Investor Relations

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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.”

 

October 19, 2016

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced that its continued growth has propelled it past the $500 million mark in assets, ending the third quarter of 2016 at $525.7 million in assets. Net income for the third quarter of 2016 was $755 thousand, or $0.21 per basic share and $0.19 per diluted share, compared to $885 thousand in the third quarter last year and $559 thousand in the second quarter.

“Earnings improved this quarter as we executed on a number of initiatives in our strategic plan. Past due loans and nonaccruals also showed good improvement in the third quarter,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Our strong core deposit growth continued through the third quarter, with core deposits increasing 11.6% in the third quarter and 28.9% in the last twelve months, and total deposits increasing 8.4% for the quarter and 16.4% in the last twelve months. These additional deposits enabled us to sharply reduce our brokered deposits and other borrowings, and will allow us to pursue additional lending opportunities to continue to grow with our local economies,” he continued.

“The Specialty Lending unit continues to grow and reached $58 million in assets by the end of the second quarter. Bank-wide, total assets grew 8.5% during the third quarter and are 9.3% higher than the third quarter of 2015, both growth rates higher than in the second quarter. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

CEO Bradley also announced that the Cool Springs office located at 101 International Drive, just off Carothers Parkway in Franklin, is now opened for business. “We are excited to show our strong commitment to the Williamson County market with this second office, and the additional space in this larger office will allow us to provide our customers with the full suite of services. Williamson County is one of the top 20 growth communities in the nation, and we are excited by the opportunity to expand our services in this area.”

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 15, 2016 to stockholders of record as of the close of business on November 4, 2016.

 

July 20, 2016

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced net income of $559 thousand for the second quarter of 2016, or $0.15 per basic share and $0.14 per diluted share, compared to $714 thousand in the second quarter last year and $663 thousand in the first quarter. Prior quarter results were higher due to items including higher rates on US Treasury holdings that matured in the first quarter and higher personnel expense in the second quarter related to additional hiring, primarily in the Nashville market as recently announced.

“The bank has seen tremendous response to our enhanced retail model and deposit promotions, which has increased deposits 10.7% in the last twelve months. This deposit growth and recent hires have us well-positioned for future loan growth,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Credit quality held steady in the second quarter. Our Specialty Lending unit has continued to perform well and has seen sustained growth, reaching $50 million in assets during the second quarter. Bank-wide, total assets grew 1.9% during the second quarter and are 5.0% higher than the second quarter of 2015. 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 15, 2016 to stockholders of record as of the close of business on August 5, 2016.

 

July 18, 2016

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced the hiring of a number of strategic officers and employees in the Nashville market. The new employees were acquired after the announcement of the Avenue Bank merger.

“When the Avenue Bank merger was announced, we immediately brought together our executive team to consider the strategic opportunities that this transaction could present for First Advantage Bank,” CEO Earl Bradley said. “Several key people were identified as potential candidates to enhance our existing team with seasoned professionals that fit our culture, and we leveraged existing relationships with each of them to begin those discussions. We were privileged to be effective in persuading them individually to join First Advantage Bank with the opportunity to repeat their success in helping us continue to grow our Nashville presence."

Key positions filled by the hiring of the nine employees included Chief Credit Officer, Senior Lender for Business Banking and SBA Manager, relationship managers, and underwriters.

 

April 22, 2016

First Advantage Bancorp (OTC QX: FABK), the holding company of First Advantage Bank, announced net income of $663 thousand for the first quarter of 2016, or $0.18 per basic share and $0.17 per diluted share, compared to $583 thousand in the first quarter last year and $1.175 million in the fourth quarter last year. Fourth quarter 2015 results were higher due to items including gains on sale of bonds and SBA loans, loan prepayment penalties, reimbursement of expenses related to changing investment platforms, and lower salary expense.

“Our liquidity position improved significantly during the first quarter as deposits increased $10.9 million and short-term borrowings decreased $13.0 million, thanks to an energized retail staff and a successful deposit promotion. Our net interest margin fell slightly during the quarter, from 4.38% in the prior quarter to 4.29%, due in part to the maturity of US Treasuries and reinvestment in a current low interest rate environment,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“Credit quality improved in the first quarter, with both nonaccrual loans and classified loans declining. Provision for loan loss was lower in the first quarter 2016 than in the first quarter last year and the fourth quarter last year, as we had a number of loan payoffs including a loan with a specific reserve. Loan production grew 2.6% versus the first quarter of 2015, although loans net of allowance grew modestly. Total assets decreased modestly due to lower cash levels and lower levels of loans held for sale at quarter-end.”

“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 16, 2016 to stockholders of record as of the close of business on May 6, 2016.

 

February 17, 2016

First Advantage Bancorp (OTCQB: FABK), the holding company of First Advantage Bank, announced net income of $3.357 million for the year ended December 31, 2015, up 3.2% as compared to $3.252 million in 2014. Basic and diluted earnings per share were $0.92 and $0.85, respectively, in 2015, as compared to $0.86 and $0.80, respectively, in 2014.

Net income for the fourth quarter of 2015 was $1.175 million, up 16.7% compared to $1.007 million for the fourth quarter of 2014. Basic and diluted earnings per share were $0.33 and $0.30, respectively, for the fourth quarter of 2015, as compared to $0.27 and $0.25, respectively, for the fourth quarter of 2014. Net income for the fourth quarter of 2015 improved 32.8% from net income of $885 thousand for the third quarter of 2015.

“Net interest income before provision was 13.6% higher in the fourth quarter of 2015 than in the fourth quarter of 2014 and 1.0% higher than in the third quarter of 2015. Net interest income before provision for the full year 2015 was 10.9% higher than the full year 2014. We had increased provision throughout 2015 to provide reserves for growth and certain assets, but we were able to fund those provisions fully and still recognize growth in net earnings. 2015 also presented some challenges that we addressed in our SBA loans and Treasury Management programs, as well as our Investment area. We are pleased with the new directions in each area, and feel our shareholders and customers will both benefit strongly from these changes as they have benefited from the success of our Knoxville lending operations,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.

“The success of several clients’ businesses in the vibrant local economies led to sales and subsequent loan payoffs in the fourth quarter, causing modest contraction of 0.5%, but loan demand remains strong and total assets grew 10.1% from the prior year. Both the Clarksville and Nashville markets continue to be recognized by business publications as some of the best economies in the nation and attract vibrant additions to the local markets including Google and Under Armour. Our net interest margin of 4.35% for the year and 4.31% for the quarter represents improvement over 2014 results for the year and fourth quarter, and continues to rank well above most local competitors and in the top quartile nationally. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”

 

 

 


 

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