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State Investors Bancorp, Inc. Reports Fourth Quarter Results

Stocks in this article: SIBC

METAIRIE, La., Feb. 5, 2014 (GLOBE NEWSWIRE) -- State Investors Bancorp, Inc. (the "Company") (Nasdaq:SIBC), the holding company of State-Investors Bank, reported net income for the quarter ended December 31, 2013, of $179,000, an increase of $82,000, as compared to net income of $97,000 reported for the quarter ended December 31, 2012. Earnings per share, basic and diluted, were $0.07 for the quarter ended December 31, 2013, compared to $0.04 for the quarter ended December 31, 2012. Net income for the year ended December 31, 2013 amounted to $508,000, a decrease of $244,000 from $752,000 in net income reported for the year ended December 31, 2012. Earnings per share, basic and diluted, were $0.20 for the year ended December 31, 2013, compared to $0.26 for the year ended December 31, 2012.    

The increase in net income for the quarter ended December 31, 2013 resulted primarily from a $67,000, or 2.7%, increase in total interest income, a decrease of $50,000, or 100.0%, in the provision for loan losses, and a decrease of $35,000, or 5.1%, in total interest expense. This was partially offset by a decrease of $35,000, or 68.6%, in non-interest income, an increase of $21,000, or 1.3%, in total non-interest expense, and an increase of $14,000, or 12.1%, in the provision for income taxes. Net interest income increased $102,000, or 5.6%, due to the $67,000 increase in total interest income as a result of an overall increase in interest earning assets. The decrease in non-interest income was due to a $46,000 loss on other real estate owned partially offset by an increase in service charges, fees and other operating income of $11,000, or 21.6%, compared to the quarter ended December 31, 2012. The increase in non-interest expense was primarily due to an increase in data processing expense of $89,000, or 108.5%, as well as increases of $62,000, or 71.3%, in occupancy expenses, $8,000, or 12.1%, in professional fees, and $1,000, or 4.6%, in advertising expense, partially offset by decreases of $115,000, or 34.0%, in other non-interest expenses, $8,000, or 33.3%, in office supplies and postage expense, $7,000, or 0.8% in salaries and employee benefits expense, $7,000, or 11.9%, in security expense, and $2,000, or 4.4%, in deposit insurance premiums. No provision for loan losses was made during the quarter ended December 31, 2013.            

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