First Advantage Bancorp Announces 2010 Third Quarter Earnings
CLARKSVILLE, Tenn., Nov. 10, 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 nine months ended September 30, 2010. Net income for the three months ended September 30, 2010 was $472,000, compared to net income of $390,000 for the same period in 2009. For the nine months ended September 30, 2010 net income was $1.1 million, compared to net income of $700,000, for the nine months ended September 30, 2009.
Basic and diluted earnings per share for the three months ended September 30, 2010 amounted to $0.11, compared to $0.09 per basic and diluted share for the three months ended September 30, 2009. Basic and diluted earnings per share for the nine months ended September 30, 2010 amounted to $0.26 compared to $0.16 per basic share and $0.15 per diluted share for the nine months ended September 30, 2009.
"I am proud that our net income has grown by 61.4% when comparing the first nine months of 2010 to the same period last year, particularly given the uncertain environment in which banks continue to operate. Our earnings growth has primarily been fueled by the growth in our net interest margin from 3.33% to 3.80% over the past twelve months. During that same time period we increased our non-interest income slightly, while holding non-interest expense growth to just 2.78%. Our management team will continue to focus on asset quality and prudent balance sheet strategies as we strive to build value for our shareholders and serve our community," said Earl O. Bradley, III, Chief Executive Officer of the Company.Dividend Declared As previously announced, the Board of Directors of the Company, at its October 20, 2010 meeting, declared a quarterly cash dividend of $0.05 per common share. The dividend is payable on or about November 12, 2010 to stockholders of record as of the close of business on November 1, 2010.
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