First Advantage Bancorp Reports 2010 Year End And Fourth Quarter Results
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.
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