Bedford Bancshares, Inc. Announces Fourth Quarter Earnings.BEDFORD Bedford, town, England Bedford, town (1991 pop. 75,632), county seat of Bedfordshire, central England, on the Ouse River. It is an important industrial center; diesel engines, pumps, turbines, agricultural machinery, electrical equipment, and transistors , Va.--(BUSINESS WIRE)--Oct. 20, 1997--Bedford Bancshares, Inc., (the "Corporation"), the parent company of Bedford Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , today reported consolidated net income of $413,000 for the quarter ended Sept. 30, 1997, as compared to $125,000 for the same quarter last year. The primary earnings per share for the three months ended Sept. 30, 1997 were $.38, as compared to $.12 for the three months ended Sept. 30, 1996. For the twelve months ended Sept. 30, 1997, net income was $1.6 million, or $1.47 per share, as compared to $1.3 million, or $1.17 per share, for the twelve months ended Sept. 30, 1996. The increase in net income for 1997 was primarily attributable to loan growth and a reduction in noninterest expense, offset somewhat by an increase in the provision for credit losses due to the growth in the loan portfolio. The results for 1996 included the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. assessment ("SAIF") after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $344,000. The Corporation's total assets at Sept. 30, 1997, were $139.2 million, as compared to $127.2 million at Sept. 30, 1996. The increase in assets were primarily due to loan growth of $7.2 million and investment securities of $1.6 million. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. as of Sept. 30, 1997 was $19.6 million, as compared to $18.2 million at Sept. 30, 1996. Stockholders' equity increased due to the continued profitability of the Corporation. On Sept. 17, 1997 the Corporation's Board of Directors declared a quarterly cash dividend of $.14 per share, payable Oct. 10, 1997 to shareholders of record as of Sept. 29, 1997. During the year ended Sept. 30, 1997, total dividends declared were $.53 per share. Harold Harold, 1022?–1066, king of England (1066). The son of Godwin, earl of Wessex, he belonged to the most powerful noble family of England in the reign of Edward the Confessor. Through Godwin's influence Harold was made earl of East Anglia. K. Neal, President and Chief Executive Officer, commented, "During 1997, the Corporation experienced good performance and solid growth. The quality of the Bank's loan portfolio remains very strong, and our market area continues healthy. During fiscal 1997, Bedford Federal enjoyed good success with both our Home Equity Line and "Freedom CD" promotions. As we move forward, we will continue to focus our attention on improving the net interest margin and on exploring ways to enhance our noninterest income, while exercising good judgement in the control of noninterest expense." Bedford Federal operates three full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices in Bedford and Bedford County Bedford County is the name of several counties in the United States:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbol "BFSB BFSB Bahamas Financial Services Board BfSB Battlefield Surveillance Brigade (US Army) ". -0-
BEDFORD BANCSHARES, INC. AND SUBSIDIARY
Selected Financial Data
(Unaudited)
Financial Condition At At
(In thousands of dollars, Sept.30 Sept. 30 $ Chg % Chg
except per share) 1997 1996
Total assets $139,179 $127,201 $11,978 9.42%
Loans receivable, net 116,093 108,873 7,220 6.63
Investment securities 9,602 8,006 1,596 19.94
Marketable equity securities 4,185 3,879 306 7.89
Mortgage-backed securities 19 482 (463)(96.06)
Foreclosed real estate, net 212 0 212 --
Deposits 103,612 95,378 8,234 8.63
FHLB advances 15,000 12,000 3,000 25.00
Retained earnings
(substantially restricted) 9,763 8,739 1,024 11.72
Total stockholders' equity $ 19,621 $ 18,227 $1,394 7.65
Book value per share
Including unallocated ESOP
shares $ 17.17 $ 15.94
Asset Quality Indicators
Nonperforming assets to
total assets 0.52% 0.54%
Nonperforming loans to
total loans 0.45% 0.63%
Allowance for credit losses
to nonperforming assets 92.81% 95.03%
Summary of Operations For the For the
(In thousands of dollars, Three Months Ended Year Ended
except per share) Sept. 30 Sept. 30
1997 1996 1997 1996
Interest income $ 2,693 $ 2,406 $10,280 $9,264
Interest expense 1,355 1,188 5,167 4,492
Net interest income 1,338 1,218 5,113 4,772
Provision for credit losses 25 22 100 22
Noninterest income 139 227 593 735
Noninterest expense 786 1,265 3,041 3,429
Net income before income taxes 666 158 2,565 2,056
Net income $ 413 $ 125 $1,591 $1,302
Earnings per share $ 0.38 $ 0.12 $1.47 $1.17
Performance Indicators
Return on average assets (1) 1.20% 0.40% 1.20% 1.10%
Return on average equity (1) 8.48% 2.72% 8.39% 6.98%
Net interest rate margin (1) 4.08% 4.09% 4.02% 4.19%
Net interest rate spread (1) 3.33% 3.26% 3.27% 3.34%
(1) Annualized
CONTACT: Bedford Bancshares, Inc., Bedford H.K. Neal or J.W. Smith, 540/586-2590 KEYWORDS Keywords are the words that are used to reveal the internal structure of an author's reasoning. While they are used primarily for rhetoric, they are also used in a strictly grammatical sense for structural composition, reasoning, and comprehension. : VIRGINIA Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). INDUSTRY KEYWORD: BANKING EARNINGS Today's News On The Net - Business Wire's full file on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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