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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS THIRD QUARTER RESULTS
October 28, 2014
(Click here to read the full press release)

HOPKINSVILLE, Ky. (October 28, 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 nine month periods ended September 30, 2014.  For the three month period ended September  30, 2014, the Company’s net income was $2.0 million, or $0.27 per share, basic and diluted, compared to net income of $536,000, or $0.07 per share basic and diluted, for the three month period ended September 30, 2013. For the nine month period ended September 30, 2014, the Company’s net income was $3.2 million, or $0.44 per share, basic and diluted, compared to net income of $2.7  million, or $0.36 per share basic and diluted, for the nine month period ended September 30, 2013.

Commenting on the third quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s credit quality significantly improved during the quarter, allowing us to recapture $892,000 in provision for loan loss expenses. At September 30, 2014, non-accrual loans were $1.1 million, or 0.21% of total loans. At September 30, 2014, the Company’s balance in other real estate and other assets owned was $2.0 million and our total non-performing asset to total asset ratio was 0.33%. At September 30, 2014, the Company’s allowance for loan loss account totaled $8.1 million, or 728.0% of non-accrual loans and 1.51% of total loans.  For the nine month period ended September 30, 2014, the Company’s recoveries exceed charge offs by approximately $224,000.”

Mr. Peck continued, “For the three month periods ended September 30, 2014, income from the origination of mortgage loans sold on the secondary market and wealth management commissions increased by $183,000 and $195,000, respectively, as compared to the three month period ended June 30, 2014.  Furthermore, the Company continues to find success in reducing our interest expense. Total interest expense declined by $168,000 during the three month period ended September 30, 2014, as compared to the three month period ended June 30, 2014.”

(Click here to read the full press release)

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