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HopFed Bancorp, Inc. Reports Third Quarter Results

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HOPKINSVILLE, Ky.--(BUSINESS WIRE)--

HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank USA, Inc. (the "Bank"), today reported results for the three and nine month periods ended September 30, 2015. For the three month period ended September 30, 2015, the Company reported net income of $510,000, or $0.08 per share, basic and diluted, compared to net income of $2.0 million, or $0.27 per share basic and diluted, for the three month period ended September 30, 2014. For the nine month period ended September 30, 2015, the Company's net income was $1.7 million, or $0.27 per share, basic and diluted, compared to net income of $3.2 million, or $0.44 per share basic and diluted, for the nine month period ended September 30, 2014. Results for the three and nine month periods ended September 30, 2014, were strongly influenced by the resolution of a long standing non-accrual loan relationship.

Commenting on the third quarter results, John E. Peck, President and Chief Executive Officer, said, "The Company continues to find success in our Nashville loan production office. We have just hired our third commercial loan officer in that market and currently have an impressive pipeline of loan opportunities. At September 30, 2015, the Nashville loan production office currently has $13.0 million in outstanding loan balances, $7.7 million in unadvanced amounts on loans and $16.9 million in loan requests currently under review.

"The Company remains focused on the opportunities for reducing interest expenses. Beginning in December 2015 and ending in February 2016, the Company has time deposits totaling $65.2 million maturing with a weighted average cost of 2.52%. In March 2016, we have $4.0 million in Federal Home Loan Bank borrowing maturing at an interest rate of 5.34%. We have an opportunity to reprice these liabilities at current market cost," Mr. Peck concluded.

Financial Highlights

  • At September 30, 2015, the Company's tangible book value was $13.99 per share and tangible common equity ratio was 10.06%. The Company's tangible book value and common equity ratio computations do not include 562,937 unallocated shares of common stock held by the Company's Employee Stock Ownership Plan (ESOP).
  • The Company purchased 65,495 shares of its common stock in the three month period ended September 30, 2015, at a weighted average price of $11.55 per share. At September 30, 2015, the Company owns 1,038,686 shares of treasury stock at a weighted average cost of $12.43 per share.
  • At September 30, 2015, net loans totaled $561.5 million, a $22.3 million increase as compared to December 31, 2014, and a $6.7 million increase as compared to June 30, 2015. The Company's current annualized growth rate of loans is 5.5%.
  • The Company's estimated Tier 1 Leverage Ratio and Total Risk Based Capital Ratio at September 30, 2015, were 10.92% and 17.20%, respectively. The Bank's Tier 1 Leverage Ratio and Total Risk Based Capital Ratio at September 30, 2015, were 10.67% and 16.84%, respectively.

Asset Quality

At September 30, 2015, the Company's level of non-accrual loans totaled $7.2 million, as compared to $3.2 million at December 31, 2014. At September 30, 2015, the Company has one land loan, totaling $1.5 million, which is past due 91 days and still accruing interest. The loan is well-secured and in the process of collection. A summary of non-accrual loans at September 30, 2015, and December 31, 2014, is as follows:

   

 

September 30, 2015

December 31, 2014
(Dollars in Thousands)
 
One-to-four family mortgages $1,427 $1,501
Home equity line of credit 48 ---
Multi-family 1,968 95
Land 1,680 215
Non-residential real estate 672 1,159
Farmland 168 115

Commercial loans

1,195 90
Total non-accrual loans $7,158 $3,175
 

The Company has current appraisals on file for all significant non-accrual relationships. For the three month period ended September 30, 2015, a review of the most recent appraisal of our non-accrual land loan resulted in the Company taking an additional charge-off of approximately $281,000. At September 30, 2015, non-accrual loans, loans past due over 90 days still accruing and other real estate owned totaled $10.4 million, or 1.18% of total assets. At December 31, 2014, non-accrual loans plus other real estate owned totaled $5.1 million, or 0.55% of total assets.

