Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HOPFED BANCORP INC | d919238d8k.htm |
Exhibit 99.1
NEWS
| FOR IMMEDIATE RELEASE | CONTACT: | John E. Peck | ||
| President and CEO | ||||
| (270) 885-1171 |
HOPFED BANCORP, INC. REPORTS FIRST QUARTER RESULTS
HOPKINSVILLE, Ky. (April 30, 2015) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three month period ended March 31, 2015. For the three month period ended March 31, 2015, the Company’s net income was $1.4 million, or $0.20 per share, basic and diluted, compared to net income of $354,000, or $0.05 per share basic and diluted, for the three month period ended March 31, 2014.
Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s loan portfolio grew by $9.4 million during the three month period ended March 31, 2015, ending the quarter at $548.7 million. The Company is beginning to find success in our new loan production office in Nashville, Tennessee. We are excited about the team of professional bankers we have assembled and the opportunities that Nashville affords the Company.”
Mr. Peck concluded, “The Company’s investment in a subordinated debenture was returned to accrual status after receiving past due interest of approximately $830,000. For the three month period ended March 31, 2015, the receipt of past due interest added approximately $0.08 per share to our net income and approximately 0.40% to our net interest margin. Excluding the receipt of past due interest, the Company’s net interest margin would have been 3.38% during the three month period ended March 31, 2015. Our improved net interest margin is the result of actions taken last year to reduce our interest expense. The Company’s interest expense for the three month period ended March 31, 2015, was $1.6 million compared to $2.3 million for the three month period ended March 31, 2014, and $2.0 million for the three month period ended December 31, 2014.”
Financial Highlights
| • | The Company purchased 725,341 shares of its common stock in the quarter at a weighted average price of $13.40 per share. At March 31 2015, the Company holds 903,724 shares in treasury stock with a weighted average cost of $12.47 per share. |
| • | At March 31, 2015, the Company’s tangible book value was $14.10 per share and tangible common equity ratio was 10.13%. The Company re-issued 600,000 shares of common stock at $13.14 per share to establish the HopFed Bancorp, Inc. 2015 Employee Stock Purchase Plan (the “ESOP”). The ESOP holds approximately 8.5% of the Company’s common shares outstanding at March 31, 2015. At March 31, 2015, the Company has no committed ESOP shares. As such, all unearned ESOP shares are excluded from the Company’s earnings per share calculations and our tangible book value per share computation. |
| • | The Bank’s Tier 1 Leverage Ratio, Common Equity Tier 1 Capital Ratio and Total Risk Based Capital Ratio at March 31, 2015, were 10.53%, 16.36% and 17.44%, respectively. The Company’s Tier 1 Leverage Ratio, Common Equity Tier 1 Capital Ratio and Total Risk Based Capital Ratio at March 31, 2015, were 10.73%, 16.64% and 17.71%, respectively. |
-MORE-
HFBC Reports First Quarter Results
Page 2
April 30, 2015
Asset Quality
At March 31, 2015, the Company’s level of non-accrual loans totaled $2.2 million, as compared to $3.2 million at December 31, 2014. A summary of non-accrual loans at March 31, 2015, and December 31, 2014, is as follows:
| March 31 2015 | December 31, 2014 | |||||||
| (Dollars in Thousands) | ||||||||
| One-to-four family mortgages |
$ | 1,235 | $ | 1,501 | ||||
| Multi-family |
— | 95 | ||||||
| Land |
— | 215 | ||||||
| Non-residential real estate |
542 | 1,159 | ||||||
| Farmland |
— | 115 | ||||||
| Commercial loans |
347 | 90 | ||||||
|
|
|
|
|
|||||
| Total non-accrual loans |
$ | 2,124 | $ | 3,175 | ||||
|
|
|
|
|
|||||
At March 31, 2015, non-accrual loans plus other real estate owned totaled $4.5 million, or 0.50% of assets, as compared to $5.1 million, or 0.55% of total assets, at December 31, 2014. A summary of the activity in other real estate owned for the three month period ended March 31, 2015, is as follows:
