CLARKSVILLE, Tenn., Feb. 14, 2011 (GLOBE NEWSWIRE) -- First Advantage Bancorp (the "Company") (Nasdaq:FABK), the holding company of First Federal Savings Bank (the "Bank"), announced net income of $1.7 million, or $0.39 per diluted share, for the year ended December 31, 2010 and net income of $566,000, or $0.14 per diluted share, for the quarter ended December 31, 2010, compared to net income of $360,000, or $0.08 per diluted share, for the year ended December 31, 2009 and net loss of $340,000, or $0.08 per diluted share, for the quarter ended December 31, 2009. Results for year ended and quarter ended December 31, 2009 were significantly impacted by the Company's recognition of non-cash other-than-temporary impairment ("OTTI") charges of $1.1 million pre-tax ($673,000 after-tax) in the fourth quarter of 2009 on the remaining balance of its investment in pooled trust preferred securities.
"First Advantage Bancorp had a solid year of performance in 2010, with earnings increasing 471% over 2009 and the Bank's capital position remaining outstanding with a tier one capital to risk-weighted assets ratio of 18.2% at year end," said Earl O. Bradley, III, Chief Executive Officer. "However, there is no doubt that 2010 was another difficult year for the economy and our management team remains concerned about the effects of the extended economic weakness. Management continues to aggressively work through asset problems that have developed during this challenging economic period and we believe our actions will produce positive results," said Bradley.
CapitalThe Bank continues to maintain favorable capital position and is categorized as "well-capitalized" by regulatory standards. At December 31, 2010, the Bank's total risk-based capital and tier one capital to risk-weighted assets ratios were 19.24% and 18.20%, respectively, and the tier one to adjusted total assets ratio was 13.89%. The minimum ratios required to be categorized as "well capitalized" by regulatory standards are 10.00% for total risk-based capital, 6.00% for tier one capital to risk-weighted assets and 5.00% for tier one to adjusted total assets.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV