Wake Forest Bancshares, Inc. Announces Second Quarter Results

Apr 17, 2001, 01:00 ET from Wake Forest Bancshares, Inc.

    WAKE FOREST, N.C., April 17 /PRNewswire/ --
     Wake Forest Bancshares, Inc. (OTC Bulletin Board:   WAKE), parent company of
 Wake Forest Federal Savings and Loan Association, announced today that the
 Company reported earnings of $291,535 or $0.25 per share for the quarter ended
 March 31, 2001, compared to earnings of $331,074 or $0.29 per share for the
 same quarter a year earlier.  The Company reported year-to-date earnings for
 the six months ended March 31, 2001 of $624,801 or $0.54 per share compared to
 earnings of $649,380 or $0.56 per share for the same period a year earlier.
     In announcing the earnings, Anna O. Sumerlin, President and Chief
 Executive Officer, pointed out that the Company's earnings were impacted by a
 narrowing interest spread, due in part because the Association's interest
 earning assets are rate sensitive.  In addition, deposit growth has increased
 at levels in excess of current loan demand, resulting in higher amounts of
 liquidity.  However, the Company remains optimistic that its lending markets
 are better positioned than most other local economies for future growth, and
 the Association should benefit accordingly.  The Company had previously
 announced a quarterly dividend of $0.12 per share for shareholders of record
 as of March 30, 2001, payable on April 10, 2001.
     Wake Forest Bancshares Inc.'s annualized quarterly return on average
 assets was 1.26%.  The Company's efficiency ratio was 46% for the quarter, and
 at March 31, 2001, the Company's ratios of non-performing loans to total loans
 and non-performing assets to total assets equaled 0.55% and 0.73%,
 respectively.  The Company has not experienced any loan losses during the
 first six months of the year.
     Total assets of the Company amounted to $93.4 million at March 31, 2001.
 Total net loans receivable and deposits outstanding at March 31, 2001 amounted
 to $71.6 million and $77.4 million, respectively.
     Wake Forest Bancshares, Inc. has 1,155,526 shares of common stock
 outstanding.  The Company implemented a buy-back program in the summer of 1999
 and has repurchased 60,336 shares of its common stock.  Based in Wake Forest,
 North Carolina since 1922, the Company conducts business as Wake Forest
 Federal Savings and Loan Association from its office in Wake Forest, (Wake
 County), North Carolina.
 
 

SOURCE Wake Forest Bancshares, Inc.
    WAKE FOREST, N.C., April 17 /PRNewswire/ --
     Wake Forest Bancshares, Inc. (OTC Bulletin Board:   WAKE), parent company of
 Wake Forest Federal Savings and Loan Association, announced today that the
 Company reported earnings of $291,535 or $0.25 per share for the quarter ended
 March 31, 2001, compared to earnings of $331,074 or $0.29 per share for the
 same quarter a year earlier.  The Company reported year-to-date earnings for
 the six months ended March 31, 2001 of $624,801 or $0.54 per share compared to
 earnings of $649,380 or $0.56 per share for the same period a year earlier.
     In announcing the earnings, Anna O. Sumerlin, President and Chief
 Executive Officer, pointed out that the Company's earnings were impacted by a
 narrowing interest spread, due in part because the Association's interest
 earning assets are rate sensitive.  In addition, deposit growth has increased
 at levels in excess of current loan demand, resulting in higher amounts of
 liquidity.  However, the Company remains optimistic that its lending markets
 are better positioned than most other local economies for future growth, and
 the Association should benefit accordingly.  The Company had previously
 announced a quarterly dividend of $0.12 per share for shareholders of record
 as of March 30, 2001, payable on April 10, 2001.
     Wake Forest Bancshares Inc.'s annualized quarterly return on average
 assets was 1.26%.  The Company's efficiency ratio was 46% for the quarter, and
 at March 31, 2001, the Company's ratios of non-performing loans to total loans
 and non-performing assets to total assets equaled 0.55% and 0.73%,
 respectively.  The Company has not experienced any loan losses during the
 first six months of the year.
     Total assets of the Company amounted to $93.4 million at March 31, 2001.
 Total net loans receivable and deposits outstanding at March 31, 2001 amounted
 to $71.6 million and $77.4 million, respectively.
     Wake Forest Bancshares, Inc. has 1,155,526 shares of common stock
 outstanding.  The Company implemented a buy-back program in the summer of 1999
 and has repurchased 60,336 shares of its common stock.  Based in Wake Forest,
 North Carolina since 1922, the Company conducts business as Wake Forest
 Federal Savings and Loan Association from its office in Wake Forest, (Wake
 County), North Carolina.
 
 SOURCE  Wake Forest Bancshares, Inc.