![]() The increase in net income for the quarter ended Mareflected an increase of $288,000 in net interest income, a $960,000 decrease in the provision for loan losses and a $178,000 increase in noninterest income, partially offset by a $590,000 increase in noninterest expense and a $296,000 increase in income tax expense. Stockholders' equity remained strong: The Company reported $32.4 million in stockholders' equity at March 31, 2011, up slightly from $32.1 million reported as of December 31, 2010.Loans grew $2.6 million: Net loans increased by $2.6 million, or 1.4%, to $193.7 million at Mafrom $191.1 million at December 31, 2010.Deposits grew 10.9%: Deposits increased by $20.6 million to $208.8 million as of Mafrom $188.2 million as of December 31, 2010.Net interest margin increased: The net interest margin increased by 31 basis points to 3.96% for the three months ended Macompared to the three months ended March 31, 2010.Quarterly net interest income increases: Net interest income for the three months ended Maincreased to $2.3 million, compared to $2.0 million for the three months ended March 31, 2010.Total assets grew 8.6%: Total assets increased to $259.3 million in the period ended Macompared to $238.8 million at December 31, 2010.Net income increased $540,000: Net income for the three months ended Maincreased to $217,000, compared to a net loss of $323,000 for the three months ended March 31, 2010."These results reflect our ongoing objective of leveraging the existing infrastructure and increasing our core profitability." "We continued to grow organically, showing increased overall profitability from our Mortgage, Commercial, and Consumer businesses," Weaver said. "Our first quarter results were significantly improved despite increased operating expenses as a result of SP Bancorp's move to become a public company and increased costs from one commercial foreclosure," said President and CEO Jeff Weaver. "In addition, the Bank initiated a Mortgage Warehouse Lending Division, which incurred start-up costs during the quarter. Although problem assets increased during the quarter, overall levels remain relatively low, and we expect non-performing loans to decrease significantly over time as resolutions and asset sales are completed." ![]() Total assets grew 8.6% to $259.3 million in the first quarter of 2011 from total assets of $238.8 million in the fourth quarter of 2010. Net income increased to $217,000 compared to a net loss of $323,000 for the three months ended March 31, 2010. (Nasdaq:SPBC) (the "Company"), the holding company for SharePlus Federal Bank (the "Bank"), today announced improved financial results for the Company's first quarter ended March 31, 2011. PLANO, Texas, (GLOBE NEWSWIRE) - SP Bancorp, Inc.
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