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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.

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