At September 30, 2015, and December 31, 2014, the Company's balance in other real estate owned was $1.7 million and $1.9 million, respectively. A summary of the activity in other real estate owned for the nine month period ended September 30, 2015, is as follows:

 

           
Gain
Balance Reduction (Loss) Balance
12/31/2014   Foreclosures   Proceeds   in Values   on Sale   9/30/2015
(Dollars in Thousands)
One-to-four family mortgages $159 105 (194) --- (15) $55
Land 1,768 --- (124) --- (701) 943
Non-residential real estate --- 738 --- --- --- 738
 
Total $1,927 843 (318) --- (716) $1,736
 

Asset Quality (continued)

A summary of the activity in loans classified as TDRs for the nine month period ended September 30, 2015, is as follows:

           
Removed from
Balance at New Loss or Loan (Taken to) Balance
12/31/14 TDR Foreclosure Amortization Non-accrual 09/30/15
(Dollars in Thousands)
 
Non-residential real estate $3,284 2,149 --- (1) --- $5,432
 
Total performing TDR $3,284 2,149 --- (1) -- $5,432
 

At September 30, 2015, the Company's level of loans classified as substandard was $23.5 million as compared to $37.4 million at December 31, 2014. At September 30, 2015, the Company's classified loan-to-risk-based capital ratio was 23.4%. The Company's specific reserve for impaired loans was $545,000 at September 30, 2015, and $1.5 million at December 31, 2014. A summary of the Company's loan portfolio by risk grade classification, at September 30, 2015, is as follows:

             
Specific Allowance
Allowance for

September 30, 2015

Special Impaired Loans for Performing
Pass Mention Substandard Doubtful Total Impairment Loans
(Dollars in Thousands)
One-to-four family mortgages $143,121 330 2,919 --- 146,370 29 931
Home equity line of credit 32,703 --- 273 --- 32,976 --- 181
Junior liens 1,746 36 16 --- 1,798 --- 8
Multi-family 20,272 --- 3,094 --- 23,366 --- 74
Construction 32,669 --- --- --- 32,669 --- 197
Land 11,604 1,529 9,521 --- 22,654 266 1,417
Non-residential real estate 147,938 4,158 5,018 --- 157,114 143 1,058
Farmland 40,309 --- 330 --- 40,639 --- 337
Consumer loans 18,171 --- 204 --- 18,375 51 300
Commercial loans 89,085 357 2,108 --- 91,550 56 439
 
Total $537,618 6,410 23,483 --- 567,511 545 4,942
 

Net Interest Income

For the three month period ended September 30, 2015, the Company's net interest income was $6.4 million, compared to $6.3 million for the three month period ended June 30, 2015, and $6.8 million for the three month period ended September 30, 2014. For the three month period ended September 30, 2015, the Company's net interest margin was 3.25%, as compared to 3.17% for the three month period ended June 30, 2015, and 3.22% for the three month periods ended September 30, 2014.

For the nine month period ended September 30, 2015, the Company's net interest income was $20.2 million, as compared to $19.5 million for the nine month period ended September 30, 2014. For the nine month period ended September 30, 2015, the Company's interest expense was $4.9 million as compared to $6.9 million for the nine month period ended September 30, 2014. The Company's reduced interest expense was largely the result of lower Federal Home Loan Bank borrowing balances and a reduced dependency on non-core funding. For the nine month period ended September 30, 2015, the Company's net interest margin was 3.40%, as compared to 3.12% for the nine month period ended September 30, 2014.

Non-interest Income

Non-interest income for the three month periods ended September 30, 2015, and June 30, 2015 was $1.9 million, respectively, as compared to $2.4 million for the three month period ended September 30, 2014. On a linked quarter basis, total non-interest income increased by $68,000 largely due to a $30,000 increase in service charge income, a $35,000 increase from bank owned life insurance and a $20,000 increase in gains on the sale of securities. During the three and nine month periods ended September 30, 2015, mortgage origination revenue was $345,000 and $865,000, respectively, as compared to $316,000 and $507,000 for the three and nine month periods ended September 30, 2014.

