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Rainier Pacific Financial Group, Inc. (NASDAQ: RPFG | Quote | Chart | News | PowerRating) closed at $8.68 Tuesday, trading 8,400 shares.
Company News- July 16, 2008: Rainier Pacific Financial Group, Inc. Reports Second Quarter Earnings
Rainier Pacific Financial Group, Inc. (the "Company") (NASDAQ: RPFG) announced earlier today its second quarter results for the period ended June 30, 2008. Net income for the quarter ended June 30, 2008 increased 3.6% to $1.0 million, or $0.17 per diluted share, compared to net income of $982,000, or $0.16 per diluted share, for the same period in 2007. For the six months ended June 30, 2008, the Company's net income increased 31.6% to $2.5 million, or $0.41 per diluted share, compared to net income of $1.9 million, or $0.31 per diluted share, for the same six month period in 2007.
The Company's revenue, (i.e., net interest income before provision for loan losses plus non-interest income) for the quarter ended June 30, 2008 was $9.0 million, compared to $8.8 million for the same period a year ago. Net interest income before the provision for loan losses for the quarter ended June 30, 2008 was $6.4 million, relatively unchanged compared to the same period a year ago. For the quarter ended June 30, 2008, the Company's net interest margin was 3.13%, compared to 3.20% and 3.01% for the quarters ended March 31, 2008 and June 30, 2007, respectively. The yield on the Company's interest-earning assets was 6.32% for the quarter ended June 30, 2008, compared to 6.71% for both quarters ended March 31, 2008 and June 30, 2007. For the quarter ended June 30, 2008, the Company's cost of interest-bearing liabilities was 3.51%, compared to 3.89% and 4.11% for the quarters ended March 31, 2008 and June 30, 2007, respectively.
Non-interest income for the quarter ended June 30, 2008 was $2.6 million, or $257,000 more than the $2.3 million for the same quarter in 2007. The increase in non-interest income was primarily due to the result of a higher level of one- to four-family residential loan sales in 2008 that resulted in a $384,000 increase in the net gains generated on the loan sales.
Non-interest expenses were $6.9 million for the quarter ended June 30, 2008, or $202,000 less than the $7.1 million during the same period in 2007, as the Company continued to effectively manage its operating expenses.
During the second quarter, the Company was less aggressive in the pricing of its customer deposits. For the quarter ended June 30, 2008, the average cost of interest-bearing deposits declined to 2.84%, compared to 3.48% for the quarter ended March 31, 2008 and 3.83% for the quarter ended June 30, 2007. Consequently, total deposits declined by $7.7 million to $463.7 million at June 30, 2008, compared to $471.4 million at March 31, 2008 and $460.3 million at June 30, 2007. Core deposits (comprised of checking, savings, money market, and individual retirement accounts) were $238.3 million, or 51.4% of total deposits at June 30, 2008, compared to $242.4 million, or 52.7% of total deposits at June 30, 2007. Brokered deposit balances were $61.2 million at June 30, 2008, compared to $61.3 million at March 31, 2008 and $50.6 million at June 30, 2007.
Total loans were $664.0 million at June 30, 2008, compared to $655.6 million at March 31, 2008 and $637.0 million at December 31, 2007. Multi-family and commercial real estate loans of $36.6 million, one- to four-family mortgage loans of $17.4 million, and land development and real estate construction loans of $9.6 million were the primary contributors to second quarter loan originations. Total loan originations were $66.3 million during the quarter ended June 30, 2008, compared to $80.3 million and $61.1 million for the quarters ended March 31, 2008 and June 30, 2007, respectively.
For the quarter ended June 30, 2008, the yield on loans was 6.80%, compared to 7.12% and 7.27% for the quarters ended March 31, 2008 and June 30, 2007, respectively.
At June 30, 2008, the loan portfolio consisted of 37.0% commercial real estate loans, 22.0% multi-family real estate loans, 12.6% land development and real estate construction loans, 11.4% one- to four-family real estate loans, 6.8% consumer loans (excluding home equity loans), 6.4% home equity loans, and 3.8% commercial business loans.
