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State Investors Bancorp, Inc. Reports Second Quarter Results

Stocks in this article: SIBC

METAIRIE, La., Aug. 2, 2013 (GLOBE NEWSWIRE) -- State Investors Bancorp, Inc. (the "Company") (Nasdaq:SIBC), the holding company of State-Investors Bank, reported net income for the quarter ended June 30, 2013, of $75,000, a decrease of $161,000, as compared to net income of $236,000 reported for the quarter ended June 30, 2012. Earnings per share, basic and diluted, were $0.03 for the quarter ended June 30, 2013, compared to $0.08 for the quarter ended June 30, 2012. Net income for the six months ended June 30, 2013 amounted to $202,000, a decrease of $244,000 from $446,000 in net income reported for the six months ended June 30, 2012. Earnings per share, basic and diluted, were $0.08 for the six months ended June 30, 2013, compared to $0.15 for the six months ended June 30, 2012.

The decrease in net income for the quarter ended June 30, 2013 resulted primarily from a $163,000, or 6.2%, decrease in total interest income, a decrease of $59,000, or 77.6%, in non-interest income, an increase of $24,000, or 75.0%, in the provision for loan losses, and an increase of $22,000, or 1.3%, in non-interest expense, partially offset by a decrease of $75,000, or 54.3%, in the provision for income taxes and a decrease of $32,000, or 4.8%, in total interest expense. Net interest income decreased $131,000, or 6.7%, due to the $163,000 decrease in total interest income as a result of an overall decline in the average yield on interest earning assets. The increase in non-interest expense was primarily due to an increase in data processing expense of $73,000, or 82.0%, as well as increases of $50,000, or 31.1%, in occupancy expenses, $7,000, or 53.9%, in advertising expense, partially offset by decreases of $74,000, or 101.4%, in deposit insurance premiums, $12,000, or 8.8%, in professional fees expense, $11,000, or 29.0% in office supplies and postage expense, and $6,000, or 0.7%, in salaries and employee benefits expense. A $56,000 provision for loan losses was made during the quarter ended June 30, 2013.

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