| Activity During 2015 | ||||||||||||||||||||||||
| Balance 12/31/2014 |
Foreclosures | Sale Proceeds |
Reduction In Values |
Gain (Loss) on Sale |
Balance 3/31/2015 |
|||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||
| One-to-four family mortgages |
$ | 159 | 55 | (46 | ) | — | 7 | $ | 175 | |||||||||||||||
| Land |
1,768 | — | — | — | — | 1,768 | ||||||||||||||||||
| Non-residential real estate |
— | 409 | — | — | — | 409 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
$ | 1,927 | 464 | (46 | ) | — | 7 | $ | 2,352 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
-MORE-
HFBC Reports First Quarter Results
Page 3
April 30, 2015
Asset Quality (continued)
At March 31, 2015, the Company’s level of loans classified as substandard was $31.9 million as compared to $37.4 million at December 31, 2014. At March 31, 2015, the Company’s classified loan to risk based capital ratio was approximately 31.1%. The Company’s specific reserve for impaired loans was $1.8 million at March 31, 2015, and $1.5 million at December 31, 2014. A summary of the level of classified loans net of unearned fees, at March 31, 2015, is as follows:
| Specific | Allowance | |||||||||||||||||||||||||||
| Allowance | for | |||||||||||||||||||||||||||
| March 31, 2015 |
Special | Impaired Loans | for | Performing | ||||||||||||||||||||||||
| Pass | Mention | Substandard | Doubtful | Total | Impairment | Loans | ||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||
| One-to-four family mortgages |
$ | 144,453 | — | 3,382 | — | $ | 147,835 | $ | 136 | $ | 1,022 | |||||||||||||||||
| Home equity line of credit |
33,099 | 243 | 765 | — | 34,107 | — | 163 | |||||||||||||||||||||
| Junior liens |
1,992 | 39 | 19 | — | 2,050 | — | 11 | |||||||||||||||||||||
| Multi-family |
17,128 | 1,944 | 2,997 | — | 22,069 | — | 69 | |||||||||||||||||||||
| Construction |
26,736 | — | — | — | 26,736 | — | 110 | |||||||||||||||||||||
| Land |
15,453 | 45 | 10,716 | — | 26,214 | 766 | 464 | |||||||||||||||||||||
| Non-residential real estate |
148,306 | 297 | 11,392 | — | 159,995 | 703 | 1,308 | |||||||||||||||||||||
| Farmland |
41,350 | 692 | 241 | — | 42,283 | — | 389 | |||||||||||||||||||||
| Consumer loans |
14,628 | — | 186 | — | 14,814 | 45 | 346 | |||||||||||||||||||||
| Commercial loans |
76,822 | 143 | 2,190 | — | 79,155 | 140 | 498 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 519,967 | 3,403 | 31,888 | — | $ | 555,258 | $ | 1,790 | $ | 4,380 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Interest Income
For the three month period ended March 31, 2015, the Company’s net interest income was $7.6 million, compared to $6.3 million for each of the three month periods ended December 31, 2014, and March 31, 2014, respectively. For the three month period ended March 31, 2015, the Company’s net interest margin was 3.78%, as compared to 3.06% for the three month period ended December 31, 2014, and 3.00% for the three month period ended March 31, 2014. In the three month period ended March 31, 2015, the Company’s net interest margin excluding the receipt of past due interest was 3.38%.
For the three month period ended March 31, 2015, and March 31, 2014, interest income on loans was $6.3 million, respectively. For the three month period ended March 31, 2015, the average yield on loans was 4.65%, compared to 4.75% for the three month periods ended March 31, 2014, and 4.74% for the three month period ended December 31, 2014.
For the three month period ended March 31, 2015, interest expense was $1.6 million, declining $368,000 and $705,000 as compared to the three month periods ended December 31, 2014 and March 31, 2014, respectively. For the three month period ending March 31, 2015, the average cost of interest bearing liabilities was 0.94%, as compared to 1.20% and 1.23% for the three month periods ended December 31, 2014 and March 31, 2014, respectively.
