Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HOPFED BANCORP INC | d8k.htm |
Exhibit 99.1
NEWS
| FOR IMMEDIATE RELEASE | CONTACT: | John E. Peck | ||
| President and CEO | ||||
| (270) 885-1171 |
HOPFED BANCORP, INC. REPORTS SECOND QUARTER RESULTS
HOPKINSVILLE, Ky. (August 1, 2011) – HopFed Bancorp, Inc. (NASDAQ: HFBC), (the “Company”) today reported results for the three and six month periods ended June 30, 2011. For the three month period ended June 30, 2011, the Company’s net income available to common shareholders was $550,000, or $0.08 per share basic and diluted, compared to net income available to common shareholders of $1,814,000, or $0.45 per share basic and diluted, for the three month period ended June 30, 2010. For the six month period ended June 30, 2011, the Company’s net loss attributable to common shareholders was $1,548,000, or $0.21 per share basic and diluted, compared to net income available to common shareholders of $3,420,000, or $0.89 per share basic and diluted for the six month period ended June 30, 2010.
Commenting on the second quarter results, John E. Peck, President and Chief Executive Officer, said, “ At June 30, 2011, the Company had approximately $8.0 million in loans past due more than thirty days as compared to $10.0 million at March 31, 2011, and $14.2 million at December 31, 2010. In the second quarter, our level of classified assets stabilized, allowing the Company to incur a quarterly provision for loan loss expense of $452,000 for the three month period ended June 30, 2011, as compared to $4.5 million during the three month period ended March 31, 2011. For the three month period ended June 30, 2011, the Company’s net yield on interest earning assets increased to 3.06% as compared to 2.94% for the three month period ended March 31, 2011. For the remainder of 2011, we will continue to focus on reducing both operating and interest expenses while continuing to work at improving our deposit mix.”
Mr. Peck continued, “With the return from the Middle East of the majority of the Army’s 101st Airborne, we have seen a modest increase in the level of economic activity. At this time, the increased activity has not resulted in as significant improvement in loan demand ; however, the return of military personnel has improved the marketability of multi-family real estate, which should allow the bank to liquidate its portfolio of other real estate owned properties. During the second quarter, we continued our efforts to make repairs to and market our portfolio of other real estate owned. We have received numerous offers for our other real estate and we anticipate a significant reduction in the amount of properties held in other real estate owned by the end of the third quarter. The liquidation of properties held in other real estate owned is an important component of improved financial performance.”
Mr. Peck concluded, “On July 21, 2011, the Office of Thrift Supervision “OTS” was merged into the Office of Comptroller of the Currency “OCC.” The OCC will be the regulatory agency responsible for supervision of the bank subsidiary. The Federal Reserve will supervise the Bank Holding Company. We anticipate that this transition will have no immediate impact on the daily operations of the Bank or Company.”
Financial Highlights
| • | The Company and Bank’s capital ratios remain strong. At June 30, 2011, The Company’s tangible book value is $12.54 and our tangible common equity ratio is 8.84%. The Bank’s tier 1 capital and total risk based capital ratios are 9.50% and 16.42%, respectively. The Company’s tier 1capital and total risk based capital ratios are 11.10% and 19.18%, respectively. |
| • | At June 30, 2011, the Company’s allowance for loan loss account was $13.7 million, or 2.33% of gross loans. At December 31, 2010, the Company’s allowance for loan loss account was $9.8 million, or 1.61% of gross loans. At June 30, 2011, the Company’s allowance for loan loss account equals 330.63% of non-accrual loans, as compared to 195.35% at December 31, 2010. The Company’s non-performing asset ratio was 1.33% and 1.37% at June 30, 2011, and December 31, 2010, respectively. |
| • | For the three month period ended June 30, 2011, the Company’s net interest margin was 3.06%, as compared to 2.94% for the three month period ended March 31, 2011. Improved margins were the result of a five basis point improvement in our yield on assets and a six basis point reduction in the cost of total interest bearing deposits. |
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HFBC Reports Second Quarter Results
Page 2
August 1, 2011
Asset Quality
At June 30, 2011, the Company’s level of non-performing loans totaled $4.1 million, or 0.70% of total loans, as compared to $6.1 million, or 1.02%, of total loans at March 31, 2011, and $5.0 million, or 0.82% of total loans at December 31, 2010. At June 30, 2011, non-performing assets totaled $14.1 million, or 1.33% of total assets, compared to $15.1 million, or 1.41% of total assets at March 31, 2011, and $14.8 million, or 1.37% of total assets at December 31, 2010.
