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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS FIRST QUARTER RESULTS
April 25, 2014
(Click here to read the full press release)

HOPKINSVILLE, Ky. (April 25, 2014) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three month period ended March 31, 2014. For the three month period ended March 31, 2014, the Company’s net income was $354,000, or $0.05 per share, basic and diluted, compared to net income of $984,000, or $0.13 per share basic and diluted, for the three month period ended March 31, 2013.

Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s net interest income for the three month period ended March 31, 2014, declined by $66,000 as compared to the three month period ended December 31, 2013, and $71,000 as compared to the three month period ended March 31, 2013. At March 31, 2014, net loans totaled $536.0 million, a decline of $7.6 million as compared to December 31, 2013. The Company’s loan pipeline remains relatively robust, but the Company’s lending markets remain extremely competitive.

“The Company experienced a significant decline in non-interest income during the three month period ended March 31, 2014, as compared to the three month periods ended December 31, 2013, and March 31, 2013. On a linked quarter basis, non-interest income declined by $694,000, or 30.2%. The linked quarter decline in non-interest income was largely the result of a $412,000 gain on the sale of the Company’s insurance assets in December 2013. As compared to March 31, 2013, non-interest income declined by $885,000, or 35.6%. For the three month period ended March 31, 2013, the Company recognized $627,000 in gains on the sale of securities as compared to $13,000 for the three month period ended March 31, 2014,” Mr. Peck concluded.

(Click here to read the full press release)

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