-MORE-
HFBC Reports First Quarter Results
Page 4
April 30, 2015
Net Interest Income (continued)
The majority of interest expense reductions were the result of a reduction in the balance and cost of FHLB advances. For the three months ended March 31, 2015, the Company’s average balance of funds borrowed from the FHLB was $23.2 million and our weighted average cost was 1.19%. For the three month period ended March 31, 2014, the average balance of FHLB borrowings was $45.8 million and our weighted average cost was 3.79%.
Non-interest Income
Non-interest income for the three month periods ended March 31, 2015, and December 31, 2014, was $1.9 million, respectively, as compared to $1.6 million for the three month period ended March 31, 2014. For the three month period ended March 31, 2015, service charge income declined by $135,000 and $64,000, respectively, as compared to the three month periods ended December 31, 2014 and March 31, 2014. For the three month period ended March 31, 2015, the Company’s income on the origination of mortgage loans was $177,000, as compared to $212,000 and $58,000 during the three month periods December 31, 2014, and March 31, 2014, respectively.
The Company recognized net gains on the sale of securities of $366,000, $30,000, and $13,000 for the three month periods ended March 31, 2015, December 31, 2014, and March 31, 2014, respectively. For the three month period ended March 31, 2015, the sale of securities was accomplished to fund loan growth, the liquidation of FHLB advances and the purchase of treasury shares.
Non-interest Expense
On a linked quarter basis, the Company’s non-interest expenses declined by $4.1 million. For the three months ended December 31, 2014, the Company paid a $2.5 million penalty on the prepayment of FHLB debt and recognized a $1.8 million loss on the sale of a loan. Excluding the prepayment penalty and the loss on the sale of the loans, the Company’s linked quarter non-interest expenses increased by $179,000. On a linked quarter basis, salaries and benefits increased by $330,000 due to a $91,000 increases in payroll taxes, a $61,000 increase in healthcare benefits expense. On a linked quarter basis, expenses related to other real estate owned increased $64,000 due to expenses related to foreclosures that occurred in the three month period ended March 31, 2015.
For the three month period ended March 31, 2015, non-interest expenses increased by $146,000 as compared to the three month period ended March 31, 2014. At March 31, 2015, the Company’s compensation and benefits expense increased by $389,000 as compared to March 31, 2014. The increase in compensation was the result of annual pay increases and benefits cost plus the addition of a new loan production office in Nashville.
Balance Sheet
At March 31, 2015, consolidated assets were $897.1 million, a decline of $38.7 million as compared to December 31, 2014. For the three month period ended March 31, 2015, the Company experienced a $7.7 million decrease in time deposits, a $15.0 million decrease in FHLB borrowings, a $4.7 million decrease in cash balances, and a $9.4 million increase in net loan balances. For the three month period ended March 31, 2015, the Company funded loan growth and its reduction of liabilities by reducing its available for sale securities portfolio by $43.7 million, to $259.9 million.
-MORE-
HFBC Reports First Quarter Results
Page 5
April 30, 2015
The Company
Prior to June 5, 2013, HopFed Bancorp, Inc. was a federally chartered savings and loan holding company with Heritage Bank as its wholly owned thrift subsidiary. On June 5, 2013, Heritage Bank’s legal name was changed to Heritage Bank USA, Inc. and its charter was converted to a Kentucky state chartered commercial bank with the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation as its regulators. Also on June 5, 2013, HopFed Bancorp, Inc. became a non-member federally chartered commercial bank holding company regulated by the Federal Reserve Board. HopFed Bancorp, Inc. is the holding company for Heritage Bank USA, Inc. headquartered in Hopkinsville, Kentucky. The Bank has eighteen offices in western Kentucky and middle Tennessee and a loan production office in Nashville, Tennessee. The Company has two additional operating divisions including Heritage Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, and Pleasant View, Tennessee, which offers a broad line of financial services. Heritage Mortgage Services of Clarksville, Tennessee, offers long term fixed rate 1- 4 family mortgages loans that are originated for the secondary market in all communities in the Company’s general market area. 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 USA, Inc. 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. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.