At June 30, 2011, the Company’s level of loans classified as substandard and doubtful loans was $60.9 million and $2.3 million, respectively, compared to $66.1 million and $1.2 million, respectively at March 31, 2011, and $57.1 million and $1.5 million, respectively, at December 31, 2011. The Company’s specific reserve for impaired loans was $7.2 million at June 30, 2011, $6.6 million at March 31, 2011, and $4.3 million at December 31, 2010. For the six month period ended June 30, 2011, the Company’s net charge-offs totaled $1.1 million, an annualized rate of 0.38% of average loans.
Net Interest Income
For the three month period ended June 30, 2011, the Company’s net interest income was $7.0 million, compared to $6.8 million for the three month period ended March 31, 2011, and $7.9 million for the three month period ended June 30, 2010. For the six month period ended June 30, 2011, net interest income was $13.8 million compared to $15.2 million for the six month period ended June 30, 2010.
For the three month period ended June 30, 2011, the Company’s net interest margin was 3.06%, as compared to 2.94% for the three month period ended March 31, 2011, and 3.36% for the three month period ended June 30, 2010. For the six month period ended June 30, 2011, the Company’s net interest margin was 3.00% as compared to 3.28% for the six month period ended June 30, 2010. In the last twelve months, weak loan demand and declining investment yields have resulted in a sharp decline in interest income. As a result of current economic conditions, the Company has chosen to reduce its exposure to Federal Home Loan Bank advances and brokered deposits.
Non-interest Income
Non-interest income for the three month period ended June 30, 2011, was $2.1 million as compared to $2.4 million for the three month period ended March 31, 2011, and $2.5 million for the three month period ended June 30, 2010. Non-interest income for the six month period ended June 30, 2011, was $4.5 million as compared to $4.8 million at June 30, 2010.
The decrease in non-interest income for the three and six month periods ended June 30, 2011 was largely the result of lower levels of fee income generated by both deposit and loan activities. Weak loan demand has depressed loan fee income as well as financial services income, which is significantly affected by the amount of title insurance premiums issued. In addition, the second quarter of 2010 saw a significant gain on the sale of real estate that was unique and unlikely to be repeated.
For the three and six month periods ended June 30, 2011, the Company recognized gains on the sale of securities totaling $329,000 and $1,050,000, respectively compared to $232,000 and $726,000 for the same periods in 2010. In 2011, management sold investment securities to fund reduced levels of deposits and Federal Home Loan Bank advances as well as to reduce the duration of the investment portfolio. During the second half of 2011, management anticipates that it may continue to sell longer duration investments.
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HFBC Reports Second Quarter Results
Page 3
August 1, 2011
Non-interest Expense
Non-interest expenses were $7.4 million for the three month period ended March 31, 2011, and June 30, 2011, respectively as compared to $6.6 million for the three month period ended June 30, 2010. For the six month period ended June 30, 2011, non-interest expenses were $14.9 million, an increase of $1.9 million as compared to the six month period ended June 30, 2010.
For the six month period ended June 30, 2011, the increase in non-interest expense is largely the result of a $1.1 million loss on the sale of other real estate and a $371,000 increase in deposit insurance and examination fees. Salary and benefits expense increased $241,000 for the six month period ended June 30, 2011, as compared to June 30, 2010. For the six month period ended June 30, 2011, as compared to June 30, 2010, the Company had no other operating expenses increase by more than $200,000.
