MINDEN, La., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (OTCBB:MDNB) today reported net income for the quarter ended December 31, 2010 of $497,000 or $0.35 per diluted share, as compared to net income of $532,000 or $0.38 per diluted share for the quarter ended December 31, 2009. The $35,000 or 6.6% decrease primarily reflects the effects of a $265,000 increase in the provision for loan losses combined with a $66,000 increase in non-interest expense partially offset by increases of $235,000 in net interest income and $81,000 in non-interest income.
For the year ended December 31, 2010, Minden Bancorp reported net income of $2.3 million or $1.59 per diluted share, as compared to $137,000 or $0.10 per diluted share for the year ended December 31, 2009. The $2.1 million increase reflects a $681,000 or 10.6% increase in net interest income as well as a $59,000 increase in non-interest income. Net income was substantially higher for fiscal 2010 because the Company's results for fiscal 2009 included the recognition of $2.8 million of impairment charges related to its investment in a mutual fund.
The per share amounts reflected herein do not reflect the completion on January 4, 2011 of the conversion of MBL Bank from the mutual holding company form of organization to the stock holding company form of organization and the concurrent public stock offering.As a result of the conversion and offering, the newly formed holding company for MBL Bank, Minden Bancorp, Inc., a Louisiana corporation, became the holding company for MBL Bank, and Minden Mutual Holding Company and existing Minden Bancorp, Inc., a federal corporation, ceased to exist. As part of the conversion, each share of old Minden Bancorp common stock (other than shares owned by Minden Mutual Holding Company and treasury stock) was converted into the right to receive 1.7427 shares of new Minden Bancorp common stock.
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