For the three month period ended September 30, 2015, total non-interest income was $457,000 lower as compared to the three month period ended September 30, 2014. For the three month period ended September 30, 2015, service charge income was $750,000, representing a $129,000 decline as compared to the three month period ended September 30, 2014. For the three month period ended September 30, 2015, gains on the sale of securities was $103,000, as compared to $294,000 for the three month period ended September 30, 2014. For the three month period ended September 30, 2015, income from financial services was $186,000, as compared to $363,000 for the three month period ended September 30, 2014.

For the nine month period ended September 30, 2015, non-interest income was $5.7 million, as compared to $5.9 million for the nine month period ended September 30, 2014. For the nine month period ended September 30, 2015, service charge income was $2.2 million, a $321,000 decline as compared to the nine month period ended September 30, 2014. For the nine month period ended September 30, 2015, financial services commissions were $539,000, as compared to $737,000 for the nine month period ended September 30, 2014.

Non-interest Expense

On a linked quarter basis, the Company's non-interest expenses declined by $681,000. The most significant decline in linked quarter operating expenses was a $759,000 decline in losses on the sale of real estate owned. For the three month period ended September 30, 2015, the Company's salaries and benefits expenses declined by $44,000 and professional services expenses declined by $88,000 as compared to the three month period ended June 30, 2015.

For the three month period ended September 30, 2015, non-interest expenses declined by $10,000 as compared to the three month period ended September 30, 2014. For the three month period ended September 30, 2015, expense items increasing by more than 5% as compared to the three month period ended September 30, 2014, include:

     
Three Month Period Ended

Dollar

Percentage

09/30/15   09/30/14 Change Change
 
 
Postage and communications $162 $140 $22 15.71%
Real estate owned expense $202 ($29) $231 796.55%
 

For the nine month period ended September 30, 2015, non-interest expenses were $23.3 million, an increase of $923,000 as compared to the nine month period ended September 30, 2014. For the nine month period ended September 30, 2015, the increase in non-interest expenses as compared to the nine month period ended September 30, 2014, is largely the result of an increase in compensation related to an increase in staffing for the Company's loan production office, increases in the Company's health insurance cost, and losses on the sale of other real estate owned. For the nine month period ended September 30, 2015, expense items increasing by more than 5% as compared to the nine month period ended September 30, 2014, include:

     
Nine Month Period Ended Dollar Percentage
09/30/15   09/30/14 Change Change
 
Salaries and benefits $12,148 $11,368 $780 6.86%
Professional services $1,177 $1,025 $152 14.83%

Loss on sale of other real estate owned

$716 $160 $556 347.50%
Real estate owned expenses $406 $193 $213 110.36%
Other expenses $1,446 $1,358 $88 6.48%
 

Balance Sheet

At September 30, 2015, consolidated assets were $882.7 million, a decline of $53.0 million as compared to December 31, 2014. For the nine month period ended September 30, 2015, the Company experienced an $18.4 million decrease in time deposits, a $9.0 million decrease in FHLB borrowings, a $16.7 million decrease in cash balances and a $22.3 million increase in net loan balances. To fund the growth in loan balances and reduction in FHLB borrowings and time deposits, the Company has reduced its balance in available for sale securities by $63.7 million as compared to December 31, 2014.

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.

