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 28, 2013

  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 3rd QUARTER ENDED SEPTEMBER 30, 2013

 

MINDEN, LA. – October 28, 2013-Minden Bancorp, Inc. (the “Company”) (OTC BB: MDNB) today reported net income for the quarter ended September 30, 2013 of $866,000 or $0.36 per diluted share, as compared to net income of $803,000 or $0.33 per diluted share for the quarter ended September 30, 2012. The $63,000 or 7.8% increase reflects a $91,000 increase in net interest income, a $23,000 increase in non-interest income, a $26,000 increase in non-interest expense and a $6,000 decrease in the provision for loan losses. Income tax expense increased by $31,000 for the quarter ended September 30, 2013 as compared to the quarter ended September 30, 2012 primarily due to increased net income.

 

The Company reported net income of $2.5 million or $1.04 per diluted share for the nine months ended September 30, 2013, an increase of $283,000 or 12.6% as compared to net income of $2.2 million or $0.91 per diluted share for the nine months ended September 30, 2012.

 

Total assets decreased $2.6 million or 0.9% to $273.9 million at September 30, 2013 compared to $276.5 million at December 31, 2012. The decrease primarily reflected a $13.4 million decrease in cash and cash equivalents partially offset by a $2.5 million increase in investment securities and a $9.0 million increase in net loans. Total deposits decreased by $3.3 million or 1.4% to $230.6 million at September 30, 2013. The decrease in deposits reflected normal seasonal withdrawals.

 

Stockholders’ equity increased by $1.1 million or 2.7% to $41.4 million at September 30, 2013 as compared to $40.3 million at December 31, 2012. The increase was in part due to net income of $2.5 million and the exercise of stock options of $254,000 for the nine months ended September 30, 2013. Stockholders’ equity was reduced by other comprehensive loss of $1.3 million and the purchase of treasury stock in the amount of $73,000. Stockholders’ equity per share amounted to $17.42 at September 30, 2013.

 

 
 

Net interest income for the three months ended September 30, 2013 increased $91,000 or 4.3% to $2.2 million as compared to $2.1 million for the same period in 2012. Net interest income increased $208,000 or 3.3% to $6.4 million for the nine months ended September 30, 2013 as compared to $6.2 million for the same period in 2012. The increase in net interest income for the three months ended September 30, 2013 reflected an increase in interest income of $93,000 slightly offset by a $2,000 increase in interest expense. The increase in interest income for the nine months ended September 30, 2013 reflected an increase in interest income of $167,000 combined with a $41,000 decrease in interest expense.

 

The provision for loan losses amounted to $24,000 and $69,000 for the three and nine months ended September 30, 2013, respectively. At September 30, 2013, the Company’s total nonperforming assets and troubled debt restructurings amounted to $595,000 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 $193,000 and $557,000 for the three and nine months ended September 30, 2012, respectively, to $216,000 and $631,000, respectively, for the comparable periods in 2013. The increases primarily reflected an increase in customer service fees.

 

Non-interest expense was $1.1 million and $3.3 million for both the three and nine-month periods ended September 30, 2013 and 2012.

 

The Company also announced that its Board of Directors approved a new stock repurchase plan which provides for the repurchase of up to 150,000 shares, or approximately 6.3% of its issued and outstanding shares of common stock as of September 30, 2013. The shares may be purchased in the open market or in privately negotiated transactions from time to time depending upon market conditions and other factors. Concurrent with this authorization, the Company terminated its second share repurchase program which had 26,188 shares remaining to be repurchased as well as its third share repurchase program which had not yet commenced covering 120,000 shares. Upon completion of the new repurchase program, the Company will have repurchased approximately 10% of its issued and outstanding shares of common stock.

 

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 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, 
   2013   2012 
         
Total assets  $273,926   $276,491 
Cash and cash equivalents   20,925    34,290 
Investment securities   90,644    88,188 
Loans receivable – net   155,476    146,481 
Deposits   230,644    233,963 
Total stockholders' equity   41,429    40,325 

 

 

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2013   2012   2013   2012 
                 
Interest income, including fees  $2,513   $2,420   $7,359   $7,192 
Interest expense   319    317    938    979 
    Net interest income   2,194    2,103    6,421    6,213 
Provision for loan losses   24    30    69    90 
    Net interest income after                     
    provision for loan loss   2,170    2,073    6,352    6,123 
Total non-interest income   216    193    631    557 
Total non-interest expenses   1,095    1,069    3,270    3,299 
    Income before income taxes   1,291    1,197    3,713    3,381 
Income tax expense   425    394    1,186    1,137 
    NET INCOME  $866   $803   $2,527   $2,244 
                     
   EARNINGS PER SHARE                    
      Basic  $0.38   $0.35   $1.10   $0.98 
      Diluted  $0.36   $0.33   $1.04   $0.91 

 

 
 


The following information was filed by Minden Bancorp, Inc. (MDNB) on Monday, October 28, 2013 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.

View differences made from one quarter to another to evaluate Minden Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Minden Bancorp, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account