Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, October 31, 1995                   TAG: 9510310072
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Bedford Bancshares Inc., holding company of Bedford Federal Savings Bank, reported income of $321,000, or 28 cents a share, for the fourth quarter ended Sept. 30.

Earnings for the fiscal year were $1.4 million, or $1.20 a share, up 25 percent from $1.1 million in fiscal 1994 before a one-time positive adjustment of $323,000 due to an accounting change. Including the adjustment, the bank earned $1.44 million, or 95 cents a share, last year.

Assets stood at $115 million compared with last year's $105.2 million. Loans increased $3.4 million to $97 million and deposits rose from $84.8 million to $90 million.

The bank had nonperforming assets of $1.3 million. Of that, $1.1 million was for a one-third participation interest in a loan secured by a shopping center in Bedford.

United States Cellular

United States Cellular, which bought the Cellular One operation in Roanoke this year, reported third-quarter net income of $32.3 million, up 198.8 percent from the year-earlier quarter. Excluding gains from the sale of investments, net income was up $15.5 million, or 44 percent.

Operating revenues were $138.6 million, up 54.1 percent. Earnings per share were 38 cents, up 192.3 percent from 13 cents. Operating revenues for the nine months ending Sept. 30 were $355.4 million, up 50.1 percent.

First National Bank of Rocky Mount

Earnings at First National Bank of Rocky Mount rose 45 percent for the first nine months of the fiscal year, from $1.29 million, or $1.38 a share, last year to $1.87 million, or $2 a share, this year.

Chairman Worth Harris Carter Jr. said assets reached $214.6 million and deposits stood at $200 million after increasing $20 million from a year ago. Loans increased $14 million.

Blue Ridge Bank

Blue Ridge Bank of Floyd reported nine-month earnings up from $605,000 last year to $810,000 this year. Earnings per share rose 43 percent, from $5.19 to $6.94.

Chairman Worth Harris Carter Jr. said assets totaled $91.5 million at the end of September. Deposits rose $11 million to $88 million. Loans were up $5.3 million.

Carter said the Comptroller of the Currency has given preliminary approval for conversion of the bank into a national institution, subject to a stockholder vote.

Patrick Henry National Bank

Nine-month earnings at Patrick Henry National Bank rose from $1.77 million last year to $2.99 million this year, Chairman Worth Harris Carter Jr. said. Income per share was up 69 percent, from 92 cents to $1.56. The bank had assets of $324.7 million at the end of September, while deposits stood at $302.6 million.