News Column

HopFed Bancorp, Inc. Reports Fourth Quarter Results

February 14, 2014

By a News Reporter-Staff News Editor at Real Estate Weekly News -- HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank USA, Inc. (the "Bank"), reported results for the three and twelve month periods ended December 31, 2013 . For the three month period ended December 31, 2013 , the Company's net income available to common shareholders was $1.1 million , or $0.14 per share, basic and diluted, compared to net income available to common shareholders of $648,000 , or $0.09 per share basic and diluted, for the three month period ended December 31, 2012 . For the twelve month period ended December 31, 2013 , the Company's net income available to common shareholders was $3.8 million , or $0.50 per share, basic and diluted, compared to a net income attributable to common shareholders of $2.8 million , or $0.38 per share basic and diluted, for the twelve month period ended December 31, 2012 . Commenting on the fourth quarter results, John E. Peck , President and Chief Executive Officer, said, "The Company's net interest income for the three month period ended December 31, 2013 , increased by $87,000 as compared to the three month period ended September 30, 2013 . The linked quarter improvement is the result of a decline of $119,000 in total interest expense. In the three month period ended December 31, 2013 , total interest expense declined by approximately $792,000 as compared to the same period last year." Mr. Peck continued, "The Company's non-interest expenses for the twelve month period ending December 31, 2013 , increased by less than 1.00% as compared to the twelve month period ended December 31, 2012 . For the three month period ended December 31, 2013 , non-interest expenses were $7.3 million , an increase of $324,000 , as compared to the three month period ended December 31, 2012 . The increase in non-interest expense for the three month period ended December 31, 2013 , as compared to the three month period ended December 31, 2012 , was largely the result of $100,000 in legal expenses associated with the termination of a merger agreement, a $183,000 increase in expenses incurred on other real estate owned and a $168,000 increase in losses incurred on the sale of other real estate owned." Mr. Peck concluded, "Net loans grew by $11.6 million in the fourth quarter of 2013, much of that growth occurring very late in the quarter. We continue to aggressively seek quality loan growth and are currently looking to establish at least one loan production office in the Nashville, Tennessee market." Financial Highlights At December 31, 2013 , the Company's tangible book value was $12.83 per share and tangible common equity ratio was 9.82%. The Bank's Tier 1 Capital and Total Risk Based Capital Ratios at December 31, 2013 , were 10.76% and 17.81%, respectively. The Company's Tier 1 Capital and Total Risk Based Capital Ratios were 11.23% and 18.61%, respectively. The Company purchased 26,364 shares of its common stock in the quarter at a weighted average price of $11.15 per share. The Company has purchased a total of 76,468 shares since September 16, 2013 . At December 31, 2013 , the Company's allowance for loan loss totaled $8.7 million , or 1.57% of total loans and 86.25% of non-accrual loans. In the twelve month period ended December 31, 2013 , the Company's net charge offs totaled $3.6 million , or an annualized rate of 0.66% of average loans. Keywords for this news article include: Real Estate, HopFed Bancorp Inc. . Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Real Estate Weekly News


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