $.10 par value;
7,000.000 shares
authorized; 2,187,500 shares issued $219 $219
Additional paid in capital 17,152 17,143
Retained earnings, substantially
restricted 31,755 31,312
Other comprehensive income 76 23
Treasury stock, at cost,
1,412,060 shares at March
31, 2009; 1,412,060 shares at
December 31, 2008 (28,084) (28,084)
TOTAL EQUITY 21,118 20,613
TOTAL LIABILITIES AND EQUITY $267,232 $253,053
WELLS FINANCIAL CORP. and SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2009 2008
Interest and dividend
income
Loans receivable:
Residential loans $717 $762
Commercial Loans 630 695
Ag Real Estate Loans 898 881
Consumer and other
loans 1,241 1,283
Investment securities
and other interest-
bearings deposits 105 211
Total interest income 3,591 3,832
Interest expense
Deposits 1,054 1,457
Borrowed funds 424 540
Total interest expense 1,478 1,997
Net interest income 2,113 1,835
Provision for loan
losses 385 58
Net interest income
after provision for loan
losses 1,728 1,777
Noninterest income
Gain on sale of loans 794 251
Loan servicing fees 225 230
Insurance commissions 186 172
Fees and service
charges 149 163
Other 68 59
Total noninterest
income 1,422 875
Noninterest expense
Compensation and
benefits 1,074 1,067
Occupancy and equipment 261 328
Federal insurance
premiums 18 4
Data processing 200 198
Advertising 54 53
Amortization & Valuation
adjustments for MSR's 146 142
Other 375 339
Total noninterest
expense 2,128 2,131
Income before income
taxes 1,022 521
Income tax expense 377 197
Net Income $645 $324
Earnings per share
Basic earnings per
share $0.83 $0.41
Diluted earnings per
share $0.83 $0.41
SOURCE Wells Financial Corp.
