HopFed Bancorp, Inc. Reports First Quarter Results
HOPKINSVILLE, Ky., May 3, 2012 /PRNewswire/ -- HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank (the "Bank"), today reported results for the three month period ended March 31, 2012. For the three month period ended March 31, 2012, the Company's net income available to common shareholders was $470,000, or $0.06 per share basic and diluted, compared to a net loss attributable to common shareholders of $2.1 million, or ($0.28) per share basic and diluted, for the three month period ended March 31, 2011. The Company's operating results for the three month period ended March 31, 2011, were strongly influenced by a $721,000 gain on the sale of investments and a $4.5 million provision for loan loss expense.
Commenting on the first quarter results, John E. Peck, President and Chief Executive Officer, said, "The Company's operating results were disappointing due to the continued decline in loan volumes and an increase in classified assets. At March 31, 2012, net loan balances were $550.1 million, a decline of $6.3 million as compared to December 31, 2011. Management remains optimistic that loan growth will return during the second half of 2012 as customer inquiries for lending services have increased in the last sixty days."
Mr. Peck continued, "At March 31, 2012, the Company's total classified loans increased to $82.2 million. The increase was the result of a developer filing bankruptcy as well as declining cash flows and reduced property values of projects previously risk graded as special mention. As a result of these actions, the Company's provision for loan loss expense for the quarter was $869,000 as compared to previously budgeted levels of $475,000."
Mr. Peck concluded, "The Company continues to improve its deposit mix as total non-interest bearing deposits exceed 10% of total deposits. At March 31, 2012, time deposits account for 62.0% of total deposits, compared to 67.0% at March 31, 2011. Total brokered deposits are $51.2 million, or 6.3% of deposits, compared to $87.4 million at March 31, 2011. In the second half of 2012, the Company will experience an increase in the amount of maturing liabilities that will provide the opportunity to reduce the Company's interest expense."
Financial Highlights
- The Company's and Bank's capital ratios remain strong. At March 31, 2012, the Company's tangible book value was $13.29 per share (basic and diluted) and our tangible common equity ratio was 9.62%. The Bank's tier 1 capital and total risk based capital ratios at March 31, 2012, were 10.05% and 18.59%, respectively. At March 31, 2012, the Company's tier 1 capital and total risk based capital ratios were 11.51% and 21.33%, respectively.
- At March 31, 2012, the Company's and Bank's net classified asset to risk based capital ratios were 63.3% and 73.1%, respectively. Net classified assets include all classified assets less any reserve allocation against the allowance for loan losses. At December 31, 2011, these ratios were 43.0% for the Company and 49.9% for the Bank.
- At March 31, 2012, the Company's allowance for loan loss totaled $10.6 million, or 1.89% of total loans and 94.59% of non-accrual loans. In the three month period ended March 31, 2012, the Company's net charge offs totaled $1.5 million.
- For the three month period ended March 31, 2012, the Company's net interest margin was 2.97%, as compared to 3.13% for the three month period ended December 31, 2011, and 2.94% for the three month period ended March 31, 2011. The Company's net interest margin continues to decline as outstanding loan balances decline and higher yielding investments continued to be called. Management believes that the current interest rate environment will continue to put pressure on net interest margins.
Asset Quality
At March 31, 2012, the Company's level of non-accrual loans totaled $11.2 million, as compared to $6.1 million at December 31, 2011. The increase in non-accrual loans was the result of two land development loans totaling $3.2 million and three non-residential real estate loans totaling $3.6 million being placed into non-accrual status.
A summary of non-accrual loans at March 31, 2012, and December 31, 2011, is as follows:
| March 31, 2012 |
December 31, 2011 |
||
| (Dollars in Thousands) |
|||
| One-to-four family mortgages |
$2,294 |
2,175 |
|
| Home equity line of credit |
100 |
134 |
|
| Multi-family |
--- |
--- |
|
| Construction |
--- |
--- |
|
| Land |
5,042 |
3,561 |
|
| Non-residential real estate |
3,630 |
--- |
|
| Consumer loans |
18 |
9 |
|
| Commercial loans |
132 |
254 |
|
| Total |
$11,216 |
6,133 |
|
At March 31, 2012, non-accrual loans plus other real estate owned totaled $12.4 million, or 1.18% of total assets, as compared to $8.4 million, or 0.81% of total assets, at December 31, 2011. The Company's level of other real estate owned has declined from $2.3 million at December 31, 2011, to $1.2 million at March 31, 2012.
