Investor Relations

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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, please visit our Investor Relations page at www.fabk.com, or 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. "

 

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

Dear Shareholder,

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 investorrelations@fabk.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.

I urge you to register your email contact information with us and to visit the OTCMarkets.com site for additional First Advantage Bank activity at www.otcmarkets.com/stock/fabk/quote.

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

Earl O. Bradley, III, CEO

 


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