Investor Relations

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October 21, 2015

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced net income of $885 thousand for the third quarter of 2015, or $0.24 per basic share and $0.22 per diluted share, compared to $714 thousand in the second quarter and $705 thousand in the third quarter last year.

“We are encouraged by the strong, improved performance of our third quarter, including core earnings. Net income increased 23.9% over the second quarter and 25.5% over the same quarter last year as the result of several strategic initiatives from 2014 and early 2015, and core earnings increased 11.3% and 12.8% over the same periods. Net interest income before provision increased 4.5% for the quarter and 12.4% versus the third quarter of 2014 due to higher earning assets, and year-to-date net interest income before provision increased 9.9% over the first three quarters of 2014. Net loans increased $20.3 million or 5.3% in the third quarter due to consistent loan demand, and $43.2 million or 12.1% over the third quarter of 2014. Loan growth was higher than anticipated in the quarter. Some loan payoffs from businesses that sold were not paid until early October. We expect more modest growth in the fourth quarter,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Both Clarksville and Nashville continue to consistently rank among the strongest economies nationally. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

Finally, First Advantage Bancorp today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per outstanding share of common stock.  The dividend will be paid on or about November 16, 2015 to stockholders of record as of the close of business on November 5, 2015.

For further information, visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

July 15, 2015

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced net income of $714 thousand for the second quarter of 2015, or $0.19 per basic share and $0.18 per diluted share, compared to $583 thousand in the first quarter and $735 thousand in the second quarter last year.

“The investments made in additional lending talent in the first quarter are beginning to yield the expected positive results, increasing core earnings. Net interest income before provision increased 3.35% for the quarter and 7.64% versus the second quarter of 2014, a result of higher earning assets and improved net interest spread. Net interest income before provision increased 8.62% for the first half of the year compared to the first half of 2014. Loan production accelerated in the second quarter, with over $57.4 million in loans closed. Net loans grew $10.6 million or 2.2% for the second quarter, and $29.8 million or 8.5% over the second quarter of 2014. We continued to make additional provisions for loan loss through the second quarter to provide adequate reserves for the growth we experienced,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Both Clarksville and Nashville consistently rank among the strongest economies nationally. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

Finally, First Advantage Bancorp today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per outstanding share of common stock.  The dividend will be paid on or about August 14, 2015 to stockholders of record as of the close of business on August 4, 2015.

For further information, visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

April 15, 2015

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced net income of $583 thousand for the first quarter of 2015, or $0.16 per basic share and $0.15 per diluted share, compared to $805 thousand in the first quarter last year and $1.01 million in the fourth quarter last year.

“In the first quarter, we invested in additional talent to supplement lending operations to accommodate increased demand. This long-term investment should be recouped during the second quarter. Net interest income before provision grew 2.31% for the quarter and 9.63% versus the first quarter of 2014, a result of both a higher net interest margin and higher earning assets. Loan production continued to be strong in the first quarter, with over $35.7 million in loans booked. Loan growth was 2.2% for the first quarter and 10.5% over the first quarter of 2014. Additional provisions for loan loss were also made in the first quarter to provide adequate reserves,” said Earl O. Bradley, III, Chief Executive Officer of the company and the bank. “Both the Clarksville and Nashville economies continue to perform well in national rankings. The bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

Finally, First Advantage Bancorp today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per outstanding share of common stock.  The dividend will be paid on or about May 15, 2015 to stockholders of record as of the close of business on May 5, 2015.

For further information, visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

February 12, 2015

First Advantage Bancorp (OTCQX: FABK), the holding company of First Advantage Bank, announced net income of $3.252 million for the year ended December 31, 2014, up 6.0% from $3.068 million in 2013. Basic and diluted earnings per share were $0.86 and $0.80, respectively, compared to $0.78 and $0.73, respectively, in 2013.

Net income for the fourth quarter 2014 was approximately $1 million compared to $1.2 million for the fourth quarter of 2013. The decrease in net income was primarily attributed to lower mortgage-related fee income. Basic and diluted earnings per share were $0.27 and $0.25, respectively, for the fourth quarter 2014 compared to $0.31 and $0.29, respectively, in the fourth quarter 2013. Net income for the fourth quarter improved 42.8% from net income of $705 thousand for the third quarter of 2014.

