HF Financial Corp. (HFFC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Hf Financial Corp. has a market cap of $75.5 million; its shares were traded at around $10.87 with a P/E ratio of 13 and P/S ratio of 1.1. The dividend yield of Hf Financial Corp. stocks is 4.1%. Hf Financial Corp. had an annual average earning growth of 1.7% over the past 10 years.
Noninterest income was $3.8 million for the three months ended September 30, 2010, compared to $1.7 million for the same period in the prior fiscal year, an increase of $2.1 million. This increase is due primarily to net impairment credit losses recognized in earnings of $1.9 million for the three months ended September 30, 2009, compared to the current quarter for which no impairment credit losses were recorded. Net gain on sale of loans and fees on deposits increased $251,000 and $163,000, respectively, while net gain on sale of securities and trust income decreased $136,000 and $103,000, respectively.
The Bank is a member of the Deposit Insurance Fund (the DIF), which is administered by the Federal Deposit Insurance Corporation (FDIC). Deposits are insured up to the applicable limits by the FDIC and such insurance is backed by the full faith and credit of the United States Government. Under the Dodd-Frank Act, deposits of the Bank are permanently insured up to $250,000 per depositor for each account ownership category (prior to the legislation, the increased insurance coverage from $100,000 to $250,000 was temporary until December 31, 2013). As insurer, the FDIC imposes deposit insurance premiums and is authorized to conduct examinations of and to require reporting by FDIC-insured institutions. On November 12, 2009, the FDIC Board approved a rule requiring prepayment of the quarterly assessments for the fourth quarter of calendar year 2009 and the entire calendar years of 2010, 2011, and 2012. On December 30, 2009, the Company paid $4.9 million which was recorded as a prepaid asset and is being proportionally expensed as each quarter elapses. At September 30, 2010, the remaining balance recorded as a prepaid asset was $3.4 million. The FDIC may impose additional special assessments, which would be recorded as they are incurred. The FDIC also instituted the Transaction Account Guarantee Program (TAGP). The TAGP extended the FDICs insurance to full coverage of non-interest bearing transaction accounts for participating institutions through December 31, 2010 at an annualized rate of 10 basis points on deposit balances in excess of the $250,000 insurance limit currently in place. The Bank is a participant in the TAGP, but does not expect this program to have a material impact on the FDIC assessment.
At September 30, 2010, the Company had total assets of $1.3 billion, an increase of $7.5 million from the level at June 30, 2010. The increase in assets in the three months of fiscal 2011 was due primarily to an increases in net loans and leases receivable and securities available for sale of $5.0 million and $4.3 million, respectively. Total liabilities increased $8.5 million at September 30, 2010, as compared to June 30, 2010. This increase was primarily due to an increase in advances from the FHLB and other borrowings of $39.6 million and offset by decreases in deposits of $36.6 million. Stockholders equity decreased $1.1 million to $93.4 million at September 30, 2010, due primarily to a decrease in accumulated other comprehensive losses, net of deferred tax effect.
Net loans and leases receivable increased $5.0 million at September 30, 2010, as compared to June 30, 2010, due primarily to increases in balances of $7.7 million and partially offset by an increase in the allowance for loan and lease losses of $2.7 million. Securities available for sale increased $4.3 million primarily as the result of net increases of agency residential mortgage-backed securities of $3.4 million during the first quarter of fiscal 2011.
Deposits decreased $36.6 million at September 30, 2010 as compared to June 30, 2010. Money market and savings accounts decreased $21.6 and $15.4 million, respectively, during the three month period ended September 30, 2010, partially offset by an increase in certificates of deposits of $10.8 million. Public fund account balances, which are included in money markets, savings and certificates of deposits, decreased $37.1 million to $177.8 million at September 30, 2010 in part as a result of seasonal fluctuations typical with these types of municipal deposits. Advances from the FHLB and other borrowings increased $39.6 million at September 30, 2010 as compared to June 30, 2010, due to the decrease in deposits during the three month period.
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Hf Financial Corp. has a market cap of $75.5 million; its shares were traded at around $10.87 with a P/E ratio of 13 and P/S ratio of 1.1. The dividend yield of Hf Financial Corp. stocks is 4.1%. Hf Financial Corp. had an annual average earning growth of 1.7% over the past 10 years.
