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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS FOURTH QUARTER RESULTS
(Click here to read the full press release)

HOPKINSVILLE, Ky. (January 31, 2017) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three and twelve month periods ended December 31, 2016. For the three month period ended December 31, 2016, the Company’s net income was $1.1 million, or $0.18 per share, basic and diluted. For the three month period ended December 31, 2015, the Company’s net income was $656,000, or $0.10 per share, basic and diluted. For the twelve month period ended December 31, 2016, the Company’s net income was $2.9 million, or $0.47 per share, basic and diluted. For the twelve month period ended December 31, 2015, the Company’s net income was $2.4 million, or $0.38 per share, basic and diluted.

Commenting on the Company’s results for the three and twelve month periods ended December 31, 2016, John E. Peck, President and Chief Executive Officer, said, “The Company experienced loan growth of $25.2 million and $18.3 million for the three month periods ended December 31, 2016, and September 30, 2016, respectively. In the three month period ended December 31, 2016, the Company’s loan growth largely occurred in our legacy markets. Our improving profitability levels are a direct result of our recent lending success. Entering 2017, our loan pipeline remains robust and we are optimistic about our future.”

Mr. Peck continued, “In the three month period ended December 31, 2016, the Company’s interest bearing checking accounts grew by $27.0 million, or 14.8%. The seasonal increase in transaction account balances is largely the result of our growth in the number of agri-business and municipal clients. In the first quarter of 2017, the Company will change the product lineup of our consumer transaction accounts in an attempt to maximize the profitability of our deposit relationships. This may result in increased volatility in the total outstanding balances of these accounts.”

(Click here to read the full press release)

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