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WAKE FOREST, N.C., April 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 $381,861 or $0.34 per share for its quarter ended March 31, 2019. The Company reported earnings of $311,234 or $0.28 per share for the same quarter a year earlier. Earnings for the first six months of the Company’s fiscal year were reported at $802,745 or $0.72 per share versus $337,065 or $0.30 per share for the same six month period a year earlier. Earnings for six months ended March 31, 2018 were impacted by a deferred tax adjustment of $266,288 associated with the passage of US tax overhaul legislation in the first quarter of the prior year.
In announcing the earnings, Renee H. Shaw, President and Chief Executive Officer, stated that the Company was pleased with the current quarter’s results. The Company’s operations continue to be positively impacted by a lack of nonperforming loans as well as by rising interest rate margins created by greater loan demand and upward rate movements initiated earlier by the Federal Reserve. The Company was delighted to report that once again it had no problem assets at any time during the current quarter. In addition, the Company’s interest rate margin expanded to 3.62% during its current quarter from 3.27% reported for its fiscal year ended September 30, 2018 and 3.19% reported for the same quarter a year earlier.
Economic conditions and residential home sales continue to show strength in our local markets. Our real estate markets typically benefit because we are a part of the Research Triangle area which is consistently recognized as one of the top regions in the country for economic activity and quality of life characteristics. During the current quarter, sales activity remained strong, home prices increased, and inventories of available homes have continued to remain tight. In addition, our local area’s unemployment rate consistently remains one of the lowest in North Carolina.
Because the Company’s loan portfolio continued to expand during the current quarter, a minor amount of loan loss provisions were added in the current quarter even though our portfolio currently has no problem loans. The Company provided $15,000 in loss provisions and had no loan charge-offs in the current quarter. Our loan loss allowance amounted to approximately 2.11% of total loans outstanding at March 31, 2019.
Total assets of the Company amounted to $104,047,139 at March 31, 2019. Total loans receivable and deposits outstanding at March 31, 2019 amounted to $68,050,678 and $77,889,899, respectively. Wake Forest Bancshares Inc.’s tier 1 capital leverage ratio was 23.90% at March 31, 2019.
Wake Forest Bancshares, Inc. has 1,103,452 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