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Simplicity Bancorp, Inc. Announces Second Quarter Earnings

Except for the historical information contained in this press release, the matters discussed may be deemed to be forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties.  Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; changes in the interest rate environment; demand for loans in Simplicity Bank's market area; adverse changes in general economic conditions, either nationally or in Simplicity Bank's market areas; adverse changes within the securities markets; legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiary are engaged; the future earnings and capital levels of Simplicity Bank, which would affect the ability of the Company to pay dividends in accordance with its dividend policies; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings.  Actual strategies and results in future periods may differ materially from those currently expected.  We caution readers not to place undue reliance on forward-looking statements. The Company disclaims any obligation to revise or update any forward-looking statements contained in this release to reflect future events or developments.

 
SIMPLICITY BANCORP, INC.
Selected Financial Data and Ratios (Unaudited)
December 31, 2012
(Dollars in thousands, except per share data)
 
Selected Financial Condition Data and Ratios:  December 31, 2012 June 30, 2012
Total assets $ 889,444 $ 923,330
Gross loans receivable 713,918 772,219
Allowance for loan losses (6,620) (7,502)
Loans held for sale 13,761
Cash and cash equivalents 68,394 66,018
Securities available-for-sale, at fair value 64,054 53,397
Total deposits 674,987 682,889
Borrowings 60,000 80,000
Total stockholders' equity $ 149,409 $ 154,148
Equity to total assets 16.80% 16.69%
Asset Quality Ratios:    
Delinquent loans 60 days or more to total loans 1.25% 1.22%
Non-performing loans to total loans 3.41% 3.29%
Non-performing assets to total assets 2.79% 2.89%
Net charge-offs to average loans outstanding 0.63% 0.55%
Allowance for loan losses to total loans 0.93% 0.97%
Allowance for loan losses to non-performing loans 27.29% 29.54%
     
     
  Three Months Ended December 31 Six Months Ended December 31,
Selected Operating Data and Ratios:  2012 2011 2012 2011
Interest income $ 9,089 $ 10,416 $ 18,930 $ 20,693
Interest expense (2,099) (2,727)  (4,317) (5,594)
Net interest income 6,990 7,689 14,613 15,099
Provision for loan losses (600) (1,450)
Net interest income after provision for loan losses 6,390 7,689 13,163 15,099
Noninterest income 2,014 1,154 3,530 2,232
Noninterest expense  (6,690) (5,554)  (12,780) (10,741)
Income before income tax expense   1,714 3,289  3,913 6,590
Income tax expense  (607) (1,241)  (1,413) (2,489)
Net income $ 1,107 $ 2,048 $ 2,500 $ 4,101
         
Net income per share – basic and diluted $ 0.13 $ 0.22 $ 0.30 $ 0.45
Return on average assets (annualized) 0.49% 0.89% 0.55% 0.91%
Return on average equity (annualized) 2.94% 5.13% 3.29% 5.16%
Net interest margin (annualized) 3.20% 3.49% 3.33% 3.49%
Efficiency ratio 74.30% 62.81% 70.44% 61.98%
 
 
SIMPLICITY BANCORP, INC.
Selected Financial Data and Ratios (Unaudited)
December 31, 2012
(Dollars in thousands)
 
  At December 31, At June 30,
Non-accrual loans: 2012 2012
Real estate loans:    
One-to-four family $ 8,543 $ 9,332
Multi-family residential 1,492 1,555
Commercial 3,197 1,578
Other loans:    
Automobile 15
Home equity 37
Other 13 3
Troubled debt restructurings:    
One-to-four family 7,774 9,388
Multi-family residential 667 871
Commercial 2,559 2,636
Total non-accrual loans 24,260 25,400
     
Real estate owned and repossessed assets:    
Real estate:    
One-to-four family 525 669
Multi-family residential
Commercial 610
Other:    
Automobile
Home equity
Other
Total real estate owned and repossessed assets 525 1,279
Total non-performing assets $ 24,785 $ 26,679
     
  Loans Delinquent :  
  60-89 Days 90 Days or More Total Delinquent Loans
Delinquent Loans: Number of Loans Amount Number of Loans Amount Number of Loans Amount
At December 31, 2012            
Real estate loans:            
One-to-four family 5 $ 1,894 15 $ 6,265 20 $ 8,159
Multi-family residential 1 744 1 744
Commercial
Other loans:            
Automobile
Home equity
Other 4 4 4 13 8 17
Total loans 9 $ 1,898 20 $ 7,022 29 $ 8,920
             
At June 30, 2012            
Real estate loans:            
One-to-four family 4 $ 1,787 17 $ 6,815 21 $ 8,602
Multi-family residential 1 744 1 744
Commercial
Other loans:            
Automobile 3 21 3 21
Home equity
Other 12 1 2 3 3 4
Total loans 19 $ 1,809 20 $ 7,562 28 $ 9,371
CONTACT: Dustin Luton, President and Chief Executive Officer
         Jean M. Carandang, Chief Financial Officer
         (626) 339-9663 x1207

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