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First Advantage Bancorp Reports Second Quarter 2010 Results

CLARKSVILLE, Tenn., Aug. 9, 2010 (GLOBE NEWSWIRE) -- First Advantage Bancorp (the "Company") (Nasdaq:FABK), the holding company for First Federal Savings Bank (the "Bank"), today announced its results of operations for the three and six months ended June 30, 2010. The Company's net income for the three months ended June 30, 2010, was $331,000 compared to $141,000 for the same period in 2009. For the six months ended June 30, 2010 net income was $658,000 compared to net income of $310,000 for the six months ended June 30, 2009. 

Basic and diluted earnings per share for the three months ended June 30, 2010 both amounted to $0.08 compared to $0.03 for the three months ended June 30, 2009. Basic and diluted earnings per share for the six months ended June 30, 2010 amounted to $0.15 compared to $0.07 for the six months ended June 30, 2009.

"We continue to experience strong growth in net income, realizing an increase of 112.3% when comparing this year to the first half of 2009. Management continues to focus on disciplined, balanced lending and deposit gathering and our progress toward those goals is reflected in our year-over-year growth in total loans of 21.4% and total deposits of 4.8%. We are pleased to have also reduced our dependency on borrowed funds by about $13.2 million, or 18.9%, over the same time period. Management will continue to focus on asset quality, prudent growth and strategies aimed at promoting long-term shareholder value," said Earl O. Bradley, III, Chief Executive Officer.    

Net Interest Income

Net interest income increased $542,000, or 21.0%, to $3.1 million for the three months ended June 30, 2010 compared to $2.6 million for the three months ended June 30, 2009, due primarily to reduced interest expense of $345,000, or 21.2%, for the quarter ended June 30, 2010 compared to the quarter ended June 30, 2009. Net interest income increased $950,000, or 18.3%, to $6.1 million for the six months ended June 30, 2010 compared to $5.2 million the six months ended June 30, 2009, due primarily to a reduction of interest expense of $678,000, or 20.4%, for the six months ended June 30, 2010 compared to the six months ended June 30, 2009. The decrease in interest expense was primarily due to lower rates paid to customers on interest-bearing deposits as higher rate, fixed term deposits matured and as market rates declined on interest-bearing transaction accounts. The net interest margin was 3.83% for the three months ended June 30, 2010 compared to 3.27% for the three months ended June 30, 2009. The net interest margin was 3.80% for the six months ended June 30, 2010 compared to 3.30% for the six months ended June 30, 2009.

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