Minden Bancorp, Inc. Reports Results of Operations for the Year and 4th
Quarter Ended December 31, 2012
MINDEN, La., Feb. 15, 2013 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the
"Company") (OTCBB:MDNB) today reported net income for the quarter ended
December 31, 2012 of $792,000 or $0.32 per diluted share, as compared to net
income of $535,000 or $0.22 per diluted share for the quarter ended December
31, 2011. The $257,000 or 48.0% increase reflects a $169,000 increase in net
interest income, decreases in non-interest expense and the provision for loan
losses of $81,000 and $250,000, respectively, offset by a $138,000 decrease in
non-interest income and by an increase of $105,000 in the provision for income
The Company reported net income of $3.0 million or $1.23 per diluted share for
the year ended December 31, 2012, an increase of $416,000 or 15.9% as compared
to net income of $2.6 million or $1.05 per diluted share for the year ended
December 31, 2011.
Total assets increased $11.9 million or 4.5% to $276.5 million at December 31,
2012 compared to $264.6 million at December 31, 2011.The increase primarily
reflected an $18.1 million decrease in cash and cash equivalents, a $15.2
million or 20.9% increase in investment securities and a $15.0 million or
11.4% increase in net loans. The Company continued its efforts to expand its
loan portfolio during 2012.Total deposits increased by $10.3 million or 4.6%
to $234.0 million at December 31, 2012.The increase reflected normal seasonal
Stockholders' equity increased by $1.3 million or 3.3% to $40.3 million at
December 31, 2012 as compared to $39.0 million at December 31, 2011. The
increase was in part due to net income of $3.0 million, a net increase in
unrealized gain on securities available for sale of $409,000 and the exercise
of stock options of $241,000 for the year ended December 31,
2012.Stockholders' equity was reduced by dividends paid of $918,000, the
purchase of shares in the amount of $335,000 for the Company's Recognition and
Retention Plan, and purchase of treasury stock for $1,343,000.Stockholders'
equity amounted to $17.12 per share at December 31, 2012.
Net interest income for the three months ended December 31, 2012 increased
$169,000 or 8.6% to $2.1 million as compared to $2.0 million for the same
period in 2011. Net interest income increased $665,000 or 8.7% to $8.4 million
for the year ended December 31, 2012 as compared to $7.7 million for the same
period in 2011.The increase in net interest income for the three months ended
December 31, 2012 reflected an increase in interest income of $125,000
combined with a $44,000 decrease in interest expense.The increase in net
interest income for the year ended December 31, 2012 reflected an increase in
interest income of $438,000 combined with an interest expense decrease of
$227,000. Interest income variances primarily reflect the continued growth of
our loan and investment portfolios. Interest expense decreases are a
reflection of the continued re-pricing downward of our deposit liabilities
resulting from the decline in interest rates.
The provision for loan losses amounted to $30,000 and $120,000 for the three
months and year ended December 31, 2012, respectively.At December 31, 2012,
the Company's total nonperforming assets and troubled debt restructurings
amounted to $1.4 million or 0.5% of total assets as compared to $1.1 million
or 0.4% at December 31, 2011.
Total non-interest income decreased from $300,000 and $1.2 million for the
three months and year ended December 31, 2011, respectively, to $162,000 and
$719,000 for the comparable periods in 2012.Non-interest income for the year
ended December 31, 2011 includes a gain on the sale of assets of $212,000.
There were no sales of investment securities for the year ended December 31,
2012 as compared to the sale of $18.4 million of investment securities during
the year ended December 31, 2011.
Non-interest expense decreased from $1.2 million and $4.5 million for the
three months and year ended December 31, 2011, respectively, to $1.1 million
and $4.4 million for the comparable periods in 2012.
Minden Bancorp, Inc., headquartered in Minden, Louisiana, is the holding
company for MBL Bank.The Bank is a 102 year old Louisiana-thrift chartered
FDIC-insured institution serving Minden and the surrounding areas of northwest
Louisiana from two banking offices.The Bank offers a wide variety of
financial services and products throughout its market area.
The Company's filings with the Securities and Exchange Commission are
available at the Securities and Exchange Commission's website at
http://www.sec.gov.The press release can be found on Minden Bancorp's website
The Minden Bancorp, Inc. logo is available at
This news release may contain forward-looking statements as the term is
defined in the Private Securities Litigation Reform Act of l995.
Forward-looking statements include statements regarding anticipated future
events and can be identified by the fact that they do not relate strictly to
historical or current facts.They often include words such as "believe,"
"expect," "anticipate," "estimate," and "intend" or future or conditional
verbs such as "will," "would," "should," "could," or "may." Such
forward-looking statements, by their nature, are subject to risk and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors.Such factors include, but
are not limited to, changes to interest rates which could affect the net
interest margin and net interest income, the possibility that increased demand
or prices for the Company's financial services and products may not occur,
changing economic and competitive conditions, technological developments, and
other risks and uncertainties, including those detailed in the Company's
filings with the Securities and Exchange Commission.The Company does not
undertake to update any forward-looking statements.
MINDEN BANCORP, INC.
UNAUDITED SELECTED CONSOLIDATED FINANCIAL CONDITION DATA
December 31, December 31,
Total assets $ 276,491 $ 264,598
Cash and cash equivalents 34,290 52,407
Investment securities 88,188 72,955
Loans receivable – net 146,481 131,454
Deposits 233,963 223,713
Total stockholders' equity 40,325 39,030
MINDEN BANCORP, INC.
UNAUDITED SELECTED CONSOLIDATED OPERATING DATA
(In thousands, except for per share data)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Interest income, including fees $ 2,430 $ 2,305 $ 9,635 $ 9,197
Interest expense 303 347 1,282 1,509
Net interest income 2,127 1,958 8,353 7,688
Provision for loan losses 30 280 120 370
Net interest income after
provision for loan loss 2,097 1,678 8,233 7,318
Total non-interest income 162 300 719 1,180
Total non-interest expenses 1,086 1,167 4,399 4,529
Income before income taxes 1,173 811 4,553 3,969
Income tax expense 381 276 1,518 1,350
NET INCOME $792 $ 535 $ 3,035 $ 2,619
EARNINGS PER SHARE
Basic $0.35 $0.23 $ 1.32 $1.13
Diluted $0.32 $0.22 $ 1.23 $1.05
CONTACT: Jack E. Byrd, Jr., Chairman/President/CEO
Becky T. Harrell, Treasurer/CFO
Minden Bancorp, Inc. Logo
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