TF Financial Corp. (THRD, Financial) filed Quarterly Report for the period ended 2010-03-31.
Tf Financial Corp. has a market cap of $55.86 million; its shares were traded at around $22 with a P/E ratio of 13.25 and P/S ratio of 1.36. The dividend yield of Tf Financial Corp. stocks is 3.64%.THRD is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Total liabilities increased by $1.3 million during the first three months of 2010. Advances from the Federal Home Loan Bank increased by $1.5 million, the net result of an $8.0 million increase in long-term borrowings offset by scheduled amortization and maturities of $6.5 million. Deposits grew by $0.7 million due to an increase in money market, non-interest checking and savings accounts of $8.9 million less a decrease in interest checking accounts of $1.0 million and a decrease in retail certificates of deposit of $7.2 million.
(1) Included in this category of non-performing loans at March 31, 2010 and December 31, 2010 are three trouble debt restructuring with combined balances of $843,000 and $844,000, respectively. There were no trouble debt restructurings at March 31, 2009.
Non-performing assets also included a construction loan with a balance of $1.5 million secured by two contiguous parcels of commercial real estate and a contested first-position lien on the guarantors personal residence. At March 31, 2010, this loan was impaired and the Bank had allocated $592,000 of the allowance for loan losses equal to the difference between the loan balance plus other acquisition costs, and the fair value based upon a recent appraisal. The Bank is in the midst of foreclosure proceedings and the borrower has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.
Foreclosed property at March 31, 2010 comprised three parcels of real estate with a combined carrying value of $1,150,000 that are included in other assets in the consolidated balance sheet. The Bank has accepted offers to purchase two of the properties, which would result in estimated net proceeds of $1,067,000. The Bank established a valuation allowance of $145,000 against the assets by means of a charge to earnings during the first quarter of 2010.
Net Income. The Company recorded net income of $717,000, or $0.28 per diluted share, for the three months ended March 31, 2010 as compared to net income of $1,020,000, or $0.41 per diluted share, for the three months ended March 31, 2009.
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Tf Financial Corp. has a market cap of $55.86 million; its shares were traded at around $22 with a P/E ratio of 13.25 and P/S ratio of 1.36. The dividend yield of Tf Financial Corp. stocks is 3.64%.THRD is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Companys total assets at March 31, 2010 and December 31, 2009 were $715.9 million and $714.1 million, respectively, representing an increase of $1.9 million, or 0.3% during the three-month period. Investment securities available for sale increased $7.1 million due to purchases of municipal and federal agency bonds of $7.0 million as well as a $0.1 million increase in the fair value of the securities. Cash and cash equivalents increased by $3.5 million due to continued high deposit levels combined with decreases in mortgage-backed securities and loans as discussed herein. Mortgage-backed securities available for sale decreased by $3.4 million due to principal repayments received of $6.5 million, offset by purchases of $3.0 million, and an increase in the fair value of the securities of $0.1 million. Mortgage-backed securities held to maturity decreased by $0.1 million mainly as a result of principal repayments. Loans receivable, net decreased by $5.6 million during the first three months of 2010. Principal repayments of loans receivable totaled $20.9 million and were offset by originations of consumer and single-family residential mortgage loans of $12.3 million and commercial loans of $4.0 million. The Company increased the allowance for loan losses by $1.0 million. Loans receivable held for sale decreased by $0.2 million, mainly the net result of loans originated for sale of $6.1 million, less $6.3 million in proceeds from the sale of loans in the secondary market.Total liabilities increased by $1.3 million during the first three months of 2010. Advances from the Federal Home Loan Bank increased by $1.5 million, the net result of an $8.0 million increase in long-term borrowings offset by scheduled amortization and maturities of $6.5 million. Deposits grew by $0.7 million due to an increase in money market, non-interest checking and savings accounts of $8.9 million less a decrease in interest checking accounts of $1.0 million and a decrease in retail certificates of deposit of $7.2 million.
(1) Included in this category of non-performing loans at March 31, 2010 and December 31, 2010 are three trouble debt restructuring with combined balances of $843,000 and $844,000, respectively. There were no trouble debt restructurings at March 31, 2009.
Non-performing assets also included a construction loan with a balance of $1.5 million secured by two contiguous parcels of commercial real estate and a contested first-position lien on the guarantors personal residence. At March 31, 2010, this loan was impaired and the Bank had allocated $592,000 of the allowance for loan losses equal to the difference between the loan balance plus other acquisition costs, and the fair value based upon a recent appraisal. The Bank is in the midst of foreclosure proceedings and the borrower has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.
Foreclosed property at March 31, 2010 comprised three parcels of real estate with a combined carrying value of $1,150,000 that are included in other assets in the consolidated balance sheet. The Bank has accepted offers to purchase two of the properties, which would result in estimated net proceeds of $1,067,000. The Bank established a valuation allowance of $145,000 against the assets by means of a charge to earnings during the first quarter of 2010.
Net Income. The Company recorded net income of $717,000, or $0.28 per diluted share, for the three months ended March 31, 2010 as compared to net income of $1,020,000, or $0.41 per diluted share, for the three months ended March 31, 2009.
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