Workspace Name: Hopfed Bancorp
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Document and Entity Information
3 Months Ended
Mar. 31, 2013
May 13, 2013
Document and Entity Information [Abstract]    
Entity Registrant Name HOPFED BANCORP INC  
Entity Central Index Key 0001041550  
Document Type 10-Q  
Document Period End Date Mar. 31, 2013  
Amendment Flag false  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   7,503,039
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Consolidated Condensed Statements of Financial Condition (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Assets    
Cash and due from banks $ 33,245 $ 31,563
Interest-earning deposits 15,235 5,613
Cash and cash equivalents 48,480 37,176
Federal Home Loan Bank stock, at cost 4,428 4,428
Securities available for sale 352,973 356,345
Loans receivable, net of allowance for loan losses of $10,579 at March 31, 2013, and $10,648 at December 31, 2012 530,928 524,985
Accrued interest receivable 4,760 5,398
Real estate and other assets owned 1,480 1,548
Bank owned life insurance 9,399 9,323
Premises and equipment, net 22,209 22,557
Deferred tax assets 175  
Intangible asset 243 292
Other assets 6,034 5,637
Total assets 981,109 967,689
Deposits:    
Non-interest-bearing accounts 100,305 94,083
Interest-bearing accounts:    
Interest-bearing checking accounts 169,203 147,047
Savings and money market accounts 82,529 81,643
Other time deposits 425,517 437,092
Total deposits 777,554 759,865
Advances from Federal Home Loan Bank 43,257 43,741
Repurchase agreements 40,485 43,508
Subordinated debentures 10,310 10,310
Advances from borrowers for taxes and insurance 481 396
Dividends payable 180 180
Deferred tax liability   568
Accrued expenses and other liabilities 4,756 4,122
Total liabilities 877,023 862,690
Stockholders' equity:    
Preferred stock, par value $0.01 per share; authorized - 500,000 shares; 18,400 shares issued and no shares outstanding at March 31, 2013, and December 31, 2012.
Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,905,955 issued and 7,503,039 outstanding at March 31, 2013, and 7,905,728 issued and 7,502,812 outstanding at December 31, 2012 79 79
Common stock warrant   556
Additional paid-in-capital 76,609 76,288
Retained earnings 42,663 41,829
Accumulated other comprehensive income, net of taxes 8,211 9,723
Total stockholders' equity 104,086 104,999
Total liabilities and stockholders' equity 981,109 967,689
Preferred Stock
   
Stockholders' equity:    
Treasury stock (18,400) (18,400)
Common Stock
   
Stockholders' equity:    
Treasury stock (5,076) (5,076)
Total stockholders' equity $ 79 $ 79
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Consolidated Condensed Statements of Financial Condition (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Loans receivable, net of allowance for loan losses $ 10,579 $ 10,648
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued 18,400 18,400
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 15,000,000 15,000,000
Common stock, shares issued 7,905,955 7,905,728
Common stock, shares outstanding 7,503,039 7,502,812
Preferred Stock
   
