Investor Relations

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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.”

 

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.

 

 


 

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