Investor Relations

 First Advantage Bancorp Logo

 

July 18, 2018

First Advantage Bancorp (OTCQX: FABK), the holding company of First Advantage Bank, announced net income of $2.01 million for the second quarter of 2018, or $0.54 per basic share and $0.49 per diluted share, an increase of 94.2% over the $1.03 million earned in the second quarter last year and 41.0% over the $1.42 million earned in the first quarter of this year. On a year-to-date basis, and excluding one-time earnings from exercises of stock options in the second quarter of this year and sale of a property formerly operated as a branch in the first quarter of last year, core earnings increased 77.2%.

“We are excited to see the continued improvement in our results over the last several quarters. Our assets reached $600 million for the first time this quarter, and loans topped $500 million as well, each of them setting us up for continued improvement in earnings. While second quarter loan demand is typically strong for us, it was especially strong this year, up 50.9% over the first quarter and 30.3% over the second quarter of last year. Our net interest margin continues to hold up well, despite increasingly competitive markets.

Clarksville and Nashville also see strong growth in our local economies, with Nashville recently ranked as the 8th lowest metropolitan unemployment rate in the nation and Clarksville also below the national average. These strong economies continue to draw population growth to our area, which in turn is feeding an increase in business confidence and investment,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank, adding, “The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 

April 9, 2018

First Advantage Bancorp (OTCQX: FABK), the holding company of First Advantage Bank, announced net income of $1.42 million for the first quarter of 2018, or $0.39 per basic share and $0.35 per diluted share, an increase of 29.3% over the $1.10 million earned in the first quarter last year and 39.1% over the $1.02 million earned in the fourth quarter last year. First quarter 2017 results included a $400 thousand pre-tax gain on sale of real estate formerly used as a branch location; excluding that nonrecurring event, core earnings increased 46.3% over first quarter last year earnings.

“Our continued strong loan and deposit growth and efforts to improve credit have served our shareholders well. We are delighted to report that our earnings continue to grow quickly and our net interest margin is holding up well, despite some very competitive markets. Both the Clarksville and Nashville economies are adding jobs at a strong pace as well, and loan demand remains strong throughout our markets, which bodes well for the future of the bank. Those factors allowed us to increase our dividend again this year, and we are hopeful about the prospects moving forward,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank, adding, “The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 

January 25, 2018

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced net income of $4.30 million for the year ended December 31, 2017, or $5.27 million before an income tax charge of $970 thousand was booked as a valuation adjustment on deferred tax assets due to changes in tax law. The $4.30 million net income and $5.27 million net income before adjustment represent an increase of 48.4% and 82.4%, respectively, from $2.89 million in 2016. Asset quality improved significantly during 2017, resulting in lower loan loss allowance. Loans grew to $483.8 million, or 16.0% over year-end 2016 loans.

Net income for the fourth quarter of 2017 was $1,023 thousand as compared to $917 thousand for the same period in 2016, an increase of 11.6%; prior to the valuation adjustment for deferred taxes, net income for the fourth quarter of 2017 was $1,993 thousand, an increase of 117.3% from the fourth quarter of 2016. Basic and diluted earnings per share were $1.19 and $1.06, respectively, in 2017, as compared to $0.80 and $0.73, respectively, in 2016. Assets had grown to $572 million by the end of 2017, an increase of 8.1% compared to 2016.

“We are extremely pleased with the results of 2017. The bank noted positive momentum on several fronts through 2017, and the fourth quarter was particularly strong in terms of improved levels of classified and nonaccrual loans. That improvement led to a loan loss allowance decrease of $1.1 million in the fourth quarter of 2017. Loan growth also accelerated as we continued to execute on our strategic plan to restructure the portfolio.

We also saw strong improvement in our local deposit base, with growth of 16.9% over year-end 2016. Total deposits grew only 7.3%, however, as we used our local deposits growth to pay down $32.8 million in institutional and brokered deposits to minimize the impact of rising rate expectations in those markets.

Two other areas of the bank also had substantial growth in 2017. The Nashville Business Journal listed First Advantage Bank as the fourth largest producer of SBA loans in fiscal year 2017 (October 2016 – September 2017) for the Nashville area. We are very pleased to have provided this meaningful, impactful service to our growing business customers. We are equally pleased to report that our manufactured housing loan division surpassed $100 million in loans in the fourth quarter of 2017, an increase of $42 million for the year. Demand for our services has continued to grow, and loan quality metrics confirm that the loans are being carefully underwritten, in compliance, and properly serviced.

We also announced a 30% increase in our dividend rate, moving from $0.10 to $0.13 per share beginning with the first quarter of 2017. There were many positive developments in 2017, but we will continue in 2018 to push for greater shareholder value. It is exciting to see that we are continuing to gain momentum,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 

January 17, 2018

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced an increase in quarterly dividends paid to shareholders to $0.13. The change represents a 30 percent increase from the previous dividend rate of $0.10. The higher dividend represents a 2.21% yield based on the December 31, 2017 closing price of $23.50, and a 5.2% annual return on the original $10/share price.

 The cash dividend will be paid on or about February 15, 2018 to shareholders of record on February 5, 2018.

“Our strategic initiatives that have been the Bank’s focus in recent years are building real value for our shareholders, and we are pleased that those efforts now allow us to increase our dividends to those who placed their trust in our bank. We believe our shareholders will be pleased with the results when announced, and we are working hard to ensure these positive trends continue,” said CEO Earl Bradley.

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

 

October 18, 2017

First Advantage Bancorp (OTCQX: FABK), the holding company of First Advantage Bank, announced net income of $1.14 million for the third quarter of 2017, or $0.32 per basic share and $0.28 per diluted share, compared to $755 thousand in the third quarter last year and $1.03 million in the second quarter this year. Earnings increased 10.3% over second quarter 2017 earnings and 50.9% over third quarter last year earnings. Year-to-date, net income through the third quarter increased 65.6% over the same period in 2016.

