HOPFED BANCORP, INC. REPORTS GROWTH IN NET INCOME
AND LOANS FOR THIRD QUARTER
Net Income Up 93.4% Year-over-Year to $3.5 Million
Net Loans Increase 7.6% Year-over-Year to $630.2 Million
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HOPKINSVILLE, Ky. (October 25, 2017) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported growth in net income and loans for the three and nine month periods ended September 30, 2017. For the three month period ended September 30, 2017, net income rose 42.4% to $1.4 million, or $0.22 per share, compared to $985,000, or $0.16 per share, for the three month period ended September 30, 2016. For the nine month period ended September 30, 2017, net income rose 93.4% to $3.5 million, or $0.56 per share, compared to $1.8 million, or $0.29 per share, for the nine month period ended September 30, 2016.
Commenting on the third quarter results, John E. Peck, President and Chief Executive Officer, said, “At September 30, 2017, loans rose 7.6% to $630.2 million and deposits were up 2.7% to $731.2 million compared to September 30, 2016. HopFed’s positive trend of earnings growth continues into the third quarter of 2017 as a result of the growth in the average balance of loans and careful management of non-interest expenses. We are confident that our continued success in providing quality service and value to our communities will translate into improved financial performance.”
- Loans receivable rose 7.6% to $630.2 million at September 30, 2017, compared to $586.3 million at September 30, 2016. Loan growth benefited from solid production from the Company’s loan production office in Nashville, Tennessee. At September 30, 2017, total loans originated and outstanding in the Nashville loan production office were $63.2 million compared to $39.5 million at September 30, 2016.
- The Company continues to experience a reduction in the level of non-accrual and problem loans. Non-accrual loans declined from $11.7 million, or 1.99% of total loans, at September 30, 2016, to $1.7 million, or 0.28% of total loans, at September 30, 2017. Loans classified as impaired were $31.9 million at September 30, 2016 and $11.2 million at September 30, 2017.
- The Company continued to repurchase its common stock as part of the Board approved stock repurchase program. For the nine month period ended September 30, 2017, the Company purchased 41,321 shares of its common stock at a weighted average price of $14.14 per share. At September 30, 2017, the Company held 1,287,457 shares in treasury stock with a weighted average cost of $12.37 per share. The Company may purchase an additional 51,229 additional shares of treasury stock under its current repurchase program.
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