HF Financial Corp. (HFFC, Financial) filed Quarterly Report for the period ended 2009-12-31.
Hf Financial Corp. has a market cap of $40.9 million; its shares were traded at around $10.1 with a P/E ratio of 7.2 and P/S ratio of 0.6. The dividend yield of Hf Financial Corp. stocks is 4.5%. Hf Financial Corp. had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated Hf Financial Corp. the business predictability rank of 2-star.
Total deposits at December 31, 2009 were $863.4 million, an increase of $25.5 million, or 3.0%, from June 30, 2009. During the six month period, public fund account balances decreased $25.9 million which are categorized in multiple categories of deposits. In-market certificates of deposit increased a total of $19.8 million from $401.3 million to $421.1 million for the six month period, due in part to customer preference for higher yielding term deposit products. The primary factor affecting interest expense was the decrease in the average rates paid on total deposits for the six month period ended December 31, 2009 of 1.86% compared to 2.52% for the six month period ended December 31, 2008.
Noninterest income was $5.0 million for the six months ended December 31, 2009 compared to $6.0 million for the same period in the prior fiscal year, a decrease of $1.0 million or 17.2%. This decrease is due primarily to net impairment credit losses recognized in earnings of $2.2 million for the six months ended December 31, 2009. Net gain on sale of loans and net gain on sale of securities increased $497,000 and $1.0 million, respectively, to partially offset the decrease for the comparable period.
Noninterest expense was $17.7 million for the six months ended December 31, 2009 as compared to $17.6 million for the six months ended December 31, 2008, an increase of $149,000, or 0.8%. The increase was attributed to an increase in FDIC insurance premiums and occupancy and equipment of $397,000 and $195,000, respectively. The increase in noninterest expense was neutralized by a decrease in compensation and employee benefits of $647,000, which was attributed primarily to performance-based incentive pay and healthcare cost decreases.
At December 31, 2009, the Company had total assets of $1.2 billion, and exhibited a decrease of $1.3 million from the level at June 30, 2009. The decrease in assets in the six months of fiscal 2010 was due primarily to a decrease in net loans and leases receivable of $32.3 million and was partially offset by an increase of cash and cash equivalents and loans held for sale of $20.2 million and $8.2 million, respectively. Total liabilities decreased $25.0 million at December 31, 2009 as compared to June 30, 2009. This decrease was primarily due to decreases in advances from the FHLB and other borrowings of $46.8 million and was partially offset by an increase in deposits of $25.5 million. Stockholders equity increased $23.6 million to $92.3 million at December 31, 2009 from $68.7 million at June 30, 2009, due primarily to the equity offering in November 2009 and current earnings.
Deposits increased $25.5 million at December 31, 2009 as compared to June 30, 2009. Public fund account balances decreased $25.9 million to $156.6 million at December 31, 2009 from $182.5 million at June 30, 2009, as a result of seasonal fluctuations typical with these types of municipal deposits. In-market certificates of deposit increased $19.8 million to $421.1 million from $401.3 million for the fiscal year, while out-of-market certificates of deposit decreased $2.4 million to $18.6 million at December 31, 2009.
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Hf Financial Corp. has a market cap of $40.9 million; its shares were traded at around $10.1 with a P/E ratio of 7.2 and P/S ratio of 0.6. The dividend yield of Hf Financial Corp. stocks is 4.5%. Hf Financial Corp. had an annual average earning growth of 7.8% over the past 10 years. GuruFocus rated Hf Financial Corp. the business predictability rank of 2-star.
Highlight of Business Operations:
The Companys net income available to common shareholders for the second quarter of fiscal 2010 was $2.0 million, or $0.38 in diluted earnings per common share, compared to $1.8 million, or $0.46 in diluted earnings per common share, for the second quarter of fiscal 2009. The Companys net income available to common shareholders for the six months ended December 31, 2009 was $2.8 million, or $0.61 in diluted earnings per common share, compared to $3.8 million, or $0.95 in diluted earnings per common share, for the six months ended December 31, 2008.Total deposits at December 31, 2009 were $863.4 million, an increase of $25.5 million, or 3.0%, from June 30, 2009. During the six month period, public fund account balances decreased $25.9 million which are categorized in multiple categories of deposits. In-market certificates of deposit increased a total of $19.8 million from $401.3 million to $421.1 million for the six month period, due in part to customer preference for higher yielding term deposit products. The primary factor affecting interest expense was the decrease in the average rates paid on total deposits for the six month period ended December 31, 2009 of 1.86% compared to 2.52% for the six month period ended December 31, 2008.
Noninterest income was $5.0 million for the six months ended December 31, 2009 compared to $6.0 million for the same period in the prior fiscal year, a decrease of $1.0 million or 17.2%. This decrease is due primarily to net impairment credit losses recognized in earnings of $2.2 million for the six months ended December 31, 2009. Net gain on sale of loans and net gain on sale of securities increased $497,000 and $1.0 million, respectively, to partially offset the decrease for the comparable period.
Noninterest expense was $17.7 million for the six months ended December 31, 2009 as compared to $17.6 million for the six months ended December 31, 2008, an increase of $149,000, or 0.8%. The increase was attributed to an increase in FDIC insurance premiums and occupancy and equipment of $397,000 and $195,000, respectively. The increase in noninterest expense was neutralized by a decrease in compensation and employee benefits of $647,000, which was attributed primarily to performance-based incentive pay and healthcare cost decreases.
At December 31, 2009, the Company had total assets of $1.2 billion, and exhibited a decrease of $1.3 million from the level at June 30, 2009. The decrease in assets in the six months of fiscal 2010 was due primarily to a decrease in net loans and leases receivable of $32.3 million and was partially offset by an increase of cash and cash equivalents and loans held for sale of $20.2 million and $8.2 million, respectively. Total liabilities decreased $25.0 million at December 31, 2009 as compared to June 30, 2009. This decrease was primarily due to decreases in advances from the FHLB and other borrowings of $46.8 million and was partially offset by an increase in deposits of $25.5 million. Stockholders equity increased $23.6 million to $92.3 million at December 31, 2009 from $68.7 million at June 30, 2009, due primarily to the equity offering in November 2009 and current earnings.
Deposits increased $25.5 million at December 31, 2009 as compared to June 30, 2009. Public fund account balances decreased $25.9 million to $156.6 million at December 31, 2009 from $182.5 million at June 30, 2009, as a result of seasonal fluctuations typical with these types of municipal deposits. In-market certificates of deposit increased $19.8 million to $421.1 million from $401.3 million for the fiscal year, while out-of-market certificates of deposit decreased $2.4 million to $18.6 million at December 31, 2009.
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