Minden Bancorp, Inc. Reports Results of Operations for the Year and 4th
Quarter Ended December 31, 2013
MINDEN, La., Feb. 18, 2014 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the
"Company") (OTCBB:MDNB) today reported net income for the quarter ended
December 31, 2013 of $888,000 or $0.37 per diluted share, as compared to net
income of $792,000 or $0.32 per diluted share for the quarter ended December
31, 2012. The $96,000 or 12.1% increase reflects a $127,000 increase in net
interest income, a $65,000 increase in non-interest income, a $51,000 increase
in non-interest expense and a $7,000 decrease in the provision for loan
losses.Income tax expense increased by $52,000 for the quarter ended December
31, 2013 as compared to the quarter ended December 31, 2012 primarily due to
increased net income.
The Company reported net income of $3.4 million or $1.41 per diluted share for
the year ended December 31, 2013, an increase of $379,000 or 12.5% as compared
to net income of $3.0 million or $1.23 per diluted share for the year ended
December 31, 2012.
Total assets increased $12.4 million or 4.5% to $288.9 million at December 31,
2013 compared to $276.5 million at December 31, 2012.The increase primarily
reflected a $2.2 million increase in cash and cash equivalents, a $1.1 million
increase in investment securities and a $9.7 million increase in net
loans.Total deposits increased by $11.5 million or 4.9% to $245.5 million at
December 31, 2013.
Stockholders' equity increased by $1.3 million or 3.3% to $41.6 million at
December 31, 2013 as compared to $40.3 million at December 31, 2012. The
increase was in part due to net income of $3.4 million and the exercise of
stock options of $254,000 for the year ended December 31, 2013.Stockholders'
equity was reduced by other comprehensive loss of $1.4 million, dividends paid
of $606,000 and the purchase of treasury stock in the amount of
$511,000.Stockholders' equity per share amounted to $17.70 at December 31,
Net interest income for the three months ended December 31, 2013 increased
$127,000 or 6.0% to $2.2 million as compared to $2.1 million for the same
period in 2012.Net interest income increased $335,000 or 4.0% to $8.7 million
for the year ended December 31, 2013 as compared to $8.3 million for the same
period in 2012. The increase in net interest income for the three months ended
December 31, 2013 reflected an increase in interest income of $166,000 offset
by a $39,000 increase in interest expense. The increase in interest income for
the year ended December 31, 2013 reflected an increase in interest income of
$334,000 combined with a $1,000 decrease in interest expense.
The provision for loan losses amounted to $23,000 and $92,000 for the three
months and year ended December 31, 2013, respectively.At December 31, 2013,
the Company's total nonperforming assets and troubled debt restructurings
amounted to $474,000 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 $162,000 and $719,000 for the three
months and year ended December 31, 2012, respectively, to $227,000 and
$858,000, respectively, for the comparable periods in 2013.The increases
primarily reflected an increase in customer service fees and other operating
Non-interest expense was $1.1 million and $4.4 million for both the three
months and years ended December 31, 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-chartered
FDIC-insured commercial bank serving Minden and the surrounding areas of
northwest Louisiana from two banking offices.The Bank converted to a
Louisiana-charted commercial bank from a Louisiana-chartered building and loan
association on February 5, 2014.
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
December 31, December 31,
Total assets $ 288,880 $ 276,491
Cash and cash equivalents 36,505 34,290
Investment securities 89,276 88,188
Loans receivable – net 156,204 146,481
Deposits 245,474 233,963
Total stockholders' equity 41,646 40,325
MINDEN BANCORP, INC.
UNAUDITED SELECTED CONSOLIDATED OPERATING DATA
(In thousands, except for per share data)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Interest income, including fees $2,592 $2,426 $9,951 $9,617
Interest expense 343 304 1,281 1,282
Net interest income 2,249 2,122 8,670 8,335
Provision for loan losses 23 30 92 120
Net interest income after provision for loan 2,226 2,092 8,578 8,215
Total non-interest income 227 162 858 719
Total non-interest expenses 1,132 1,081 4,402 4,381
Income before income taxes 1,321 1,173 5,034 4,553
Income tax expense 433 381 1,620 1,518
NET INCOME $888 $792 $3,414 $3,035
EARNINGS PER SHARE
Basic $0.39 $0.35 $1.49 $1.32
Diluted $0.37 $0.32 $1.41 $1.23
CONTACT: Jack E. Byrd, Jr., Chairman/President/CEO
Becky T. Harrell, Treasurer/CFO
Minden Bancorp, Inc. Logo
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