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Minden Bancorp, Inc. Reports Results Of Operations For The Year And 4th Quarter Ended December 31, 2013

Stocks in this article: MDNB

MINDEN, La., Feb. 18, 2014 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the "Company") (OTCBB:MDNB) today reported net income for the quarter ended December 31, 2013 of $888,000 or $0.37 per diluted share, as compared to net income of $792,000 or $0.32 per diluted share for the quarter ended December 31, 2012. The $96,000 or 12.1% increase reflects a $127,000 increase in net interest income, a $65,000 increase in non-interest income, a $51,000 increase in non-interest expense and a $7,000 decrease in the provision for loan losses. Income tax expense increased by $52,000 for the quarter ended December 31, 2013 as compared to the quarter ended December 31, 2012 primarily due to increased net income.

The Company reported net income of $3.4 million or $1.41 per diluted share for the year ended December 31, 2013, an increase of $379,000 or 12.5% as compared to net income of $3.0 million or $1.23 per diluted share for the year ended December 31, 2012.

Total assets increased $12.4 million or 4.5% to $288.9 million at December 31, 2013 compared to $276.5 million at December 31, 2012. The increase primarily reflected a $2.2 million increase in cash and cash equivalents, a $1.1 million increase in investment securities and a $9.7 million increase in net loans. Total deposits increased by $11.5 million or 4.9% to $245.5 million at December 31, 2013.

Stockholders' equity increased by $1.3 million or 3.3% to $41.6 million at December 31, 2013 as compared to $40.3 million at December 31, 2012. The increase was in part due to net income of $3.4 million and the exercise of stock options of $254,000 for the year ended December 31, 2013. Stockholders' equity was reduced by other comprehensive loss of $1.4 million, dividends paid of $606,000 and the purchase of treasury stock in the amount of $511,000. Stockholders' equity per share amounted to $17.70 at December 31, 2013.

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