-MORE-
HFBC Reports First Quarter Results
Page 6
April 30, 2015
HOPFED BANCORP, INC.
Consolidated Balance Sheets
(Dollars in thousands)
| March 31, 2015 | December 31, 2014 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and due from banks |
$ | 26,150 | 34,389 | |||||
| Interest-earning deposits |
9,599 | 6,050 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents |
35,749 | 40,439 | ||||||
| Federal Home Loan Bank stock, at cost |
4,428 | 4,428 | ||||||
| Securities available for sale |
259,867 | 303,628 | ||||||
| Loans held for sale |
2,051 | 1,444 | ||||||
| Loans receivable, net of allowance for loan losses of $6,170 at March 31, 2015, and $6,289 at December 31, 2014 |
548,740 | 539,264 | ||||||
| Accrued interest receivable |
4,228 | 4,576 | ||||||
| Real estate and other assets owned |
2,352 | 1,927 | ||||||
| Bank owned life insurance |
10,055 | 9,984 | ||||||
| Premises and equipment, net |
23,282 | 22,940 | ||||||
| Deferred tax assets |
1,092 | 2,261 | ||||||
| Intangible asset |
17 | 33 | ||||||
| Other assets |
5,245 | 4,861 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 897,106 | 935,785 | |||||
|
|
|
|
|
|||||
| Liabilities and Stockholders’ Equity | ||||||||
| Liabilities: |
||||||||
| Deposits: |
||||||||
| Non-interest-bearing accounts |
$ | 110,828 | 115,051 | |||||
| Interest-bearing accounts |
||||||||
| Interest-bearing checking accounts |
189,882 | 186,616 | ||||||
| Savings and money market accounts |
102,284 | 97,726 | ||||||
| Other time deposits |
324,215 | 331,915 | ||||||
|
|
|
|
|
|||||
| Total deposits |
727,209 | 731,308 | ||||||
| Advances from Federal Home Loan Bank |
19,000 | 34,000 | ||||||
| Repurchase agreements |
45,466 | 57,358 | ||||||
| Subordinated debentures |
10,310 | 10,310 | ||||||
| Advances from borrowers for taxes and insurance |
793 | 513 | ||||||
| Dividends payable |
272 | 301 | ||||||
| Accrued expenses and other liabilities |
3,180 | 3,593 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
806,230 | 837,383 | ||||||
|
|
|
|
|
|||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 7
April 30, 2015
HOPFED BANCORP, INC.
Consolidated Balance Sheets, Continued
(Dollars in thousands)
| March 31, 2015 | December 31, 2014 | |||||||
| (unaudited) | ||||||||
| Stockholders’ equity |
||||||||
| Preferred stock, par value $0.01 per share; authorized 500,000 shares; no shares issued and outstanding at March 31, 2015, and December 31, 2014 |
— | — | ||||||
| Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,949,665 issued and 7,045,941 outstanding at March 31, 2015, and 7,949,665 issued and 7,171,282 outstanding at December 31, 2014 |
79 | 79 | ||||||
| Additional paid-in-capital |
58,515 | 58,466 | ||||||
| Retained earnings |
46,827 | 45,729 | ||||||
| Treasury stock- common (at cost, 903,724 shares at March 31, 2015, and 778,383 shares at December 31, 2014) |
(11,267 | ) | (9,429 | ) | ||||
| Unearned ESOP Shares (at cost, 600,000 shares at March 31, 2015 and no shares at December 31, 2014) |
(7,884 | ) | — | |||||
| Accumulated other comprehensive income, net of taxes |
4,606 | 3,557 | ||||||
|
|
|
|
|
|||||
| Total stockholders’ equity |
90,876 | 98,402 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders’ equity |
$ | 897,106 | 935,785 | |||||
|
|
|
|
|
|||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 8
April 30, 2015
HOPFED BANCORP, INC.