“We continue to be encouraged by the improvements in net income and the team we have built to execute our strategic plan. The asset growth we realized in the fourth quarter is further evidence of our successful execution of that plan. Our balance sheet grew 4.1% for the quarter and 8.4% for the year, with loan growth of 1.2% for the quarter and 8.2% for the year,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Loan demand remains strong in both our Clarksville and Nashville markets, and both markets continue to be recognized by business publications as some of the best economies in the nation. Our net interest margin of 4.33% for the year and 4.29% for the quarter continues to rank well above most local competitors and in the top quartile nationally. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.” Subsequent to the quarter- and year-end, a nonperforming loan of $2.0 million was assumed by a qualified borrower and returned to performing status, resulting in a substantial improvement in asset quality overall. Had that transaction occurred in the fourth quarter, nonperforming assets as a percent of total assets would have been 2.01%.

Effective February 3, 2015, First Advantage Bancorp was promoted to the OTCQX market. OTCQX for banks is a public market designed to meet the unique needs of U.S. regional and community banks and provides for enhanced visibility and disclosures through the OTC website, otcmarkets.com.

 

January 22, 2015

The Board of Directors of First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, has declared an increase in quarterly dividends paid to shareholders to $0.10. The change represents a 43 percent increase from the previous dividend rate of $0.07. The higher dividend represents a 4% annual return on the original $10/share price.

 The cash dividend will be paid on or about February 16, 2015 to shareholders of record on February 5, 2015.

“The Board is pleased to increase the dividends to the shareholders who have invested in our organization, reflecting our continued growth and performance. We are confident that our strategy will continue to help leverage our capital to further build shareholder value,” said CEO Earl Bradley.

First Advantage Bancorp became publicly traded in 2007 and has paid quarterly dividends on common shares since 2008.

First Advantage Bank operates seven full-service banking centers in Clarksville, Nashville, and Franklin, and offers an array of business banking, personal banking, and mortgage products and services.

 

October 24, 2014

First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, announced net income of $705 thousand for the third quarter of 2014, or $0.19 per basic share and $0.18 per diluted share, a decrease of 16.3% from $842 thousand in the same quarter last year and a 4.1% decrease from $735 thousand in the prior quarter. Year-to-date, earnings of $2,245 thousand were up $388 thousand or 20.9% versus the first nine months of 2013.

“The third quarter results, while below prior quarter numbers, reflect higher salary expense as we beefed up our Nashville and Knoxville lending operations with additional lenders and support staff. We continue to invest in talent to execute our business plan. Noninterest income was the same as the third quarter last year, though mortgage closings continue to be below 2013 levels. Average earning assets were up $10.0 million or 2.5% for the third quarter, and year-to-date average earning assets are up $43.6 million or 12.3% over the same period last year. Loan production continued to be strong in the third quarter, with over $43.5 million in loans booked. Net loan growth was 1.9% for the third quarter and 6.9% for the first nine months of 2014,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“The Clarksville and Nashville economies continue to rank high for performance in national rankings, and our Nashville team continues to see sound growth due to numerous lending opportunities in that area. We were able to increase our net interest margin this quarter while also growing loans versus prior quarter results. Our return on average equity and return on average assets both continue to improve versus year-ago numbers, with increases of 21.7% and 7.4%, respectively, over the first nine months of last year. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

Finally, First Advantage Bancorp today announced that its Board of Directors has declared a quarterly cash dividend of $0.07 per outstanding share of common stock.  The dividend will be paid on or about November 14, 2014 to stockholders of record as of the close of business on November 4, 2014.

For further information, visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

July 18, 2014

First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, announced net income of $735 thousand for the second quarter of 2014, or $0.19 per basic share and $0.18 per diluted share, an increase of 36.1% from $540 thousand in the same quarter last year and an 8.7% decrease from $805 thousand in the prior quarter. Excluding one-time gains on sale of a property and recognized gains on sales of securities in the first quarter of 2014, net income increased $102 thousand or 16.1% versus the first quarter of 2014.

