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WAKE FOREST, N.C., July 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 $410,405 or $0.37 per share for its quarter ended June 30, 2019. The Company reported earnings of $333,777 or $0.30 per share for the same quarter a year earlier. Earnings for the first nine months of the Company’s fiscal year were reported at $1,213,150 or $1.09 per share versus $670,842 or $0.60 per share for the same nine month period a year earlier. Earnings for nine months ended June 30, 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 elated by the current quarter’s results. 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 once again it had no problem assets at any time during the current quarter. In addition, the Company’s interest rate margin expanded to 3.77% during its current quarter from 3.27% reported for its fiscal year ended September 30, 2018 and 3.36% 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 fundamentals. During the current quarter, sales activity remained strong, 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 quarter 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, no additional loan loss provisions were considered necessary in the current quarter. Our loan loss allowance amounted to approximately 2.13% of total loans outstanding at June 30, 2019.
Total assets of the Company amounted to $102,382,851 at June 30, 2019. Total loans receivable and deposits outstanding at June 30, 2019 amounted to $67,135,575 and $75,901,684, respectively. Wake Forest Bancshares Inc.’s tier 1 capital leverage ratio was 24.58% at June 30, 2019.
Wake Forest Bancshares, Inc. has 1,102,452 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
(919) 556-5146 / www.wakeforestfederal.com