Business & Finance
Business and Finance
Business and Finance 
Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009East Texas Financial Services, Inc. Declares Cash Dividend and Reports Earnings
TYLER, Texas--([ BUSINESS WIRE ])--East Texas Financial Services, Inc., (OTCBB:ETFS), the holding company for First Federal Bank Texas, Tyler, Texas, today reported net income of $325,969 for the quarter ended December 31, 2008 or approximately $0.25 per share.
The Company also announced that it has declared a quarterly cash dividend of $.05 per share to be paid on February 18, 2009 to stockholders of record as of February 4, 2009. The dividend is the 56th consecutive quarterly dividend paid by the Company since its inception. On an annualized basis, the dividend is approximately 1.25% of the most recent market price for the Company's stock of $16.00. Over the past 12 months, shares of Company stock have traded between $14.20 and $17.35 per share. At December 31, 2008, the Company's book value per share was $16.33.
In other matters, the Company announced that at the annual meeting of stockholders held on January 28, 2009, Charles R. Halstead and Thomas G. Prothro were re-elected as directors of the Company for three-year terms expiring in 2012 and the appointment of Bryant and Welborn, LLP of Tyler as independent auditors for the fiscal year ending September 30, 2009 was ratified.
Derrell W. Chapman, CPA, Company President and CEO, "We are pleased with the results of operations for the quarter ended December 31, 2008. We are continuing our plans to increase earnings through additional lending. Declining levels of interest rates has also helped to decrease funding costs." He also noted, "We are pleased that Mr. Halstead and Mr. Prothro have been re-elected to the Board. Both individuals bring valuable expertise and experience to the Board in addition to knowledge of our local market."
At December 31, 2008, the Company reported total assets of $243.2 million and total capital of $21.4 million. The Company also reported that non-performing assets as a percentage of total assets were 0.19%, return on average equity, on an annualized basis, was approximately 6.68% for the quarter ended December 31, 2008 and net interest margin, on an annualized basis was 2.59%. The Company's subsidiary, First Federal Bank Texas, reported regulatory capital ratio of 8.18% for Tier 1 (core) capital and 13.30% for total risk-based capital.
East Texas Financial Services, Inc., is the holding Company for First Federal Bank Texas, Tyler, Texas, which operates three full service locations in the Tyler area and one full service location in Gilmer, Texas. The Company's stock is traded under the symbol "ETFS" on the OTC Electronic Bulletin Board.
