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

The SP Bancorp, Inc. logo is available at

Forward-Looking Statement

This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. The Bank and Company intend that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Bank or Company or any other person that results expressed therein will be achieved. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information of future events.

SharePlus Federal Bank Financial Highlights    
  At  At
  September 30, December 31,
  2010 2009
   (In thousands)
Selected Financial Condition Data:    
Total assets  $ 233,854 $ 208,132
Total cash and cash equivalents 25,336 11,717
Securities available for sale, at fair value 12,945 13,492
Loans held for sale 6,692 932
Loans, net 176,219 170,535
Premises and equipment, net 4,730 4,905
Federal Home Loan Bank of Dallas stock    
 and other restricted stock, at cost 1,002 1,655
Other assets (1) 6,930 4,896
Deposits 198,163 172,591
Borrowings 15,989 15,995
Equity capital 17,556 17,262
(1) Includes fixed annuity investment, accrued interest receivable, deferred tax assets and other assets.
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2010 2009 2010 2009
  (Unaudited) (Unaudited)
    (In thousands)  
Selected Operating Data:        
Interest income  $ 2,607  $ 2,665  $ 7,682  $ 7,891
Interest expense 523 658 1,635 2,135
 Net interest income 2,084 2,007 6,047 5,756
Provision for loan losses 134 301 1,305 499
 Net interest income after         
 provision for loan losses 1,950 1,706 4,742 5,257
Noninterest income 770 524 1,951 1,756
Noninterest expense 2,322 2,082 6,376 6,453
Income before taxes 398 148 317 560
Income tax expense 151 67 112 229
 Net income  $ 247  $ 81  $ 205  $ 331
Asset Quality Ratios:        
Non-performing loans to total loans 2.51% 1.95% 2.51% 1.95%
Non-performing assets to total assets 1.91% 1.68% 1.91% 1.68%
Annualized net charge-offs to average         
 loans outstanding  0.24% 0.18% 0.20% 0.17%
Allowance for loan losses to non-        
 performing loans at end of period 44.80% 23.41% 44.80% 23.41%
Allowance for loan losses to total loans        
 at end of period 1.12% 0.46% 1.12% 0.46%
CONTACT:  SP Bancorp, Inc.
          Jeffrey Weaver, President and CEO
          (972) 931-5311
          5224 W. Plano Parkway
          Plano, TX 75093

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