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Minden Bancorp, Inc. Reports Results Of Operations For The 3rd Quarter Ended September 30, 2013

Stocks in this article: MDNB

MINDEN, La., Oct. 28, 2013 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the "Company") (OTCBB:MDNB) today reported net income for the quarter ended September 30, 2013 of $866,000 or $0.36 per diluted share, as compared to net income of $803,000 or $0.33 per diluted share for the quarter ended September 30, 2012. The $63,000 or 7.8% increase reflects a $91,000 increase in net interest income, a $23,000 increase in non-interest income, a $26,000 increase in non-interest expense and a $6,000 decrease in the provision for loan losses. Income tax expense increased by $31,000 for the quarter ended September 30, 2013 as compared to the quarter ended September 30, 2012 primarily due to increased net income.

The Company reported net income of $2.5 million or $1.04 per diluted share for the nine months ended September 30, 2013, an increase of $283,000 or 12.6% as compared to net income of $2.2 million or $0.91 per diluted share for the nine months ended September 30, 2012.

Total assets decreased $2.6 million or 0.9% to $273.9 million at September 30, 2013 compared to $276.5 million at December 31, 2012. The decrease primarily reflected a $13.4 million decrease in cash and cash equivalents partially offset by a $2.5 million increase in investment securities and a $9.0 million increase in net loans. Total deposits decreased by $3.3 million or 1.4% to $230.6 million at September 30, 2013. The decrease in deposits reflected normal seasonal withdrawals. 

Stockholders' equity increased by $1.1 million or 2.7% to $41.4 million at September 30, 2013 as compared to $40.3 million at December 31, 2012. The increase was in part due to net income of $2.5 million and the exercise of stock options of $254,000 for the nine months ended September 30, 2013. Stockholders' equity was reduced by other comprehensive loss of $1.3 million and the purchase of treasury stock in the amount of $73,000. Stockholders' equity per share amounted to $17.42 at September 30, 2013.  

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