A summary of the activity in other real estate owned for the three month period ended March 31, 2012, is as follows:
| Activity During 2012 |
|||||||
| Balance |
Reduction |
Gain (Loss) |
Balance |
||||
| 12/31/2011 |
Foreclosures |
Sales |
in Values |
on Sales |
3/31/2012 |
||
| (Dollars in Thousands) |
|||||||
| One-to-four family mortgages |
480 |
218 |
(134) |
(38) |
14 |
540 |
|
| Multi-family |
905 |
--- |
(875) |
--- |
(30) |
--- |
|
| Construction |
465 |
--- |
(235) |
--- |
(14) |
216 |
|
| Land |
248 |
376 |
(141) |
(39) |
(19) |
425 |
|
| Non-residential real estate |
160 |
--- |
(140) |
(20) |
--- |
--- |
|
| Consumer assets |
9 |
--- |
(9) |
--- |
--- |
--- |
|
| Total |
2,267 |
594 |
(1,534) |
(97) |
(49) |
1,181 |
|
At March 31, 2012, the Company's level of loans classified as substandard and doubtful were $80.5 million and $1.6 million, respectively, as compared to $47.5 million and $1.7 million, respectively, at December 31, 2011. The Company's specific reserve for impaired loans was $4.5 million at March 31, 2012, and $4.1 million at December 31, 2011, respectively.
For the three month period ended March 31, 2012, the Company's net charge-offs totaled $1.5 million, an annualized rate of 1.08% of average loans. For the twelve month period ended December 31, 2011, the Company's net charge-offs totaled $4.4 million, an annualized rate of 0.76% of average loans.
At March 31, 2012, the Company's level of performing Troubled Debt Restructurings ("TDRs") was $6.7 million, as compared to $6.2 million at December 31, 2011. A summary of the activity in loans classified as TDRs for the twelve month period ended December 31, 2011, is as follows:
| Balance at |
New |
Loss or |
Removed due |
Balance at |
||||
| December 31, 2011 |
TDR |
Foreclosure |
to performance |
March 31, 2012 |
||||
| (Dollars in Thousands) |
||||||||
| One-to-four family mortgages |
2,521 |
100 |
--- |
73 |
2,548 |
|||
| Home equity line of credit |
--- |
244 |
--- |
--- |
244 |
|||
| Junior Lien |
857 |
--- |
--- |
857 |
--- |
|||
| Multi-family |
--- |
239 |
--- |
--- |
239 |
|||
| Construction |
--- |
--- |
--- |
--- |
--- |
|||
| Land |
941 |
--- |
7 |
--- |
934 |
|||
| Non-residential real estate |
3,367 |
--- |
253 |
--- |
3,114 |
|||
| Consumer loans |
33 |
76 |
--- |
--- |
109 |
|||
| Commercial loans |
125 |
931 |
--- |
--- |
1,056 |
|||
| Total TDR |
7,844 |
1,590 |
260 |
930 |
8,244 |
|||
A summary of TDRs and non-performing TDRs at March 31, 2012, and December 31, 2011, is stated below:
| March 31, 2012 |
December 31, 2011 |
|||
| (Dollars in Thousands) |
||||
| One-to-four family mortgages |
$2,548 |
2,521 |
||
| Home equity line of credit |
$244 |
--- |
||
| Junior lien |
--- |
857 |
||
| Multi-family |
239 |
--- |
||
| Construction |
--- |
--- |
||
| Land |
934 |
941 |
||
| Non-residential real estate |
3,114 |
3,367 |
||
| Consumer loans |
109 |
33 |
||
| Commercial loans |
1,056 |
125 |
||
| Total TDR |
$8,244 |
7,844 |
||
| Less: |
||||
| TDR in non-accrual status |
||||
| One-to-four family mortgages |
(1,469) |
(1,410) |
||
| Home equity line of credit |
--- |
--- |
||
| Junior lien |
--- |
(100) |
||
| Multi-family |
--- |
--- |
||
| Construction |
--- |
--- |
||
| Land |
--- |
--- |
||
| Non-residential real estate |
--- |
(1) |
||
| Consumer loans |
--- |
(1) |
||
| Commercial loans |
(106) |
(105) |
||
| Total performing TDR |
$6,669 |
$6,227 |
||
Net Interest Income
For the three month period ended March 31, 2012, the Company's net interest income was $6.9 million, compared to $7.2 million for the three month period ended December 31, 2011, and $6.8 million for the three month period ended March 31, 2011. The decline in linked quarter net interest income was the result of the continued decline in loans outstanding and declining yields on investment alternatives. The Company's re-pricing opportunities on its liabilities are expected to be limited during the first half of 2012, with deposit maturities increasing during the last six months of 2012.
