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SP Bancorp, Inc. Announces Financial Results For The Third Quarter Of 2010

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, .

"We are very pleased that in our last full quarter as a mutual savings bank, SharePlus continued to show growth in both loans and deposits, while asset quality continues to improve," said Jeff Weaver, President and Chief Executive Officer. "Our mortgage production was excellent in the quarter and our commercial lending unit continued to make steady progress in growing that portfolio. We are excited about the conversion and the Company's initial public offering, which closed on October 29, 2010 and marked a new chapter in the 52-year history of our company."

Performance Highlights

  • 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.

Results of Operations for the Three and Nine Months Ended September 30, 2010 and 2009

The increase in net income for the quarter ended September 30, 2010 reflected a slight increase of $77,000 in net interest income for the 2010 quarter, a $167,000 decrease in the provision for loan losses and a $246,000 increase in noninterest income, partially offset by a $240,000 increase in noninterest expense and an $84,000 increase in income tax expense.

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