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Simplicity Bancorp, Inc. Announces Second Quarter Earnings

Stocks in this article: SMPL

COVINA, Calif., Feb. 4, 2013 (GLOBE NEWSWIRE) -- Simplicity Bancorp, Inc. (the "Company") (Nasdaq:SMPL), (formerly known as Kaiser Federal Financial Group, Inc.), the holding company for Simplicity Bank (the "Bank"), (formerly known as Kaiser Federal Bank), reported net income of $1.1 million, or $0.13 per diluted share for the quarter ended December 31, 2012 and $2.5 million, or $0.30 per diluted share for the six months then ended. This compares to net income of $2.0 million, or $0.22 per diluted share for the quarter ended December 31, 2011 and $4.1 million, or $0.45 per diluted share for the six months then ended. The decrease in net income for the quarter and six months ended December 31, 2012 was due primarily to an increase in noninterest expense and provision for loan losses, and a decrease in net interest income partially offset by an increase in noninterest income.

Effective November 13, 2012, the Bank was renamed Simplicity Bank and the Company changed its name to Simplicity Bancorp, Inc. with its trading symbol changing to SMPL. "With a renewed vision and a fresh look, the new name will eliminate any confusion that may have been experienced by potential customers in our markets and will differentiate the Bank from our competitors," said Dustin Luton, President and Chief Executive Officer. Luton continued, "In conjunction with the name change, we are launching an extensive branding campaign which will include signage, branch remodeling, advertising and training. The integrated campaign will help to align our new name with our commitment, as Simplicity Bank, to deliver exceptional service and convenience through better technology and enhanced service capacity to our customers and the communities we serve. In the meantime, we continue to invest in the long term value of the Company through our stock repurchase programs."

On October 29, 2012, the Company announced that its Board of Directors authorized the third stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its issued and outstanding shares or up to approximately 434,732 shares. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital.

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