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Wake Forest Bancshares, Inc. (WAKE) Reports Profitable Fiscal Year

Wake Forest Bancshares, Inc. reported net income of $180,000, or $0.16 per share, in the fiscal year ending September 30, 2009. The bank earned $1.0 million, or $0.87 per share, in fiscal 2008.

Wake Forest Bancshares, Inc. attributed the weaker results to lower net interest margins, and an increase in net charge offs due to the recession. Wake Forest Bancshares, Inc. reported total assets at the end of fiscal 2009 of $112.2 million, and loans outstanding of $71.2 million.

The company also saw a higher assessment from the Federal Deposit Insurance Company (FDIC) for payments to the deposit insurance fund. In 2009, the bank paid $176,242 in premiums and assessments, compared to only $10,991 in 2008.

Despite the loss, the bank is still financially sound. Wake Forest Bancshares, Inc. had a capital to assets ratio of 18.31% as of September 30, 2009. The bank’s loan loss allowance was 1.62% of loans outstanding.

Wake Forest Bancshares, Inc. is a bank holding company that owns Wake Forest Federal Savings and Loan Association. The bank has one branch in Wake Forest, North Carolina.

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