Redwood Financial (PK) (USOTC:REDW)
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REDWOOD FALLS, Minn., April 22 /PRNewswire-FirstCall/ -- Redwood Financial, Inc. (Pink Sheets: REDW)(the "Company"), the parent holding company of HomeTown Bank, has announced net earnings for the first quarter ended March 31, 2009. For the three months ended March 31, 2009, the Company recorded net earnings of $264,624. Basic and diluted earnings per share were $ 0.52 per share, and $ 0.53 per share, respectively. Comparatively, for the three months ended March 31, 2008, the Company recorded net earnings of $182,201. Basic and diluted earnings per share were $0.40 per share, and $0.40 per share, respectively.
At March 31, 2009, the Company reported total consolidated assets and consolidated stockholders' equity of $143.5 million and $13.2 million, respectively. HomeTown Bank is headquartered in Redwood Falls, Minnesota and operates through its main office in Redwood Falls and its branch offices located in Olivia, Henderson, St Peter, Le Sueur and Cleveland, Minnesota. The Bank's deposits are insured up to maximum legal limits by the Federal Deposit Insurance Corporation (FDIC).
REDWOOD FINANCIAL, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(unaudited)
Assets March 31, December 31,
2009 2008
Cash $867,035 1,016,155
Interest-bearing deposits with banks 5,338,268 602,519
Cash and cash equivalents 6,205,303 1,618,674
Securities available for sale:
Mortgage-backed and related
Securities 13,257,464 13,931,982
Investment securities 10,838,770 8,150,686
Total securities available for sale 24,096,234 22,082,668
Loans receivable, net 100,797,520 103,862,069
Federal Home Loan Bank stock, at cost 1,880,600 1,799,400
Accrued interest receivable 970,314 1,016,998
Premises and equipment, net 5,813,552 5,860,603
Real estate owned, net 320,000 320,000
Goodwill 3,119,466 3,119,466
Other assets 282,451 357,531
Total Assets $143,485,440 140,037,409
Liabilities and Stockholders' Equity
Deposits 109,215,282 104,388,492
FHLB Advances and Other Borrowings 19,223,270 24,006,063
Accrued interest payable 765,682 656,178
Advance payments by borrowers for
taxes and insurance 302,909 197,617
Deferred Tax Liability 467,862 328,369
Accrued expenses and other liabilities 286,339 454,415
Total Liabilities 130,261,344 130,031,134
Common stock ($.10 par value):
Authorized and issued
1,125,000 shares; outstanding
438,499 at March 31, 2009 and
438,499 shares at December 31, 2008 112,500 112,500
Preferred Stock - Capital Purchase
Program 2,828,922
Additional paid-in capital 8,960,673 8,960,673
Additional paid-in capital -
preferred stock warrants 171,578
Retained earnings, subject to
certain restrictions 10,447,762 10,218,568
Accumulated other comprehensive
gain (loss), net 343,422 355,295
Treasury stock, at cost, 686,501
shares at March 31, 2009; 686,501
shares at December 31, 2008 (9,640,761) (9,640,761)
Total Stockholders' Equity 13,224,096 10,006,275
Total Liabilities and
Stockholders' Equity $143,485,440 140,037,409
REDWOOD FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Earnings
(unaudited)
Three months
ended March 31,
2009 2008
Interest Income:
Loans receivable $1,828,561 1,746,662
Securities available for sale:
Mortgage-backed and related securities 167,243 142,300
Investment securities 102,473 204,729
Cash equivalents and other 3,482 10,930
Total interest income 2,101,759 2,104,621
Interest Expense:
Federal Home Loan Bank advances 99,231 110,548
Subordinate Debt 107,172 108,363
Sweep Management Funds 7,822 16,867
Deposits 569,785 801,793
Total interest expense 784,010 1,037,571
Net interest income 1,317,749 1,067,050
Provision for losses on loans 60,000 9,000
Net interest income after provision
for losses on loans 1,257,749 1,058,050
Noninterest income:
Sales Commissions 81,028 79,691
Fees and service charges 210,655 244,423
Other 22,790 29,201
Total noninterest income 314,473 353,315
Noninterest expense:
Compensation and employee benefits 732,808 697,881
Advertising 16,177 19,510
Occupancy 142,253 160,841
Federal deposit insurance premiums 20,088 3,131
Professional fees 45,185 17,261
Data processing expense 45,320 43,452
Other 164,293 180,681
Total noninterest expense 1,166,124 1,122,757
Earnings before income taxes 406,098 288,608
Income tax expense 141,474 106,407
Net earnings $264,624 182,201
Net earnings per common share - Basic $0.52 0.40
Net earnings per common share - Diluted $0.53 0.40
REDWOOD FINANCIAL, INC. AND SUBSIDIARIES
Selected Consolidated Financial Information
(unaudited)
Three months ended
March 31, March 31,
2009 2008
Profitability Measures:
Net income 264,624 182,201
Basic earnings per share 0.52 0.40
Diluted earnings per share 0.53 0.40
Return on average assets 0.74% 0.55%
Return on average equity 8.05% 7.94%
Net interest spread 3.65% 3.41%
Net yield on interest earning assets 3.72% 3.39%
Ratio of operating expense to average
total assets (annualized) 3.26% 3.38%
Period Ended Period Ended
March 31, March 31,
2009 2008
Financial Position:
Total assets 143,485,440 133,557,101
Total shareholders' equity 13,224,096 9,266,794
Average total assets 143,138,701 132,702,538
Average total equity 13,143,472 9,181,869
Loans receivable, net 100,797,520 93,753,995
Securities available for sale net
of mark to market 24,096,234 24,513,396
Net unrealized gain on securities
available for sale 572,371 407,982
Non-performing assets 685,262 440,443
Non-performing assets to total assets 0.48% 0.33%
Allowance for loan losses 988,101 866,500
Allowance for loan losses to total
assets 0.69% 0.65%
Allowance for loan losses to total
loans receivable 0.97% 0.92%
Net charge-offs (recoveries) 129,679 20,280
Stockholders' equity to total assets,
at end of period 9.22% 6.94%
Total shares outstanding 438,499 459,870
Book value per share (excluding
mark to market) 28.85 19.26
Book value per share (including
mark to market) 30.16 20.15
Ratio of average interest-earning assets
to average interest-bearing liabilities 102.69% 99.56%
Contact: Dean K Toft, President
507-644-4663, Fax: 507-644-4664
DATASOURCE: Redwood Financial, Inc.
CONTACT: Dean K Toft, President of Redwood Financial, Inc.,
+1-507-644-4663, fax, +1-507-644-4664
Web Site: http://www.redwoodfinancial.com/