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MINDEN BANCORP, INC.
100 MBL BANK DRIVE
MINDEN, LOUISIANA 71055
July 30, 2012
|For Further Information:|
|Jack E. Byrd, Jr., Chairman/President/CEO|
|Becky T. Harrell, Treasurer/CFO|
MINDEN BANCORP, INC. REPORTS RESULTS OF OPERATIONS
FOR THE QUARTER ENDED JUNE 30, 2012
MINDEN, LA. – July 30, 2012-Minden Bancorp, Inc. (the “Company”) (OTC BB: MDNB) today reported net income for the quarter ended June 30, 2012 of $755,000 or $0.31 per diluted share, as compared to net income of $669,000 or $0.27 per diluted share for the quarter ended June 30, 2011. The $86,000 or 12.9% increase reflects a $157,000 increase in net interest income offset partially by a $50,000 decrease in non-interest income and by an increase of $29,000 in the provision for income taxes.
The Company reported net income of $1.44 million or $0.59 per diluted share for the six months ended June 30, 2012, an increase of $35,000 or 2.5% as compared to net income of $1.41 million or $0.57 per diluted share for the six months ended June 30, 2011.
Total assets decreased $7.8 million or 3.0% to $256.8 million at June 30, 2012 compared to $264.6 million at December 31, 2011. The decrease primarily reflected a $30.9 million decrease in cash and cash equivalents, partially offset by a $16.6 million or 22.7% increase in investment securities and a $6.6 million or 5.1% increase in net loans. The Company continued its efforts to expand its loan portfolio during the first six months of 2012. Total deposits decreased by $8.2 million or 3.7% to $215.5 million at June 30, 2012. The decrease in deposits reflected normal seasonal withdrawals.
Stockholders’ equity increased by $272,000 or 0.7% to $39.3 million at June 30, 2012 as compared to $39.0 million at December 31, 2011. The increase was in part due to net income of $1.4 million and a net increase in unrealized gain on securities available for sale of $223,000 for the six months ended June 30, 2012. Stockholders’ equity was reduced by dividends paid of $363,000, the purchase of shares in the amount of $277,000 for the Company’s Recognition and Retention Plan, and purchase of treasury stock for $870,000. Stockholders’ equity amounted to $16.65 per share at June 30, 2012.
Net interest income for the three months ended June 30, 2012 increased $157,000 or 8.1% to $2.1 million as compared to $1.9 million for the same period in 2011. Net interest income increased $361,000 or 9.6% to $4.1 million for the six months ended June 30, 2012 as compared to $3.7 million for the same period in 2011. The increase in net interest income for the three and six month periods ended June 30, 2012 reflected an increase in interest income of $106,000 and $226,000, respectively, primarily due to loan growth combined with $51,000 and $135,000 decreases in interest expense for the three and six months ended June 30, 2012. Decreases in interest expense reflect 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 $60,000 for the three months and six months ended June 30, 2012, respectively. At June 30, 2012, the Company’s total nonperforming assets and troubled debt restructurings amounted to $1.3 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 $244,000 and $627,000 for the three and six months ended June 30, 2011, to $194,000 and $364,000 for the comparable periods in 2012. Non-interest income for the six months ended June 30, 2011 includes a gain on sale of assets of $179,000. There were no sales of investment securities for the six months ended June 30, 2012 as compared to the sale of $18.4 million of investment securities during the six months ended June 30, 2011.
Non-interest expense was $1.1 million and $2.2 million for the three and six months ended June 30, 2012, respectively, as compared to $1.1 million and $2.2 million for the same periods in 2011.
Minden Bancorp, Inc., headquartered in Minden, Louisiana, is the holding company for MBL Bank. The Bank is a 102 year old Louisiana-chartered FDIC-insured thrift serving Minden and the surrounding areas of northwest Louisiana from two full-service 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 at http://www.mblminden.com/.
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,|
|Cash and cash equivalents||21,537||52,407|
|Loans receivable - net||138,102||131,454|
|Total stockholders' equity||39,302||39,030|
MINDEN BANCORP, INC.
UNAUDITED SELECTED CONSOLIDATED OPERATING DATA
(In thousands, except for per share data)
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Interest income, including fees||$||2,414||$||2,308||$||4,771||$||4,545|
|Net interest income||2,085||1,928||4,109||3,748|
|Provision for loan losses||30||30||60||60|
|Net interest income after|
|provision for loan loss||2,055||1,898||4,049||3,688|
|Total non-interest income||194||244||364||627|
|Total non-interest expenses||1,115||1,123||2,230||2,179|
|Income before income taxes||1,134||1,019||2,183||2,136|
|Income tax expense||379||350||742||730|
|EARNINGS PER SHARE|
The following information was filed by Minden Bancorp, Inc. (MDNB) on Monday, July 30, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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