Bedford Bancshares, Inc. Announces Results for the Three and Six Months Ended March 31, 2003.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, 2003 Bedford Bancshares, Inc. (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) ), 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 six months ended March 31, 2003. The Company's net income for the three and six months ended March 31, 2003 was $761,000 and $1,512,000, respectively, as compared to $840,000 and $1,517,000, respectively, for the comparable 2002 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, 2003 were $.38 and $.76, respectively, as compared to $.41 and $.73, respectively, for the comparable 2002 periods. Total assets at March 31, 2003 were $262.7 million, an increase of $7.1 million from the $255.6 million at September September: see month. 30, 2002. The asset expansion was concentrated in the loan portfolio, which totaled $230.7 million at March 31, 2003, up $11.1 million from the level at September 30, 2002. A $5.4 million decrease in investment securities and a $5.0 million increase in FHLB FHLB Federal Home Loan Bank advances provided funding for the loan growth. On March 20, 2003, 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 quarterly cash dividend of $.13 per share, payable on April 11, 2003 to shareholders of record as of March 28, 2003. The new quarterly dividend rate represents an 8.3% increase over the per share amount paid in the previous quarter. 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, "We are very pleased with the Company's performance during the second quarter and first half of fiscal 2003. We continue to experience good loan demand in our market area and have taken advantage of the low interest rate environment to reduce our overall funding cost." 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 and eight ATM locations 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".
BEDFORD BANCSHARES, INC. AND SUBSIDIARY
SELECTED FINANCIAL DATA
(UNAUDITED)
Financial Condition
-------------------
(In Thousands of Dollars, except per share)
At At
March 31 Sept. 30
2003 2002 $ Chg % Chg
--------- --------- ------- -------
Total assets $262,726 $255,614 $7,112 2.78%
Loans receivable, net 230,705 219,634 11,071 5.04
Investment securities 11,273 16,691 (5,418) (32.46)
Deposits 178,131 177,214 917 0.52
FHLB advances 57,000 52,000 5,000 9.62
Retained earnings
(substantially restricted) 15,453 14,570 883 6.06
Total stockholders' equity 26,104 24,562 1,542 6.28
Book value per share
--------------------
Including unallocated ESOP
shares $12.48 $12.21
========= =========
Asset Quality Indicators
---------------
Nonperforming assets to
total assets 0.49% 0.26%
Nonperforming loans to
total loans 0.51% 0.29%
Allowance for credit losses to
nonperforming assets 100.90% 182.01%
Summary of Operations
---------------------
(In Thousands of Dollars, For the For the
except per share) Three Months Ended Six Months Ended
March 31 March 31
------------------- -----------------
2003 2002 2003 2002
--------- -------- ------- ---------
Interest income $3,672 $3,884 $7,458 $7,802
Interest expense 1,687 1,991 3,512 4,012
--------- -------- ------- ---------
Net interest income 1,985 1,893 3,946 3,790
Provision for credit losses 75 100 150 145
Noninterest income 607 570 1,143 957
Noninterest expense 1,290 1,094 2,501 2,241
Net income before income taxes 1,227 1,269 2,438 2,361
Net income $761 $840 $1,512 $1,517
========= ========= ======= =========
Basic earnings per share $0.38 $0.43 $0.76 $0.76
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Diluted earnings per share $0.38 $0.41 $0.76 $0.73
========= ========= ======= =========
Performance Indicators (1)
--------------------------
Return on average assets 1.17% 1.46% 1.17% 1.36%
Return on average equity 12.02% 14.32% 11.94% 12.93%
Net interest rate margin 3.15% 3.41% 3.15% 3.51%
Net interest rate spread 2.66% 2.77% 2.66% 2.86%
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(1) Annualized.
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