Bedford Bancshares Inc. reports financial results.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)--Jan. 27, 1995--Bedford Bancshares Inc., 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 , Bedford, Va., announced earnings for the first quarter of fiscal year 1995. The quarter ending Dec. 31, 1994 was the first full quarter of operating as a public company. The company's initial public offering was completed on Aug. 19, 1994. Net income for the quarter ended Dec. 31, 1994 increased $148,000, or 70.81%, to $357,000, or $.30 per share when compared to $209,000 for the quarter ended Dec. 31, 1993. The net amount stated for the fourth quarter 1993 is before a cumulative effect of change in accounting principle (FAS109) of $323,000. Per share earnings for the first quarter 1993 are not applicable since Bedford Federal converted from mutual to stock ownership during the fourth quarter of fiscal 1994. The increase in net income for the first quarter of 1995 over the same period in 1994 resulted primarily from an increase in net interest income due to an increase in the interest rate spread from 3.18% for the period ended Dec. 31, 1993 to 3.37% for the period ended Dec. 31, 1994, an increase in the average balance of interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin , from $92.9 million at Dec. 31, 1993 to $101.5 million at Dec. 31, 1994 and $40 less in the provision for credit losses. The average balance of interest bearing liabilities decreased $5.2 million, from $87.1 million at Dec. 31, 1993 to $81.9 million at Dec. 31, 1994. This decline in deposits during the year was due to customers of the Bank using their savings to purchase stock in the conversion. Interest income increased $184,000 in the first quarter of fiscal 1995 over the same period in fiscal 1994, while interest expense decreased $69,000 in the first quarter of fiscal 1995 to $832,000 from $901,000 in the first quarter of fiscal 1994. This combination produced a net increase in interest income of $253,000 for the most recent comparable period. Noninterest income increased $38,000 in the fiscal 1995 three-month period over the comparable period 1994 due primarily to an increase in service charges and loan fees from an increase in loan originations 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. . An increase in noninterest expenses of $93,000 is the result of higher professional fees and other expenses related to operating as a public company and increases in personnel compensation and benefits due to the implementation of the company's Employee Stock Ownership Plan and general increases in personnel costs. The Company's assets and stockholders equity amounted to $105.7 million and $19 million at Dec. 31, 1994. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. amounted to $1.2 million, or 1.11% of total assets on Dec. 31, 1994 and primarily consisted of one real estate loan with an outstanding balance of $1.0 million which is secured by a shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into located in Bedford, Va. The allowance for credit losses totaled $630,000, or 53.62% of non-performing assets. Bedford Federal operates three full service offices in Bedford and Bedford County Bedford County is the name of several counties in the United States:
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) ." -0-
BEDFORD BANCSHARES, INC.
(Dollars in thousands, except per share data)
Condensed Consolidated Statements of Income
Three Months Ended
Dec. 31,
1993 (1) 1994 (1)
(unaudited)
Interest income $1,701 $1,885 Interest expense 901 832 Net interest income 800 1,053 Provision for credit losses 40 0 Net interest income after provision for credit losses 760 1,053 Noninterest income 109 147 Noninterest expenses 531 624 Income before income taxes and cumulative effect 338 576 Income tax expense 129 219 Income before cumulative effect 209 357 Cumulative effect of change in accounting principle 323 -- Net income $ 532 $ 357 Earnings per common share n/a (2) $0.30%(3) Return on average assets 0.86%(2) 1.36% Return on average equity 13.48%(2) 7.56% Interest rate spread 3.18% 3.37% Net interest margin 3.44% 4.14% Noninterest expense to average assets 2.19% 2.37%
Condensed Consolidated Balance Sheets
At At
September 30 December 31
1994 1994
(audited) (audited)
Loans receivable $89,945 $90,465 Reserves for credit losses (636) (630) Mortgage-backed securities 37 35 Cash and investments 13,564 13,545 Property and equipment 1,125 1,127 Other 1,182 1,133 Total assets $105,217 $105,675 Savings deposits $84,841 $ 84,804 Advances from FHLB 1,000 1,000 Accrued expenses and other liabilities 717 851 Shareholders' equity 18,659 19,020 Total liabilities and shareholders' equity $105,217 $105,675 Nonaccrual and 90 days past due loans $ 1,126 $ 1,175 Total nonperforming assets $ 1,126 $ 1,175 Allowance for credit losses to nonperforming assets 56.48% 53.62% Nonperforming loans to total loans 1.26% 1.30% Nonperforming assets to total assets 1.07% 1.11% Book value per share $15.86 (4) $16.17 (5) (1) The ratios for the three-month periods are 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. where appropriate (2) There were no shares outstanding prior to the Company's intitial public offering on Aug. 19, 1994, returns computed on income before cumulative effect of change in accounting principle (3) The average number of shares outstanding during the quarter ended Dec. 31, 1994 were 1,176,375 (4) The number of shares outstanding as of Sept. 30, 1994 was 1,176,375 net of ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). shares (5) The number of shares outstanding as of Dec. 31, 1994 was 1,176,375 net of ESOP shares CONTACT: Bedford Bancshares, Inc., Bedford H.K. Neal or J.W. Smith, 703/586-2590 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 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-330-5311 or 80 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion