Wells Financial Corp. Announces First Quarter Results and Cash Dividend WELLS, Minn., April 25 /PRNewswire-FirstCall/ -- Selected Financial Data (Unaudited) Quarter ended Quarter ended 03/31/05 03/31/04 Net Income $521,000 $477,000 Basic earnings per share $0.49 $0.41 Diluted earnings per share $0.48 $0.40 Return on average equity 7.95% 6.80% Return on average assets 0.86% 0.85% Book value per share $24.23 $24.33 Net interest rate spread 3.67% 3.59% Net interest rate margin 3.83% 3.76% Allowance for loan loss to total loans 0.43% 0.51% Lonnie R. Trasamar, President of Wells Financial Corp. (NASDAQ:WEFC) (the Company), the holding company of Wells Federal Bank (the Bank), announced earnings for the first quarter of 2005 of $521,000, up $44,000 or 9.2%, when compared to the first quarter of 2004. Basic and diluted earnings per share for the quarter were $0.49 and $0.48, respectively. This compares to basic and diluted earnings per share for the first quarter of 2004 of $0.41 and $0.40, respectively. The increase in net income was primarily due to an increase of $222,000 in net interest income being partially offset by a $99,000 decrease in noninterest income and a $35,000 increase in the provision for loan losses. The increase in net interest income resulted from a $408,000 increase in interest income being partially offset by a $186,000 in interest expense. Total assets increased during the first quarter of 2005 by $5,952,000 from $239,395,000 at December 31, 2004 to $245,347,000 at March 31, 2005 due primarily to an increase of $5,240,000 in loans receivable. The increase in loans receivable resulted primarily from increases in commercial real estate loans, agricultural real estate loans and home equity line of credit loans. Liabilities increased by $7,388,000 during the first quarter of 2005 from $212,805,000 at December 31, 2004 to $220,193,000 at March 31, 2005 due primarily to a $6,000,000 increase in borrowed funds. On April 19, 2005 the Company's Board of Directors declared a $0.24 cash dividend payable on May 20, 2005 to shareholders of record on May 6, 2005. 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 Mason City, Iowa 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. 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, 2005 and December 31, 2004 (Dollars in Thousands) (Unaudited) ASSETS 2005 2004 Cash, including interest-bearing accounts March 31, 2005 $3,068; December 31, 2004 $1,383 $8,153 $5,605 Certificates of deposit 200 100 Securities available for sale, at fair value 12,873 13,945 Federal Home Loan Bank Stock, at cost 2,424 2,133 Loans held for sale 2,194 3,454 Loans receivable, net 210,902 205,662 Accrued interest receivable 1,433 1,533 Premises and equipment, net 4,304 4,212 Mortgage servicing rights, net 2,412 2,515 Other assets 452 236 TOTAL ASSETS $245,347 $239,395 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $167,673 $167,495 Borrowed funds 47,640 41,640 Advances from borrowers for taxes and insurance 2,906 1,877 Deferred income taxes 1,248 1,494 Accrued interest payable 130 38 Accrued expenses and other liabilities 596 261 TOTAL LIABILITIES 220,193 212,805 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 17,104 17,177 Retained earnings, substantially restricted 28,323 28,063 Accumulated other comprehensive income 418 600 Unearned compensation restricted stock awards (276) (329) Treasury stock, at cost, shares at March 31, 2005, 1,149,512 and 1,105,852 shares at December 31, 2004 (20,634) (19,140) TOTAL STOCKHOLDERS' EQUITY 25,154 26,590 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $245,347 $239,395 WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2005 2004 Interest and dividend income Loans receivable: First mortgage loans $1,793 $1,730 Consumer and other loans 1,384 976 Investment securities and other interest bearing deposits 163 226 Total interest income 3,340 2,932 Interest Expense Deposits 705 661 Borrowed funds 452 310 Total interest expense 1,157 971 Net interest income 2,183 1,961 Provision for loan losses 35 - Net interest income after provision for loan losses 2,148 1,961 Noninterest income Gain on sale of loans originated for sale 240 279 Loan servicing fees 239 241 Insurance commissions 167 188 Fees and service charges 133 181 Other 41 30 Total noninterest income 820 919 Noninterest expense Compensation and benefits 1,037 1,022 Occupancy and equipment 291 264 Data processing 130 140 Advertising 76 81 Amortization and valuation adjustments for mortgage servicing rights 193 240 Other 408 387 Total noninterest expense 2,135 2,134 Income before taxes 833 746 Income tax expense 312 269 Net income $521 $477 Cash dividends declared per share $0.24 $0.22 Earnings per share Basic $0.49 $0.41 Diluted $0.48 $0.40 Weighted average number of common shares outstanding: Basic 1,067,048 1,158,546 Diluted 1,089,184 1,196,291 DATASOURCE: Wells Financial Corp. CONTACT: Lonnie R. Trasamar of Wells Financial Corp., +1-507-553-3151

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