   
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets
(Dollars in thousands)
 

Assets

September 30, 2015 December 31, 2014
(unaudited)
 
Cash and due from banks $18,110 34,389
Interest-earning deposits 5,647 6,050
Cash and cash equivalents 23,757 40,439
Federal Home Loan Bank stock, at cost 4,428 4,428
Securities available for sale 239,922 303,628
Loans held for sale 5,298 1,444

Loans receivable, net of allowance for loan losses of $5,487 at September 30, 2015, and $6,289 at December 31, 2014

561,514 539,264
Accrued interest receivable 4,119 4,576
Real estate and other assets owned 1,736 1,927
Bank owned life insurance 10,236 9,984
Premises and equipment, net 24,371 22,940
Deferred tax assets 1,198 2,261
Intangible asset --- 33
Other assets 6,157 4,861
Total assets $882,736 935,785
 
 

Liabilities and Stockholders' Equity

Liabilities:
Deposits:
Non-interest-bearing accounts $113,469 115,051
Interest-bearing accounts
Interest-bearing checking accounts 185,377 186,616
Savings and money market accounts 93,821 97,726
Other time deposits 313,531 331,915
Total deposits 706,198 731,308
Advances from Federal Home Loan Bank 25,000 34,000
Repurchase agreements 46,300 57,358
Subordinated debentures 10,310 10,310
Advances from borrowers for taxes and insurance 1,077 513
Dividends payable 289 301
Accrued expenses and other liabilities 4,739 3,593
Total liabilities 793,913 837,383
 

This information is preliminary and based on Company data available at the time of the presentation.

 
   
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets, Continued
(Dollars in thousands)
 
September 30, 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 September 30, 2015, and December 31, 2014

--- ---

Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,951,699 issued and 6,913,013 outstanding at September 30, 2015, and 7,949,665 issued and 7,171,282 outstanding at December 31, 2014

79 79
Additional paid-in-capital 58,578 58,466
Retained earnings 46,719 45,729

Treasury stock- common (at cost,1,038,686 sharesat September 30, 2015, and 778,383 shares at December 31, 2014)

(12,915) (9,429)

Unallocated ESOP shares (at cost 562,937 shares at September 30, 2015, and no shares at December 31, 2014)

(7,397) ---

Accumulated other comprehensive income, net of taxes

3,759 3,557
 
Total stockholders' equity 88,823 98,402
 
Total liabilities and stockholders' equity $882,736 935,785
 

This information is preliminary and based on Company data available at the time of the presentation.

 
   
HOPFED BANCORP, INC.

Consolidated Condensed Statements of Income

(Dollars in thousands)
Unaudited
 
For the Three Month Periods For the Nine Month Periods
Ended September 30, Ended September 30,
   
2015 2014 2015 2014
Interest income:
Loans receivable $6,374 6,913 18,895 19,743
Securities available for sale - taxable 1,237 1,562 4,953 5,035
Securities available for sale - nontaxable 398 514 1,267 1,589
Interest-earning deposits 3 5 11 19
Total interest income 8,012 8,994 25,126 26,386
 
Interest expense:
Deposits 1,246 1,354 3,751 4,313
Advances from Federal Home Loan Bank 71 430 206 1,292
Repurchase agreements 130 228 368 722
Subordinated debentures 186 174 553 551
Total interest expense 1,633 2,186 4,878 6,878
 
Net interest income 6,379 6,808 20,248 19,508
Provision for loan losses 275 (892) 760 (773)
 
Net interest income after
provision for loan losses 6,104 7,700 19,488 20,281
 
Non-interest income:
Service charges 750 879 2,184 2,505
Merchant card income 286 265 842 800
Mortgage origination revenue 345 316 865 507
Gain on sale of securities 103 294 552 548
Income from bank owned life insurance 108 65 252 226
Financial services commission 186 363 539 737
Other operating income 158 211 483 613
Total non-interest income 1,936 2,393 5,717 5,936
 

This information is preliminary and based on Company data available at the time of the presentation.