Highlight of Business Operations:
The allowance for loan and lease losses increased $2.7 million to $12.3 million at September 30, 2010, compared to June 30, 2010. The ratio of allowance for loan and lease losses to total loans and leases was 1.37% as of September 30, 2010 compared to 1.07% at June 30, 2010. Total nonperforming assets at September 30, 2010 were $23.1 million as compared to $9.2 million at June 30, 2010, an increase of $14.0 million. The ratio of nonperforming assets to total assets increased to 1.84% at September 30, 2010, compared to 0.73% at June 30, 2010. The overall increase in nonperforming assets was primarily attributed to the deterioration in certain dairy operations which caused three of our dairy loan relationships to be moved to nonaccrual status this quarter. The recent deterioration in the sector is related to continued low commodity prices for milk combined with increases in the cost of feed and operations. The specific valuation allowance on identified impaired loans increased to $2.9 million at September 30, 2010, compared to $325,000 at June 30, 2010. All identified impaired loans are reviewed to assess the borrowers inability to make payments under the terms of the loan and/or a shortfall in collateral value that would result in charging off the loan or the portion of the loan that was impaired.Noninterest income was $3.8 million for the three months ended September 30, 2010, compared to $1.7 million for the same period in the prior fiscal year, an increase of $2.1 million. This increase is due primarily to net impairment credit losses recognized in earnings of $1.9 million for the three months ended September 30, 2009, compared to the current quarter for which no impairment credit losses were recorded. Net gain on sale of loans and fees on deposits increased $251,000 and $163,000, respectively, while net gain on sale of securities and trust income decreased $136,000 and $103,000, respectively.
The Bank is a member of the Deposit Insurance Fund (the DIF), which is administered by the Federal Deposit Insurance Corporation (FDIC). Deposits are insured up to the applicable limits by the FDIC and such insurance is backed by the full faith and credit of the United States Government. Under the Dodd-Frank Act, deposits of the Bank are permanently insured up to $250,000 per depositor for each account ownership category (prior to the legislation, the increased insurance coverage from $100,000 to $250,000 was temporary until December 31, 2013). As insurer, the FDIC imposes deposit insurance premiums and is authorized to conduct examinations of and to require reporting by FDIC-insured institutions. On November 12, 2009, the FDIC Board approved a rule requiring prepayment of the quarterly assessments for the fourth quarter of calendar year 2009 and the entire calendar years of 2010, 2011, and 2012. On December 30, 2009, the Company paid $4.9 million which was recorded as a prepaid asset and is being proportionally expensed as each quarter elapses. At September 30, 2010, the remaining balance recorded as a prepaid asset was $3.4 million. The FDIC may impose additional special assessments, which would be recorded as they are incurred. The FDIC also instituted the Transaction Account Guarantee Program (TAGP). The TAGP extended the FDICs insurance to full coverage of non-interest bearing transaction accounts for participating institutions through December 31, 2010 at an annualized rate of 10 basis points on deposit balances in excess of the $250,000 insurance limit currently in place. The Bank is a participant in the TAGP, but does not expect this program to have a material impact on the FDIC assessment.
At September 30, 2010, the Company had total assets of $1.3 billion, an increase of $7.5 million from the level at June 30, 2010. The increase in assets in the three months of fiscal 2011 was due primarily to an increases in net loans and leases receivable and securities available for sale of $5.0 million and $4.3 million, respectively. Total liabilities increased $8.5 million at September 30, 2010, as compared to June 30, 2010. This increase was primarily due to an increase in advances from the FHLB and other borrowings of $39.6 million and offset by decreases in deposits of $36.6 million. Stockholders equity decreased $1.1 million to $93.4 million at September 30, 2010, due primarily to a decrease in accumulated other comprehensive losses, net of deferred tax effect.
Net loans and leases receivable increased $5.0 million at September 30, 2010, as compared to June 30, 2010, due primarily to increases in balances of $7.7 million and partially offset by an increase in the allowance for loan and lease losses of $2.7 million. Securities available for sale increased $4.3 million primarily as the result of net increases of agency residential mortgage-backed securities of $3.4 million during the first quarter of fiscal 2011.
Deposits decreased $36.6 million at September 30, 2010 as compared to June 30, 2010. Money market and savings accounts decreased $21.6 and $15.4 million, respectively, during the three month period ended September 30, 2010, partially offset by an increase in certificates of deposits of $10.8 million. Public fund account balances, which are included in money markets, savings and certificates of deposits, decreased $37.1 million to $177.8 million at September 30, 2010 in part as a result of seasonal fluctuations typical with these types of municipal deposits. Advances from the FHLB and other borrowings increased $39.6 million at September 30, 2010 as compared to June 30, 2010, due to the decrease in deposits during the three month period.
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