Minden Bancorp, Inc. Reports Results of Operations for the 1st Quarter Ended
March 31, 2014
MINDEN, La., April 29, 2014 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the
"Company") (OTCBB:MDNB) today reported net income for the quarter ended March
31, 2014 of $929,000 or $0.39 per diluted share, as compared to net income of
$792,000 or $0.33 per diluted share for the quarter ended March 31, 2013. The
$137,000 or 17.3% increase reflects a $187,000 increase in net interest
income, a $74,000 increase in non-interest income, and an $8,000 decrease in
the provision for loan losses, partially offset by increases in non-interest
expense and the provision for income taxes of $65,000 and $67,000,
Total assets decreased $2.6 million or 0.9% to $286.2 million at March 31,
2014 compared to $288.9 million at December 31, 2013. The decrease primarily
reflected a $16.5 million decrease in cash and cash equivalents offset by a
$2.0 million increase in net loans and a $11.9 million increase in investment
securities. Total deposits decreased by $3.8 million or 1.5% to $241.7 million
at March 31, 2014. The decrease reflected normal seasonal withdrawals.
Stockholders' equity increased by $950,000 or 2.3% to $42.6 million at March
31, 2014 as compared to $41.6 million at December 31, 2013. The increase was
in part due to net income of $929,000 and the reduction in the net loss in
other comprehensive loss of $203,000 partially offset by a dividend payment of
$223,000. Stockholders' equity amounted to $18.11 per share at March 31, 2014.
Net interest income for the three months ended March 31, 2014 increased
$187,000 or 9.0% to $2.3 million as compared to $2.1 million for the same
period in 2013. The increase in net interest income for the three months ended
March 31, 2014 reflected an increase in interest income of $217,000 offset by
a $30,000 increase in interest expense. Interest income variances primarily
reflect the continued growth of our loan and investment portfolios.
The provision for loan losses amounted to $14,000 for the three months ended
March 31, 2014. At March 31, 2014, the Company's total nonperforming assets
and troubled debt restructurings amounted to $464,000 or 0.2% of total assets
as compared to $473,000 or 0.2% at December 31, 2013.
Total non-interest income increased from $201,000 for the three months ended
March 31, 2013 to $275,000 for the three months ended March 31, 2014. The
increase primarily reflects an increase in customer service fees.
Non-interest expense increased $65,000 or 6.1% to $1.1 million for the three
months ended March 31, 2014.
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 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
March 31, December 31,
Total assets $286,241 $288,880
Cash and cash equivalents 19,998 36,505
Investment securities 101,214 89,276
Loans receivable – net 158,223 156,204
Deposits 241,694 245,474
Total stockholders' equity 42,596 41,646
MINDEN BANCORP, INC.
UNAUDITED SELECTED CONSOLIDATED OPERATING DATA
(In thousands, except for per share data)
Three Months Ended
Interest income, including fees $2,595 $2,378
Interest expense 339 309
Net interest income 2,256 2,069
Provision for loan losses 14 22
Net interest income after provision for loan loss 2,242 2,047
Total non-interest income 275 201
Total non-interest expenses 1,126 1,061
Income before income taxes 1,391 1,187
Income tax expense 462 395
NET INCOME $929 $792
EARNINGS PER SHARE
Basic $0.41 $0.35
Diluted $0.39 $0.33
CONTACT: Jack E. Byrd, Jr., Chairman/President/CEO
Becky T. Harrell, Treasurer/CFO
Minden Bancorp, Inc. Logo
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