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State Investors Bancorp, Inc. Reports Fourth Quarter Results

Stocks in this article: SIBC

At December 31, 2012, the Company reported total assets of $246.0 million, a decrease of $3.6 million, compared to total assets of $249.6 million at December 31, 2011. The decrease primarily reflects decreases in investment securities of $6.9 million, or 12.9%, other assets of $1.4 million, or 10.7%, and net loans receivable of $297,000, or 0.2%, partially offset by an increase of $5.0 million, or 65.3%, in cash and cash equivalents. Advances from the Federal Home Loan Bank of Dallas amounted to $39.3 million at December 31, 2012, compared to $42.3 million at December 31, 2011, a decrease of $3.0 million, or 7.1%. Deposits increased $3.6 million, or 2.3%, at December 31, 2012 compared to December 31, 2011. At December 31, 2012, the Company reported $3.6 million of non-performing assets, or 1.5%, of total assets at such date, compared to $3.4 million of non-performing assets, or 1.4%, of total assets at December 31, 2011.

Total shareholders' equity decreased $4.5 million, or 9.3%, to $43.5 million at December 31, 2012, from $48.0 million at December 31, 2011, primarily due to the purchase of 116,380 shares for the employee benefit plans and 343,508 shares under the repurchase program, partially offset by net income of $752,000 for the year ended December 31, 2012, and an increase in unrealized gain on securities available for sale of $561,000, net of the deferred tax effect.

The Company repurchased 307,840 shares of its common stock during the quarter ended December 31, 2012 at an average price per share of $13.40 and repurchased 343,508 shares of its common stock during the year ended December 31, 2012 at an average price per share of $13.33 under the share repurchase programs announced in 2012 which covered up to 547,475 shares. As of December 31, 2012, there were a total of 203,967 shares remaining for repurchase under the programs. 

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