PLANO, Texas, Nov. 15, 2010 (GLOBE NEWSWIRE) -- SP Bancorp, Inc. (Nasdaq:SPBC) (the "Company"), the holding company for SharePlus Federal Bank (the "Bank"), announced today the Bank's financial results for the quarter ended September 30, 2010. Continued growth in both assets and core earnings, coupled with improving asset quality, highlighted the Company's results this quarter. Detailed results for the quarter will be available in the Company's Quarterly Report on Form 10-Q, which is expected to be filed today and posted on the Company's website, www.shareplus.com .
- Quarterly net income increased by $166,000, or 204.9%: Net income for the three months ended September 30, 2010, increased by $166,000, or 204.9%, to $247,000, compared to $81,000 for the three months ended September 30, 2009.
- Return on Assets and Return on Equity improves: Annualized return on average assets for the quarter ended September 30, 2010 totaled 0.43%, compared to 0.16% for the quarter ended September 30, 2009. Return on average equity was 5.70% on an annualized basis for the current quarter, compared to 1.90% for the quarter ended September 30, 2009.
- NPA ratio improved over prior quarter: Our nonperforming assets to total assets ratio was 1.91% at September 30, 2010, outperforming the SNL Bank and Thrift industry index ratio of 2.45%, and down from 2.87% at June 30, 2010.
- Net charge-offs remain less than 0.5% of average loans outstanding: Net charge-offs for the nine months ended September 30, 2010 totaled $252,000 or 0.20% on an annualized basis to average loans outstanding.
- Continued loan growth: Increased mortgage production caused gross loans (including loans held for sale) to increase by $12.4 million, or 7.2%, from December 31, 2009.
- Deposit growth of $25.6 million: Deposits increased by $25.6 million, or 14.8%, from December 31, 2009, fueled by money market and CD accounts, as well as deposits related to the Bank's recent mutual-to-stock conversion.