Redwood Financial (PK) (USOTC:REDW)
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Redwood Financial, Inc. Second Quarter Earnings
REDWOOD FALLS, Minn., March 30 /PRNewswire-FirstCall/ -- Redwood Financial,
Inc. (Pink Sheets: REDW) (the "Company"), the parent holding company of HomeTown
Bank has announced net earnings for the second fiscal quarter ended December 31,
2003. For the six months ended December 31, 2003, the Company recorded net
earnings of $16,988. Basic and diluted earnings per share were $0.03 per share,
and $0.03 per share, respectively. Comparatively, for the six months ended
December 31, 2002, the Company recorded net earnings of $277,611. Basic and
diluted earnings per share were $0.54 per share, and $0.52 per share,
respectively.
At December 31, 2003, the Company reported total consolidated assets and
consolidated stockholders' equity of $82.0 million and $9.4 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 Redwood Falls and Olivia, 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 December 31, June 30,
2003 2003
Cash $382,783 380,284
Interest-bearing deposits with banks 3,186,436 2,720,745
Cash and cash equivalents 3,569,219 3,101,029
Securities available for sale:
Mortgage-backed and related securities
(amortized cost $7,851,117 and
$12,210,120, respectively) 7,794,032 12,228,417
Investment securities (amortized cost
$12,000,717 and $2,000,833, respectively) 12,031,310 2,027,350
Total securities available for sale 19,825,342 14,255,767
Loans receivable, net 53,507,778 58,753,945
Federal Home Loan Bank stock, at cost 883,800 1,697,500
Accrued interest receivable 570,095 514,492
Premises and equipment, net 2,889,417 2,944,654
Deferred tax asset 173,671 159,240
Real estate owned, net 292,196 48,336
Other assets 280,037 92,836
Total Assets $81,991,555 81,567,799
Liabilities and Stockholders' Equity
Deposits 59,883,403 57,719,015
Federal Home Loan Bank advances11,490,413 13,090,481
Accrued interest payable 454,999 524,656
Advance payments by borrowers for taxes
and insurance 125,683 105,118
Accrued expenses andother liabilities 592,888 719,570
Total Liabilities 72,547,386 72,158,840
Common stock ($.10 par value): Authorized
and issued 1,125,000 shares; outstanding
528,647 shares at December 31, 2003and
522,716 shares at June 30, 2003 112,500 112,500
Additional paid-in capital 8,584,507 8,561,403
Retained earnings, subject to certain
restrictions 8,221,994 8,205,005
Accumulated other comprehensive income (loss) (15,978) 27,028
Unearned Employee Stock Ownership Plan shares (98,944) (132,064)
Treasury stock, at cost, 596,353 shares at
December 31, 2003 and 602,284
June 30, 2003 (7,359,910) (7,364,913)
Total Stockholders' Equity 9,444,169 9,408,959
Total Liabilities and Stockholders'
Equity $81,991,555 81,567,799
REDWOOD FINANCIAL, INC. AND SUBSIDIARY
Consolidated Statements of Earnings
(Unaudited)
Three months Six months
Ended December 31, ended December 31,
2003 2002 2003 2002
Interest Income:
Loans receivable $940,204 1,068,251 1,940,159 2,187,092
Securities available
for sale:
Mortgage-backed and
related
securities 80,484 155,122 185,650 357,144
Investment
securities 96,045 100,563 135,188 192,904
Cash equivalents
and other 341 10,072 3,060 16,262
Total interest
income 1,117,074 1,334,008 2,264,057 2,753,402
Interest Expense:
Deposits 262,592 409,861 555,314 837,232
Federal Home Loan
Bank advances 162,763 310,864 337,068 624,254
Total interest
expense 425,355 720,725 892,382 1,461,486
Net interest
income 691,719 613,283 1,371,675 1,291,916
Provision for losses
on loans 496,851 21,000 547,975 36,000
Net interest income
after provision for
losses on loans 194,868 592,283 823,700 1,255,916
Noninterest income:
Gains on sale of
securities available
for sale 0 38,250 0 38,250
Fees and service
charges 114,504 82,207 291,467 167,753
Other 5,660 1,047 10,614 6,654
Total noninterest
income 120,164 121,504 302,081 212,657
Noninterest expense:
Compensation and
employee benefits 373,776 329,761 745,179 670,999
Occupancy 82,871 71,288 158,214 142,464
Professional fees 17,897 16,673 35,745 33,695
Advertising 14,210 13,294 25,737 26,401
Data processing
expense 7,135 9,083 15,575 17,977
Federal deposit
insurance premiums 2,222 2,489 4,560 4,901
Other 67,381 60,561 128,187 122,517
Total noninterest
expense 565,492 503,149 1,113,197 1,018,954
Earnings before
income taxes (250,460) 210,638 12,584 449,619
Income tax expense
(benefit) (106,025) 80,128 (4,404) 172,008
Net earnings
(loss) $(144,435) 130,510 16,988 277,611
Net earnings per
common share -
Basic $(0.28) 0.26 0.03 0.54
Net earnings per
common share -
Diluted (0.25) 0.24 0.03 0.52
REDWOOD FINANCIAL, INC. AND SUBSIDIARIES
Selected Consolidated Financial Information
(Unaudited)
Three monthsended Six months ended
December 31, December 31, December 31, December 31,
2003 2002 2003 2002
Profitability Measures:
Net earnings (loss) (144,435) 130,510 16,988 277,611
Basic earnings
per share (0.28) 0.26 0.03 0.54
Diluted earnings
per share (0.25) 0.24 0.03 0.52
Return on average
assets (.72%) 0.58% .04% 0.61%
Return on average
equity (6.00%) 5.62% .36% 5.97%
Net interest spread 3.39% 2.56% 3.35% 2.72%
Net yield on interest
earning assets 3.59% 2.82% 3.56% 3.00%
Ratio of operating
expense to average
total assets
(annualized) 0.70% 2.26% 1.38% 2.21%
Period Ended Year Ended Year Ended
December 31, June 30, June 30,
Financial Position: 2003 2003 2002
Total assets 81,991,555 81,567,799 90,063,806
Total stockholders' equity 9,444,169 9,408,959 9,599,643
Average total assets 80,608,751 88,726,471 88,235,704
Average total equity 9,531,852 9,270,686 9,125,669
Loans receivable, net 53,507,778 58,753,945 57,099,418
Securities available for
sale net of mark to market 19,825,342 14,255,767 23,344,390
Net unrealized gain/(loss)
on securities available
for sale (26,492) 44,814 323,540
Non-performing assets 831,583 640,000 1,610
Non-performing assets to
total assets 1.01% 0.78% 0.00%
Allowance for loan losses 339,807 425,717 348,606
Allowance for loan losses
to total assets 0.41% 0.52% 0.39%
Allowance for loan losses
to total loans receivable 0.63% 0.72% 0.61%
Net charge-offs (recoveries) 633,885 18,889 11,197
Stockholders' equity to total
assets, at end of period 11.52% 11.54% 10.66%
Total shares outstanding 528,647 522,716 555,921
Book value per share
(including mark to market) 17.86 18.00 17.27
Ratio of average
interest-earning assets to
average interest-bearing
liabilities 109.26% 108.34% 108.72%
DATASOURCE: Redwood Financial, Inc.
CONTACT: Dean Toft of Redwood Financial, Inc., +1-507-644-4663, or Fax,
+1-507-644-4664
Web site: http://www.redwoodfinancial.com/