2012 Fourth Quarter and Year End Highlights
- Net income decreased to $1.1 million compared to $3.3 million (including a $2.3 million reversal of the valuation allowance for the deferred tax asset) in the preceding quarter of 2012, and increased from $312,000 for the comparable quarter one year ago;
- Net income increased to $5.3 million for the year ended December 31, 2012 compared to $1.5 million for the year ended December 31, 2011;
- Earnings per diluted share were $0.36 for the fourth quarter 2012 compared to $1.03 for the prior quarter;
- Net interest margin increased to 5.52% compared to 5.39% for the preceding quarter and increased from 5.20% for the comparable quarter one year ago;
- Originations were $23.9 million and $64.2 million of construction and one-to-four family residential loans, respectively, during the quarter compared to $14.0 million and $44.2 million in the prior quarter;
- Total non-performing assets decreased $376,000, or 8.5% to $4.1 million at December 31, 2012 compared to $4.4 million at September 30, 2012 and $6.9 million at December 31, 2011;
- The ratio of non-performing assets to total assets improved to 1.1% at December 31, 2012 compared to 1.3% at September 30, 2012 and 2.4% at December 31, 2011; and
- Capital levels at the Bank reflect Total Risk-Based Capital of 16.0% and a Tier 1 Leverage Capital Ratio of 13.3% as of December 31, 2012 compared to 12.3% and 9.3% as of December 31, 2011, respectively.
Balance Sheet and Credit Quality
Total assets increased to $359.0 million at December 31, 2012 compared to $341.2 million at September 30, 2012 and $283.8 million at December 31, 2011. The increase in total assets from September 30, 2012 was primarily due to increases in net loans receivable of $15.8 million, and securities available-for-sale of $4.5 million offset by a $2.8 million decrease in total cash and cash equivalents. The increase in assets from December 31, 2011 was primarily due to increases in net loans receivable of $57.8 million, securities of $16.4 million and loans held for sale of $8.9 million offset by a $9.8 million decrease in total cash and cash equivalents.
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