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Minden Bancorp, Inc. Reports Results Of Operations For The 1st Quarter Ended March 31, 2013

Stocks in this article: MDNB

MINDEN, La., April 29, 2013 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the "Company") (OTCBB:MDNB) today reported net income for the quarter ended March 31, 2013 of $792,000 or $0.33 per diluted share, as compared to net income of $686,000 or $0.28 per diluted share for the quarter ended March 31, 2012. The $106,000 or 15.5% increase reflects a $46,000 increase in net interest income and a $31,000 increase in non-interest income, decreases in non-interest expense and the provision for loan losses of $54,000 and $7,000, respectively, offset by an increase of $32,000 in the provision for income taxes.

Total assets decreased $2.2 million or 0.8% to $274.3 million at March 31, 2013 compared to $276.5 million at December 31, 2012. The decrease primarily reflected a $10.3 million decrease in cash and cash equivalents and a $558,000 decrease in net loans partially offset by an $8.8 million increase in investment securities. Total deposits decreased by $2.9 million or 1.2% to $231.1 million at March 31, 2013. The decrease reflected normal seasonal withdrawals. 

Stockholders' equity increased by $712,000 or 1.8% to $41.0 million at March 31, 2013 as compared to $40.3 million at December 31, 2012. The increase was in part due to net income of $792,000 and the exercise of stock options of $179,000 for the three months ended March 31, 2013. Stockholders' equity was reduced by other comprehensive loss of $289,000 and the purchase of treasury stock for $13,000. Stockholders' equity amounted to $17.28 per share at March 31, 2013.  

Net interest income for the three months ended March 31, 2013 increased $46,000 or 2.3% to $2.1 million as compared to $2.0 million for the same period in 2012. The increase in net interest income for the three months ended March 31, 2013 reflected an increase in interest income of $22,000 combined with a $24,000 decrease in interest expense. 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. 

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