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News : HopFed Bancorp, Inc.

 



HOPFED BANCORP, INC. REPORTS OPERATING
RESULTS IN THE THIRD QUARTER OF 2018
(Click here to read the full press release)

HOPKINSVILLE, KY (October 29, 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 nine month periods ended September 30, 2018. For the three month period ended September 30, 2018, net income was $1.2 million, or $0.20 per share, compared to $1.4 million, or $0.22 per share, for the three month period ended September 30, 2017. For the nine month period ended September 30, 2018, net income was $4.1 million, or $0.65 per share, compared to $3.5 million, or $0.56 per share, for the nine month period ended September 30, 2017.

Commenting on the results for the nine month period ended September 30, 2018, John E. Peck, President and Chief Executive Officer, said, “We are excited to report earnings growth of $0.09 per share, representing an increase of 16.1% in the nine month period ended September 30, 2018 compared to the nine month period ended September 30, 2017. For the nine month period ended September 30, 2018, net interest income was $21.6 million, an increase of $762,000 compared to the nine month period ended September 30, 2017.”

“The Company’s results of operations for the three month period ended September 30, 2018 were negatively affected by rising interest rates as linked quarter interest expense increased by $396,000 while the average balance of interest bearing liabilities declined by $5.7 million. On a linked quarter basis, total interest income increased $229,000 despite a $8.6 million decline in the average balance of investments available for sale. The Company’s gain on the sale of securities declined by $476,000 on a linked quarter basis.

At September 30, 2018, non-accrual loans were $1.8 million compared to $1.7 million at September 30, 2017. At September 30, 2018, loans classified as substandard were $11.0 million compared to $11.2 million at September 30, 2017. The Company’s current levels of substandard and non-accrual loans remain near historical low levels, which indicate that our credit quality remains strong.”

Financial Highlights

    • At September 30, 2018, net loans totaled $663.8 million, representing an increase of $38.4 million, or 6.1%, compared to September 30, 2017. At September 30, 2018 and September 30, 2017, total loans originated and outstanding in the Nashville, Tennessee, loan production offices were $89.6 and $63.2 million, respectively. On a linked quarter basis, net loans declined by $8.4 million.

    • The Company’s net interest margin for the three month period ended September 30, 2018 was 3.41% compared to 3.45% and 3.43% for the three month periods ended June 30, 2018 and September 30, 2017, respectively. The Company’s net interest margin for the nine month periods ended September 30, 2018 and September 30, 2017 were 3.42% and 3.37%, respectively.


(Click here to read the full press release)

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