Rainier Pacific Financial Group Inc. (RPFG, Financial) filed Quarterly Report for the period ended 2009-03-31.
Rainer Pacific Financial Group is a holding company for Rainer Pacific Savings Bank. Rainer Pacific Bank is a Tacoma-based state-chartered savings bank operating branches located in Tacoma/Pierce County and Federal Way Washington. Rainier Pacific Financial Group Inc. has a market cap of $7.68 million; its shares were traded at around $1.22 with and P/S ratio of 0.13. Rainier Pacific Financial Group Inc. had an annual average earning growth of 67.1% over the past 5 years.
Our net loan portfolio decreased $27.1 million or 4.1%, to $631.8 million at March 31, 2009 from the December 31, 2008 balance, primarily due to the sale of our VISA credit card portfolio as of January 31, 2009 and a $12.5 million decline in our construction loan balances, which included a $6.6 million charge-off of non-accrual construction loan balances. We also experienced a $1.7 million decline in automobile loan balances as these loan balances continue to decline since the discontinuation of our indirect auto lending program in February 2008. In addition, home equity loan balances decreased $1.6 million during the quarter as borrowers continued to take advantage of historically low long-term rates by refinancing their existing one-to four-family mortgages and home equity balances into a single mortgage loan. These decreases were partially offset by increases in our real estate loan portfolio, which increased $6.0 million or 1.3%, to $465.1 million at March 31, 2009 compared to $459.1 million at December 31, 2008 and commercial business loans, which increased $1.6 million during the same period. The real estate loan growth included a $2.2 million increase in one-to four-family mortgage loans, despite the sale of $33.9 million of such mortgages due to the strong refinancing market.
Read the The complete ReportRPFG is in the portfolios of John Keeley of Keeley Fund Management.
Rainer Pacific Financial Group is a holding company for Rainer Pacific Savings Bank. Rainer Pacific Bank is a Tacoma-based state-chartered savings bank operating branches located in Tacoma/Pierce County and Federal Way Washington. Rainier Pacific Financial Group Inc. has a market cap of $7.68 million; its shares were traded at around $1.22 with and P/S ratio of 0.13. Rainier Pacific Financial Group Inc. had an annual average earning growth of 67.1% over the past 5 years.
Highlight of Business Operations:
Total assets increased $11.1 million or 1.3% to $858.3 million at March 31, 2009, compared to $847.2 million at December 31, 2008. Interest-bearing deposits with the Federal Reserve Bank increased by $34.6 million during the quarter and investment securities increased $12.0 million due to a pre-tax fair value increase in our trust preferred CDO securities. Partially offsetting these increases was a net decrease of $27.1 million in the loan portfolio, which was primarily the result of loan sales during the quarter, including the sale of our VISA credit card portfolio. Deposits decreased $10.6 million to $508.6 million from $519.2 million at December 31, 2008, resulting primarily from the reduction of our balance of brokered deposits by $16.6 million during the quarter, which was offset by a $6.0 million increase in retail deposits. Shareholders equity increased $9.9 million to $39.2 million at March 31, 2009 from $29.3 million at December 31, 2008, primarily as a result of $14.3 million in tax-effected fair value adjustments relating to our trust preferred CDO securities, offset by our net loss of $4.6 million during the three months ended March 31, 2009.Our net loan portfolio decreased $27.1 million or 4.1%, to $631.8 million at March 31, 2009 from the December 31, 2008 balance, primarily due to the sale of our VISA credit card portfolio as of January 31, 2009 and a $12.5 million decline in our construction loan balances, which included a $6.6 million charge-off of non-accrual construction loan balances. We also experienced a $1.7 million decline in automobile loan balances as these loan balances continue to decline since the discontinuation of our indirect auto lending program in February 2008. In addition, home equity loan balances decreased $1.6 million during the quarter as borrowers continued to take advantage of historically low long-term rates by refinancing their existing one-to four-family mortgages and home equity balances into a single mortgage loan. These decreases were partially offset by increases in our real estate loan portfolio, which increased $6.0 million or 1.3%, to $465.1 million at March 31, 2009 compared to $459.1 million at December 31, 2008 and commercial business loans, which increased $1.6 million during the same period. The real estate loan growth included a $2.2 million increase in one-to four-family mortgage loans, despite the sale of $33.9 million of such mortgages due to the strong refinancing market.
Read the The complete ReportRPFG is in the portfolios of John Keeley of Keeley Fund Management.
