HOPKINSVILLE, Ky. (May 19, 2017) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (“Heritage”), announced that shareholders elected three nominees as directors to serve for a three-year term, ratified the appointment of Carr, Riggs & Ingram, LLC as the Company’s independent registered public accounting firm and approved an advisory, non-binding resolution with respect to the named Executive Officers compensation.
In comments at the meeting, John E. Peck, President and CEO, stated, “HopFed reported improved financial results for the first quarter ended March 31, 2017. Our growth in loans, deposits and net income was fueled by organic growth across our markets. Loans were up 11% to $615 million, deposits increased 6% to $766 million and net income jumped 84% to $935,000. Our net income per share rose 88% to $0.15 and benefited from our share repurchase program.
“The outlook for HopFed in 2017 is very positive. Our team remains focused on expanding our loan growth potential, expanding our lending opportunities in the fast-growing Nashville market, enhancing our asset quality and improving our operational efficiency. We believe that our successful execution of these strategies will continue building long-term value for HopFed’s shareholders,” concluded Peck.
At the meeting, shareholders elected the following nominees to serve a three-year term:
Harry J. Dempsey, M.D. – Medical Director of Anesthesia at Baptist Health Madisonville, KY
Thomas I. Miller, PhD – President Emeritus of Murray State University and Professor Emeritus of Accounting, and
Clay Smith – Owner and operator of Pennyrile Ford Lincoln Mercury in Hopkinsville, KY
Continuing members of HopFed’s Board of Directors include:
John E. Peck – President and CEO of HopFed
Ted S. Kinsey – Owner of Parkway Chrysler in Benton, KY
Steve Hunt – Vice President of Agri-Power and Agri-Chem and a partner in Hunt Farms, all headquartered in Hopkinsville, KY
Richard Perkins – Retired bank examiner, and
Michael Woolfolk – Executive Vice President and Chief Operating Officer of HopFed.
Heritage Bank USA, Inc. (“Heritage Bank”) is a Kentucky state chartered commercial bank with the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation
as its regulators. HopFed Bancorp, Inc., the holding company for Heritage Bank, is a non-member federally chartered commercial bank holding company regulated by the Federal Reserve Board. Heritage Bank has eighteen offices in western Kentucky and middle Tennessee and loan production offices in Nashville, Tennessee and Brentwood, Tennessee. The Company offers a broad line of financial services through Heritage Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, and Pleasant View, Tennessee. Heritage Mortgage Services of Clarksville, Tennessee, offers long term fixed rate 1-4 family mortgage loans that are originated for the secondary market in all communities in the Company’s general market area. Heritage Bank offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank is located on its website www.bankwithheritage.com.
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risk, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition and the demand for the Company’s products and services, and other factors as set forth in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
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