Bedford Bancshares, Inc. Announces Results for the Three and Six Months Ended March 31, 2002.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 17, 2002 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, 2002. The Company's net income for the three and six months ended March 31, 2002 was $840,000 and $1,517,000, respectively, as compared to $587,000 and $1,092,000, respectively, for the comparable 2001 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, 2002 were $.41 and $.73, respectively, as compared to $.28 and $.51, respectively, for the comparable 2001 periods. Total assets at March 31, 2002 were $240.0 million, an increase of $25.7 million from the $214.3 million at September September: see month. 30, 2001. The asset expansion was concentrated in the loan portfolio, which totaled $204.9 million at March 31, 2002, up $20.5 million from the level on September 30, 2001. A $12.0 million increase in FHLB FHLB Federal Home Loan Bank advances and a rise of $14.1 million in deposits provided funding for the asset growth. During the first quarter of fiscal 2002, Bedford Bancshares repurchased 38,582 shares of its common stock, at an average price of $14.06 per share. On March 20, 2002, 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 $.12 per share, payable on April 12, 2002 to shareholders of record as of March 29, 2002. The new dividend rate represents a 9.1% 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 extremely pleased with our performance during the second quarter and first half of fiscal 2002. We experienced a significant increase in the number of loans originated compared to the same periods of fiscal 2001 which was reflected in the both the asset expansion and higher level of fee based revenues." 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 At At
per share March 31 Sept. 30
2002 2001 $ Chg % Chg
-------- -------- ------- ------
Total assets $240,003 $214,305 $25,698 11.99%
Loans receivable, net 204,867 184,405 20,462 11.10
Investment securities 18,085 9,936 8,149 82.01
Deposits 163,303 149,167 14,136 9.48
FHLB advances 52,000 40,000 12,000 30.00
Retained earnings
(substantially restricted) 13,721 13,275 446 3.36
Total stockholders' equity 23,183 23,303 (120) (0.51)
Book value per share
Including unallocated ESOP shares $11.54 $11.29
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Asset Quality Indicators
Nonperforming assets to total
assets 0.36% 0.51%
Nonperforming loans to total
loans 0.41% 0.57%
Allowance for credit losses
to nonperforming assets 126.24% 88.55%
Summary of Operations For the Three For the Six
(In Thousands of Dollars, Months Ended Months Ended
Except Per share) March 31 March 31
-------------------------------
2002 2001 2002 2001
------ ------ ------ ------
Interest income $3,884 $3,756 $7,802 $7,356
Interest expense 1,991 2,072 4,012 4,092
Net interest income 1,893 1,684 3,790 3,264
Provision for credit losses 100 45 145 75
Noninterest income 570 245 957 471
Noninterest expense 1,094 939 2,241 1,901
Net income before income taxes 1,269 945 2,361 1,759
Net income $ 840 $ 587 $1,517 $1,092
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Basic earnings per share $ 0.43 $0.29 $ 0.76 $ 0.53
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Diluted earnings per share $ 0.41 $0.28 $ 0.73 $ 0.51
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Performance Indicators (1)
Return on average assets 1.46% 1.19% 1.36% 1.13%
Return on average equity 14.32% 10.14% 12.93% 9.52%
Net interest rate margin 3.41% 3.55% 3.51% 3.50%
Net interest rate spread 2.77% 2.79% 2.86% 2.71%
(1) Annualized.
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