For the three month period ended March 31, 2012, the Company's net interest margin was 2.97%, as compared to 3.13% for the three month period ended December 31, 2011, and 2.94% for the three month period ended March 31, 2011. The Company remains dependent on improved loan demand for improvement in our net interest margin.
Non-interest Income
Non-interest income for the three month period ended March 31, 2012, was $1.9 million, as compared to $2.4 million for the three month periods ended December 31, 2011, and March 31, 2011, respectively. The decline in non-interest income for the three month period ended March 31, 2012, as compared to the three month periods ended December 31, 2011, and March 31, 2011, was primarily the result of a reduction in gains on the sale of securities of $677,000 and $556,000, respectively.
For the three month period ended March 31, 2012, the Company experienced improved levels of non-interest income related to mortgage loan origination activity, financial services activities, and improved income from service charges as compared to the three month period ended March 31, 2011. On a linked quarter basis, non-interest income declined by $512,000, strongly influenced by the $556,000 decline in gains on the sale of securities.
Non-interest Expense
Non-interest expenses were $7.1 million, $6.7 million and $7.4 million for the three month periods ended March 31, 2012, December 31, 2011, and March 31, 2011, respectively. For the three month period ended March 31, 2012, the increase in non‑interest expense compared to the three month period ended December 31, 2011, was largely the result of a $228,000 increase in salaries and benefits and an $86,000 increase in losses on the sale of other real estate owned. Approximately $100,000 of the increase in the linked quarter salaries and benefits expense is estimated to be the result of higher costs typically experienced in the first quarter of each year due to higher payroll taxes and vacation accruals. The remaining increase in salaries and benefits expense was the result of higher payroll cost due to annual raises and an increase in the number of employees.
Balance Sheet
Total assets were $1.05 billion at March 31, 2012, an increase of $13.4 million as compared to December 31, 2011. The increase in assets is largely the result of higher deposit balances despite a $15.5 million reduction in time deposit balances. At March 31, 2012, brokered deposits totaled $51.2 million, as compared to $58.3 million at December 31, 2011. The Company continues to experience success growing its core deposit base as non-interest checking accounts increased from $79.5 million at December 31, 2011, to $87.8 million at March 31, 2012.
For the three month period ended March 31, 2012, net loans declined by approximately $6.3 million, to $550.1 million as compared to $556.4 million at December 31, 2011. In the Company's market area, desirable lending opportunities remained limited, making meaningful loan growth challenging.
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 subsidiary, Fall & Fall Insurance of Fulton, Kentucky. The Company has two additional operating divisions including Heritage Solutions of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee 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 sold into 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 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.
| HOPFED BANCORP, INC. Balance Sheet (Dollars in thousands) |
|||
| Assets |
March 31, 2012 |
December 31, 2011 |
|
| (Unaudited ) |
|||
| Cash and due from banks |
$37,887 |
44,389 |
|
| Interest-earning deposits in Federal Home Loan Bank |
10,472 |
4,371 |
|
| Cash and cash equivalents |
48,359 |
48,760 |
|
| Federal Home Loan Bank stock, at cost |
4,428 |
4,428 |
|
| Securities available for sale |
405,686 |
383,782 |
|
| Loans held for sale |
515 |
--- |
|
| Loans receivable, net of allowance for loan losses of |
|||
| $10,609 at March 31, 2012, and $11,262 at December 31, 2011 |
550,066 |
556,360 |
|
| Accrued interest receivable |
5,328 |
6,183 |
|
| Real estate and other assets owned |
1,181 |
2,267 |
|
| Bank owned life insurance |
9,214 |
9,135 |
|
| Premises and equipment, net |
23,217 |
23,431 |
|
| Deferred tax assets |
910 |
1,132 |
|
| Intangible asset |
454 |
519 |
|
| Other assets |
4,923 |
4,823 |
|
| Total assets |
$1,054,281 |
1,040,820 |
|
| Liabilities and Stockholders' Equity |
|||
| Liabilities: |
|||
| Deposits: |
|||
| Non-interest-bearing accounts |
$87,838 |
79,550 |
|
| Interest-bearing accounts |
|||
| NOW accounts |
146,672 |
130,114 |
|
| Savings and money market accounts |
75,227 |
70,443 |
|
| Other time deposits |
504,461 |
519,988 |
|
| Total deposits |
814,198 |
800,095 |
|
| Advances from Federal Home Loan Bank |
62,368 |
63,319 |
|
| Repurchase agreements |
42,477 |
43,080 |
|
| Subordinated debentures |
10,310 |
10,310 |
|
| Advances from borrowers for taxes and insurance |
241 |
153 |
|
| Dividends payable |
178 |
176 |
|
| Accrued expenses and other liabilities |
5,508 |
5,204 |
|
| Total liabilities |
935,280 |
922,337 |
|
This information is preliminary and based on company data available at the time of the presentation.
