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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS IMPROVED OPERATING
RESULTS IN THE SECOND QUARTER OF 2018
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Pre-Tax Income up 29.1% Year-over-Year
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Dividend Increased 40%
(Click here to read the full press release)

HOPKINSVILLE, KY (July 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 and six month periods ended June 30, 2018. For the three month period ended June 30, 2018, net income was $1.7 million, or $0.28 per share, compared to $1.1 million, or $0.18 per share, for the three month periods ended June 30, 2017 and March 31, 2018. For the six month period ended June 30, 2018, net income was $2.8 million, or $0.46 per share, compared to $2.1 million, or $0.33 per share, for the six month period ended June 30, 2017.  

Commenting on the results for the six month period ended June 30, 2018, John E. Peck, President and Chief Executive Officer, said, “We are excited to report earnings growth of $0.13 per share, representing an increase of 39.4% in the six month period ended June 30, 2018 compared to the six month period ended June 30, 2017. For the six month period ended June 30, 2018, net interest income was $14.5 million, an increase of $747,000 compared to the six month period ended June 30, 2017.”

“At June 30, 2018, non-accrual loans were $1.6 million compared to $8.6 million at June 30, 2017.  At June 30, 2018, loans classified as substandard were $11.5 million compared to $24.8 million at June 30, 2017. The Company’s current levels of substandard and non-accrual loans are strong indicators that our near term credit quality outlook remains positive.  The Company’s local economy remains strong with most of our communities at or near full employment. Our loan pipeline remains robust, and we are optimistic about the Company’s future. Our improving financial performance and future prospects provided the Board of Directors with the opportunity to increase our common dividend by 40%, to $0.07 per share.”

Financial Highlights

    • In the six month period ended June 30, 2018, total loans increased $35.0 million, representing an annual growth rate of 10.9%. At June 30, 2018, total loans originated and outstanding in the Nashville, Tennessee, loan production offices were $88.8 million, compared to $80.5 million at March 31, 2018 and $61.5 million at June 30, 2017.

    • The Company’s net interest margin for the three and six month periods ended June 30, 2018 was 3.45% compared to 3.39% and 3.35% for the three and six month periods ended June 30, 2017.


(Click here to read the full press release)

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