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SP Bancorp, Inc. Reports Improved Fourth Quarter 2012 Results

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."

PERFORMANCE HIGHLIGHTS

  • 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, 
  2012 2011 2012 2011
  (Unaudited)
  (In thousands, except per share amounts)
SELECTED OPERATING DATA:        
         
Interest income  $ 2,858  $ 2,961  $ 11,610  $ 11,304
Interest expense  335  404  1,432  1,789
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
Noninterest income  1,056  882  4,503  3,383
Noninterest expense  2,749  2,656  11,536  10,400
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
         
         
      December 31, 
      2012 2011
       (Unaudited) 
       (In thousands) 
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
Loans, net      222,288  212,688
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
Deposits      232,340  211,934
Borrowings      20,316  25,978
Stockholders' equity      33,040  33,127
         
(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%

SP BANCORP, INC.

RESULTS OF OPERATIONS - THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011

The increase in net income for the quarter ended December 31, 2012 reflected a decrease of $34,000 in net interest income, a $477,000 decrease in the provision for loan losses and a $174,000 increase in noninterest income, partially offset by increases in noninterest expense of $93,000 and income taxes of $234,000.

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