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, respectively.
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 at http://www.mblbank.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|
|March 31,||December 31,|
|Total assets||$ 286,241||$ 288,880|
|Cash and cash equivalents||19,998||36,505|
|Loans receivable – net||158,223||156,204|
|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|
|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|
Source:Minden Bancorp, Inc.