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State Investors Bancorp, Inc. Reports First Quarter Results

Stocks in this article: SIBC

METAIRIE, La., May 7, 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 March 31, 2014, of $229,000, an increase of $102,000, as compared to net income of $127,000 reported for the quarter ended March 31, 2013. Earnings per share, basic and diluted, were $0.10 and $0.09 for the quarter ended March 31, 2014, compared to basic and diluted earnings per share of $0.05 for the quarter ended March 31, 2013.

The increase in net income for the quarter ended March 31, 2014 resulted primarily from a $175,000, or 6.8%, increase in total interest income and a decrease of $3,000, or 0.5%, in total interest expense. This was partially offset by a decrease of $5,000, or 10.0%, in non-interest income, an increase of $20,000, or 1.2%, in total non-interest expense, and an increase of $51,000, or 56.0%, in the provision for income taxes. Net interest income increased $178,000, or 9.3%, due to the $175,000 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 $5,000, or a 10.0%, decrease in service charges, fees and other operating income compared to the quarter ended March 31, 2013. The increase in non-interest expense was primarily due to an increase in data processing expense of $19,000, or 16.1%, as well an increase of $19,000, or 2.0%, in salaries and employee benefits, partially offset by decreases of $8,000, or 44.4%, in advertising expense, $3,000, or 5.2%, in security expense, $3,000, or 3.5% in professional fees, $3,000, or 1.5%, in occupancy expense, and $1,000, or 0.5%, in other non-interest expense. A $50,000 provision for loan losses was made during the quarter ended March 31, 2014 the same as the quarter ended March 31, 2013.

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