Minden Bancorp reports $792,000 income in 2012

Minden Bancorp today reported net income for the quarter ended December 31, 2012 of $792,000 or $0.32 per diluted share, as compared to net income of $535,000 or $0.22 per diluted share for the quarter ended December 31, 2011. The $257,000 or 48.0% increase reflects a $169,000 increase in net interest income, decreases in non-interest expense and the provision for loan losses of $81,000 and $250,000, respectively, offset by a $138,000 decrease in non-interest income and by an increase of $105,000 in the provision for income taxes.

The Company reported net income of $3.0 million or $1.23 per diluted share for the year ended December 31, 2012, an increase of $416,000 or 15.9% as compared to net income of $2.6 million or $1.05 per diluted share for the year ended December 31, 2011.

Total assets increased $ 11.9 million or 4.5% to $ 276.5 million at December 31, 2012 compared to $264.6 million at December 31, 2011. The increase primarily reflected an $18.1 million decrease in cash and cash equivalents, a $ 15.2 million or 20.9% increase in investment securities and a $ 15.0 million or 11.4% increase in net loans. The Company continued its efforts to expand its loan portfolio during 2012. Total deposits increased by $ 10.3 million or 4.6% to $234.0 million at December 31, 2012. The increase reflected normal seasonal growth.

Stockholders’ equity increased by $1.3 million or 3.3% to $40.3 million at December 31, 2012 as compared to $39.0 million at December 31, 2011. The increase was in part due to net income of $3.0 million, a net increase in unrealized gain on securities available for sale of $409,000 and the exercise of stock options of $241,000 for the year ended December 31, 2012. Stockholders’ equity was reduced by dividends paid of $918,000, the purchase of shares in the amount of $335,000 for the Company’s Recognition.

The provision for loan losses amounted to $30,000 and $120,000 for the three months and year ended December 31, 2012, respectively. At December 31, 2012, the Company’s total nonperforming assets and troubled debt restructurings amounted to $1.4 million or 0.5% of total assets as compared to $1.1 million or 0.4% at December 31, 2011.