Consolidated Condensed Statements of Income
(Dollars in thousands)
Unaudited
| For the Three Month Periods Ended March 31, |
||||||||
| 2015 | 2014 | |||||||
| Interest and dividend income: |
||||||||
| Loans receivable |
$ | 6,290 | 6,327 | |||||
| Investment in securities, taxable |
2,448 | 1,779 | ||||||
| Nontaxable securities available for sale |
453 | 544 | ||||||
| Interest-earning deposits |
4 | 8 | ||||||
|
|
|
|
|
|||||
| Total interest and dividend income |
9,195 | 8,658 | ||||||
|
|
|
|
|
|||||
| Interest expense: |
||||||||
| Deposits |
1,260 | 1,471 | ||||||
| Advances from Federal Home Loan Bank |
69 | 434 | ||||||
| Repurchase agreements |
120 | 249 | ||||||
| Subordinated debentures |
184 | 184 | ||||||
|
|
|
|
|
|||||
| Total interest expense |
1,633 | 2,338 | ||||||
|
|
|
|
|
|||||
| Net interest income |
7,562 | 6,320 | ||||||
|
|
|
|
|
|||||
| Provision for loan losses |
215 | 380 | ||||||
|
|
|
|
|
|||||
| Net interest income after provision for loan losses |
7,347 | 5,940 | ||||||
|
|
|
|
|
|||||
| Non-interest income: |
||||||||
| Service charges |
714 | 778 | ||||||
| Merchant card income |
270 | 259 | ||||||
| Mortgage origination revenue |
177 | 58 | ||||||
| Gain on sale of securities |
366 | 13 | ||||||
| Income from bank owned life insurance |
71 | 95 | ||||||
| Financial services commission |
159 | 206 | ||||||
| Other operating income |
156 | 189 | ||||||
|
|
|
|
|
|||||
| Total non-interest income |
1,913 | 1,598 | ||||||
|
|
|
|
|
|||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 9
April 30, 2015
HOPFED BANCORP, INC.
Consolidated Condensed Statements of Income, Continued
(Dollars in thousands, except share and per share data)
(Unaudited)
| For the Three Month Periods Ended March 31, |
||||||||
| 2015 | 2014 | |||||||
| Non-interest expenses: |
||||||||
| Salaries and benefits |
$ | 4,184 | 3,795 | |||||
| Occupancy expense |
738 | 909 | ||||||
| Data processing expense |
692 | 728 | ||||||
| Other state taxes |
248 | 246 | ||||||
| Intangible amortization expense |
16 | 32 | ||||||
| Professional services expense |
329 | 287 | ||||||
| Deposit insurance and examination expense |
117 | 197 | ||||||
| Advertising expense |
306 | 314 | ||||||
| Postage and communications expense |
132 | 143 | ||||||
| Supplies expense |
146 | 145 | ||||||
| Loss (gain) on sale of real estate owned |
(7 | ) | 23 | |||||
| Real estate owned expenses |
137 | 130 | ||||||
| Other operating expenses |
432 | 375 | ||||||
|
|
|
|
|
|||||
| Total non-interest expense |
7,470 | 7,324 | ||||||
|
|
|
|
|
|||||
| Income before income tax expense |
1,790 | 214 | ||||||
| Income tax expense (benefit) |
435 | (140 | ) | |||||
|
|
|
|
|
|||||
| Net income |
$ | 1,355 | 354 | |||||
|
|
|
|
|
|||||
| Net income per share: |
||||||||
|
|
|
|
|
|||||
| Basic |
$ | 0.20 | $ | 0.05 | ||||
|
|
|
|
|
|||||
| Fully diluted |
$ | 0.20 | $ | 0.05 | ||||
|
|
|
|
|
|||||
| Dividend per share |
$ | 0.04 | $ | 0.04 | ||||
|
|
|
|
|
|||||
| Weighted average shares outstanding - basic |
6,732,456 | 7,416,716 | ||||||
|
|
|
|
|
|||||
| Weighted average shares outstanding - diluted |
6,732,456 | 7,416,716 | ||||||
|
|
|
|
|
|||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 10
April 30, 2015
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands)
| For the Three Months Ended |
||||||||||||
| 3/31/2015 | 12/31/2014 | Change from Prior Quarter |
||||||||||
| Interest and dividend income: |
||||||||||||
| Loans receivable |
$ | 6,290 | 6,282 | 8 | ||||||||
