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. "
October 23, 2013
First Advantage Bancorp (OTC QB: FABK), the holding company of First Advantage Bank, announced net income of $842 thousand for the third quarter of 2013, or $0.22 per basic share and $0.20 per diluted share, up 55.9% from $540 thousand for the prior quarter, and up 90.5% from the same quarter last year. Net income in that quarter was $442 thousand.
“The third quarter results show that we are making good progress executing our business plan. Our focus is on controlled balance sheet growth with an emphasis on asset quality, a plan that has allowed us to increase earnings without significant loan loss provisions. Total assets grew to $398.5 million representing a 4.6% growth rate for the quarter and a 9.9% growth rate compared to year-ago numbers,” said Earl O. Bradley, III, Chief Executive Officer of the Company and the Bank.
“We are fortunate that both the Clarksville and Nashville markets continue to exhibit strong growth in their economies and our Nashville expansion has gained traction. Continued execution of this business plan will be the key to increasing long term value for our shareholders. We were able to increase earning assets of the bank this quarter while continuing to improve our net interest margin over the prior quarter results. The Bank remains categorized as ‘Well-Capitalized’ by regulatory standards.”
“Core operating results for the quarter excluding one-time events show positive direction. There were improvements in interest and non interest income, as well as in expenses.” The results of the third quarter of 2012 included pre-tax one-time entries for provision for loan loss and gain on sale of premises, with an estimated net impact of lowering net income by $113 thousand for the quarter; the results of the nine months of 2012 included additional one-time gains on sale of securities.
July 17, 2013
I’d like to take this opportunity to share some recent changes made to enhance your ability to buy and sell FABK stock.
First Advantage Bancorp shares is now trading on the OTC Markets. OTCMarkets.com is an open exchange which allows investors, using a broker, to make daily trades. Investors can also get real-time information on the bank’s stock by going to www.otcmarkets.com/stock/FABK/quote. This arrangement replaces the previously announced SecondMarket arrangement, as we see that many shareholders were actively using OTC Markets to buy and sell shares. The bank’s ticker symbol will remain FABK.
Additionally, shareholder information, key financial data and notices are being provided to the public on our website www.fabk.com/investor-relations. We would like to be able to notify you directly via email when important financial data, breaking news or information is updated. Email communications can be provided in a more timely and efficient manner. Please take a moment to register your email contact information with us with by sending your contact information to email@example.com. Please include your name and preferred email address. Eliminating the cost of direct mail is just one of many things we’re doing to reduce costs and improve shareholder value.
We are committed to keeping our shareholders well informed and maintaining quick easy access to stock information. We feel strongly this change achieves that.
The Bank continues to make good progress in Nashville. In June 2013, we opened our new Business Banking Center in Franklin TN. We believe this highly efficient and modern proto-type is the bank of the future. Find out more by logging on to our website.
Thank you for your continued support.
Earl O. Bradley, III, CEO
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