Wells Financial Corp. Announces Annual Results WELLS, Minn., March
5 /PRNewswire-FirstCall/ -- Selected Financial Data Year ended Year
ended 12/31/03 12/31/02 Net Income $ 3,540,000 $ 3,340,000 Basic
earnings per share $ 3.12 $ 2.84 Diluted earnings per share $ 3.05
$ 2.75 Return on average equity 13.30% 13.31% Return on average
assets 1.58% 1.47% Book value per share $ 24.15 $ 22.42 Net
interest rate spread 3.16% 3.16% Net interest margin 3.33% 3.47%
Allowance for loan loss to total loans 0.56% 0.62% Lonnie R.
Trasamar, President of Wells Financial Corp. (the Company)
(NASDAQ:WEFC), the holding company of Wells Federal Bank (the
Bank), announced record earnings of $3,540,000 for the year ended
December 31, 2003. Basic and diluted earnings per share for 2003
were $3.12 and $3.05, respectively. This compares to net income of
$3,340,000 for the year ended December 31, 2002. Basic and diluted
earnings per share for 2002 were $2.84 and $2.75, respectively. The
increase in income for 2003 when compared to 2002 resulted,
primarily, from an increase in noninterest income. During 2003, the
Bank and its subsidiary, Greater Minnesota Mortgage, originated and
sold to the secondary market a record amount of residential
mortgage loans, primarily during the first three quarters of the
year. This increased loan activity, along withimproved market
pricing during 2003, resulted in increases in the gain on sale of
loans and loan origination and commitment fees when compared to
2002. Net income for the quarter ended December 31, 2003 was
$513,000, a $444,000 decrease when compared to the quarter ended
December 31, 2002. Increased interest rates on residential
mortgages resulted in a lesser amount of loans being originated and
sold to the secondary market during the fourth quarter of 2003 when
compared to the same period in 2002 which resulted in a decrease in
noninterest income. Assets increased by $3,189,000, from
$220,616,000 at December 31, 2002 to $223,805,000 at December 31,
2003 due to increases in the loan portfolio and securities
available for sale being partially offset by a decrease in cash.
The Company's loan portfolio increased by $14,463,000, from
$145,586,000 at December 31, 2002 to $160,049,000 at December 31,
2003 primarily due to an increase in agricultural and commercial
real estate loans. Equity increasedby $2,645,000, from $25,223,000
at December 31, 2002 to $27,868,000 at December 31, 2003. This
increase was primarily due to net income for the year of $3,540,000
being partially offset by the payment of $905,000 in dividends.
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 a loan origination
office locatedin Farmington, Minnesota. During the fourth quarter
of 2003 the Bank opened a loan origination office in 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 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
unanticipatedevents or circumstances after the date of such
statements. WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated
Statements of Financial Condition December 31, 2003 and December
31, 2002 (Dollars in Thousands) (Unaudited) ASSETS 2003 2002 Cash,
including interest-bearing accounts December 31, 2003 $17,655;
December 31, 2002 $35,178 $25,315 $36,571 Certificates of deposit
200 200 Securities available for sale, at fair value 27,410 19,856
Federal Home Loan Bank Stock, at cost 1,303 1,875 Loans held for
sale 1,997 9,695 Loans receivable, net 160,049 145,586 Accrued
interest receivable 1,209 1,387 Premises and equipment 3,585 2,975
Mortgage servicing rights, net 2,681 2,179 Other assets 53 292
TOTAL ASSETS $223,805 $220,616 LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES Deposits $169,662 $169,126 Borrowed funds 23,000 23,000
Advances from borrowers fortaxes and insurance 1,585 1,347 Deferred
income taxes 1,456 1,376 Accrued interest payable 34 50 Accrued
expenses and other liabilities 200 494 TOTAL LIABILITIES 195,937
195,393 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 17,154 16,985 Retained earnings,
substantially restricted 26,922 24,287 Accumulated other
comprehensive income 525 746 Unearned ESOP shares - (29) Unearned
compensation restricted stock awards (561) (138) Treasury stock, at
cost, 1,054,060 sharesat December 31, 2003, and 1,062,435 shares at
December 31, 2002 (16,391) (16,847) TOTAL STOCKHOLDERS' EQUITY
27,868 25,223 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $223,805
$220,616 WELLS FINANCIAL CORP. and SUBSIDIARY Consolidated
Statements of Income (Dollars in thousands, except per share data)
(Unaudited) Three Months Ended Year Ended December 31, December 31,
2003 2002 2003 2002 Interest and dividend income Loans receivable:
First mortgage loans $1,958 $2,202 $7,447 $9,153 Consumer and other
loans 731 791 2,848 3,186 Investment securities and other Interest
bearing deposits 291 328 1,219 1,526 Total interest income 2,980
3,321 11,514 13,865 Interest Expense Deposits 707 1,112 3,350 5,002
Borrowed funds 314 314 1,245 1,245 Total interest expense 1,021
1,426 4,595 6,247 Net interest income 1,959 1,895 6,919 7,618
Provision for loan losses - - - 23 Net interest income after
provision for loan losses 1,959 1,895 6,919 7,595 Noninterest
income Gain on sale of loans originated for sale 269 1,155 2,840
2,229 Loan origination and commitment fees 179 770 2,250 1,696 Loan
servicing fees 256 171 947 661 Insurance commissions 113 105 459
405 Fees and service charges 238 313 1,058 892 Other 61 14 196 74
Total noninterest income 1,116 2,528 7,750 5,957 Noninterest
expense Compensation and benefits 1,125 1,023 4,159 3,540 Occupancy
and equipment 323 226 1,153 885 Data processing 113 108 471 446
Advertising 87 74 293 236 Amortization and valuation adjustments
for mortgage servicing rights 217 1,010 1,071 1,453 Other 393 349
1,752 1,289 Total noninterest expense 2,258 2,790 8,899 7,849
Incomebefore taxes 817 1,633 5,770 5,703 Income tax expense 304 676
2,230 2,363 Net income $513 $957 $3,540 $3,340 Cash dividends
declared per share $0.20 $0.18 $0.80 $0.72 Earnings per share Basic
earnings per share $0.44 $0.82 $3.12 $2.84 Diluted earnings per
share $0.43 $0.78 $3.05 $2.75 DATASOURCE: Wells Financial Corp.
CONTACT: Lonnie R. Trasamar of Wells Financial Corp.,
+1-507-553-3151
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Wells Financial (NASDAQ:WEFC)
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