The Company sold $22.9 million of fixed-rate one- to four-family residential loans during the quarter ended June 30, 2008, which generated $450,000 in net gains, compared to $5.6 million in loan sales and $66,000 in net gains during the same period in 2007. The portfolio of loans serviced for others increased to $127.8 million at June 30, 2008, compared to $115.2 million and $113.4 million at March 31, 2008 and June 30, 2007, respectively.
During the second quarter, the Company classified $13.5 million of real estate construction loans as non-performing and placed the loans on non-accrual status. These loans were classified as a result of cash flow problems experienced by two local residential builders during the quarter resulting in their inability to fully meet the debt service requirements of the loans. The $13.5 million in loans classified as non-performing relating to these two builders consist of $6.6 million in land for future development, $5.5 million in one- to four-family residential construction loans with houses in varying states of completion, and $1.3 million in developed one- to four-family residential lots. Other non-performing loans, comprised exclusively of consumer and home equity loans totaling $415,000, were relatively unchanged compared to the $426,000 at March 31, 2008. As a result of these classifications, total non-performing loans (i.e., loans 90 days or more past due or non-accrual loans) increased to $13.9 million, or 2.09% of total loans at June 30, 2008, compared to $426,000, or 0.06% of total loans, at March 31, 2008, and $217,000, or 0.03% of total loans, at June 30, 2007.
Non-performing assets, which include the previously mentioned non-performing loans, along with repossessed assets and other real estate owned, increased to $14.3 million, or 1.65% of total assets at June 30, 2008, compared to $1.7 million, or 0.19% of total assets, at March 31, 2008, and $233,000, or 0.03% of total assets, at June 30, 2007.
The ratio of loans more than 30 days delinquent as a percentage of total loans increased to 1.07% at June 30, 2008, compared to 0.26% at both March 31, 2008 and June 30, 2007. The increase in delinquent loans was the result of increased delinquencies with land development and construction loans. Net charge-offs increased only modestly to $258,000 for the quarter ended June 30, 2008, compared to $250,000 for the quarter ended March 31, 2008 and $191,000 for the quarter ended June 30, 2007.
While the Company has not incurred any specific losses associated with the $13.5 million in recently classified loans, it did increase its provision for loan losses to $550,000 for the quarter ended June 30, 2008, compared to $150,000 for the quarters ended March 31, 2008 and June 30, 2007. Based upon the Company's quarterly analysis of the allowance for loan losses, this increased provision was made to ensure the adequacy of the allowance as of June 30, 2008. The allowance for loan losses at June 30, 2008 was $8.3 million, representing an allowance to total loans ratio of 1.25%, compared to $8.0 million at March 31, 2008, or 1.22% of total loans, and $8.2 million at June 30, 2007, or 1.27% of total loans.
The investment securities portfolio at June 30, 2008 was $132.0 million (excluding $13.7 million in Federal Home Loan Bank of Seattle stock holdings), compared to $150.1 million at March 31, 2008 and $190.7 million at June 30, 2007. The decline in the investment securities portfolio during the second quarter was primarily attributable to a mark-to-market valuation adjustment of $13.7 million ($9.0 million net of federal income taxes) relating to the Company's $108.5 million portfolio of pooled trust preferred securities issued by FDIC-insured financial institutions and insurance companies, as well as $2.6 million in principal payments received on our mortgage-backed securities held in the portfolio. The Company has evaluated the decline in the market value of the trust preferred securities, which is directly related to the credit and liquidity crises being experienced in the financial services industry over the past three calendar quarters, and believes the impairment in value to be temporary. Under U.S. generally accepted accounted principles, the Company has reflected this temporary market value decline in a valuation allowance component of shareholders' equity.