| HOPFED BANCORP, INC. Balance Sheet (Dollars in thousands) |
|||
| March 31, 2012 |
December 31, 2011 |
||
| (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 March 31, 2012, and December 31, 2011 |
--- |
--- |
|
| Common stock, par value $.01 per share; authorized |
|||
| 15,000,000 shares; 7,896,902 issued and 7,493,986 |
|||
| outstanding at March 31, 2012, and 7,895,336 issued |
|||
| and 7,492,420 outstanding at December 31, 2011(a) |
79 |
79 |
|
| Common stock warrants (253,666 issued and outstanding) (a) |
556 |
556 |
|
| Additional paid-in-capital |
76,022 |
75,967 |
|
| Retained earnings-substantially restricted |
39,908 |
39,591 |
|
| Treasury stock (at cost, 402,916 shares at March 31, 2012, |
|||
| and December 31, 2011) |
(5,076) |
(5,076) |
|
| Accumulated other comprehensive income, net of taxes |
7,512 |
7,366 |
|
| Total stockholders' equity |
119,001 |
118,483 |
|
| Total liabilities and stockholders' equity |
$1,054,281 |
1,040,820 |
|
| (a) Shares and warrants have been restated to reflect |
|||
| stock dividends distributed through October 18, 2011 |
|||
This information is preliminary and based on company data available at the time of the presentation.
| HOPFED BANCORP, INC. Selected Financial Data (Dollars in thousands) |
||||
| For the Three Month Periods |
||||
| Ended March 31, |
||||
| 2012 |
2011 |
|||
| Interest and dividend income: |
||||
| Loans receivable |
7,801 |
8,482 |
||
| Investment in securities, taxable |
2,375 |
2,690 |
||
| Nontaxable securities available for sale |
575 |
611 |
||
| Interest-earning deposits |
8 |
4 |
||
| Total interest and dividend income |
10,759 |
11,787 |
||
| Interest expense: |
||||
| Deposits |
2,884 |
3,905 |
||
| Advances from Federal Home Loan Bank |
573 |
694 |
||
| Repurchase agreements |
248 |
205 |
||
| Subordinated debentures |
187 |
185 |
||
| Total interest expense |
3,892 |
4,989 |
||
| Net interest income |
6,867 |
6,798 |
||
| Provision for loan losses |
869 |
4,518 |
||
| Net interest income after |
||||
| provision for loan losses |
5,998 |
2,280 |
||
| Non-interest income: |
||||
| Service charges |
938 |
856 |
||
| Merchant card income |
196 |
182 |
||
| Mortgage origination revenue |
203 |
72 |
||
| Gain on sale of securities |
44 |
721 |
||
| Other than temporarily impairment |
||||
| on available for sale securities |
--- |
(14) |
||
| Income from bank owned life insurance |
79 |
89 |
||
| Financial services commission |
227 |
187 |
||
| Other operating income |
230 |
272 |
||
| Total non-interest income |
1,917 |
2,365 |
||
This information is preliminary and based on company data available at the time of the presentation.