Balance Sheet
Total assets were $1.06 billion at June 30, 2011, a decrease of $20.1 million as compared to December 31, 2010. During the first six months of 2011, the Company’s deposits declined by $9.7 million and Federal Home Loan Bank Advances declined by $11.8 million. The Company’s level of brokered deposits declined by $11.5 million as management chose to reduce its asset base due to weak loan demand and relatively poor investment options. For the six month period ended June 30, 2011, gross loans declined by approximately $24.7 million, to $585.4 million.
The Company
HopFed Bancorp, Inc. is the holding company for Heritage Bank headquartered in Hopkinsville, Kentucky. The Bank has eighteen offices in western Kentucky and middle Tennessee in addition to its subsidiaries, Fall & Fall Insurance of Fulton, Kentucky, Heritage Solutions of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Pleasant View, Tennessee, and Heritage Mortgage Services of Clarksville, Tennessee. The Bank offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank may be found on its website www.bankwithheritage.com.
Forward-Looking Information
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risk, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition and the demand for the Company’s products and services, and other factors as set forth in filings with the Securities and Exchange Commission.
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HFBC Reports Second Quarter Results
Page 4
August 1, 2011
HOPFED BANCORP, INC.
Balance Sheet
(Table amounts in thousands)
| June 30, 2011 | December 31, 2010 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash and due from banks |
$ | 54,301 | 54,042 | |||||
| Interest-earning deposits in Federal Home Loan Bank |
6,268 | 6,942 | ||||||
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| Cash and cash equivalents |
60,569 | 60,984 | ||||||
| Federal Home Loan Bank stock, at cost |
4,428 | 4,378 | ||||||
| Securities available for sale |
366,612 | 357,738 | ||||||
| Loans receivable, net of allowance for loan losses of $13,655 at June 30, 2011, and $9,830 at December 31, 2010 |
571,743 | 600,215 | ||||||
| Accrued interest receivable |
6,130 | 6,670 | ||||||
| Real estate and other assets owned |
10,048 | 9,812 | ||||||
| Bank owned life insurance |
8,984 | 8,819 | ||||||
| Premises and equipment, net |
23,721 | 24,289 | ||||||
| Deferred tax assets |
3,946 | 3,788 | ||||||
| Intangible asset |
649 | 810 | ||||||
| Other assets |
5,482 | 5,088 | ||||||
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| Total assets |
$ | 1,062,312 | $ | 1,082,591 | ||||
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| Liabilities and Stockholders’ Equity | ||||||||
| Liabilities: |
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| Deposits: |
||||||||
| Non-interest-bearing accounts: |
$ | 72,103 | $ | 69,139 | ||||
| Interest-bearing accounts: |
||||||||
| NOW accounts |
121,120 | 138,936 | ||||||
| Savings and money market accounts |
67,568 | 63,848 | ||||||
| Other time deposits |
556,446 | 555,006 | ||||||
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| Total deposits |
817,237 | 826,929 | ||||||
| Advances from Federal Home Loan Bank |
70,069 | 81,905 | ||||||
| Repurchase agreements |
46,686 | 45,110 | ||||||
| Subordinated debentures |
10,310 | 10,310 | ||||||
| Advances from borrowers for taxes and insurance |
503 | 239 | ||||||
| Dividends payable |
614 | 613 | ||||||
| Accrued expenses and other liabilities |
5,718 | 6,041 | ||||||
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| Total liabilities |
951,137 | 971,147 | ||||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports Second Quarter Results
Page 5
August 1, 2011
HOPFED BANCORP, INC.
