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TheStreet Open House

First Advantage Bancorp Reports Second Quarter 2012 Results

Stocks in this article: FABK

CLARKSVILLE, Tenn., Aug. 13, 2012 (GLOBE NEWSWIRE) -- First Advantage Bancorp (the "Company") (Nasdaq:FABK), the holding company for First Advantage Bank (the "Bank"), today announced its results of operations for the three and six months ended June 30, 2012. The Company's net income for the three months ended June 30, 2012, was $595,000 compared to $486,000 for the same period in 2011. For the six months ended June 30, 2012 net income was $1.5 million compared to net income of $844,000 for the six months ended June 30, 2011. 

Basic earnings per share for the three months ended June 30, 2012 was $0.15 compared to $0.12 for the three months ended June 30, 2011. Diluted earnings per share for the three months ended June 30, 2012 amounted to $0.14 compared to $0.11 for the three months ended June 30, 2011. Basic earnings per share for the six months ended June 30, 2012 was $0.38 compared to $0.21 for the six months ended June 30, 2011. Diluted earnings per share for the six months ended June 30, 2012 amounted to $0.36 compared to $0.20 for the six months ended June 30, 2011.

Results for the first six months of 2012 were positively impacted by a gain of $474,000 ($293,000 after tax) realized during the first quarter of 2012 on the sale of certain investment securities classified as available-for-sale related to investments in pooled trust preferred securities ("PreTSLs"). Excluding the effect of these investment gains, adjusted net income would have been approximately $1.2 million for the six months ended June 30, 2012. Adjusted basic earnings per share would have been approximately $0.31 and adjusted diluted earnings per share would have been approximately $0.29 for the six months ended June 30, 2012. (See reconciliation of net income and earnings per share to adjusted net income and adjusted earnings per share, both non-GAAP measures, later in this release.)

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