HOPKINSVILLE, Ky. (April 26, 2017) – 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, 2017. For the three month period ended March 31, 2017, the Company’s net income was $935,000, or $0.15 per share basic and diluted, compared to $509,000, or $0.08 per share basic and diluted, for the three month period ended March 31, 2016.
Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “During the three month period ended March 31, 2017, net loan balances increased by $11.2 million, an annualized growth rate of 7.4%. The Company’s loan pipeline remains encouraging as we continue to strive to improve our profitability through disciplined loan growth.”
Mr. Peck continued, “The Company’s recently implemented changes to our consumer transaction account product line has been a success. At March 31, 2017, the Company’s transaction accounts balances have increased by $14.1 million despite an overall reduction in the number of accounts due to the elimination of free checking. The Company’s core operating results continue to improve and we are excited about the future of the Company,” Mr. Peck concluded.
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