Balance Sheet
(Table amounts in thousands, except share data)
| June 30, 2011 | December 31, 2010 | |||||||
| (Unaudited) | ||||||||
| Stockholders’ equity |
||||||||
| Preferred stock, par value $0.01 per share; authorized - 500,000 shares; 18,400 shares issued and outstanding with a liquidation preference of $18,400,000 at June 30, 2011, and December 31, 2010 |
— | — | ||||||
| Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,738,643 issued and 7,335,727 outstanding at June 30, 2011 and 7,737,879 issued and 7,334,963 outstanding at December 31, 2010 |
77 | 77 | ||||||
| Common stock warrants |
556 | 556 | ||||||
| Additional paid-in-capital |
75,037 | 74,920 | ||||||
| Retained earnings-substantially restricted |
37,268 | 39,994 | ||||||
| Treasury stock (at cost, 402,916 shares at June 30, 2011, and December 31, 2010) |
(5,076 | ) | (5,076 | ) | ||||
| Accumulated other comprehensive income, net of taxes |
3,313 | 973 | ||||||
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| Total stockholder’s equity |
111,175 | 111,444 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 1,062,312 | 1,082,591 | |||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports Second Quarter Results
Page 6
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands)
| For the Three Month Periods Ended June 30, |
For the Six Month Periods Ended June 30, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Interest and dividend income: |
||||||||||||||||
| Loans receivable |
8,440 | 10,010 | 16,922 | 19,631 | ||||||||||||
| Investment in securities, taxable |
2,732 | 3,035 | 5,422 | 5,957 | ||||||||||||
| Nontaxable securities available for sale |
590 | 611 | 1,201 | 1,174 | ||||||||||||
| Interest-earning deposits |
4 | — | 8 | — | ||||||||||||
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| Total interest and dividend income |
11,766 | 13,656 | 23,553 | 26,762 | ||||||||||||
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| Interest expense: |
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| Deposits |
3,731 | 4,501 | 7,636 | 9,092 | ||||||||||||
| Advances from Federal Home Loan Bank |
627 | 826 | 1,321 | 1,682 | ||||||||||||
| Repurchase agreements |
225 | 204 | 430 | 406 | ||||||||||||
| Subordinated debentures |
180 | 181 | 365 | 364 | ||||||||||||
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| Total interest expense |
4,763 | 5,712 | 9,752 | 11,544 | ||||||||||||
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| Net interest income |
7,003 | 7,944 | 13,801 | 15,218 | ||||||||||||
| Provision for loan losses |
452 | 858 | 4,970 | 1,469 | ||||||||||||
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| Net interest income after provision for loan losses |
6,551 | 7,086 | 8,831 | 13,749 | ||||||||||||
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| Non-interest income: |
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| Service charges |
952 | 1,036 | 1,808 | 2,021 | ||||||||||||
| Merchant card income |
195 | 179 | 377 | 339 | ||||||||||||
| Gain on sale of loans |
58 | 103 | 130 | 187 | ||||||||||||
| Gain on sale of securities |
329 | 232 | 1,050 | 726 | ||||||||||||
| Other than temporarily impairment on available for sale securities |
— | — | (14 | ) | — | |||||||||||
| Income from bank owned life insurance |
76 | 89 | 165 | 178 | ||||||||||||
| Financial services commission |
232 | 286 | 419 | 483 | ||||||||||||
| Gain on sale of real estate owned |
— | 268 | — | 293 | ||||||||||||
| Other operating income |
276 | 263 | 548 | 538 | ||||||||||||
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| Total non-interest income |
2,118 | 2,456 | 4,483 | 4,765 | ||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports Second Quarter Results
Page 7
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands, except share and per share data)
| For the Three Month
Periods Ended June 30, |
For the Six Month Periods Ended June 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Non-interest expenses: |
||||||||||||||||
| Salaries and benefits |
3,352 | 3,207 | 6,678 | 6,437 | ||||||||||||
| Occupancy expense |
797 | 767 | 1,585 | 1,556 | ||||||||||||
| Data processing expense |
716 | 707 | 1,403 | 1,396 | ||||||||||||
| State deposit tax |
157 | 160 | 325 | 317 | ||||||||||||