 
   
HOPFED BANCORP, INC.
Consolidated Condensed Statements of Income, Continued
(Dollars in thousands, except share and per share data)
(Unaudited)
 
For the Three Month Periods For the Nine Month Periods
Ended September 30, Ended September 30,
   
2015 2014 2015 2014
Non-interest expenses:
Salaries and benefits $3,960 3,881 12,148 11,368
Occupancy 788 781 2,278 2,498
Data processing 724 730 2,117 2,194
Franchise and deposit tax 260 346 759 990
Intangible amortization --- 16 32 81
Professional services 380 397 1,177 1,025
Deposit insurance and examination 135 182 403 562
Advertising 337 368 983 1,023
Postage and communications 162 140 428 423
Supplies 107 156 364 459
Loss (gain) on real estate owned (18) 35 716 160
Real estate owned 202 (29) 406 193
Other operating expenses 516 560 1,446 1,358
Total non-interest expense 7,553 7,563 23,257 22,334
 
Income before income tax 487 2,530 1,948 3,883
Income tax expense (benefit) (23) 577 200 651
 
Net income $510 1,953 1,748 3,232

Net income per share:

Basic

$0.08 $0.27 $0.27 $0.44
Diluted $0.08 $0.27 $0.27 $0.44
Dividend per share $0.04 $0.04 $0.12 $0.12
 
Weighted average shares outstanding - basic 6,359,556 7,265,597 6,493,449 7,348,708
Weighted average shares outstanding - diluted 6,359,556 7,265,597 6,493,449 7,348,708
 

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 Change from
Months Ended Prior Quarter
 
9/30/2015 6/30/2015
 
Interest income:
Loans receivable $6,374 6,231 143
Securities available for sale - taxable 1,237 1,268 (31)
Securities available for sale - nontaxable 398 416 (18)
Interest-earning deposits 3 4 (1)
Total interest income 8,012 7,919 93
 
Interest expense:
Deposits 1,246 1,245 1
Advances from Federal Home Loan Bank 71 66 5
Repurchase agreements 130 118 12
Subordinated debentures 186 183 3
Total interest expense 1,633 1,612 21
 
Net interest income 6,379 6,307 72
Provision for loan losses 275 270 5
 

Net interest income after provision for loan losses

6,104 6,037 67
 
Non-interest income:
Service charges 750 720 30
Merchant card income 286 286 ---
Mortgage orgination revenue 345 343 2
Gain on sale of securities 103 83 20
Income from bank owned life insurance 108 73 35
Financial services commission 186 194 (8)
Other operating income 158 169 (11)
Total non-interest income 1,936 1,868 68
 

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 Change from
Months Ended Prior Quarter
 
9/30/2015 6/30/2015
 
Non-interest expenses:
Salaries and benefits $3,960 4,004 (44)
Occupancy 788 752 36
Data processing 724 701 23
Franchise and deposit tax 260 251 9
Intangible amortization --- 16 (16)
Professional services 380 468 (88)
Deposit insurance and examination 135 151 (16)
Advertising 337 340 (3)
Postage and communications 162 134 28
Supplies 107 111 (4)
(Gain) loss on real estate owned (18) 741 (759)
Real estate owned 202 67 135
Other operating 516 498 18
 
Total non-interest expense 7,553 8,234 (681)
 
Income (loss) before income tax expense 487 (329) 816
Income tax expense (benefit) (23) (212) 189
 
Net income (loss) $510 ($117) $627
Net income (loss) per share:
 
Basic $0.08 ($0.02) $0.10
Fully diluted $0.08 ($0.02) $0.10
Dividend per share $0.04 $0.04
 
Weighted average shares outstanding - basic 6,359,556 6,425,687
Weighted average shares outstanding - diluted 6,359,556 6,425,687
 