| Investment in securities, taxable |
2,448 | 1,513 | 935 | |||||||||
| Nontaxable securities available for sale |
453 | 492 | (39 | ) | ||||||||
| Interest-earning deposits |
4 | 7 | (3 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total interest and dividend income |
9,195 | 8,294 | 901 | |||||||||
|
|
|
|
|
|
|
|||||||
| Interest expense: |
||||||||||||
| Deposits |
1,260 | 1,290 | (30 | ) | ||||||||
| Advances from Federal Home Loan Bank |
69 | 373 | (304 | ) | ||||||||
| Repurchase agreements |
120 | 152 | (32 | ) | ||||||||
| Subordinated debentures |
184 | 186 | (2 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total interest expense |
1,633 | 2,001 | (368 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net interest income |
7,562 | 6,293 | 1,269 | |||||||||
|
|
|
|
|
|
|
|||||||
| Provision for loan losses |
215 | (1,500 | ) | 1,715 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net interest income after provision for loan losses |
7,347 | 7,793 | (446 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Non-interest income: |
||||||||||||
| Service charges |
714 | 849 | (135 | ) | ||||||||
| Merchant card income |
270 | 275 | (5 | ) | ||||||||
| Mortgage origination revenue |
177 | 212 | (35 | ) | ||||||||
| Gain on sale of securities |
366 | 30 | 336 | |||||||||
| Income from bank owned life insurance |
71 | 81 | (10 | ) | ||||||||
| Financial services commission |
159 | 243 | (84 | ) | ||||||||
| Other operating income |
156 | 214 | (58 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total non-interest income |
1,913 | 1,904 | 9 | |||||||||
|
|
|
|
|
|
|
|||||||
This information is preliminary and based on company data available at the time of the presentation
-MORE-
HFBC Reports First Quarter Results
Page 11
April 30, 2015
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands, except share and per share data)
| Months Ended | ||||||||||||
| 3/31/2015 | 12/31/2014 | Change from Prior Quarter |
||||||||||
| Non-interest expenses: |
||||||||||||
| Salaries and benefits |
$ | 4,184 | 3,854 | 330 | ||||||||
| Occupancy expense |
738 | 719 | 19 | |||||||||
| Data processing expense |
692 | 693 | (1 | ) | ||||||||
| Other state taxes |
248 | 346 | (98 | ) | ||||||||
| Intangible amortization |
16 | 16 | — | |||||||||
| Professional services |
329 | 306 | 23 | |||||||||
| Deposit insurance and examination |
117 | 162 | (45 | ) | ||||||||
| Advertising expense |
306 | 318 | (12 | ) | ||||||||
| Postage and communications |
132 | 154 | (22 | ) | ||||||||
| Supplies expense |
146 | 168 | (22 | ) | ||||||||
| Loss (gain) on sale of real estate owned |
(7 | ) | 48 | (55 | ) | |||||||
| Real estate owned expenses |
137 | 73 | 64 | |||||||||
| Loss on sale of loan |
— | 1,781 | (1,781 | ) | ||||||||
| Loss on extinguishment of debt |
— | 2,510 | (2,510 | ) | ||||||||
| Other operating expenses |
432 | 434 | (2 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Total non-interest expense |
7,470 | 11,582 | (4,112 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net income (loss) before income tax expense |
1,790 | (1,885 | ) | 3,675 | ||||||||
| Income tax expense (benefit) |
435 | (852 | ) | 1,287 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net income (loss) |
$ | 1,355 | (1,033 | ) | 2,388 | |||||||
|
|
|
|
|
|
|
|||||||
| Net income (loss) available (attributable) to common stockholders |
||||||||||||
| Per share, basic |
$ | 0.20 | ($ | 0.14 | ) | 0.34 | ||||||
|
|
|
|
|
|
