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.
- 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%|