Bedford Bancshares, Inc. Announces Its Earnings for the Three and Nine Months Ended June 30, 2000.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)--July 17, 2000 (NASDAQ-BFSB): 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 (collectively, the "Company"), today announced its earnings for the three and nine months ended June June: see month. 30, 2000. The Company's net income for the three and nine months ended June 30, 2000 was $618,000 and $1,674,000 respectively, as compared to $544,000 and $1,601,000, respectively, for the comparable 1999 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 nine months ended June 30, 2000 were $.29 and $.78, respectively, as compared to $.24 and $.70, respectively, for the comparable 1999 periods. Total assets at June 30, 2000 were $186.3 million, compared to $165.7 million on September 30, 1999. The asset expansion was reflected in the loan portfolio with net loans receivable increasing to $168.3 million from $147.7 million at September 30, 1999. A $10.6 million increase in deposits and a $10.0 million rise in FHLB FHLB Federal Home Loan Bank advances, combined with a $4.5 million reduction in marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. equity securities held for sale provided funding for the loan expansion. On June 22, 2000, the Board of Directors declared a cash dividend of $.10 per share payable on July 12, 2000 to shareholders of record as of June 30, 2000. Harold K. Neal, President and Chief Executive Officer, commented, "The Company's performance during the third quarter was most gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . The continued growth of our loan portfolio and deposits reflect the economic health of the markets we serve. We are looking forward to the opening of our fourth branch office in New London New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. within the next sixty days, and the opportunity to provide our financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in that attractive market." Bedford Federal Savings Bank currently operates from its three full-service 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 60 years. Bedford Bancshares, Inc. common stock trades on the 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 National Market under the symbol "BFSB BFSB Bahamas Financial Services Board BfSB Battlefield Surveillance Brigade (US Army) ".
BEDFORD BANCSHARES, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
(UNAUDITED)
Financial Condition At At
(In Thousands of Dollars, except June 30 Sept. 30
per share) 2000 1999 $ Chg % Chg
Total assets..................$186,308 $165,737 $20,571 12.41%
Loans receivable, net......... 168,284 147,689 20,595 13.94
Investment securities......... 9,417 8,129 1,288 15.84
Marketable equity securities.. 30 4,575 (4,545) (99.34)
Mortgage-backed securities.... 8 10 (2) (20.00)
Deposits...................... 125,324 114,720 10,604 9.24
FHLB advances................. 38,000 28,000 10,000 35.71
Retained earnings
(substantially restricted)... 12,156 11,223 933 8.31
Total stockholders' equity.... 22,049 21,066 983 4.67
Book value per share
--------------------
Including unallocated ESOP
shares....................... $10.26 $9.69
Asset Quality Indicators
------------------------
Nonperforming assets to total
assets....................... 0.91% 0.66%
Nonperforming loans to total
loans........................ 0.83% 0.74%
Allowance for credit losses to
nonperforming assets......... 48.22% 73.83%
Summary of Operations For the For the
----------- Three Months Ended Nine Months Ended
(In Thousands of Dollars, June 30 June 30
except per share) 2000 1999 2000 1999
Interest income............... $3,429 $2,961 $9,755 $8,889
Interest expense.............. 1,828 1,494 5,141 4,513
Net interest income........... 1,601 1,467 4,614 4,376
Provision for credit losses... 30 22 90 67
Noninterest income............ 254 241 789 769
Noninterest expense........... 826 809 2,576 2,498
Net income before income
taxes........................ 999 877 2,737 2,580
Net income.................... $618 $544 $1,674 $1,601
Basic earnings per share...... $0.30 $0.25 $0.81 $0.73
Diluted earnings per share.... $0.29 $0.24 $0.78 $0.70
Performance Indicators
Return on average assets (1).. 1.35% 1.31% 1.27% 1.32%
Return on average equity (1).. 11.34% 9.88% 10.40% 9.81%
Net interest rate margin (1).. 3.63% 3.70% 3.60% 3.73%
Net interest rate spread (1).. 2.85% 2.96% 2.87% 2.99%
(1) Annualized.
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