This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SP Bancorp, Inc. Announces Increased Earnings For The 4th Quarter And Year Of 2010

Net loans increased by $20.6 million, or 12.0%, to $191.1 million at December 31, 2010 from $170.5 million at December 31, 2009, as a result of funds provided by sale of our common stock and new customer deposits.  Our one- to four-family residential mortgage loans increased $15.8 million to $140.3 million at December 31, 2010 from $124.5 million at December 31, 2009, due primarily to new loan originations. In addition, our commercial real estate portfolio increased $6.7 million to $29.3 million at December 31, 2010. In contrast, consumer loans decreased $2.1 million to $20.4 million at December 31, 2010 from $22.5 million at December 31, 2009.

Deposits increased by $15.6 million, or 9.1%, to $188.2 million at December 31, 2010 from $172.6 million at December 31, 2009. The increase resulted primarily from deposit inflows from existing customers, as well as commercial deposit growth.

Federal Home Loan Bank advances remained unchanged at $16.0 million at December 31, 2010. 

Stockholders' equity was $32.1 million and $17.3 million at December 31, 2010 and 2009, respectively. For the twelve months ended December 31, 2010, we recorded net income of $524,000 and raised $14.5 million from our stock offering completed in October 2010, partially offset by accumulated other comprehensive losses of $172,000 during 2010.

On October 29, 2010, Share Plus Federal Bank completed its conversion from a federal mutual savings bank to a capital stock savings bank. A new holding company, SP Bancorp, Inc., was established as part of the conversion. The public offering was consummated through the sale and issuance by SP Bancorp, Inc. of 1,725,000 shares of common stock at $10 per share. Net proceeds of $14.5 million were raised in the stock offering, after deduction of conversion costs of $1.9 million and excluding $828,000 which was loaned by the Company to a trust for the Employee Stock Ownership Plan (the "ESOP"). The Bank's ESOP is authorized to purchase up to 138,000 shares of common stock. The ESOP purchased 67,750 of those shares in the offering and 16,030 in the open market through December 31, 2010. The remaining 54,220 shares are expected to be purchased in the near term.

4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs