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.
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