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 nine month periods ended September 30, 2015, and September 30, 2014, by $625,000 and $774,000, respectively, for a tax equivalent rate using a cost of funds rate of 0.95% for the nine month period ended September 30, 2015, and 1.25% for the nine month period ended September 30, 2014. The table adjusts tax-free loan income by $5,000 and $9,000, respectively, for nine month periods ended September 30, 2015, and September 30, 2014, respectively, 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
9/30/2015 9/30/2015 9/30/2015 9/30/2014 9/30/2014 9/30/2014
(Table Amounts in Thousands, Except Percentages)
Loans $550,047 18,900 4.58% $535,659 19,752 4.92%
Investments AFS taxable 208,721 4,953 3.16% 259,615 5,035 2.59%
Investment AFS tax free 53,859 1,892 4.68% 63,321 2,363 4.98%
Interest bearing deposits 5,096 11 0.29% 9,819 19 0.26%
 
Total interest earning assets 817,723 25,756 4.20% 868,414 27,169 4.17%
 
Other assets 74,136 73,550
 
Total assets $891,859 $941,964
 
Retail time deposits 289,157 2,516 1.16% 307,307 2,786 1.21%
Brokered deposits 32,706 279 1.14% 39,741 401 1.35%
MMDA & Savings 95,016 146 0.20% 96,278 145 0.20%
Interest bearing checking 195,929 810 0.55% 191,925 981 0.68%
FHLB borrowings 17,315 206 1.59% 44,985 1,292 3.83%
Repurchase agreements 43,726 368 1.12% 41,386 722 2.33%
Subordinated debentures 10,310 553 7.15% 10,310 551 7.13%
 
Total interest bearing liabilities 684,159 4,878 0.95% 731,932 6,878 1.25%
 
Non-interest bearing deposits 112,198 105,325
Other liabilities 4,363 5,026
 
Stockholders' equity 91,139 99,681
 

Total liabilities and stockholders' equity

$891,859 $941,964
 
Net interest income 20,878 20,291
 
Net interest spread 3.25% 2.92%
 
Net interest margin 3.40% 3.12%
 

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 September 30, 2015, and September 30, 2014, by $197,000 and $251,000, respectively, for a tax equivalent rate using a cost of funds rate of 0.94% for the three month period ended September 30, 2015, and 1.20% for the three month period ended September 30, 2014. The table adjusts tax-free loan income by $3,000 for each of the three month periods ended September 30, 2015, and September 30, 2014, 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
9/30/2015 9/30/2015 9/30/2015 9/30/2014 9/30/2014 9/30/2014
(Table Amounts in Thousands, Except Percentages)
Loans $555,792 6,377 4.59% $535,774 6,916 5.16%
Investments AFS taxable 196,524 1,237 2.52% 265,853 1,562 2.35%
Investment AFS tax free 51,063 595 4.66% 65,298 765 4.69%
Interest bearing deposits 6,305 3 0.19% 10,917 5 0.18%
 
Total interest earning assets 809,684 8,212 4.06% 877,842 9,248 4.21%
 
Other assets 67,860 75,617
 
Total assets $877,544 $953,459
 
Retail time deposits 286,516 840 1.17% 320,008 896 1.12%
Brokered deposits 30,149 89 1.18% 42,605 110 1.03%
MMDA & Savings 94,679 45 0.19% 94,522 49 0.21%
Interest bearing checking 191,903 272 0.57% 190,329 299 0.63%
FHLB borrowings 10,685 71 2.66% 42,970 430 4.00%
Repurchase agreements 47,124 130 1.10% 46,765 228 1.95%
Subordinated debentures 10,310 186 7.22% 10,310 174 6.75%
 
Total interest bearing liabilities 671,366 1,633 0.97% 747,509 2,186 1.17%
 
Non-interest bearing deposits 114,319 103,112
Other liabilities 4,574 4,660
 
Stockholders' equity 87,285 98,178
 

Total liabilities and stockholders' equity

$877,544 $953,459
 
Net interest income 6,579 7,062
 
Interest rate spread 3.09% 3.04%
 
Net interest margin 3.25% 3.22%
 

This information is preliminary and based on Company data available at the time of the presentation.

 

HopFed Bancorp, Inc.
John E. Peck, 270-885-1171
President and CEO

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