HF Financial Corp. (HFFC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Hf Financial Corp. has a market cap of $76.9 million; its shares were traded at around $11.09 with a P/E ratio of 8.9 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 4.5% over the past 10 years. GuruFocus rated Hf Financial Corp. the business predictability rank of 2-star.
Noninterest income was $7.8 million for the nine months ended March 31, 2010 compared to $9.0 million for the same period in the prior fiscal year, a decrease of $1.2 million or 13.6%. This decrease is due primarily to net impairment credit losses recognized in earnings of $2.4 million for the nine months ended March 31, 2010, compared to $361,000 for the nine months ended March 31, 2009. Net gain on sale of loans and net gain on sale of securities increased $323,000 and $853,000, respectively, which partially offset the decrease for the comparable period.
Noninterest expense was $26.3 million for the nine months ended March 31, 2010, as compared to $26.0 million for the nine months ended March 31, 2009, an increase of $264,000, or 1.0%. The increase was attributed to an increase in FDIC insurance premiums and occupancy and equipment of $450,000 and $322,000, respectively. The increase in noninterest expense was neutralized by a decrease in compensation and employee benefits of $801,000, which was attributed primarily to performance-based incentive pay and healthcare cost decreases.
At March 31, 2010, the Company had total assets of $1.2 billion, and exhibited an increase of $57.7 million from the level at June 30, 2009. The increase in assets in the nine months of fiscal 2010 was due primarily to an increases in securities available for sale and loans held for sale of $42.7 million and $10.0 million, respectively. Total liabilities increased $32.6 million at March 31, 2010, as compared to June 30, 2009. This increase was primarily due to an increases in advances from the FHLB and other borrowings of $30.5 million. Stockholders equity increased $25.0 million to $93.7 million at March 31, 2010, from $68.7 million at June 30, 2009, due primarily to the equity offering in November 2009 and current earnings.
Deposits increased $1.7 million at March 31, 2010 as compared to June 30, 2009. Money market accounts increased $30.1 million during the nine month period ended March 31, 2010, while in-market certificates of deposits decreased $24.3 million to offset this increase. Public fund account balances, which are included in money markets, savings and certificates of deposits, decreased $37.1 million to $145.4 million at March 31, 2010 in part as a result of seasonal fluctuations typical with these types of municipal deposits.
Stockholders equity increased $25.0 million at March 31, 2010 when compared to June 30, 2009. This increase was due primarily to the underwritten public offering in November 2009, whereby the Company issued 2.875 million shares of its common stock at a public offering of $8.00 per share, for gross proceeds of $23.0 million. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses totaled approximately $20.7 million. The increase in stockholders equity was also attributed to the net income available to common shareholders for the nine months ended March 31, 2010 of $4.6 million.
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Hf Financial Corp. has a market cap of $76.9 million; its shares were traded at around $11.09 with a P/E ratio of 8.9 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 4.5% 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 third quarter of fiscal 2010 was $1.8 million, or $0.26 in diluted earnings per common share, compared to $1.8 million, or $0.45 in diluted earnings per common share, for the third quarter of fiscal 2009. The Companys net income available to common shareholders for the nine months ended March 31, 2010 was $4.6 million, or $0.86 in diluted earnings per common share, compared to $5.7 million, or $1.40 in diluted earnings per common share, for the nine months ended March 31, 2009.Noninterest income was $7.8 million for the nine months ended March 31, 2010 compared to $9.0 million for the same period in the prior fiscal year, a decrease of $1.2 million or 13.6%. This decrease is due primarily to net impairment credit losses recognized in earnings of $2.4 million for the nine months ended March 31, 2010, compared to $361,000 for the nine months ended March 31, 2009. Net gain on sale of loans and net gain on sale of securities increased $323,000 and $853,000, respectively, which partially offset the decrease for the comparable period.
Noninterest expense was $26.3 million for the nine months ended March 31, 2010, as compared to $26.0 million for the nine months ended March 31, 2009, an increase of $264,000, or 1.0%. The increase was attributed to an increase in FDIC insurance premiums and occupancy and equipment of $450,000 and $322,000, respectively. The increase in noninterest expense was neutralized by a decrease in compensation and employee benefits of $801,000, which was attributed primarily to performance-based incentive pay and healthcare cost decreases.
At March 31, 2010, the Company had total assets of $1.2 billion, and exhibited an increase of $57.7 million from the level at June 30, 2009. The increase in assets in the nine months of fiscal 2010 was due primarily to an increases in securities available for sale and loans held for sale of $42.7 million and $10.0 million, respectively. Total liabilities increased $32.6 million at March 31, 2010, as compared to June 30, 2009. This increase was primarily due to an increases in advances from the FHLB and other borrowings of $30.5 million. Stockholders equity increased $25.0 million to $93.7 million at March 31, 2010, from $68.7 million at June 30, 2009, due primarily to the equity offering in November 2009 and current earnings.
Deposits increased $1.7 million at March 31, 2010 as compared to June 30, 2009. Money market accounts increased $30.1 million during the nine month period ended March 31, 2010, while in-market certificates of deposits decreased $24.3 million to offset this increase. Public fund account balances, which are included in money markets, savings and certificates of deposits, decreased $37.1 million to $145.4 million at March 31, 2010 in part as a result of seasonal fluctuations typical with these types of municipal deposits.
Stockholders equity increased $25.0 million at March 31, 2010 when compared to June 30, 2009. This increase was due primarily to the underwritten public offering in November 2009, whereby the Company issued 2.875 million shares of its common stock at a public offering of $8.00 per share, for gross proceeds of $23.0 million. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses totaled approximately $20.7 million. The increase in stockholders equity was also attributed to the net income available to common shareholders for the nine months ended March 31, 2010 of $4.6 million.
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