STATE INVESTORS BANCORP, INC. REPORTS FIRST QUARTER RESULTS
Metairie, Louisiana – May 3, 2013 – State Investors Bancorp, Inc. (the “Company”) (Nasdaq: SIBC), the holding company of State-Investors Bank, reported net income for the quarter ended March 31, 2013, of $127,000, a decrease of $83,000, as compared to net income of $210,000 reported for the quarter ended March 31, 2012. Earnings per share, basic and diluted, were $0.05 for the quarter ended March 31, 2013, compared to basic and diluted earnings per share of $0.07 for the quarter ended March 31, 2012.
The decrease in net income for the quarter ended March 31, 2013 resulted primarily from an $88,000, or 3.3%, decrease in total interest income, an increase of $61,000, or 3.7%, in non-interest expense, an increase of $20,000, or 66.7%, in the provision for loan losses, and a decrease of $2,000, or 3.8%, in non-interest income, partially offset by a decrease of $47,000, or 6.8%, in total interest expense. Net interest income decreased $41,000, or 2.1%, due to the $88,000 decrease in total interest income as a result of an overall decline in the average rate of return. The increase in non-interest expense was primarily due to an increase in salaries and employee benefits expense of $100,000, or 12.0%, as well as increases of $26,000, or 14.5%, in occupancy expense, $7,000, or 63.6%, in advertising, and $2,000, or 4.9%, in deposit insurance premiums, partially offset by decreases of $41,000, or 16.5%, in other non-interest expense, $14,000, or 14.0%, in professional expense, $13,000, or 33.3%, in office supplies and postage expense, and $6,000, or 4.8%, in data processing expense. A $50,000 provision for loan losses was made during the quarter ended March 31, 2013.
At March 31, 2013, the Company reported total assets of $245.9 million, a decrease of $105,000, compared to total assets of $246.0 million at December 31, 2012. The decrease primarily reflects a decrease in investment securities of $2.2 million, or 4.7%, partially offset by increases of $1.6 million, or 0.9%, in net loans receivable, $345,000, or 2.7%, in cash and cash equivalents, and $157,000, or 1.3%, in other assets. Advances from the Federal Home Loan Bank of Dallas amounted to $40.6 million at March 31, 2013, compared to $39.3 million at December 31, 2012, an increase of $1.3 million, or 3.4%. Deposits decreased $1.3 million, or 0.8%, to $159.9 million at March 31, 2013 compared to $161.2 million at December 31, 2012. At March 31, 2013, the Company reported $2.9 million of non-performing assets, or 1.2%, of total assets at such date, compared to $3.3 million of non-performing assets, or 1.3%, of total assets at December 31, 2012.
Total shareholders’ equity decreased $283,000, or 0.7%, to $43.2 million at March 31, 2013, from $43.5 million at December 31, 2012, primarily due to the purchase of 41,986 shares under the Company’s third stock repurchase program, partially offset by net income of $127,000 for the quarter ended March 31, 2013, and an increase in unrealized gain on securities available for sale of $55,000, net of the deferred tax effect.
The Company repurchased 41,986 shares of its common stock during the quarter ended March 31, 2013 at an average price per share of $14.41, under the share repurchase program announced in November 2012 which covered up to 262,000 shares. As of March 31, 2013, there were a total of 161,981 shares remaining for repurchase under the program.
State Investors Bancorp, Inc. is the holding company for State-Investors Bank which conducts business from its main office and three full-service branch offices in the greater New Orleans market area.