| HOPFED BANCORP, INC. Selected Financial Data (Dollars in thousands, except share and per share data) |
|||
| For the Three Month Periods |
|||
| Ended March 31, |
|||
| 2012 |
2011 |
||
| Non-interest expenses: |
|||
| Salaries and benefits |
3,507 |
3,326 |
|
| Occupancy expense |
855 |
788 |
|
| Data processing expense |
625 |
687 |
|
| State deposit tax |
162 |
168 |
|
| Intangible amortization expense |
65 |
81 |
|
| Professional services expense |
388 |
315 |
|
| Deposit insurance and examination expense |
419 |
592 |
|
| Advertising expense |
304 |
279 |
|
| Postage and communications expense |
141 |
148 |
|
| Supplies expense |
111 |
96 |
|
| Loss on disposal of equipment |
6 |
138 |
|
| Loss on sale of real estate owned |
147 |
509 |
|
| Real estate owned expenses |
46 |
73 |
|
| Other operating expenses |
323 |
249 |
|
| Total non-interest expense |
7,099 |
7,449 |
|
| Income before income tax expense |
816 |
(2,804) |
|
| Income tax expense |
89 |
(960) |
|
| Net income |
727 |
(1,844) |
|
| Less: |
|||
| Dividend on preferred shares |
229 |
227 |
|
| Accretion dividend on preferred shares |
28 |
27 |
|
| Net income available to common shareholders |
$470 |
(2,098) |
|
| Net income available to common shareholders |
|||
| Per share, basic |
$0.06 |
($0.28) |
|
| Per share, diluted |
$0.06 |
($0.28) |
|
| Dividend per share |
$0.02 |
$0.08 |
|
| Weighted average shares outstanding - basic(a) |
7,484,475 |
7,465,077 |
|
| Weighted average shares outstanding - diluted(a) |
7,484,475 |
7,465,077 |
|
| (a)Weighted average shares have been adjusted to |
|||
| reflect a 2% stock dividend on October 18, 2011 |
|||
This information is preliminary and based on company data available at the time of the presentation.
| HOPFED BANCORP, INC. Selected Financial Data (Dollars in thousands) |
||||||
| For the Three |
||||||
| Months Ended |
||||||
| Change from |
||||||
| 3/31/2012 |
12/31/2011 |
Prior Quarter |
||||
| Interest and dividend income: |
||||||
| Loans receivable |
7,801 |
8,239 |
(438) |
|||
| Investment in securities, taxable |
2,375 |
2,462 |
(87) |
|||
| Nontaxable securities available for sale |
575 |
530 |
45 |
|||
| Interest-earning deposits |
8 |
6 |
2 |
|||
| Total interest and dividend income |
10,759 |
11,237 |
(478) |
|||
| Interest expense: |
||||||
| Deposits |
2,884 |
3,028 |
(144) |
|||
| Advances from Federal Home Loan Bank |
573 |
611 |
(38) |
|||
| Repurchase agreements |
248 |
241 |
7 |
|||
| Subordinated debentures |
187 |
191 |
(4) |
|||
| Total interest expense |
3,892 |
4,071 |
(179) |
|||
| Net interest income |
6,867 |
7,166 |
(299) |
|||
| Provision for loan losses |
869 |
476 |
393 |
|||
| Net interest income after |
||||||
| provision for loan losses |
5,998 |
6,690 |
(692) |
|||
| Non-interest income: |
||||||
| Service charges |
938 |
985 |
(47) |
|||
| Merchant card income |
196 |
197 |
(1) |
|||
| Mortgage origination revenue |
203 |
295 |
(92) |
|||
| Gain on sale of securities |
44 |
600 |
(556) |
|||
| Income from bank owned life insurance |
79 |
66 |
13 |
|||
| Other than temporarily impairment |
||||||
| on available for sale securities |
--- |
(141) |
141 |
|||
| Financial services commission |
227 |
203 |
24 |
|||
| Other operating income |
230 |
224 |
6 |
|||
| Total non-interest income |
1,917 |
2,429 |
(512) |
|||
This information is preliminary and based on company data available at the time of the presentation.