| Intangible amortization expense |
81 | 98 | 162 | 195 | ||||||||||||
| Professional services expense |
378 | 345 | 693 | 597 | ||||||||||||
| Deposit insurance and examination expense |
567 | 407 | 1,159 | 788 | ||||||||||||
| Advertising expense |
328 | 271 | 607 | 512 | ||||||||||||
| Postage and communications expense |
133 | 147 | 281 | 282 | ||||||||||||
| Supplies expense |
102 | 99 | 198 | 192 | ||||||||||||
| Loss on disposal of equipment |
2 | — | 140 | — | ||||||||||||
| Loss on sale of real estate owned |
563 | — | 1,072 | — | ||||||||||||
| Real estate owned expenses |
127 | 87 | 200 | 182 | ||||||||||||
| Other operating expenses |
133 | 292 | 382 | 519 | ||||||||||||
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| Total non-interest expense |
7,436 | 6,587 | 14,885 | 12,973 | ||||||||||||
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| Income (loss) before income tax expense |
1,233 | 2,955 | (1,571 | ) | 5,541 | |||||||||||
| Income tax expense (benefit) |
426 | 884 | (534 | ) | 1,610 | |||||||||||
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| Net income (loss) |
807 | 2,071 | (1,037 | ) | 3,931 | |||||||||||
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| Less: |
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| Dividend on preferred shares |
229 | 229 | 456 | 456 | ||||||||||||
| Accretion dividend on preferred shares |
28 | 28 | 55 | 55 | ||||||||||||
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| Net income (loss) available (attributable) to common shareholders |
$ | 550 | $ | 1,814 | ($ | 1,548 | ) | $ | 3,420 | |||||||
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| Net income (loss) available (attributable) to common shareholders |
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| Per share, basic |
$ | 0.08 | $ | 0.45 | ($ | 0.21 | ) | $ | 0.89 | |||||||
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| Per share, diluted |
$ | 0.08 | $ | 0.45 | ($ | 0.21 | ) | $ | 0.89 | |||||||
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| Dividend per share |
$ | 0.08 | $ | 0.12 | $ | 0.16 | $ | 0.24 | ||||||||
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Share and per share information for June 30, 2010, has been adjusted to reflect a 2% stock dividend paid
to shareholders of record on September 30, 2010. The stock dividend was paid on October 18, 2010.
This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports Second Quarter Results
Page 8
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands)
| For the
Three Months Ended |
||||||||||||
| 6/30/2011 | 3/31/2011 | Change from Prior Quarter |
||||||||||
| Interest and dividend income: |
||||||||||||
| Loans receivable |
8,440 | 8,482 | (42 | ) | ||||||||
| Investment in securities, taxable |
2,732 | 2,690 | 42 | |||||||||
| Nontaxable securities available for sale |
590 | 611 | (21 | ) | ||||||||
| Interest-earning deposits |
4 | 4 | — | |||||||||
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| Total interest and dividend income |
11,766 | 11,787 | (21 | ) | ||||||||
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| Interest expense: |
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| Deposits |
3,731 | 3,905 | (174 | ) | ||||||||
| Advances from Federal Home Loan Bank |
627 | 694 | (67 | ) | ||||||||
| Repurchase agreements |
225 | 205 | 20 | |||||||||
| Subordinated debentures |
180 | 185 | (5 | ) | ||||||||
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| Total interest expense |
4,763 | 4,989 | (226 | ) | ||||||||
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| Net interest income |
7,003 | 6,798 | 205 | |||||||||
| Provision for loan losses |
452 | 4,518 | (4,066 | ) | ||||||||
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| Net interest income after provision for loan losses |
6,551 | 2,280 | 4,271 | |||||||||
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| Non-interest income: |
||||||||||||
| Service charges |
952 | 856 | 96 | |||||||||
| Merchant card income |
195 | 182 | 13 | |||||||||
| Mortgage orgination revenue |
58 | 72 | (14 | ) | ||||||||
| Gain on sale of securities |
329 | 721 | (392 | ) | ||||||||
| Other than temporary impairment charge on AFS securities |
— | (14 | ) | 14 | ||||||||
