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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS GROWTH IN NET INCOME
AND LOANS IN THE FIRST QUARTER OF 2018
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Pre-Tax Income up 23.6% Year-over-Year
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First Quarter Loan Growth of $23.3 Million to $665.2 Million
(Click here to read the full press release)

HOPKINSVILLE, KY (April 27, 2018) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported operating results for the three month period ended March 31, 2018. For the three month period ended March 31, 2018, net income was $1.1 million, or $0.18 per share, compared to $935,000, or $0.15 per share, for the three month period ended March 31, 2017.

Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “We are excited to report that loans grew by $23.3 million in the three month period ended March 31, 2018. Economic activity in our market remains strong, providing a robust pipeline of new loan opportunities.  For the three month period ended March 31, 2018, net interest income was $7.2 million, an increase of $432,000 compared to the three month period ended March 31, 2017.  On a linked quarter basis, our net interest margin improved to 3.45% from 3.41% despite the tax law change that reduced the tax equivalent yield of our municipal bond portfolio by 0.78%. We remain confident in our Company’s future earning potential due to our strong asset quality, the size of our loan pipeline and the strength of our local economy.”

 Financial Highlights

  • In the three month period ended March 31, 2018, total loans increased $23.3 million, representing an annualized growth rate of 14.5%. At March 31, 2018, total loans originated and outstanding in the Nashville, Tennessee loan production office were $80.5 million, compared to $48.3 million at March 31, 2017.

  • Non-accrual loans are $2.0 million, or 0.30% of total loans, at March 31, 2018, compared to $8.9 million, or 1.44% of total loans, at March 31, 2017.

  • At March 31, 2018, the Company held 1,340,394 shares of treasury stock with a weighted average cost of $12.44 per share. The Company may purchase an additional 297,966 shares of treasury stock under our current repurchase program. In the three month period ended March 31, 2018, the Company purchased 2,034 shares of treasury stock at a weighted average cost of $14.14 per share.

  • At March 31, 2018, the Company’s book value was $13.97 per share and the Tangible Common Equity Ratio was 9.49%.  The Company’s book value computation does not include 423,679 unearned ESOP shares. 


(Click here to read the full press release)

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