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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS THIRD QUARTER RESULTS
October 28, 2013
(Click here to read the full press release)

HOPKINSVILLE, Ky. (October 28, 2013) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three and nine month periods ended September 30, 2013. For the three month period ended September 30, 2013, the Company’s net income available to common shareholders was $536,000, or $0.07 per share, basic and diluted, compared to net income available to common shareholders of $819,000, or $0.11 per share basic and diluted, for the three month period ended September 30, 2012. For the nine month period ended September 30, 2013, the Company’s net income available to common shareholders was $2.7 million, or $0.36 per share, basic and diluted, compared to a net income attributable to common shareholders of $2.2 million, or $0.29 per share basic and diluted, for the nine month period ended September 30, 2012.

Commenting on the third quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s net interest income for the three month period ended September 30, 2013, improved compared to the three month periods ending June 30, 2013, and September 30, 2012. The improved levels of net interest income are the result of our ability to reduce our interest expense by $298,000 on a linked quarter basis. As compared to the three month period ended September 30, 2012, total interest expense declined by approximately $1.6 million in the three month period ended September 30, 2013.”

Mr. Peck continued, “The Company’s non-interest expenses for the three and nine month periods ending September 30, 2013, remain relatively unchanged as compared to the same periods in 2012. On a linked quarter basis, non-interest expenses declined $141,000 despite an increase in non-interest expense associated with the termination of a merger agreement. We continue to focus on operating as efficiently as possible while focusing our energies to grow our loan portfolio in a safe and prudent manner.”

Mr. Peck concluded, “We recently announced a stock purchase program of 375,000 shares as well as an increase in our quarterly dividend payments. These announcements reflect the confidence of the Board of Directors and Management in the future of the Company.”

(Click here to read the full press release)

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