TF Financial Corp. (THRD, Financial) filed Quarterly Report for the period ended 2009-09-30.
TF FINANCIAL CORP. is a holding company engaged in general banking business. Bank is a member of the FDIC. Tf Financial Corp. has a market cap of $48.73 million; its shares were traded at around $18.3 with a P/E ratio of 11.96 and P/S ratio of 1.14. The dividend yield of Tf Financial Corp. stocks is 4.37%.
Investment securities available for sale increased $2.8 million due to purchases of municipal bonds of $7.9 million which offset sales and security redemptions of $6.0 million, as well as an increase of $0.9 million due to increased market value and net discount accretion.
Total liabilities decreased by $25.7 million during the first nine months of 2009. Advances from the Federal Home Loan Bank decreased by $68.4 million in the first nine months of 2009, the result of a $32.4 million decrease in short-term borrowings and scheduled amortization and maturities of $36.0 million.
Deposits grew by $42.1 million due to an increase of $11.6 million in retail certificates of deposit and an increase in money market, interest and non-interest checking accounts of $44.3 million less a decrease in savings accounts of $13.8 million.
During 2009, the Company completed foreclosure proceedings on five parcels of real estate. These loans were non-performing at December 31, 2008. As a result of these foreclosures, the Bank recorded a charge-off in the amount of $1.2 million. Three properties with a carrying value of $2.1 million were sold and the Company realized a gain of $0.3 million from the disposition of the properties. The two remaining properties with a carrying value of $1.0 million are included in other assets in the consolidated balance sheet at September 30, 2009. In addition, during the third quarter of 2009, a commercial loan was deemed an in substance foreclosure which resulted in an additional charge to the allowance of $0.3 million, and the Company collected the remaining loan balance. During the first nine months of 2009 and 2008, the Companys provision for loan losses was $1.9 million and $0.5 million, respectively. With respect to each of the remaining non-performing loans, all of which are real estate secured, the Bank is taking appropriate steps to resolve the individual situations.
Net Income. The Company recorded net income of $1,112,000, or $0.44 per diluted share, for the three months ended September 30, 2009 as compared to net income of $1,250,000, or $0.47 per diluted share, for the three months ended September 30, 2008.
Read the The complete ReportTHRD is in the portfolios of Private Capital of Private Capital Management.
TF FINANCIAL CORP. is a holding company engaged in general banking business. Bank is a member of the FDIC. Tf Financial Corp. has a market cap of $48.73 million; its shares were traded at around $18.3 with a P/E ratio of 11.96 and P/S ratio of 1.14. The dividend yield of Tf Financial Corp. stocks is 4.37%.
Highlight of Business Operations:
The Companys total assets at September 30, 2009 and December 31, 2008 were $711.8 million and $733.7 million, respectively, a decrease of $21.9 million, or 3.0% during the nine-month period. Mortgage-backed securities available for sale decreased by $13.0 million due to principal repayments received of $25.3 million, offset by purchases of $10.6 million, an increase in the fair value of the securities of $1.6 million and net discount accretion of $0.1 million. Mortgage-backed securities held to maturity decreased by $0.8 million mainly as a result of principal repayments. Loans receivable, net decreased by $13.4 million during the first nine months of 2009. Principal repayments of loans receivable totaled $75.4 million which were offset by originations of consumer and single-family residential mortgage loans of $48.4 million and commercial loans of $18.9 million. The Company increased the allowance for loan losses by $1.9 million and also transferred $3.2 million from loans to real estate acquired through foreclosure. Loans receivable held for sale decreased by $0.1 million, mainly the net result of loans originated for sale during the first nine months of 2009 of $34.8 million, less $35.1 million in proceeds from the sale of loans in the secondary market.Investment securities available for sale increased $2.8 million due to purchases of municipal bonds of $7.9 million which offset sales and security redemptions of $6.0 million, as well as an increase of $0.9 million due to increased market value and net discount accretion.
Total liabilities decreased by $25.7 million during the first nine months of 2009. Advances from the Federal Home Loan Bank decreased by $68.4 million in the first nine months of 2009, the result of a $32.4 million decrease in short-term borrowings and scheduled amortization and maturities of $36.0 million.
Deposits grew by $42.1 million due to an increase of $11.6 million in retail certificates of deposit and an increase in money market, interest and non-interest checking accounts of $44.3 million less a decrease in savings accounts of $13.8 million.
During 2009, the Company completed foreclosure proceedings on five parcels of real estate. These loans were non-performing at December 31, 2008. As a result of these foreclosures, the Bank recorded a charge-off in the amount of $1.2 million. Three properties with a carrying value of $2.1 million were sold and the Company realized a gain of $0.3 million from the disposition of the properties. The two remaining properties with a carrying value of $1.0 million are included in other assets in the consolidated balance sheet at September 30, 2009. In addition, during the third quarter of 2009, a commercial loan was deemed an in substance foreclosure which resulted in an additional charge to the allowance of $0.3 million, and the Company collected the remaining loan balance. During the first nine months of 2009 and 2008, the Companys provision for loan losses was $1.9 million and $0.5 million, respectively. With respect to each of the remaining non-performing loans, all of which are real estate secured, the Bank is taking appropriate steps to resolve the individual situations.
Net Income. The Company recorded net income of $1,112,000, or $0.44 per diluted share, for the three months ended September 30, 2009 as compared to net income of $1,250,000, or $0.47 per diluted share, for the three months ended September 30, 2008.
Read the The complete ReportTHRD is in the portfolios of Private Capital of Private Capital Management.
