WELLS FINANCIAL CORP. 
By 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
"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
When comparing
Liabilities decreased by
Cash Dividend Announcement
On
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
September 30, 2008 and December 31, 2007
(Dollars in Thousands)
(Unaudited)
ASSETS
09/30/08 12/31/07
Cash, including interest-bearing accounts: $6,711 $14,182
09/30/08 $1,448; 12/31/07 $7,138
Certificates of deposit 700 300
Securities available for sale 9,977 9,082
Federal Home Loan Stock 2,806 2,329
Loans held for sale 1,541 1,821
Loans receivable, net 211,290 220,974
Accrued interest receivable 1,996 2,056
Prepaid Income Taxes - -
Premises and equipment 3,991 4,225
Mortgage servicing rights, net 1,362 1,503
Other assets 4,878 1,826
TOTAL ASSETS $245,252 $258,298
LIABILITIES AND EQUITY
LIABILITIES:
Deposits $178,961 $189,631
Borrowed funds 41,606 44,985
Advances from borrowers for taxes
and insurance 3,069 2,095
Income taxes:
Deferred 389 576
Accrued interest payable 443 128
Accrued expenses and other liabilities 481 231
TOTAL LIABILITIES 224,949 237,646
STOCKHOLDER'S EQUITY:
Common stock, $.10 par value;
7,000.000 shares authorized;
2,187,500 shares issued $219 $219
Additional paid in capital 17,132 17,091
Retained earnings, substantially restricted 31,058 30,884
Other comprehensive income (22) 206
Treasury stock, at cost, 1,412,060 shares
at September 30, 2008; 1,394,885 shares
at December 31, 2007 (28,084) (27,748)
TOTAL EQUITY 20,303 20,652
TOTAL LIABILITIES AND EQUITY $245,252 $258,298
WELLS FINANCIAL CORP. and SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Interest and dividend
income
Loans receivable:
Residential loans $654 $798 $2,135 $2,375
Commercial Loans 683 793 2,079 2,640
Ag Real Estate Loans 835 981 2,599 3,000
Consumer and other
loans 1,261 1,306 3,815 3,802
Investment securities
and other interest-
bearings deposits 164 211 564 697
Total interest
income 3,597 4,089 11,192 12,514
Interest expense
Deposits 1,219 1,558 3,996 4,526
Borrowed funds 418 589 1,452 1,938
Total interest
expense 1,637 2,147 5,448 6,464
Net interest income 1,960 1,942 5,744 6,050
Provision for loan
losses 220 28 353 53
Net interest income
after provision
for loan losses 1,740 1,914 5,391 5,997
Noninterest income
Gain on sale of loans 136 203 681 574
Loan servicing fees 225 232 685 696
Insurance commissions 141 154 451 438
Fees and service charges 184 181 519 521
Other 102 47 261 128
Total noninterest
income 788 817 2,597 2,357
Noninterest expense
Compensation and
benefits 1,008 1,074 3,102 3,216
Occupancy and
equipment 262 292 893 949
Federal insurance
premiums 9 6 20 17
Data processing 179 124 596 404
Advertising 63 58 176 205
Amortization &
Valuation
adjustments
for MSR's 140 142 417 410
Impairment of
Securities Available
for Sale 485 - 485 -
Other 362 387 1,048 1,104
Total
noninterest
expense 2,508 2,083 6,737 6,305
Income before
income taxes 20 648 1,251 2,049
Income tax expense 12 212 461 727
Net Income $8 $436 $790 $1,322
Earnings per share
Basic earnings per
share $0.01 $0.49 $1.00 $1.44
Diluted earnings per
share $0.01 $0.48 $1.00 $1.42
SOURCE Wells Financial Corp.
