Bedford Bancshares, Inc. announces results for the nine and three months ended June 30, 1997.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 14, 1997--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 holding 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 announced its results for the three and nine months ended June June: see month. 30, 1997. The Corporation's net income for the three months ended June 30,1997 was $407,000 compared to $424,000 for the same period of 1996. On a per share basis, earnings for the third quarter of fiscal 1997 amounted to $.38, equal to the per share earnings for the same quarter of fiscal 1996. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. returns on average assets and equity for the third quarter of fiscal 1997 were 1.22% and 8.52%, respectively. Net interest income increased $85,000, or 7.04%, in the third quarter of fiscal 1997 over the same quarter of fiscal 1996 due to an increase in average interest-earning assets, particularly loans and investment securities. For the third quarter of fiscal 1997, the net interest spread and net interest margin were 3.28% and 4.03%, respectively, compared to 3.36% and 4.22%, for the third quarter of fiscal 1996. During the third quarter of fiscal 1997, the provision for credit losses amounted to $25,000, compared to no provision during the same quarter of 1996. The overall growth of the Corporation's loan portfolio was the principal reason for the addition. Noninterest income for the three months ended June 30, 1997 was $154,000, down $37,000 from the level earned in the same quarter one year earlier. The decrease was primarily the result of lower loan fees earned in the third quarter of 1997 due to the moderation in the growth of mortgage loans. Noninterest expense rose $51,000, or 7.1%, to $766,000, for the three months ended June 30, 1997 over the same period one year earlier. Personnel compensation and benefits increased $71,000 due primarily to benefit plans that are based upon the fair market value of the Corporation's common stock and general merit increases. In addition, advertising expenses increased $23,000 from the same quarter of fiscal 1996 due primarily to Home Equity Line and CD promotions. For the nine months ended June 30, 1997, net income amounted to $1,178,000 compared to $1,177,000 for the comparable period of fiscal 1996. On a per share basis, earnings were $1.09 and $1.05, respectively. The returns on average assets and equity for the first nine months of fiscal 1997 were 1.19% and 8.36%, respectively. For the nine months ended June 30, 1997, noninterest income was $454,000 compared to $508,000 for the first nine months of fiscal 1996. The decline was due to a decrease in loan fees earned and the gain realized on the sale of foreclosed real estate in 1996. Noninterest expense for the nine months ended June 30, 1997 was $2,255,000 compared to $2,164,000 for the same period of fiscal 1996. The $91,000 increase was the result of higher personnel compensation and benefit costs, and increased advertising expenses, offset somewhat by the lower cost of federal deposit insurance. Total assets at June 30,1997 were $135.5 million compared to $127.2 million on Sept. 30, 1996. The asset expansion was focused in the loan portfolio with net loans receivable increasing to $115.6 million from $108.8 million at Sept. 30, 1996. Increases in deposits and FHLB FHLB Federal Home Loan Bank advances provided funding for the asset expansion. 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. increased due to the continued profitability of the Corporation, net of the quarterly dividend payments. On June 18, 1997 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 dividend of $.14 per share, payable July July: see month. 17, 1997 to shareholders of record as of July 1, 1997. This is the fifth consecutive quarter that the dividend per share amount has been 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 Corporation continues to experience good performance and solid growth. The quality of the Bank's loan portfolio remains very strong, and our market area continues to reflect good economic health. During the third quarter of fiscal 1997, Bedford Federal enjoyed good success with both our Home Equity Line and `Freedom CD' promotions." 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, 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 National Market under the symbol "BFSB." -0-
BEDFORD BANCSHARES, INC. AND SUBSIDIARY
Selected Financial Data
(Unaudited)
Financial Condition At At
(In thousands of dollars, June 30 Sept. 30 $ Chg % Chg
except per share) 1997 1996
Total assets $135,455 $127,201 $8,254 6.49%
Loans receivable, net 115,557 108,873 6,684 6.14
Investment securities 9,149 8,006 1,143 14.28
Marketable equity securities 4,101 3,879 222 5.72
Mortgage-backed securities 482 482 0 0.00
Foreclosed real estate, net 0 0 0 --
Deposits 100,047 95,378 4,669 4.90
FHLB advances 14,500 12,000 2,500 20.83
Retained earnings
(substantially restricted) 9,469 8,739 730 8.35
Total stockholders' equity $ 19,183 $ 18,227 $956 5.24%
Book value per share
Excluding unallocated ESOP
shares $ 17.75 $ 16.95
Including unallocated ESOP
shares $ 16.79 $ 15.94
Asset Quality Indicators
Nonperforming assets to
total assets 0.60% 0.54%
Nonperforming loans to
total loans 0.71% 0.63%
Allowance for credit losses
to nonperforming assets 79.88% 95.03%
Summary of Operations For the For the
(In thousands of dollars, Three Months Ended Nine Months Ended
except per share) June 30 June 30
1997 1996 1997 1996
Interest income $ 2,586 $ 2,323 $7,587 $6,858
Interest expense 1,293 1,115 3,812 3,304
Net interest income 1,293 1,208 3,775 3,554
Provision for credit losses 25 -- 75 -
Noninterest income 154 191 454 508
Noninterest expense 766 715 2,255 2,164
Net income before income taxes 656 684 1,899 1,898
Net income $ 407 $ 424 $1,178 $1,177
Earnings per share $ 0.38 $ 0.38 $1.09 $1.05
Performance Indicators
Return on average assets (1) 1.22% 1.42% 1.19% 1.34%
Return on average equity (1) 8.52% 9.12% 8.36% 8.38%
Net interest rate margin (1) 4.03% 4.22% 4.00% 4.22%
Net interest rate spread 3.28% 3.36% 3.25% 3.37%
(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 (1) A word used in a text search. (2) A word in a text document that is used in an index to best describe the contents of the document. (3) A reserved word in a programming or command language. 1. : 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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