| Income from bank owned life insurance |
76 | 89 | (13 | ) | ||||||||
| Financial services commission |
232 | 187 | 45 | |||||||||
| Other operating income |
276 | 272 | 4 | |||||||||
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| Total non-interest income |
2,118 | 2,365 | (247 | ) | ||||||||
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This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Second Quarter Results
Page 9
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands, except share and per share data)
| For the Three Months Ended |
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| 6/30/2011 | 3/31/2011 | Change from Prior Quarter |
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| Non-interest expenses: |
||||||||||||
| Salaries and benefits |
$ | 3,352 | 3,326 | 26 | ||||||||
| Occupancy expense |
797 | 788 | 9 | |||||||||
| Data processing expense |
716 | 687 | 29 | |||||||||
| State deposit tax |
157 | 168 | (11 | ) | ||||||||
| Intangible amortization expense |
81 | 81 | — | |||||||||
| Professional services expense |
378 | 315 | 63 | |||||||||
| Deposit insurance and examination expense |
567 | 592 | (25 | ) | ||||||||
| Advertising expense |
328 | 279 | 49 | |||||||||
| Postage and communications expense |
133 | 148 | (15 | ) | ||||||||
| Supplies expense |
102 | 96 | 6 | |||||||||
| Loss on disposal of equipment |
2 | 138 | (136 | ) | ||||||||
| Loss on sale of real estate owned |
563 | 509 | 54 | |||||||||
| Real estate owned expenses |
127 | 73 | 54 | |||||||||
| Other operating expenses |
133 | 249 | (116 | ) | ||||||||
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| Total non-interest expense |
7,436 | 7,449 | (13 | ) | ||||||||
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| Income before income tax expense |
1,233 | (2,804 | ) | 4,037 | ||||||||
| Income tax expense |
426 | (960 | ) | 1,386 | ||||||||
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| Net income |
807 | (1,844 | ) | 2,651 | ||||||||
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| Less: |
||||||||||||
| Dividend on preferred shares |
229 | 227 | 2 | |||||||||
| Accretion dividend on preferred shares |
28 | 27 | 1 | |||||||||
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| Net income (loss) available (attributable) to common stockholders |
550 | ($ | 2,098 | ) | 2,648 | |||||||
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|
|
|||||||
| Net income (loss) available (attributable) to common stockholders |
||||||||||||
| Per share, basic |
$ | 0.08 | ($ | 0.29 | ) | 0.37 | ||||||
|
|
|
|
|
|
|
|||||||
| Per share, diluted |
$ | 0.08 | ($ | 0.29 | ) | 0.37 | ||||||
|
|
|
|
|
|
|
|||||||
| Dividend per share |
$ | 0.08 | $ | 0.08 | ||||||||
|
|
|
|
|
|||||||||
| Weighted average shares outstanding - basic |
7,321,018 | 7,318,703 | ||||||||||
|
|
|
|
|
|||||||||
| Weighted average shares outstanding - diluted |
7,321,018 | 7,318,703 | ||||||||||
|
|
|
|
|
|||||||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Second Quarter Results
Page 10
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the three month periods ended June 30, 2011, and June 30, 2010, by $275,000 and $281,000, respectively; for a tax equivalent rate using a cost of funds rate of 2.20% for the three month period ended June 30, 2011, and 2.50% for the three month period ended June 30, 2010. The table adjusts tax-free loan income by $9,000 for three month period ended June 30, 2011 and $14,000 for the three month period ended June, 2010, for a tax equivalent rate using the same cost of funds rate:
| Average Balance 6/30/2011 |
Income and Expense 6/30/2011 |
Average Rates 6/30/2011 |
Average Balance 6/30/2010 |
Income and Expense 6/30/2010 |
Average Rates 6/30/2010 |
|||||||||||||||||||
| (Table Amounts in Thousands, Except Percentages) | ||||||||||||||||||||||||
| Loans |
$ | 578,815 | 8,449 | 5.84 | % | $ | 639,548 | 10,024 | 6.27 | % | ||||||||||||||
| Investments AFS taxable |
299,228 | 2,732 | 3.65 | % | 277,749 | 3,035 | 4.37 | % | ||||||||||||||||
| Investment AFS tax free |
68,580 | 865 | 5.05 | % | 62,688 | 892 | 5.69 | % | ||||||||||||||||
| Federal funds |
7,062 | 4 | 0.23 | % | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest earning assets |
