Minden Bancorp, Inc. Reports Results of Operations for the 2nd Quarter Ended
June 30, 2013
MINDEN, La., July 23, 2013 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the
"Company") (OTCBB:MDNB) today reported net income for the quarter ended June
30, 2013 of $869,000 or $0.36 per diluted share, as compared to net income of
$755,000 or $0.31 per diluted share for the quarter ended June 30, 2012. The
$114,000 or 15.1% increase reflects a $72,000 increase in net interest income
and a $20,000 increase in non-interest income, decreases in non-interest
expense and the provision for loan losses of $1,000 and $8,000, respectively.
Additionally, income tax expense decreased by $13,000 for the quarter ended
June 30, 2013 as compared to the quarter ended June 30, 2012 primarily due to
increased income from tax-free municipals.
The Company reported net income of $1.7 million or $0.69 per diluted share for
the six months ended June 30, 2013, an increase of $220,000 or 15.3% as
compared to net income of $1.4 million or $0.59 per diluted share for the six
months ended June 30, 2012.
Total assets decreased $7.8 million or 2.8% to $268.7 million at June 30, 2013
compared to $276.5 million at December 31, 2012. The decrease primarily
reflected a $17.4 million decrease in cash and cash equivalents partially
offset by a $2.0 million increase in investment securities and a $7.9 million
increase in net loans. Total deposits decreased by $7.5 million or 3.2% to
$226.5 million at June 30, 2013.The decrease in deposits reflected normal
Stockholders' equity increased by $234,000 or 0.6% to $40.6 million at June
30, 2013 as compared to $40.3 million at December 31, 2012. The increase was
in part due to net income of $1.7 million and the exercise of stock options of
$179,000 for the six months ended June 30, 2013.Stockholders' equity was
reduced by other comprehensive loss of $1.5 million and the purchase of
treasury stock in the amount of $35,000. Stockholders' equity amounted to
$17.09 per share at June 30, 2013.
Net interest income for the three months ended June 30, 2013 increased $72,000
or 3.5% to $2.2 million as compared to $2.1 million for the same period in
2012.Net interest income increased $118,000 or 2.9% to $4.2 million for the
six months ended June 30, 2013 as compared to $4.1 million for the same period
in 2012. The increase in net interest income for the three and six months
ended June 30, 2013 reflected an increase in interest income of $54,000 and
$75,000, respectively, primarily due to loan growth combined with decreases of
$18,000 and $43,000 in interest expense for the three and six months ended
June 30, 2013. Interest expense decreases are a reflection of the continued
re-pricing downward of our deposit liabilities resulting from the decline in
The provision for loan losses amounted to $22,000 and $45,000 for the three
and six months ended June 30, 2013, respectively. At June 30, 2013, the
Company's total nonperforming assets and troubled debt restructurings amounted
to $592,000 or 0.2% of total assets as compared to $1.4 million or 0.5% at
December 31, 2012.
Total non-interest income increased from $194,000 and $364,000 for the three
and six months ended June 30, 2012 to $214,000 and $415,000 for the three and
six months ended June 30, 2013.The increases primarily reflect an increase in
customer service fees.
Non-interest expense was $1.1 million and $2.2 million for both the three and
six month periods ended June 30, 2013 and 2012.
Minden Bancorp, Inc., headquartered in Minden, Louisiana, is the holding
company for MBL Bank.The Bank is a 103 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
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
June 30, December 31,
Total assets $ 268,660 $ 276,491
Cash and cash equivalents 16,871 34,290
Investment securities 90,238 88,188
Loans receivable – net 154,359 146,481
Deposits 226,489 233,963
Total stockholders' equity 40,559 40,325
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Interest income, including fees $ 2,468 $ 2,414 $ 4,846 $ 4,771
Interest expense 311 329 619 662
Net interest income 2,157 2,085 4,227 4,109
Provision for loan losses 22 30 45 60
Net interest income after provision for 2,135 2,055 4,182 4,049
Total non-interest income 214 194 415 364
Total non-interest expenses 1,114 1,115 2,174 2,230
Income before income taxes 1,235 1,134 2,423 2,183
Income tax expense 366 379 762 742
NET INCOME $869 $755 $ 1,661 $ 1,441
EARNINGS PER SHARE
Basic $0.38 $ 0.33 $0.73 $0.63
Diluted $0.36 $ 0.31 $0.69 $0.59
CONTACT: For Further Information:
Jack E. Byrd, Jr., Chairman/President/CEO
Becky T. Harrell, Treasurer/CFO
Minden Bancorp, Inc. Logo
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