HOPKINSVILLE, Ky. (July 27, 2017) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported growth in loans and deposits at June 30, 2017 as well as significant growth in net income in the three and six month periods ended June 30, 2017. For the three month period ended June 30, 2017, net income rose 275.0% to $1.1 million, or $0.18 per share, as compared to the three month period ended June 30, 2016. At June 30, 2017, loans rose 12.6% to $631.2 million and deposits were up 6.6% to $745.9 million as compared to June 30, 2016. For the six month period ended June 30, 2017, net income rose 155.4% to $2.1 million, or $0.33 per share, compared to $813,000, or $0.13 per share, for the six month period ended June 30, 2016.
Commenting on the second quarter results, John E. Peck, President and Chief Executive Officer, said, “HopFed’s earnings rose significantly in the second quarter based on loan growth, improved margins and our program to manage non-interest expenses. We continued to make progress in growing HopFed’s earnings since last year and expect to show solid growth in 2017 compared to last year.
Our Board of Directors recently approved a 25% increase in our quarterly cash dividend to $0.05 per share. We believe the increased dividend highlights our improved profitability and our Board’s positive outlook for the future of HopFed.” The cash dividend is payable on July 27, 2017 to shareholders of record on July 7, 2017.
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