Wake Forest Bancshares, Inc. Announces Year End Results
WAKE FOREST, N.C., Dec. 16, 2019 (GLOBE NEWSWIRE) -- Wake Forest Bancshares, Inc., (OTC BB: WAKE) parent company of Wake Forest Federal Savings and Loan Association, announced today that the Company reported earnings of $1,631,600 or $1.47 per share for its fiscal year ended September 30, 2019. The Company earnings for the prior fiscal year were $1,033,800 or $0.92 per share. Excluding the expense of the deferred tax adjustment of $266,300 recorded in the Company’s December 2017 quarter associated with the passage of the U.S. tax-overhaul legislation, earnings for the fiscal year ended September 30, 2018 would have been $1,300,100 ($1.15 per share). Earnings for the current quarter were reported at $418,450 or $0.38 per share versus $362,950 or $0.32 per share for the quarter ended September 30, 2018.
In announcing the earnings, Renee H. Shaw, President and Chief Executive Officer, stated that the Company was very pleased with the current year’s results, the highest in twelve years. The Company’s operations continue to be positively impacted by a lack of nonperforming loans, expansion of its net interest margin, and greater loan demand due in part to a robust local residential real estate market. The Company was pleased to report that it had no problem assets at any time during the current year. In addition, the Company’s interest rate margin expanded to 3.68% during the current year from 3.27% reported for its fiscal year ended September 30, 2018.
Economic conditions and residential home sales continue to be resilient in our local markets. Our real estate markets benefit because we are a part of the larger Research Triangle area which is consistently recognized as one of the top regions in the country for economic activity and quality of life criterions. During the current year, home sales remained robust, overall home prices increased, and available homes on the market continued to remain tight. In addition, our local area’s unemployment rate has consistently remained as one of the lowest in North Carolina.
No loan charge-offs occurred in the current year or at any time in the past three and half years. Because the Company’s loan portfolio has continued to perform without any significant credit concerns, only $15,000 in additional loan loss provisions were considered necessary in the current fiscal year. Our loan loss allowance amounted to approximately 2.09% of total loans outstanding at September 30, 2019.
Total assets of the Company amounted to $104,384,762 at September 30, 2019. Total loans receivable and deposits outstanding at September 30, 2019 amounted to $68,490,027 and $77,715,806, respectively. Wake Forest Bancshares Inc.’s tier 1 capital leverage ratio was 24.42% at September 30, 2019.
Wake Forest Bancshares, Inc. has 1,102,052 shares of common stock outstanding. Based in Wake Forest, North Carolina since 1922, the Company conducts business as Wake Forest Federal from its office in Wake Forest, (Wake County), North Carolina.
Contact: Renee H. Shaw, CEO
(919) 556-5146 /
