Wake Forest Bancshares Inc (fka WAKE)

[Renee]

WAKE: Cash Merger. Wake Forest Bancshares merged with and into Piedmont Financial Holding Company. Shareholders of Wake Forest Bancshares, Inc. will receive $34.34 per share.

FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

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$WAKE Wake Forest Bancshares, Inc. Announces Second Quarter ResultsPress Release | 04/19/2022

WAKE FOREST, N.C., April 19, 2022 (GLOBE NEWSWIRE) -- Wake Forest Bancshares, Inc. (OTC: WAKE), parent company of Wake Forest Federal, announced today that the Company reported earnings of $295,562 or $0.28 per share for its quarter ended March 31, 2022. The Company reported earnings of $282,874 or $0.26 per share for the same quarter a year earlier. Earnings for the first six months of the Company’s fiscal year were reported at $632,626 or $0.59 per share versus $587,425 or $0.54 per share for the same six-month period a year earlier.

In announcing the earnings, Renee H. Shaw, President and Chief Executive Officer, stated that the Company’s earnings were reflective of improving economic conditions associated with the easing of COVID-19 pandemic restrictions but continue to be hampered by static Federal Reserve rate policies. Federal Reserve policy actions have maintained short term interest rates at historically low levels, a decision initiated in March of 2020 at the start of the Pandemic that essentially remained in place for the current quarter. However, the Federal Reserve did increase interest rates by 25 basis points on March 17, 2022 and it now appears that an upward pattern of gradual rate increases is in play. The Company’s balance sheet is intentionally shorter term and rate sensitive in order to avoid prolonged interest rate risk. As a result, the Company’s overall interest rate margin was 3.01% for the current quarter, down from its 3.56% margin for the comparable quarter two years earlier prior to the Pandemic. When market interest rates return to more historical norms, the Company’s interest rate margin should trend upward accordingly.

While our area’s economic conditions continue to improve despite recent inflationary concerns, residential home sales in our local markets remain robust. Our lending environment benefits because we are a part of the desirable Research Triangle area which is generally recognized as one of the top regions in the country for innovation, growth, economic activity and quality of life factors. Our real estate markets have remained exceedingly resilient during the current quarter not only due to relatively low mortgage rates, but also because of strong housing demand coupled with sizable gains in home prices and extremely tight residential inventories. Mortgage rates began to rise during the current quarter from historically low rates in effect for several years but the impact on our residential real estate markets, if any, has yet to be determined.

The Company’s loan portfolio has largely remained unchanged from levels outstanding a year ago. Because the Company holds the mortgage loans it originates, a conscious decision to limit growth in its long term residential loan portfolio and emphasize construction lending was undertaken while market rates remain historically low in order to avoid excessive interest rate risk. In addition, the credit quality of our loan portfolio has continued to be excellent. The Company was delighted that problem assets were essentially non-existent and that no foreclosures or loan charge-offs occurred during the current quarter. As a result, no additional loan loss provisions during the current quarter were considered necessary because of the healthy level of our existing loss allowances. The Company’s loan loss allowance amounted to approximately 2.16% of total loans outstanding at March 31, 2022.

Wake Forest Bancshares announced on March 22, 2022 the payment of a special cash dividend of $1.00 per share on April 19, 2022 to stockholders of record as of April 05, 2022. Although the Company has paid quarterly cash dividends consecutively to its shareholders for the past twenty five years its Board chose to pay this special dividend in celebration of its 100th year as an independent community bank.

Total assets of the Company amounted to $112,330,630 at March 31, 2022. Total loans receivable and deposits outstanding at March 31, 2022 amounted to $66,476,976 and $84,299,678, respectively. Wake Forest Bancshares Inc.’s tier 1 capital leverage ratio was 23.08% at March 31, 2022. Wake Forest Bancshares, Inc. has 1,070,046 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
[phone]

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$WAKE Wake Forest Bancshares, Inc. Announces Special DividendPress Release | 03/22/2022

WAKE FOREST, N.C., March 22, 2022 (GLOBE NEWSWIRE) -- Wake Forest Bancshares, Inc., (OTC: WAKE) parent company of Wake Forest Federal, announced today that the Company’s Board of Directors declared a SPECIAL cash dividend of $1.00 per share payable on April 19, 2022 to stockholders of record as of April 05, 2022. The Company has paid quarterly dividends consecutively to its shareholders for the past twenty five years but its Board chose to pay this special dividend in celebration of its 100th year as an independent community bank.

In making the announcement, Renee Shaw, President and Chief Executive Officer, reported that the Company is pleased to be able to reward our stockholders in this manner. It’s a big year for Wake Forest Federal as we celebrate our 100th anniversary. Since first opening our doors in 1922, we’ve seen a lot of changes. Our products and services have evolved from account records on ledger cards to online and mobile banking. While many things have changed over the past 100 years, the one constant has been our commitment to our customers, our shareholders, and our community. We have and will continue to be a bank of local people making local decisions for the betterment of Wake Forest and its surrounding towns and neighborhoods. We love our community and are grateful that we have the support of shareholders and customers who still believe a local bank can provide a more intimate banking experience. The payment of this onetime special dividend of $1.00 per share this quarter is a way of saying “thank you” for believing in us and sharing in our success.

Wake Forest Bancshares, Inc., with total assets of approximately $112 million, has 1,070,046 shares of common stock outstanding. Based in Wake Forest, North Carolina since 1922, Wake Forest Bancshares, Inc. conducts its business through Wake Forest Federal from its office in Wake Forest, (Wake County), North Carolina. Deposits of the Association are insured up to the applicable limits by the FDIC.

Contact: Renee Shaw
Chief Executive Officer
919-556-5146