953,685 | 12,050 | 5.05 | % | 979,985 | 13,951 | 5.69 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other assets |
113,166 | 97,661 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 1,066,851 | $ | 1,077,646 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest bearing retail deposits |
678,379 | 3,277 | 1.93 | % | 687,335 | 3,982 | 2.32 | % | ||||||||||||||||
| Brokered deposits |
83,626 | 455 | 2.18 | % | 84,376 | 519 | 2.46 | % | ||||||||||||||||
| FHLB borrowings |
70,595 | 627 | 3.55 | % | 93,288 | 826 | 3.54 | % | ||||||||||||||||
| Repurchase agreements |
39,082 | 225 | 2.30 | % | 40,345 | 204 | 2.02 | % | ||||||||||||||||
| Subordinated debentures |
10,310 | 180 | 6.98 | % | 10,310 | 181 | 7.02 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest bearing liabilities |
881,992 | 4,764 | 2.16 | % | 915,654 | 5,712 | 2.50 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-interest bearing deposits |
67,906 | 68,845 | ||||||||||||||||||||||
| Other liabilities |
5,549 | 6,061 | ||||||||||||||||||||||
| Stockholders’ equity |
111,404 | 87,086 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 1,066,851 | $ | 1,077,646 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net change in interest earning assets and interest bearing liabilities |
7,286 | 2.89 | % | 8,239 | 3.19 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net interest margin |
3.06 | % | 3.36 | % | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Second Quarter Results
Page 11
August 1, 2011
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the six month periods ended June 30, 2011, and June 30, 2010, by $560,000 and $540,000, respectively; for a tax equivalent rate using a cost of funds rate of 2.20% for the six month period ended June 30, 2011, and 2.50% for the six month period ended June 30, 2010. The table adjusts tax-free loan income by $17,000 for six month period ended June 30, 2011 and $32,000 for the six month period ended June 30, 2010, for a tax equivalent rate using the same cost of funds rate:
| Average Balance 6/30/2011 |
Income and Expense 6/30/2011 |
Average Rates 6/30/2011 |
Average Balance 6/30/2010 |
Income and Expense 6/30/2010 |
Average Rates 6/30/2010 |
|||||||||||||||||||
| (Table Amounts in Thousands, Except Percentages) | ||||||||||||||||||||||||
| Loans |
$ | 585,625 | 16,939 | 5.79 | % | $ | 641,078 | 19,663 | 6.13 | % | ||||||||||||||
| Investments AFS taxable |
296,122 | 5,422 | 3.66 | % | 263,182 | 5,957 | 4.53 | % | ||||||||||||||||
| Investment AFS tax free |
67,978 | 1,761 | 5.18 | % | 59,064 | 1,714 | 5.80 | % | ||||||||||||||||
| Federal funds |
8,471 | 8 | 0.19 | % | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest earning assets |
958,196 | 24,130 | 5.04 | % | 963,324 | 27,334 | 5.67 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other assets |
118,070 | 97,330 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 1,076,266 | $ | 1,060,654 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest bearing retail deposits |
679,675 | 6,665 | 1.96 | % | 672,748 | 8,017 | 2.38 | % | ||||||||||||||||
| Brokered deposits |
87,992 | 971 | 2.21 | % | 84,813 | 1,075 | 2.53 | % | ||||||||||||||||
| FHLB borrowings |
73,564 | 1,321 | 3.59 | % | 96,219 | 1,682 | 3.50 | % | ||||||||||||||||
| Repurchase agreements |
39,852 | 430 | 2.16 | % | 39,208 | 406 | 2.07 | % | ||||||||||||||||
| Subordinated debentures |
10,310 | 365 | 7.08 | % | 10,310 | 364 | 7.06 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest bearing liabilities |
891,393 | 9,752 | 2.19 | % | 903,298 | 11,544 | 2.56 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-interest bearing deposits |
67,313 | 67,657 | ||||||||||||||||||||||
| Other liabilities |
5,196 | 4,583 | ||||||||||||||||||||||
| Stockholders’ equity |
112,364 | 85,116 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 1,076,266 | $ | 1,060,654 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net change in interest earning assets and interest bearing liabilities |
14,378 | 2.85 | % | 15,790 | 3.11 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net interest margin |
3.00 | % | 3.28 | % | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
This information is preliminary and based on company data available at the time of the presentation.
-END-