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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS SECOND QUARTER RESULTS
July 31, 2014
(Click here to read the full press release)

HOPKINSVILLE, Ky. (July 31, 2014) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three and six month periods ended June 30, 2014. For the three month period ended June 30, 2014, the Company’s net income was $925,000, or $0.13 per share, basic and diluted, compared to net income of $1.2 million, or $0.16 per share basic and diluted, for the three month period ended June 30, 2013. For the six month period ended June 30, 2014, the Company’s net income was $1.3 million, or $0.17 per share, basic and diluted, compared to net income of $2.2 million, or $0.29 per share basic and diluted, for the six month period ended June 30, 2013.

Commenting on the second quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s net interest income for the three month period ended June 30, 2014, increased by $180,000 and $60,000, respectively, as compared to the three month periods ended June 30, 2013, and March 31, 2014, respectively. At June 30, 2014, net loans totaled $538.1 million, a decline of $5.5 million as compared to December 31, 2013, and an increase of $2.1 million as compared to March 31, 2014.”

Mr. Peck continued, “During the three month period ended June 30, 2014, the Company recaptured $261,000 of provision for loan loss expense into earnings. The provision reduction is possible due to the continued reduction of non-accrual loans and improved charge off trends. At June 30, 2014, non-accrual loans were $8.7 million, or 1.60% of total loans. Also at June 30, 2014, the Company’s allowance for loan loss account total $8.4 million, or 95.6% of non-accrual loans. The Company’s classified loans declined to $37.7 million, approximately 34% of risk based capital. For the six month period ended June 30, 2014, the Company’s net loan charge offs were $448,000, or 0.16% of average loan balances,” Mr. Peck concluded

(Click here to read the full press release)

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