This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

State Investors Bancorp, Inc. Reports Fourth Quarter Results

METAIRIE, La., Feb. 5, 2013 (GLOBE NEWSWIRE) -- State Investors Bancorp, Inc. (the "Company") (Nasdaq:SIBC), the holding company of State-Investors Bank, reported net income for the quarter ended December 31, 2012, of $97,000, a decrease of $271,000, as compared to net income of $368,000 reported for the quarter ended December 31, 2011. Earnings per share, basic and diluted, were $0.04 for the quarter ended December 31, 2012. Net income for the year ended December 31, 2012 amounted to $752,000, a decrease of $298,000 from $1.05 million in net income reported for the year ended December 31, 2011. Earnings per share, basic and diluted, were $0.26 for the year ended December 31, 2012. 

The decrease in net income for the quarter ended December 31, 2012 resulted primarily from a $228,000, or 8.4%, decrease in total interest income, an increase of $101,000, or 6.7%, in non-interest expense, a decrease of $24,000, or 32.0%, in non-interest income, partially offset by a decrease of $77,000, or 10.0%, in total interest expense. Net interest income decreased $151,000, or 7.7%, due to the $228,000 decrease in total interest income as a result of an overall decline in the average rate of return.  The increase in non-interest expense was primarily due to an increase in salaries and employee benefits expense of $186,000, or 27.0%, as well as increases of $66,000, or 45.2% in occupancy expense, and $8,000, or 21.6%, in deposit insurance premiums, partially offset by decreases of $84,000, or 50.6% in data processing expense, $48,000, or 42.1%, in professional expense, $16,000, or 42.1%, in advertising, and $2,000, or 0.9%, in other non-interest expense.  A $50,000 provision for loan losses was made during the quarter ended December 31, 2012.

The decrease in net income for the year ended December 31, 2012, compared to the same period in 2011, was primarily due to a decrease of $392,000, or 3.6%, in interest income, an increase of $650,000, or 11.0%, in non-interest expense, and a decrease of $16,000, or 6.3%, in non-interest income.  This was partially offset by a decrease of $686,000, or 20.1%, in total interest expense and a decrease in the provision for income taxes of $62,000. The decreases in both interest income and interest expense were due to a decrease in the yield on average loans and a decline in the average cost of funds. The decrease in non-interest income was due to an $11,000 gain on the sale of other real estate during the year ended December 31, 2011 compared to none in the year ended December 31, 2012, and a $5,000 decrease in service charges, fees and other operating income. The increase in non-interest expense was primarily due to increases of $358,000 in salaries and employee benefits expense, $169,000 in occupancy expense, $168,000 in other non-interest expense, and $160,000 in professional fees, partially offset by decreases of $112,000 in data processing expense, $59,000 in advertising expense, $26,000 in deposit insurance premiums, $6,000 in office supplies and postage, and $2,000 in security expense. The increase in other non-interest expense was primarily due to increased public company expenses.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,131.91 -396.12 -2.40%
S&P 500 1,919.34 -52.84 -2.68%
NASDAQ 4,653.3550 -123.1530 -2.58%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs