Bedford Bancshares, Inc. Announces Its Earnings for the Three and Six Months Ended March 31, 2001.Business Editors 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)--April 16, 2001 Bedford Bancshares, Inc., 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 (NASDAQ NASDAQ 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 : BFSB BFSB Bahamas Financial Services Board BfSB Battlefield Surveillance Brigade (US Army) ) (collectively, the "Company"), today announced its earnings for the three and six months ended March 31, 2001. The Company's net income for the three and six months ended March 31, 2001 was $587,000 and $1,092,000, respectively, as compared to $545,000 and $1,056,000, respectively, for the comparable 2000 periods. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the three and six months ended March 31, 2001 were $.28 and $.51, respectively, as compared to $.26 and $.49, respectively, for the comparable 2000 periods. Total assets at March 31, 2001 were $199.3 million, compared to $187.5 million on September September: see month. 30, 2000. The asset expansion was reflected in the loan portfolio with net loans receivable increasing to $180.8 million from $169.6 million at September 30, 2000. A $5.0 million increase in deposits and a $6.0 million rise in FHLB FHLB Federal Home Loan Bank advances provided funding for the loan expansion. On March 21, 2001, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of $.11 per share payable on April 13, 2001 to shareholders of record as of March 31, 2001. The new dividend rate represents a 10% increase over the per share amount paid in the previous quarter. This is the sixth consecutive fiscal year in which the Company's cash dividends have increased. 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, "The Company's performance during the second quarter was good. Increases in net interest income for both the quarter and year to date periods are the results of our continued success in generating new loans." Bedford Federal Savings Bank operates four 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, Virginia Bedford County is a county located in the U.S. state of the Commonwealth of Virginia. As of the 2000 census, the population was 60,371. Its county seat is the City of Bedford6 and is part of the Lynchburg MSA. and has served the area for over 65 years. Bedford Bancshares, Inc. common stock trades on the NASDAQ National Market under the symbol "BFSB". -0-
BEDFORD BANCSHARES, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
(UNAUDITED)
Financial Condition
(In Thousands of Dollars, except per share)
At At
March 31 Sept. 30
2001 2000 $ Chg % Chg
-------- -------- ----- -----
Total assets $199,304 $187,541 $11,763 6.27%
Loans receivable, net 180,750 169,592 11,158 6.58
Investment securities 9,738 9,312 426 4.57
Deposits 134,813 129,770 5,043 3.89
FHLB advances 40,000 34,000 6,000 17.65
Retained earnings
(substantially restricted) 13,099 12,503 596 4.77
Total stockholders' equity 23,284 22,556 728 3.23
Book value per share
--------------------
Including unallocated
ESOP shares $10.93 $10.49
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Asset Quality Indicators
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Nonperforming assets
to total assets 0.38% 0.51%
Nonperforming loans
to total loans 0.40% 0.57%
Allowance for credit losses
to nonperforming assets 121.40% 88.55%
Summary of Operations
---------------------
(In Thousands of Dollars, except per share)
For the For the
Three Months Ended Six Months Ended
March 31 March 31
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2001 2000 2001 2000
---- ---- ---- ----
Interest income $3,756 $3,218 $7,356 $6,325
Interest expense 2,072 1,700 4,092 3,313
----- ----- ----- -----
Net interest income 1,684 1,518 3,264 3,012
Provision for credit losses 45 30 75 60
Noninterest income 245 250 471 536
Noninterest expense 939 864 1,901 1,750
Net income before
income taxes 945 874 1,759 1,738
Net income $587 $545 $1,092 $1,056
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Basic earnings per share $0.29 $0.27 $0.53 $0.51
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Diluted earnings per share $0.28 $0.26 $0.51 $0.49
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Performance Indicators (1)
--------------------------
Return on average assets 1.19% 1.24% 1.13% 1.22%
Return on average equity 10.14% 10.17% 9.52% 9.91%
Net interest rate margin 3.55% 3.56% 3.50% 3.58%
Net interest rate spread 2.79% 2.79% 2.71% 2.84%
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(1) Annualized.
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