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Simplicity Bancorp, Inc. Announces Second Quarter Earnings

Stocks in this article: SMPL

Total assets declined to $889.4 million at December 31, 2012 from $923.3 million at June 30, 2012 due primarily to a decrease in gross loans receivable, partially offset by an increase in loans held for sale, securities available for sale, and cash and cash equivalents. Gross loans receivable combined with loans held for sale decreased $44.5 million, or 5.8%, to $727.7 million at December 31, 2012 from $772.2 million at June 30, 2012. The decline was primarily attributable to principal repayments and payoffs in addition to the sale of newly originated conforming fixed rate loans. Securities available-for-sale increased to $64.1 million at December 31, 2012 from $53.4 million at June 30, 2012 due to the purchase of $20.7 million in agency mortgage-backed securities, partially offset by $10.3 million in maturities, principal repayments and amortization. 

Total stockholders' equity represented 16.80% of total assets and decreased to $149.4 million at December 31, 2012 from $154.1 million at June 30, 2012. The decrease in stockholders' equity was primarily attributable to shares repurchased during the quarter ended December 31, 2012 pursuant to the second and third stock repurchase programs previously announced as well as cash dividends paid of $665,000, partially offset by an increase in retained earnings. For the three months ended December 31, 2012, the Company repurchased 243,237 shares at an aggregate cost of $3.6 million with a weighted average price of $14.87 per share. For the six months ended December 31, 2012, the Company repurchased 436,770 shares at an aggregate cost of $6.5 million with a weighted average price of $14.95 per share. The Company repurchased all shares authorized under the second stock repurchase program during the three months ended December 31, 2012. There are 288,145 shares remaining under the third authorized stock repurchase program. Currently, the Bank meets all regulatory capital requirements established by bank regulators in order to be classified as a "well-capitalized" bank.

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