This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs