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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS FIRST QUARTER RESULTS
April 30, 2015
(Click here to read the full press release)

HOPKINSVILLE, Ky. (April 30, 2015) – 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, 2015.  For the three month period ended March 31, 2015, the Company’s net income was $1.4 million, or $0.20 per share, basic and diluted, compared to net income of $354,000, or $0.05 per share basic and diluted, for the three month period ended March 31, 2014.

Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s loan portfolio grew by $9.4 million during the three month period ended March 31, 2015, ending the quarter at $548.7 million.  The Company is beginning to find success in our new loan production office in Nashville, Tennessee.  We are excited about the team of professional bankers we have assembled and the opportunities that Nashville affords the Company.”

Mr. Peck concluded, “The Company’s investment in a subordinated debenture was returned to accrual status after receiving past due interest of approximately $830,000. For the three month period ended March 31, 2015, the receipt of past due interest added approximately $0.08 per share to our net income and approximately 0.40% to our net interest margin. Excluding the receipt of past due interest, the Company’s net interest margin would have been 3.38% during the three month period ended March 31, 2015. Our improved net interest margin is the result of actions taken last year to reduce our interest expense. The Company’s interest expense for the three month period ended March 31, 2015, was $1.6 million compared to $2.3 million for the three month period ended March 31, 2014, and $2.0 million for the three month period ended December 31, 2014.”

(Click here to read the full press release)

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