“The second quarter results indicate continued progress from year-ago levels, with a significant enhancement of return on equity and return on assets versus year-ago ratios, further evidence of our ongoing implementation of our business plan. Noninterest income was lower primarily because, as with many banks across the nation, mortgage closings were lower in the second quarter, but there are indications that the level of activity may rebound, which could lead to increased revenue in coming quarters. Earning assets increased $10.7 million or 2.7% for the second quarter, and year-to-date average earning assets are up 11.1% over the same period last year. Loan production continued to be strong in the second quarter, with over $49M in loans booked. Net loan growth was 4.75% for the second quarter and 5.85% for the first half of 2014,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“The Clarksville and Nashville economies continue to rank high for performance in national rankings, and our Nashville team continues to see sound growth due to numerous lending opportunities in that area. We were able to increase our net interest margin this quarter while also growing loans versus prior quarter results. Our return on average equity and return on average assets both continue to improve versus year-ago numbers, with increases of 53.4% and 37.5%, respectively, over the first half of last year. We also continue to make headway on noninterest expense, with the second quarter expense down 0.60% from first quarter levels and year-to-date being 2.32% below the first half of 2013. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

First Advantage Bancorp also announced today that it is commencing a seventh repurchase program to acquire up to 192,778 shares, or 5.0%, of the Company’s outstanding common stock.  Repurchases may be made from time to time depending on market conditions and other factors.  This program will supplement the sixth repurchase plan still in effect. There is no guarantee as to the exact number of shares to be repurchased by the Company.

Finally, First Advantage Bancorp today announced that its Board of Directors has declared a quarterly cash dividend of $0.07 per outstanding share of common stock.  The dividend will be paid on or about August 15, 2014 to stockholders of record as of the close of business on August 4, 2014.

For further information, please visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

April 21, 2014

First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, announced net income of $805 thousand for the first quarter of 2014, or $0.21 per basic share and $0.20 per diluted share, an increase of 69.5% from $475 thousand in the same quarter last year and a 33.4% decline from $1,210 thousand in the prior quarter.

“We are pleased to announce that we have strengthened our management team in the first quarter to better position ourselves for expected growth. The first quarter results indicate solid progress from year-ago levels, and we remain optimistic about our business plan. Loan production continued to be strong in the first quarter, with over $34M in loans booked. Net growth was lower as management selectively opted not to bid for existing loans where a proposed refinancing rate and terms would have not rewarded shareholders commensurate with the risks involved. Still, net loan growth represents an 18.0% increase from the first quarter of 2013,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Both the Clarksville and Nashville economies continue to perform well, and our Nashville expansion continues to provide opportunities for sound lending and growth. We were able to modestly increase loans this quarter with marginal impact on our net interest margin over the prior quarter results, and our return on average equity and return on average assets both showed strong improvement versus year-ago numbers with increases of 72.6% and 50%, respectively, over the same period last year. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

“Core operating results for the quarter excluding one-time events show positive direction. Compared to the same quarter last year, there were improvements in interest and non-interest income, as well as in expenses.” For further information, visit www.fdic.gov to review regulatory filings from the bank and holding company.

 

February 4, 2014

First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, announced net income of $3.068 million for the year ended December 31, 2013, up 27.8% from $2.4 million in 2012. This income equates to $0.78 per basic share and $0.73 per diluted share.

Fourth quarter 2013 net income was $1,210 thousand, or $0.31 per basic share and $0.29 per diluted share, representing an increase of 43.7% from the third quarter's $842 thousand, and a 176.3% increase from the same quarter last year. Net income in that quarter was $438 thousand.

"We are encouraged by the improvement in both core operating results and net income, which is evidence that we continue to make progress in executing our business plan. Our balance sheet grew 2.4% for the quarter and 14.1% for the year through the addition of quality assets, with loan growth of 1.5% for the quarter and 25.2% for the year." said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

"Both the Clarksville and Nashville markets are regularly noted in business publications as among the best economies in the nation. We remain optimistic about the opportunities for growth in both markets, and our business plan has us well-situated to build shareholder value. We were recently recognized by the Small Business Administration as the leading middle Tennessee community bank lender for SBA loans in 2013. Our net interest margin grew eight basis points over the same quarter last year and 11 basis points for the year versus 2012 results, and loan loss provisions have been minimal. The Bank remains categorized as 'Well-Capitalized' by regulatory standards. "

 

Thank you for your continued support.

Earl O. Bradley, III

Earl O. Bradley, III, CEO

 


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