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State Investors Bancorp, Inc. Reports Third Quarter Results

Stocks in this article: SIBC

METAIRIE, La., Nov. 5, 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 September 30, 2013, of $127,000, a decrease of $81,000, as compared to net income of $208,000 reported for the quarter ended September 30, 2012. Earnings per share, basic and diluted, were $0.05 for the quarter ended September 30, 2013, compared to $0.07 for the quarter ended September 30, 2012. Net income for the nine months ended September 30, 2013 amounted to $329,000, a decrease of $326,000 from $655,000 in net income reported for the nine months ended September 30, 2012. Earnings per share, basic and diluted, were $0.13 for the nine months ended September 30, 2013, compared to $0.23 for the nine months ended September 30, 2012.      The decrease in net income for the quarter ended September 30, 2013 resulted primarily from a $164,000, or 6.3%, decrease in total interest income, and an increase of $20,000, or 66.7%, in the provision for loan losses, partially offset by a decrease of $52,000, or 3.1%, in non-interest expense, a decrease of $33,000, or 4.9%, in total interest expense, a decrease of $14,000, or 13.3%, in the provision for income taxes, and an increase of $4,000, or 6.7%, in non-interest income.  Net interest income decreased $131,000, or 6.7%, due to the $164,000 decrease in total interest income as a result of an overall decline in the average yield on interest earning assets.  The decrease in non-interest expense was primarily due to a decrease in occupancy expenses of $64,000, or 30.8%, as well as decreases of $21,000, or 32.8%, in deposit insurance premiums, $9,000, or 15.0%, in security expense, and $5,000, or 16.7%, in office supplies and postage expense, partially offset by increases of $26,000, or 12.8%, in other non-interest expenses, $15,000, or 1.8%, in salaries and employee benefits expense, $3,000, or 2.1% in data processing expense, and $3,000, or 30.0%, in advertising expense.  A $50,000 provision for loan losses was made during the quarter ended September 30, 2013.             The decrease in net income for the nine months ended September 30, 2013, compared to the same period in 2012, was primarily due to a decrease of $415,000, or 5.3%, in interest income, a decrease of $57,000, or 30.3%, in non-interest income, an increase of $64,000, or 69.6%, in the provision for loan losses, and an increase of $32,000, or 0.7%, in non-interest expense.  This was partially offset by a decrease in the provision for income taxes of $130,000, or 34.7%, and a decrease of $112,000, or 5.5%, in total interest expense. The decreases in both interest income and interest expense were due to a decrease in the yield on average loans and a decline in the average cost of funds. The decrease in non-interest income was due to a $40,000 loss on other real estate owned and a decrease in service charges, fees and other operating income of $17,000, or 9.0%, compared to the nine months ended September 30, 2012.  The increase in non-interest expense was primarily due to increases of $110,000, or 4.4%, in salaries and employee benefits expense, $70,000, or 19.8%, in data processing expense, $17,000, or 50.0%, in advertising, and $12,000, or 2.2%, in occupancy expense, partially offset by decreases of $93,000, or 52.3%, in deposit insurance premiums, $29,000, or 27.1%, in office supplies and postage, $26,000, or 7.8%, in professional fees expense, $17,000, or 2.5%, in other non-interest expenses, and $12,000, or 6.6%, in security expense. 

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