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First NBC Bank Holding Company Announces 2013 Second Quarter Results

Stocks in this article: NBCB

NEW ORLEANS, July 30, 2013 (GLOBE NEWSWIRE) -- First NBC Bank Holding Company (Nasdaq:NBCB), the holding company for First NBC Bank ("Company"), today announced financial results for the three and six month periods ended June 30, 2013. Net income for the six months ended June 30, 2013 was $16.7 million, an increase of $1.3 million, or 8.4%, compared to the six months ended June 30, 2012. For the three months ended June 30, 2013, the Company reported net income of $8.5 million, compared to $9.2 million for the three month period ended June 30, 2012. The Company's operating results for the three and six months ended June 30, 2012 were affected by $1.8 million of securities gains taken during the second quarter of 2012, as the Company took advantage of market opportunities associated with the financial crises in Europe. Before securities gains, net income for the three month and six month periods ended June 30, 2013 was $8.5 million and $16.4 million, respectively, compared to $7.4 million and $13.6 million, for the three and six months ended June 30, 2012, reflecting increases of 14% and 20% for the three and six month periods. Earnings per common share for the three and six month periods ended June 30, 2013 were $0.50 and $1.09, as compared to $0.66 and $1.11 for the prior year three and six month periods. Diluted earnings per share for the three and six month periods ended June 30, 2013 were $0.48 and $1.06, as compared to $0.65 and $1.09 for the prior year three and six month periods. The 2013 earnings per share amounts were affected by the Company's initial public offering, which closed on May 15, 2013, in which it issued 4,791,667 shares at a price of $24.00 per share. The issuance of the new shares, the proceeds of which are expected to support the Company's continued asset and earnings growth, caused the reduction in earnings per share from the comparable periods from 2012 while not yet impacting the Company's earnings. The Company's return on assets and equity for the six months ended June 30, 2013 were 1.21% and 12.25%, respectively.

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