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SP Bancorp, Inc. Reports Second Quarter 2012 Financial Results

Stocks in this article: SPBC

PLANO, Texas, Aug. 13, 2012 (GLOBE NEWSWIRE) -- SP Bancorp, Inc. (Nasdaq:SPBC) (the "Company"), the holding company for SharePlus Federal Bank (the "Bank"), today announced financial results for the Company's second quarter ended June 30, 2012. Net income was $235,000, or 15 cents per share, for the second quarter of 2012.

"We are again pleased with the continued growth in our core earnings as well as the strong mortgage and commercial loan volumes in the second quarter," said President and CEO Jeff Weaver. "Our net income increased 7.8% and earnings per share increased 15.4%, compared to the same period in 2011. This included increases in net interest income and revenue from the sales of mortgage loans, which were partially offset by credit costs as reflected in both provision for loan losses and other noninterest expense. We continue to produce increased shareholder returns, while working through a few problem assets and simultaneously increasing our reserves."

PERFORMANCE HIGHLIGHTS

  • Second quarter net income increased by $17,000 or 7.8%:  Net income increased to $235,000 for the three months ended June 30, 2012, compared to $218,000 for the three months ended June 30, 2011.  
  • Net interest income for the quarter increased by $271,000 or 11.9%:  Net interest income for the three months ended June 30, 2012 increased to $2.6 million, compared to $2.3 million for the three months ended June 30, 2011.  
  • Second quarter noninterest income increased by $239,000:  Noninterest income for the three months ended June 30, 2012 increased to $1.1 million, compared to $885,000 for the three months ended June 30, 2011.  
  • Deposits increased $14.5 million or 6.8% over the December 2011 balances : Deposits increased to $226.4 million at June 30, 2012 from $211.9 million at December 31, 2011. Additional deposits from existing consumer and business customers accounted for the majority of the increase.  
  • Stockholders' equity remained strong:  The Company reported $32.9 million in stockholders' equity at June 30, 2012, a decrease of $201,000, compared to $33.1 million at December 31, 2011.  Stockholders' equity declined primarily as a result of repurchases of common stock of $312,000 and ESOP shares purchased in the open market of $373,000, partially offset by net income of $514,000 for the six months ended June 30, 2012.
SP BANCORP, INC.        
FINANCIAL RESULTS        
         
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
    (Unaudited)
  (In thousands, except per share amounts)
   
SELECTED OPERATING DATA:        
         
Interest income  $ 2,923  $ 2,758  $ 5,815  $ 5,512
Interest expense 372 478 744 929
Net interest income 2,551 2,280 5,071 4,583
Provision for loan losses 215 291 702 411
Net interest income after provision for loan losses 2,336 1,989 4,369 4,172
Noninterest income 1,124 885 2,226 1,578
Noninterest expense 3,159 2,592 5,932 5,167
Income before income tax expense  301 282 663 583
Income tax expense  66 64 149 148
Net income   $ 235  $ 218  $ 514  $ 435
Basic and diluted earnings per share  $ 0.15 $ 0.13 $ 0.32 $ 0.27
     
SP BANCORP, INC.    
FINANCIAL RESULTS - CONTINUED    
     
  June 30, 2012 December 31, 2011
  (Unaudited)
   (In thousands)
     
SELECTED FINANCIAL CONDITION DATA:    
     
Total assets  $ 270,729  $ 272,959
Total cash and cash equivalents 6,933 9,928
Securities available for sale, at fair value 16,296 25,097
Loans held for sale 9,938 4,884
Loans, net 218,485 212,688
Other real estate owned 1,756 1,824
Premises and equipment, net 4,300 4,346
FHLB of Dallas stock and other restricted stock, at cost 1,315 2,020
Bank-owned life insurance 7,307 6,193
Other assets (1) 4,399 5,979
Deposits 226,397 211,934
Borrowings 9,045 25,978
Stockholders' equity  32,926 33,127
     
(1) Includes fixed annuity investment, accrued interest receivable, deferred tax assets and other assets.
     
Asset Quality Ratios:    
     
Nonperforming loans to total loans, including loans held for sale 3.11% 3.21%
Nonperforming assets to total assets 3.29% 3.24%
Allowance for loan losses to nonperforming loans at end of period 30.56% 24.96%
Allowance for loan losses to total loans, including loans held for sale at end of period 0.95% 0.80%

SP BANCORP, INC.

RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 2012 AND 2011

The increase in net income for the quarter ended June 30, 2012 reflected an increase of $271,000 in net interest income and $239,000 in noninterest income, partially offset by an increase in noninterest expense of $567,000.

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