Treasury stock, shares 18,400 18,400
Common Stock
   
Treasury stock, shares 402,916 402,916
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Consolidated Condensed Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Interest and dividend income:    
Loans receivable $ 6,882 $ 7,801
Investment in securities, taxable 1,832 2,375
Investment in securities, non-taxable 585 575
Interest-earning deposits 6 8
Total interest and dividend income 9,305 10,759
Interest expense:    
Deposits 2,046 2,884
Advances from Federal Home Loan Bank 444 573
Repurchase agreements 242 248
Subordinated debentures 182 187
Total interest expense 2,914 3,892
Net interest income 6,391 6,867
Provision for loan losses 376 869
Net interest income after provision for loan losses 6,015 5,998
Non-interest income:    
Service charges 853 938
Merchant card income 223 196
Mortgage origination revenue 200 203
Gain on sale of securities 627 44
Income from bank owned life insurance 75 79
Financial services commission 297 227
Other operating income 208 230
Total non-interest income 2,483 1,917
Non-interest expenses:    
Salaries and benefits 3,848 3,507
Occupancy expense 845 855
Data processing expense 650 625
State deposit tax 142 162
Intangible amortization expense 49 65
Professional services expense 393 388
Deposit insurance and examination expense 232 419
Advertising expense 333 304
Postage and communications expense 139 141
Supplies expense 136 111
Loss on disposal of equipment   6
Loss on sale of real estate owned 35 147
Real estate owned expenses 76 46
Other operating expenses 396 323
Total non-interest expense 7,274 7,099
Income before income tax expense 1,224 816
Income tax expense 240 89
Net income 984 727
Less:    
Dividend on preferred shares   229
Accretion dividend on preferred shares   28
Net income available for common shareholders $ 984 $ 470
Net income available to common shareholders    
Per share, basic $ 0.13 $ 0.06
Per share, diluted $ 0.13 $ 0.06
Dividend per share $ 0.02 $ 0.02
Weighted average shares outstanding - basic 7,488,445 7,484,475
Weighted average shares outstanding - diluted 7,488,445 7,484,475
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Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Consolidated Condensed Statements of Comprehensive Income (Loss) [Abstract]    
Net income $ 984 $ 727
Other comprehensive income, net of tax:    
Unrealized gain (loss) on investment securities available for sale, net of tax effect of $598 and ($73) for the three months ended March 31, 2013, and March 31, 2012, respectively; (1,161) 142
Unrealized gain (loss) on derivatives, net of tax effect of ($32) and ($17) for the three month periods ending March 31, 2013, and March 31, 2012, respectively; 63 33
Reclassification adjustment for gains included in net income, net of tax effect of $213 and $15 for the three month periods ended March 31, 2013, and March 31, 2012, respectively; (414) (29)
Comprehensive income (loss) $ (528) $ 873
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Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Consolidated Condensed Statements of Comprehensive Income (Loss) [Abstract]    
Unrealized gain (loss) on investment securities available for sale, tax effect $ 598 $ (73)
Unrealized gain (loss) on derivatives, tax effect (32) (17)
Reclassification adjustment for gains included in net income, tax effect $ 213 $ 15
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Consolidated Condensed Statement of Stockholders' Equity (Unaudited) (USD $)
In Thousands, except Share data
Total
USD ($)
Common Stock
USD ($)
Preferred Stock
Common Stock Warrants
USD ($)
Additional Capital Surplus
USD ($)
Retained Earnings
USD ($)
Treasury Stock Preferred
USD ($)
Treasury Stock Common
USD ($)
Accumulated Other Comprehensive Income
USD ($)
Beginning balance at Dec. 31, 2012 $ 104,999 $ 79   $ 556 $ 76,288 $ 41,829 $ (18,400) $ (5,076) $ 9,723
Beginning balance, Shares at Dec. 31, 2012   7,502,812 18,400            
Restricted stock awards, Shares   227              
Consolidated net income 984         984      
Compensation expense, restricted stock awards 22       22        
Net change in unrealized gain on securities available for sale, net of income taxes of $811 (1,575)               (1,575)
Net change in unrealized loss on derivatives, net of income tax benefit of $32 63               63
Repurchase of warrant (257)     (556) 299        
Cash dividend to common stockholders (150)         (150)      
Ending balance at Mar. 31, 2013 $ 104,086 $ 79     $ 76,609 $ 42,663 $ (18,400) $ (5,076) $ 8,211
Ending balance, Shares at Mar. 31, 2013   7,503,039 18,400            
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Consolidated Condensed Statement of Stockholder's Equity (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Consolidated Condensed Statement of Stockholders' Equity [Abstract]  
Net change in unrealized gain on securities available for sale, net income taxes $ 811
Net change in unrealized loss on derivatives, net of income tax benefit $ 32
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Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net cash provided by operating activities $ 2,903 $ 3,791
Cash flows from investing activities    
Proceeds from sales, calls and maturities of securities available for sale 41,814 28,242
Purchase of securities available for sale (40,938) (50,869)
Net (increase) decrease in loans (6,396) 4,792
Proceeds from sale of foreclosed assets 110 1,573
Purchase of premises and equipment (49) (187)
Net cash used in investing activities (5,459) (16,449)
Cash flows from financing activities:    
Net increase in demand deposits 6,222 8,288
Net increase in time and other deposits 11,467 5,815
Increase in advances from borrowers for taxes and insurance 85 88
Repayment of advances from Federal Home Loan Bank (484) (951)
Net decrease in repurchase agreements (3,023) (603)
Cash used to repurchase warrant (257)  
Dividends paid on preferred stock   (230)
Dividends paid on common stock (150) (150)
Net cash provided by financing activities 13,860 12,257
Increase (decrease) in cash and cash equivalents 11,304 (401)
Cash and cash equivalents, beginning of period 37,176 48,760
Cash and cash equivalents, end of period 48,480 48,359
Supplemental disclosures of Cash Flow Information:    
Interest paid 1,492 1,969
Income taxes paid 445 445
Supplemental disclosures of non-cash investing and financing activities:    
Loans charged off 523 1,717
Foreclosures and in substance foreclosures of loans during period 77 633
Net unrealized gains (losses) on investment securities classified as available for sale (2,386) 171
Increase (decrease) in deferred tax asset related to unrealized gain on investments 811 (58)
Dividends declared and payable 180 178
Issue of unearned restricted stock $ 2 $ 12