First Advantage Bancorp Reports 2013 First Quarter Results
23 4월 2013 - 4:28AM
First Advantage Bancorp (Nasdaq:FABK), the holding company of First
Advantage Bank, announced net income of $475 thousand for the first
quarter of 2013, or $0.12 per basic share and $0.11 per diluted
share, up 8.5% from $438 thousand for the prior quarter, and down
25% from the same quarter last year when the bank had one-time
gains on the sale of certain investment securities of $474 thousand
before tax. Unadjusted net income in that quarter was $925
thousand.
"The first quarter results give evidence that our entrance into
the Nashville market is impacting our loan growth and fueling our
earning potential. Although we had expenses in 2012 to expand our
market footprint, it is encouraging to see the results in the form
of interest and fee income from loans and deposits being added to
the balance sheet by the Nashville operation. Controlled
balance sheet growth, while maintaining asset quality in all of our
market area, is the key to increasing value for our shareholders
for the long term," said Earl O. Bradley, III, Chief Executive
Officer of the Company and the Bank. "Not only have we
increased the earning assets of the bank during the quarter, we
have also simultaneously improved our net interest margin, which
for some has been a difficult task in this economic environment.
The Bank continues to remain categorized as 'Well-Capitalized' by
regulatory standards."
"We are also very excited about our recent announcement to go
private rather than be listed on NASDAQ. The JOBS Act passed last
year provides relief for banks with less than 1,200 shareholders of
record, allowing them to go private and avoid the unnecessary
burden of regulatory costs associated with being public. The cost
savings are significant and management will have greater ability to
focus on running the company rather than having the continued
distraction of technical compliance with SEC rules. Since shares of
stock will cease to be traded on NASDAQ at the close of the market
on May 10, 2013, we made an innovative move to facilitate future
purchases and sales of shares through SecondMarket, a leading
alternative to public exchanges."
"SecondMarket is a unique alternative to NASDAQ and, quite
frankly, we believe their market model better meets the needs of a
smaller bank, like ours, that is not actively traded. Most of our
shareholders are local and have little desire to trade shares every
day. Our Board of Directors is convinced that the move to go
private is in the best long-term interests of First Advantage's
shareholders and that the benefits will drive value back to our
shareholders."
About First Advantage Bancorp
Founded in 1953, First Advantage Bank, a wholly-owned subsidiary
of First Advantage Bancorp, is a Tennessee-chartered commercial
bank headquartered in Clarksville, Tennessee. The Bank
operates as a community-oriented financial institution, with five
full-service offices in Montgomery County, Tennessee and one
full-service office in Nashville, Tennessee. First Advantage
Bank offers a full range of retail and commercial financial
services. The Bank's website address is
www.firstadvantagebanking.com. First Advantage Bancorp stock
trades on the Nasdaq Global Market under the symbol "FABK."
Forward-Looking Statements
Certain statements contained herein are forward-looking
statements that are based on assumptions and may describe future
plans, strategies, and expectations of First Advantage Bancorp.
These forward-looking statements are generally identified by use of
the words "believe," "expect," "intend," "anticipate," "estimate,"
"project," or similar expressions. The Company's ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material adverse
effect on the operations of the Company and its subsidiary include,
but are not limited to, changes in interest rates, national and
regional economic conditions, legislative and regulatory changes,
monetary and fiscal policies of the U.S. government, including
policies of the U.S. Treasury and the Federal Reserve Board, the
quality and composition of the loan or investment portfolios,
demand for loan products, deposit flows, competition, demand for
financial services in First Advantage Bank's market area, changes
in real estate market values in First Advantage Bank's market area,
changes in relevant accounting principles and guidelines and the
inability of third party service providers to perform.
These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed
on such statements. Except as required by applicable law or
regulation, the Company does not undertake, and specifically
disclaims any obligation, to release publicly the result of any
revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of the statements or
to reflect the occurrence of anticipated or unanticipated
events.
CONTACT: Earl O. Bradley, III, CEO
931-552-6176
Gerald L. Cooksey, Jr., CFO, EVP, COO
931-552-6176
First Advantage Bancorp (MM) (NASDAQ:FABK)
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