Total shareholders' equity at June 30, 2008 was $75.5 million, compared to $84.0 million at March 31, 2008 and $89.9 million at June 30, 2007. The decline in shareholders' equity was due primarily to the mark-to-market value adjustment to the Company's portfolio of investment securities. During the quarter ended June 30, 2008, the Company purchased and retired 29,793 shares of its outstanding shares of common stock at an average price of $13.58 per share. At June 30, 2008, the Company had the authority to purchase an additional 70,390 shares of common stock under its currently approved stock repurchase program.
The Company's capital ratio (i.e., equity divided by assets) was 8.68% at June 30, 2008, compared to 9.56% and 9.88% at March 31, 2008 and December 31, 2007, respectively. Tangible equity to assets was 8.30% at June 30, 2008, compared to 9.18% and 9.48% at March 31, 2008 and December 31, 2007, respectively. As of June 30, 2008, the Bank remained categorized "well capitalized" under regulatory standards.
The Company's book value and tangible book value per share as of June 30, 2008 were $12.46 and $11.91 per share, respectively, based upon 6,065,625 outstanding shares of common stock. The number of outstanding shares includes 63,423 restricted shares granted to participants under the Company's 2004 Management Recognition Plan that have not yet vested or were not ratably earned, and excludes 356,315 unallocated shares held by the Rainier Pacific 401(k) Employee Stock Ownership Plan.
"The current operating environment remains very difficult, and we expect the economic slowdown and lower consumer confidence to continue to place pressure on the financial services industry over the near term. These conditions, along with a weaker local housing market exhibited by slowing sales and lower prices, are expected to persist at least through the balance of the year. As a result, we will continue to closely monitor and proactively manage our construction lending relationships in particular, and will continue to underwrite new loans prudently. We do, however, remain optimistic regarding our ability to navigate through these current market challenges and will continue to focus on preserving and enhancing the value of the Rainier Pacific franchise," said John A. Hall, President and CEO.
About Rainier Pacific Financial Group
Rainier Pacific Financial Group, Inc. is the bank holding company for Rainier Pacific Bank, a Tacoma, Washington-based state-chartered savings bank operating 14 full-service locations in the Tacoma-Pierce County and City of Federal Way market areas.
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Kenexa (NASDAQ: KNXA | Quote | Chart | News | PowerRating) closed at $17.76 Tuesday, trading 256,600 shares.
Company News- July 16, 2008: The Kenexa Research Institute Answers the Question: Why Do People Join Organizations?
Earlier today the following was announced:
Research conducted by the Kenexa (NASDAQ: KNXA | Quote | Chart | News | PowerRating) Research Institute (KRI) asked workers what their reasons were for joining their current organization. The report analyzes data drawn from a representative sample of workers surveyed through WorkTrends, KRI's 2008 annual survey of worker opinions.
For years, there have been many speculations as to why people accept a job with a new organization. While KRI's research confirms that there are a variety of reasons people join organizations, for all workers surveyed, two top items emerged as critical decision points. After the most obvious -- compensation -- an organization's reputation was the most important reason why employees accepted their current job offer.
An organization's reputation consists of a variety of characteristics, including their involvement in corporate responsibility initiatives, product quality or profitability. The survey results revealed that senior managers and sales people placed the most value on the organization's reputation in weighing an employment offer, as did employees in India, Italy, Russia and Brazil.
"The correlation between the organization's reputation and successful recruiting efforts strongly supports the importance of employment branding," said Jack Wiley, executive director of the Kenexa Research Institute. "It's not about each individual job offer -- this research highlights the value of presenting and maintaining positive brand messaging to the potential employee talent pool." He continued, "Investing in living organizational values, whether it's profitability, longevity or social good, and then communicating the fulfillment of these goals is an impactful way to attract and align engaged employees."
About WorkTrends
The Kenexa WorkTrends database is a comprehensive normative database of employee opinions on topics including leadership, employee engagement and customer orientation. Comparisons are available for workers from Australia, Brazil, Canada, China, Germany, India, Italy, Japan, Mexico, the Netherlands, Russia, the United Kingdom and the United States.
