Exhibit 99.1

 

MINDEN BANCORP, INC.

100 MBL BANK DRIVE

MINDEN, LOUISIANA 71055

_____________________________________

318-377-0523 TELEPHONE

318-377-0038 FAX

www.mblminden.com

 

 

PRESS RELEASE

 

Release Date:

October 29, 2012

  For Further Information:
  Jack E. Byrd, Jr., Chairman/President/CEO
  318-371-4156
  E-mail: jack@mblminden.com
   
  or
   
  Becky T. Harrell, Treasurer/CFO
  318-371-4123
  E-mail: becky@mblminden.com

 

 

MINDEN BANCORP, INC. REPORTS RESULTS OF OPERATIONS

FOR THE QUARTER ENDED SEPTEMBER 30, 2012

 

MINDEN, LA. – October 29, 2012-Minden Bancorp, Inc. (the “Company”) (OTC BB: MDNB) today reported net income for the quarter ended September 30, 2012 of $803,000 or $0.33 per diluted share, as compared to net income of $678,000 or $0.27 per diluted share for the quarter ended September 30, 2011. The $125,000 or 18.4% increase reflects a $138,000 increase in net interest income and a decrease in non-interest expense of $99,000 offset partially by a $61,000 decrease in non-interest income and by an increase of $51,000 in the provision for income taxes.

 

The Company reported net income of $2.2 million or $0.91 per diluted share for the nine months ended September 30, 2012, an increase of $160,000 or 7.7% as compared to net income of $2.1 million or $0.83 per diluted share for the nine months ended September 30, 2011.

 

Total assets decreased $5.9 million or 2.2% to $258.7 million at September 30, 2012 compared to $264.6 million at December 31, 2011. The decrease primarily reflected a $29.5 million decrease in cash and cash equivalents, partially offset by a $13.7 million or 18.8% increase in investment securities and a $10.0 million or 7.6% increase in net loans. The Company continued its efforts to expand its loan portfolio during the first nine months of 2012. Total deposits decreased by $7.8 million or 3.5% to $215.9 million at September 30, 2012. The decrease in deposits reflected normal seasonal withdrawals.

 

Stockholders’ equity increased by $1.3 million or 3.4% to $40.3 million at September 30, 2012 as compared to $39.0 million at December 31, 2011. The increase was in part due to net income of $2.2 million and a net increase in unrealized gain on securities available for sale of $569,000 for the nine months ended September 30, 2012. Stockholders’ equity was reduced by dividends paid of $541,000, the purchase of shares in the amount of $335,000 for the Company’s Recognition and Retention Plan, and purchase of treasury stock for $903,000. Stockholders’ equity amounted to $17.03 per share at September 30, 2012.

 
 

 

Net interest income for the three months ended September 30, 2012 increased $138,000 or 7.0% to $2.1 million as compared to $2.0 million for the same period in 2011. Net interest income increased $500,000 or 8.8% to $6.2 million for the nine months ended September 30, 2012 as compared to $5.7 million for the same period in 2011. The increase in net interest income for the three and nine month periods ended September 30, 2012 reflected an increase in interest income of $90,000 and $317,000, respectively, primarily due to loan growth combined with $48,000 and $183,000 decreases in interest expense for the three and nine months ended September 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 $90,000 for the three months and nine months ended September 30, 2012, respectively. At September 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 $254,000 and $880,000 for the three and nine months ended September 30, 2011, to $193,000 and $557,000 for the comparable periods in 2012. Non-interest income for the nine months ended September, 2011 includes a gain on sale of assets of $179,000 as compared to $1,000 for the nine months ended September 30, 2012. There were no sales of investment securities for the nine months ended September 30, 2012 as compared to the sale of $18.4 million of investment securities during the nine months ended September 30, 2011.

 

Non-interest expense was $1.1 million and $3.3 million for the three and nine months ended September 30, 2012, respectively, as compared to $1.2 million and $3.3 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-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 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

(In thousands)

 

   September 30,   December 31, 
   2012   2011 
           
Total assets  $258,673   $264,598 
Cash and cash equivalents   22,951    52,407 
Investment securities   86,636    72,955 
Loans receivable - net   141,437    131,454 
Deposits   215,872    223,713 
Total stockholders' equity   40,345    39,030 

 

 

 

 

MINDEN BANCORP, INC.

UNAUDITED SELECTED CONSOLIDATED OPERATING DATA

(In thousands, except for per share data)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2012   2011   2012   2011 
                 
Interest income, including fees  $2,420   $2,330   $7,192   $6,875 
Interest expense   317    365    979    1,162 
   Net interest income   2,103    1,965    6,213    5,713 
Provision for loan losses   30    30    90    90 
   Net interest income after                     
   provision for loan loss   2,073    1,935    6,123    5,623 
Total non-interest income   193    254    557    880 
Total non-interest expenses   1,069    1,168    3,299    3,345 
   Income before income taxes   1,197    1,021    3,381    3,158 
Income tax expense   394    343    1,137    1,074 
   NET INCOME  $803   $678   $2,244   $2,084 
                     
  EARNINGS PER SHARE                    
     Basic  $0.35   $0.29   $0.98   $0.89 
     Diluted  $0.33   $0.27   $0.91   $0.83 

 

 

 
 


The following information was filed by Minden Bancorp, Inc. (MDNB) on Monday, October 29, 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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