|
|||||||
| Per share, diluted |
$ | 0.20 | ($ | 0.14 | ) | 0.34 | ||||||
|
|
|
|
|
|
|
|||||||
| Dividend per share |
$ | 0.04 | $ | 0.04 | ||||||||
|
|
|
|
|
|||||||||
| Weighted average shares outstanding - basic |
6,732,456 | 7,165,957 | ||||||||||
|
|
|
|
|
|||||||||
| Weighted average shares outstanding - diluted |
6,732,456 | 7,165,957 | ||||||||||
|
|
|
|
|
|||||||||
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports First Quarter Results
Page 12
April 30, 2015
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the three month periods ended March 31, 2015, and March 31, 2014, by $223,000 and $266,000, respectively; for a tax equivalent rate using a cost of funds rate of 0.95% for the three month period ended March 31, 2015, and 1.20% for the three month period ended March 31, 2014. The table adjusts tax-free loan income by $1,000 for three month periods ended March 31, 2015, and March 31, 2014, respectively, for a tax equivalent rate using the same cost of funds rate:
| Average Balance 03/31/2015 |
Income & Expense 03/31/2015 |
Average Rates 03/31/2015 |
Average Balance 03/31/2014 |
Income & Expense 03/31/2014 |
Average Rates 03/31/2014 |
|||||||||||||||||||
| Loans |
$ | 541,097 | $ | 6,291 | 4.65 | % | $ | 532,720 | $ | 6,328 | 4.75 | % | ||||||||||||
| Investments AFS taxable |
220,302 | 2,448 | 4.44 | % | 266,780 | 1,779 | 2.67 | % | ||||||||||||||||
| Investments AFS tax free |
57,628 | 677 | 4.70 | % | 67,294 | 810 | 4.81 | % | ||||||||||||||||
| Interest earning deposits |
5,984 | 4 | 0.27 | % | 12,569 | 8 | 0.25 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest earning assets |
825,011 | 9,420 | 4.57 | % | 879,363 | 8,925 | 4.06 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other assets |
77,419 | 84,187 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 902,430 | $ | 963,550 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Retail time deposits |
$ | 292,401 | 845 | 1.16 | % | $ | 332,033 | 963 | 1.16 | % | ||||||||||||||
| Brokered deposits |
35,358 | 96 | 1.09 | % | 46,119 | 145 | 1.26 | % | ||||||||||||||||
| Interest bearing checking accounts |
191,604 | 269 | 0.56 | % | 184,114 | 321 | 0.70 | % | ||||||||||||||||
| MMDA and savings accounts |
99,701 | 50 | 0.20 | % | 93,325 | 42 | 0.18 | % | ||||||||||||||||
| FHLB borrowings |
23,167 | 69 | 1.19 | % | 45,808 | 434 | 3.79 | % | ||||||||||||||||
| Repurchase agreements |
42,525 | 120 | 1.13 | % | 49,362 | 249 | 2.02 | % | ||||||||||||||||
| Subordinated debentures |
10,310 | 184 | 7.14 | % | 10,310 | 184 | 7.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest bearing liabilities |
695,066 | 1,633 | 0.94 | % | 761,071 | 2,338 | 1.23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Non-interest bearing deposits |
111,869 | 100,237 | ||||||||||||||||||||||
| Other non-interest bearing liabilities |
2,778 | 4,429 | ||||||||||||||||||||||
| Stockholders’ equity |
92,717 | 97,813 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 902,430 | $ | 963,550 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net change in interest earning assets and interest bearing liabilities |
$ | 7,787 | $ | 6,587 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest rate spread |
3.63 | % | 2.83 | % | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest margin |
3.78 | % | 3.00 | % | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
This information is preliminary and based on company data available at the time of the presentation.
-END-