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Minden Bancorp, Inc. Reports Results Of Operations For The Year And 4th Quarter Ended December 31, 2012

Stocks in this article: MDNB

Net interest income for the three months ended December 31, 2012 increased $169,000 or 8.6% to $2.1 million as compared to $2.0 million for the same period in 2011. Net interest income increased $665,000 or 8.7% to $8.4 million for the year ended December 31, 2012 as compared to $7.7 million for the same period in 2011. The increase in net interest income for the three months ended December 31, 2012 reflected an increase in interest income of $125,000 combined with a $44,000 decrease in interest expense. The increase in net interest income for the year ended December 31, 2012 reflected an increase in interest income of $438,000 combined with an interest expense decrease of $227,000. Interest income variances primarily reflect the continued growth of our loan and investment portfolios. Interest expense decreases are a reflection of the continued re-pricing downward of our deposit liabilities resulting from the decline in interest rates. 

The provision for loan losses amounted to $30,000 and $120,000 for the three months and year ended December 31, 2012, respectively. At December 31, 2012, the Company's total nonperforming assets and troubled debt restructurings amounted to $1.4 million or 0.5% of total assets as compared to $1.1 million or 0.4% at December 31, 2011. 

Total non-interest income decreased from $300,000 and $1.2 million for the three months and year ended December 31, 2011, respectively, to $162,000 and $719,000 for the comparable periods in 2012. Non-interest income for the year ended December 31, 2011 includes a gain on the sale of assets of $212,000. There were no sales of investment securities for the year ended December 31, 2012 as compared to the sale of $18.4 million of investment securities during the year ended December 31, 2011.

Non-interest expense decreased from $1.2 million and $4.5 million for the three months and year ended December 31, 2011, respectively, to $1.1 million and $4.4 million for the comparable periods in 2012. 

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