PLANO, Texas, March 6, 2013 (GLOBE NEWSWIRE) -- SP Bancorp, Inc. (Nasdaq:SPBC) (the "Company"), the holding company for SharePlus Federal Bank (the "Bank"), today announced financial results for the Company's fourth quarter and the year ended December 31, 2012. Net income was $458,000, or $0.30 per share, for the fourth quarter of 2012, which brought 2012 net income to $1,514,000, or $0.97 per share.
"We are pleased to report a solid fourth quarter as well as a significant improvement over last year's performance. Our 2012 net income increased $579,000 or 62% over 2011. Our mortgage and commercial loan production along with growth in our mortgage warehouse portfolio all contributed to the earnings improvement," said President and CEO Jeff Weaver. "As we continue to progress toward our goal of becoming a top performing community bank, we believe we have made great strides in growing both loans and deposits, aggressively dealing with problem assets, and diversifying our revenue streams."
- Fourth quarter net income increased $290,000 or 172.6%: Net income increased to $458,000 for the three months ended December 31, 2012, compared to $168,000 for the three months ended December 31, 2011.
- Fourth quarter noninterest income increased $174,000: Noninterest income for the three months ended December 31, 2012 increased to $1.1 million, compared to $882,000 for the three months ended December 31, 2011, driven primarily by gains from the sale of mortgage loans.
- Deposits increased $20.4 million or 9.6% over the December 2011 balances : Deposits increased to $232.3 million at December 31, 2012 from $211.9 million at December 31, 2011. Additional deposits from existing consumer and business customers accounted for the majority of the increase.
- Stockholders' equity remained strong: The Company reported $33.0 million in stockholders' equity at December 31, 2012, a decrease of $87,000, compared to $33.1 million at December 31, 2011. Stockholders' equity declined slightly as a result of repurchases of common stock of $1.2 million and ESOP shares purchased in the open market of $373,000, partially offset by net income of $1.5 million for the twelve months ended December 31, 2012.
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,|
|(In thousands, except per share amounts)|
|SELECTED OPERATING DATA:|
|Interest income||$ 2,858||$ 2,961||$ 11,610||$ 11,304|
|Net interest income||2,523||2,557||10,178||9,515|
|Provision for loan losses||161||638||1,018||1,358|
|Net interest income after provision for loan losses||2,362||1,919||9,160||8,157|
|Income before tax expense||669||145||2,127||1,140|
|Income tax expense||211||(23)||613||205|
|Net income||$ 458||$ 168||$ 1,514||$ 935|
|Earnings per share:|
|Basic||$ 0.30||$ 0.10||$ 0.97||$ 0.57|
|Diluted||$ 0.30||$ 0.10||$ 0.96||$ 0.57|
|SELECTED FINANCIAL CONDITION DATA:|
|Total assets||$ 288,121||$ 272,959|
|Total cash and cash equivalents||23,933||9,928|
|Securities available for sale, at fair value||15,713||25,097|
|Loans held for sale||7,290||4,884|
|Other real estate owned||1,477||1,824|
|Premises and equipment, net||4,249||4,346|
|FHLB of Dallas stock and other restricted stock, at cost||1,149||2,020|
|Bank-owned life insurance||7,439||6,193|
|Other assets (1)||4,583||5,979|
|(1) Includes fixed annuity investment, accrued interest receivable, deferred tax assets and other assets.|
|Asset Quality Ratios:|
|Nonperforming loans to total loans, including loans held for sale||3.47%||3.21%|
|Nonperforming assets to total assets||3.30%||3.24%|
|Allowance for loan losses to nonperforming loans at end of period||30.16%||24.96%|
|Allowance for loan losses to total loans, including loans held for sale at end of period||1.05%||0.80%|