About Kenexa
Kenexa (NASDAQ: KNXA | Quote | Chart | News | PowerRating) is a global leader in building the world's greatest workforces using a combination of software, employee research science and business process optimization. Kenexa's global solutions include applicant tracking, onboarding, recruitment process outsourcing, employment branding, skills and behavioral assessments, structured interviews, performance management, multi-rater feedback surveys, employee engagement surveys and HR Analytics. Kenexa is headquartered in Wayne, Pa. (outside Philadelphia). Additional information about Kenexa and its global products and services can be accessed at www.kenexa.com.
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Petroflow Energy Ltd. (TSX VENTURE:PEF)(AMEX:PED) closed at $7.98 Tuesday, trading 20,100 shares.
Company News- July 16, 2008: Petroflow Energy Ltd. Grants Stock Options
Petroflow Energy Ltd. ("Petroflow") (TSX VENTURE:PEF)(AMEX:PED) announced earlier today it has granted an aggregate of 292,000 options to its officers and employees pursuant to Petroflow's existing Stock Option Plan effective July 10, 2008. Of the 292,000 options granted, an aggregate of 69,800 options were granted to employees (other than officers) of Petroflow and an aggregate of 222,200 options were granted to the officers of Petroflow. Each option entitles the holder to acquire one common share of Petroflow at an exercise price of $7.08 expiring 5 years from the date of the grant. The options vest as to 1/3 on the date of the grant, with an additional 1/3 vesting on each of the first and second anniversary of the date of the grant.
Concurrently, Petroflow announces that it has agreed to award each of the directors 20,000 shares of the Company effective July 10, 2008 as compensation for past and ongoing services for a total of 100,000 shares also at a price of $7.08 per share. These shares will be issued in two tranches of 50,000 shares each over the next ten days.
About Petroflow Energy Ltd.:
Petroflow is an independent oil and natural gas company engaged in exploration, development and production of hydrocarbon reserves primarily in the mid-continent region. Additional information about Petroflow can be found at the Company's website: http://www.petroflowenergy.com.
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Semitool, Inc. (NASDAQ: SMTL | Quote | Chart | News | PowerRating) closed at $7.81 Tuesday, trading 170,400 shares.
Company News- July 16, 2008: Semitool's Third Quarter Bookings Reach $67.1 Million; Company Achieves Fifth Consecutive Quarter of Order Growth
Semitool, Inc. (NASDAQ: SMTL), a leading manufacturer of wafer processing equipment for the semiconductor industry, announced earlier today at the SEMICON West trade show that bookings for the third quarter ended June 30, 2008, were $67.1 million, up 33 percent from $50.6 million in the same quarter a year ago. It was the fifth consecutive quarter in which Semitool achieved improved bookings performance.
Larry Murphy, president and chief operating officer, said, "We continue to benefit from the inroads we have made in the Asian market, which was responsible for approximately 58 percent of our third quarter tool orders. The extension of our bookings momentum in spite of current market challenges is a clear indication of the yield and cost-of-ownership benefits customers are realizing from our Raider platform." Semitool intends to report consolidated third quarter financial results after the market closes on August 5, 2008. Details related to the Company's first quarter conference call and webcast will be presented in a subsequent news release.
About Semitool, Inc.
Semitool designs, manufactures and supports highly engineered, multi-chamber single-wafer and batch wet chemical processing equipment used in the fabrication of semiconductor devices. The company's primary suites of equipment include electrochemical deposition systems for electroplating copper, gold, solder and other metals; surface preparation systems for cleaning, stripping and etching silicon wafers; and wafer transport container cleaning systems. The company's equipment is used in semiconductor fabrication front-end and back-end processes, including wafer-level packaging.
Headquartered in Kalispell, Montana, Semitool maintains sales and support centers in the United States, Europe and Asia. The company's stock trades on Nasdaq under the symbol SMTL. For more information, please visit the company's website at www.semitool.com.
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