| HOPFED BANCORP, INC. Selected Financial Data (Dollars in thousands, except share and per share data) |
|||||
| For the Three |
|||||
| Months Ended |
|||||
| Change from |
|||||
| 3/31/2012 |
12/31/2011 |
Prior Quarter |
|||
| Non-interest expenses: |
|||||
| Salaries and benefits |
$3,507 |
3,279 |
228 |
||
| Occupancy expense |
855 |
817 |
38 |
||
| Data processing expense |
625 |
589 |
36 |
||
| State deposit tax |
162 |
151 |
11 |
||
| Intangible amortization expense |
65 |
65 |
--- |
||
| Professional services expense |
388 |
386 |
2 |
||
| Deposit insurance and examination expense |
419 |
417 |
2 |
||
| Advertising expense |
304 |
304 |
0 |
||
| Postage and communications expense |
141 |
128 |
13 |
||
| Supplies expense |
111 |
105 |
6 |
||
| Loss on disposal of equipment |
6 |
--- |
6 |
||
| Loss on sale of real estate owned |
147 |
61 |
86 |
||
| Real estate owned expenses |
46 |
60 |
(14) |
||
| Other operating expenses |
323 |
319 |
4 |
||
| Total non-interest expense |
7,099 |
6,681 |
418 |
||
| Income before income tax expense |
816 |
2,438 |
(1,622) |
||
| Income tax expense |
89 |
109 |
(20) |
||
| Net income |
727 |
2,329 |
(1,602) |
||
| Less: |
|||||
| Dividend on preferred shares |
229 |
232 |
(3) |
||
| Accretion dividend on preferred shares |
28 |
28 |
--- |
||
| Net income (loss) available (attributable) |
|||||
| to common stockholders |
$470 |
2,069 |
(1,599) |
||
| Net income (loss) available (attributable) |
|||||
| to common stockholders |
|||||
| Per share, basic |
$0.06 |
$0.28 |
(0.22) |
||
| Per share, diluted |
$0.06 |
$0.28 |
(0.22) |
||
| Dividend per share |
$0.02 |
$0.02 |
|||
| Weighted average shares outstanding - basic |
7,484,475 |
7,484,420 |
|||
| Weighted average shares outstanding - diluted |
7,484,475 |
7,484,420 |
|||
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the three month periods ended March 31, 2012, and March 31, 2011, by $271,000 and $284,000, respectively; for a tax equivalent rate using a cost of funds rate of 2.00% for the three month period ended March 31, 2012, and 2.25% for the three month period ended March 31, 2011. The table adjusts tax-free loan income by $3,000 for three month period ended March 31, 2012, and $9,000 for the three month period ended March 31, 2011, for a tax equivalent rate using the same cost of funds rate:
| Average |
Income and |
Average |
Average |
Income and |
Average |
||||
| Balance |
Expense |
Rates |
Balance |
Expense |
Rates |
||||
| 3/31/2012 |
3/31/2012 |
3/31/2012 |
3/31/2011 |
3/31/2011 |
3/31/2011 |
||||
| (Table Amounts in Thousands, Except Percentages) |
|||||||||
| Loans |
$551,579 |
7,807 |
5.66% |
$592,517 |
8,491 |
5.73% |
|||
| Investments AFS taxable |
329,819 |
2,375 |
2.88% |
297,358 |
2,690 |
3.62% |
|||
| Investment AFS tax free |
65,669 |
846 |
5.15% |
67,368 |
895 |
5.32% |
|||
| Federal funds |
13,817 |
8 |
0.23% |
6,771 |
4 |
0.24% |
|||
| Total interest earning assets |
960,884 |
11,036 |
4.59% |
964,014 |
12,080 |
5.01% |
|||
| Other assets |
92,340 |
121,659 |
|||||||
| Total assets |
$1,053,224 |
$1,085,673 |
|||||||
| Interest bearing checking |
143,858 |
294 |
0.82% |
143,644 |
444 |
1.24% |
|||
| Saving / MMDA |
72,434 |
33 |
0.18% |
66,708 |
55 |
0.33% |
|||
| Retail time deposits |
457,461 |
2,289 |
2.00% |
467,196 |
2,890 |
2.47% |
|||
| Brokered deposits |
57,345 |
267 |
1.86% |
92,406 |
516 |
2.23% |
|||
| FHLB borrowings |
62,969 |
573 |
3.64% |
76,566 |
694 |
3.63% |
|||
| Repurchase agreements |
44,043 |
248 |
2.25% |
40,631 |
205 |
2.02% |
|||
| Subordinated debentures |
10,310 |
188 |
7.29% |
10,310 |
185 |
7.18% |
|||
| Total interest bearing liabilities |
848,420 |
3,892 |
1.83% |
897,461 |
4,989 |
2.22% |
|||
| Non-interest bearing deposits |
80,503 |
70,150 |
|||||||
| Other liabilities |
5,164 |
6,004 |
|||||||
| Stockholders' equity |
119,137 |
112,058 |
|||||||
| Total liabilities |
|||||||||
| and stockholders' equity |
$1,053,224 |
$1,085,673 |
|||||||
| Net change in interest earning |
|||||||||
| assets and interest bearing liabilities |
7,144 |
2.76% |
7,091 |
2.79% |
|||||
| Net yield on interest earning assets |
2.97% |
2.94% |
|||||||
This information is preliminary and based on company data available at the time of the presentation.
SOURCE HopFed Bancorp, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article