First Advantage Bancorp (OTCMKTS:FABK) Net Income Surges 6.0% In FY2014

First Advantage Bancorp (OTCMKTS:FABK) net income jumped 6.0% to $3.252 million in FY2014, however, net income in 4Q2014 declined to $1 million compared to $1.2 million in 4Q2013. The lower mortgage-related fee income resulted in lower net income in the 4Q. Basic and diluted EPS were $0.86 and $0.80, respectively, compared to $0.78 and $0.73, respectively, in 2013. The diluted earnings came at $0.25 per share compared to $0.29 in the 4Q2013.

The financial performance

Earl O. Bradley, III, the CEO of First Advantage Bancorp (OTCMKTS:FABK) said that the company has been progressing. The net income surged 42.8% sequentially, which indicates that the team built to work on strategic plan delivering results in 3Q2014. The balance sheet grew 8.4% for the year, with loan growth of 8.2% for the year, providing further evidence of the successful execution of strategic plans.

Loan demand

The performance of First Advantage Bancorp (OTCMKTS:FABK) loan sector in Clarksville and Nashville markets was impressive. The list of best economies in the nation includes two markets. The net interest margin of 4.29% for the quarter and 4.33% for the year scored well above most local peers. The margins indicate that the bank remains “Well-capitalized” as per regulatory standards.

The other details

First Advantage reported that a nonperforming loan of $2.0 million was returned to performing status after it was assumed by a qualified borrower. It was significant, as it resulted in a considerable improvement in bank’s asset quality overall. It will be accounted in the next quarter and will reduce NPA as a percent of total assets by as much as 2.01%. First Advantage Bancorp (OTCMKTS:FABK) Bancorp was moved to the OTCQX market, effective February 3, 2015. It is a public market that fulfills the unique needs of U.S. community and regional banks.

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