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Minden Bancorp, Inc. Reports Results Of Operations For The 2nd Quarter Ended June 30, 2013

Stocks in this article: MDNB

MINDEN, La., July 23, 2013 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the "Company") (OTCBB:MDNB) today reported net income for the quarter ended June 30, 2013 of $869,000 or $0.36 per diluted share, as compared to net income of $755,000 or $0.31 per diluted share for the quarter ended June 30, 2012. The $114,000 or 15.1% increase reflects a $72,000 increase in net interest income and a $20,000 increase in non-interest income, decreases in non-interest expense and the provision for loan losses of $1,000 and $8,000, respectively. Additionally, income tax expense decreased by $13,000 for the quarter ended June 30, 2013 as compared to the quarter ended June 30, 2012 primarily due to increased income from tax-free municipals.

The Company reported net income of $1.7 million or $0.69 per diluted share for the six months ended June 30, 2013, an increase of $220,000 or 15.3% as compared to net income of $1.4 million or $0.59 per diluted share for the six months ended June 30, 2012.

Total assets decreased $7.8 million or 2.8% to $268.7 million at June 30, 2013 compared to $276.5 million at December 31, 2012. The decrease primarily reflected a $17.4 million decrease in cash and cash equivalents partially offset by a $2.0 million increase in investment securities and a $7.9 million increase in net loans. Total deposits decreased by $7.5 million or 3.2% to $226.5 million at June 30, 2013. The decrease in deposits reflected normal seasonal withdrawals. 

Stockholders' equity increased by $234,000 or 0.6% to $40.6 million at June 30, 2013 as compared to $40.3 million at December 31, 2012. The increase was in part due to net income of $1.7 million and the exercise of stock options of $179,000 for the six months ended June 30, 2013. Stockholders' equity was reduced by other comprehensive loss of $1.5 million and the purchase of treasury stock in the amount of $35,000. Stockholders' equity amounted to $17.09 per share at June 30, 2013.  

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