“The third quarter results continue to prove out that the strategic moves made last year are building value for our shareholders. We are encouraged by the strong improvement in earnings over both last year’s and last quarter’s results, and by the sharp drop in classified assets this quarter. Our loan production for the third quarter remained strong as well, and our deposit team kept pace, adding 2.5% in retail deposits in the third quarter and 10.1% since the third quarter last year. These ongoing improvements in our core products increased our net interest margin to 4.35% in the third quarter 2017 compared to 3.95% in the third quarter last year,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank, adding, “The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

First Advantage Bancorp also announced the declaration of a dividend of $0.10 per share to shareholders of record on November 6, 2017, payable November 16, 2017.

 

July 19, 2017

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced net income of $1.03 million for the second quarter of 2017, or $0.29 per basic share and $0.25 per diluted share, compared to $559 thousand in the second quarter last year and $1.10 million in the first quarter this year. Excluding a $400 thousand pre-tax gain on sale of real estate  in first quarter 2017, core earnings increased 6.2% over first quarter 2017 earnings and 85.5% over second quarter last year earnings.

 “Second quarter results show the impact of the efforts undertaken last year to position the bank for continued growth. After a strong first quarter 2017, loan production continued to gain strength through the second quarter of 2017, and is up 15.6% over the second quarter of last year. We also continued work on our planned balance sheet restructuring that replaced alternative funding sources with core deposits. While total deposits declined slightly in the second quarter as usual following tax payments, core deposits increased $21.2 million or 8.4% to $272.5 million at June 30, 2017 from $251.4 million at December 31, 2016. As a result of our growth and improved funding mix, our net interest margin increased to 4.34% in the second quarter 2017 compared to 4.23% in the first quarter 2017.

 “Our markets continue to do exceedingly well, with unemployment well below national and state averages in both Clarksville and Nashville. We remain convinced that these markets and our strong teams in each provide good scenarios for growth without sacrificing asset quality,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank, adding, “The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 

April 19, 2017

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced net income of $1.10 million for the first quarter of 2017, or $0.31 per basic share and $0.28 per diluted share, compared to $663 thousand in the first quarter last year and $917 thousand in the fourth quarter last year. First quarter 2017 results included a $400 thousand pre-tax gain on sale of real estate formerly used as a branch location, while fourth quarter 2016 results included $199 thousand in pre-tax expense reductions related to vendor contracts and lower salary expenses. Excluding those nonrecurring events, core earnings increased 14.0% over fourth quarter 2016 earnings and 46.7% over first quarter last year earnings.

 “We had reported previously that 2016 was a transitional year for the bank, and shareholders can now see the results of the efforts undertaken in that pivotal period. The strong loan production momentum from the fourth quarter last year has carried over into the first quarter and is up 45.3% over the first quarter of last year. We also continue to see strong performance from our deposit team, with 9.0% growth in retail deposits for the first quarter that allowed us to pay off 47.8% of our deposits from other sources.

 “Our markets continue to outperform, with Clarksville recently ranking as the 19th fastest job growth market in the US and continuing to draw global leaders such as LG’s new factory in addition to Google and Hankook Tire. Nashville growth continues to exceed expectations in population and employment, supported by a diverse economy and international employment base.

“These strong markets have offered us continued strong opportunities for growth and profitability and we remain excited about our prospects. The economic conditions have also been great for our customer base as shown in our improved asset quality,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank, adding, “The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.” 

 

January 27, 2017

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced that assets had grown to $528 million during the fourth quarter of 2016. Net income was $2.89 million for the year ended December 31, 2016, down 13.8% compared to $3.36 million in 2015. Basic and diluted earnings per share were $0.80 and $0.73, respectively, in 2016, as compared to $0.92 and $0.85, respectively, in 2015.

Net income for the fourth quarter of 2016 was $917 thousand, down 22.0% compared to $1.18 million for the fourth quarter of 2015. Basic and diluted earnings per share were $0.25 and $0.23, respectively, for the fourth quarter of 2016, as compared to $0.33 and $0.30, respectively, for the fourth quarter of 2015. Net income for the fourth quarter of 2016 improved 21.5% from net income of $755 thousand for the third quarter of 2016.

“2016 was a transitional year for the bank, and one we feel will be pivotal. While 2016 net income was down somewhat from 2015 results, we are excited about a number of opportunities we began last year that should set the stage for a stronger 2017. In October, we opened a second banking center in Cool Springs, which is one of our strongest markets, to complement our existing Franklin office, and have brought in a number of talented new hires in the Nashville and Clarksville markets to supplement our teams there. Those investments are expected to drive our continued growth in 2017. Progress is already apparent – fourth quarter loan production was 36.5% higher than third quarter loan production, though lower than fourth quarter 2015 due to a strategic decision to change the types of loans being targeted to reduce risk and gain efficiencies.

“Throughout 2016, we also have been working with major vendors to reduce expenses and provide better services to our customers. Those efforts paid off, with two vendors agreeing to reduce expenses $199,000 pre-tax in the fourth quarter, and additional reductions scheduled for 2017 and 2018. We were also able to reduce our provisions in 2016 compared to 2015 as asset quality improved,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Tennessee ranks as the top state for small business employment, and the Middle Tennessee area is a vibrant core to that employment strength. The addition of the second banking center in Franklin expands our branch network to better serve this growing region. The Specialty Lending team in Knoxville also has contributed strongly in 2016 and is expected to continue its growth into 2017. In 2016, that unit grew their loan portfolio by $30.5 million, with $6.8 million of the growth in the fourth quarter. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 


 

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