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WAKE FOREST, N.C., April 17, 2018 -- 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 $311,234 or $0.28 per share for its quarter ended March 31, 2018. The Company reported earnings of $228,431 or $0.20 per share for the same quarter a year earlier.
In announcing the earnings, Renee H. Shaw, President and Chief Executive Officer, stated that the Company’s results were positively impacted by a lack of nonperforming loans as well as rising interest rate margins created by greater loan demand and also by increased spreads due to upward rate movements initiated by the Federal Reserve. The Company’s interest rate margin was 3.19% during the current quarter compared to 2.93% for the same quarter a year earlier.
Economic conditions and residential home sales continue to show strength in our local markets. Our residential real estate markets have benefited because sales activity and home prices have increased while excess inventories of available homes, once common during the recession, have come down as the market continues to absorb existing product. In addition, our local area’s unemployment rate has continued to decline slightly. Further employment gains in higher paying industries should enhance our markets and our performance.
Primarily due to a lack of non-performing loans and strong local economic and real estate market conditions, the Company determined that it was not necessary to provide any loan loss provisions during the current quarter. In addition, the Company had no loan charge-offs in its current quarter. In comparison, the Company recovered $15,000 in loan loss provision and had $75,000 in loan loss recoveries in the same quarter of the prior year. The Company’s loan loss allowances amounted to approximately 2.24% of total loans outstanding at March 31, 2018. Foreclosed assets and non-performing loans amounted to $-0- and $-0- at March 31, 2018.
Total assets of the Company amounted to $104,336,433 at March 31, 2018. Total loans receivable and deposits outstanding at March 31, 2018 amounted to $62,683,600 and $78,974,469, respectively. Wake Forest Bancshares Inc.’s tier 1 capital leverage ratio was 23.02% at March 31, 2018.
Wake Forest Bancshares, Inc. has 1,126,376 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
