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."
- 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 $514,000 for the six months ended June 30, 2012.
|SP BANCORP, INC.|
|Three Months Ended June 30,||Six Months Ended June 30,|
|(In thousands, except per share amounts)|
|SELECTED OPERATING DATA:|
|Interest income||$ 2,923||$ 2,758||$ 5,815||$ 5,512|
|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|
|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|
|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|
|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|
|(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%|
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