Market Overview

HopFed Bancorp, Inc. Reports Fourth 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 twelve month periods ended December 31, 2015. For the three month period ended December 31, 2015, the Company's net income was $656,000, or $0.10 per share, basic and diluted. For the three month period ended December 31, 2014, the Company's net loss was $1.0 million, or ($0.14) per share, basic and diluted. For the twelve month period ended December 31, 2015, the Company's net income was $2.4 million, or $0.38 per share, basic and diluted. For the twelve month period ended December 31, 2014, the Company's net income was $2.2 million, or $0.30 per share, basic and diluted.

Commenting on the fourth quarter results, John E. Peck, President and Chief Executive Officer, said, "The Company experienced loan growth of $17.1 million for the year ended December 31, 2015. The Company's loan growth came almost exclusively from the Nashville, Tennessee loan production office, with $15.4 million in loans outstanding at December 31, 2015."

Mr. Peck continued, "In the fourth quarter of 2015, the Company's deposit growth was strong due to increases in interest bearing checking accounts. In January and February of 2016, our scheduled maturities of time deposits include $52.4 million that have a weighted average cost of 2.52%. We will seek to retain a significant portion of these accounts at current market rates. The Company has increased its liquidity levels at December 31, 2015, providing us the opportunity to remain disciplined in our deposit pricing during the first two months of 2016."

Financial Highlights

  • At December 31, 2015, the Company's tangible book value was $13.87 per share and tangible common equity ratio was 9.70%. The Company's tangible book value and common equity ratio computations do not include 546,413 unallocated shares of common stock held by the Company's ESOP.
  • The Bank's estimated Tier 1 Leverage Ratio and Total Risk Based Capital Ratio at December 31, 2015, were 10.72% and 17.12%, respectively. The Company's consolidated Tier 1 Leverage Ratio and Total Risk Based Capital Ratio at December 31, 2015, were 10.90% and 17.25%, respectively.
  • The Company purchased 47,202 shares of its common stock in the quarter at a weighted average price of $11.76 per share. For the twelve month period ended December 31, 2015, the Company purchased 907,505 shares of its common stock at a weighted average price of $13.14 per share. During 2015, the Company reissued 600,000 shares of common stock at $13.14 to establish an employee stock ownership plan. At December 31, 2015, the Company holds a total of 1,085,888 shares of treasury stock at a weighted average cost of $12.46 per share.

Asset Quality

At December 31, 2015, the Company's level of non-accrual loans totaled $7.4 million, as compared to $3.2 million at December 31, 2014. A summary of non-accrual loans at December 31, 2015, and December 31, 2014, is as follows:

       

December 31, 2015

December 31, 2014

(Dollars in Thousands)

 
One-to-four family mortgages $2,234 $1,501
Home equity line of credit 48 ---
Junior lien --- ---
Multi-family 1,968 95
Construction --- ---
Land 1,553 215
Non-residential real estate 247 1,159
Farmland 166 115
Consumer loans 8 ---
Commercial loans 1,198 90
Total non-accrual loans $ 7,422 $ 3,175
 

At December 31, 2015, non-accrual loans plus other real estate and other assets owned totaled $9.2 million, or 1.01% of total assets. At December 31, 2014, non-accrual loans plus other real estate and other assets owned totaled $5.1 million, or 0.55% of total assets. A summary of the activity in other real estate owned for the twelve month period ended December 31, 2015, is as follows:

   

Activity During 2015

Balance
12/31/2014

   

Foreclosures

    Proceeds    

Reduction
in Values

   

Gain
(Loss
on Sale

   

Balance
12/31/2015

(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
 

A summary of the activity in loans classified as TDRs for the twelve month period ended December 31, 2015, is as follows:

                       

Balance at
12/31/14

New
TDR

Loss or
Foreclosure

Loan
Amortization

Removed
from
(Taken to)
Non-accrual

Balance
12/31/15

(Dollars in Thousands)
 
Non-residential real estate $3,284 2,265 --- (14) --- $5,535
 
Total performing TDR $3,284 2,265 --- (14) -- $5,535
 

Asset Quality (continued)

At December 31, 2015, the Company's level of loans classified as substandard was $28.1 million as compared to $37.4 million at December 31, 2014. At December 31, 2015, the Company's classified loan to risk-based capital ratio was 27.8%. The Company's specific reserve for impaired loans was $630,000 at December 31, 2015, and $1.5 million at December 31, 2014. A summary of the level of classified loans at December 31, 2015, is as follows:

                           
Specific Allowance
Allowance for

December 31, 2015

Special Impaired Loans       for Performing

Pass

Mention

Substandard

Doubtful

Total

Impairment

Loans

(Dollars in Thousands)
One-to-four family mortgages $142,729 41 3,229 --- 145,999 60 970
Home equity line of credit 33,475 --- 169 --- 33,644 --- 201
Junior liens 1,720 35 16 --- 1,771 --- 8
Multi-family 21,644 --- 3,081 --- 24,725 138 89
Construction 34,878 --- --- --- 34,878 --- 377
Land 11,794 41 10,618 --- 22,453 69 1,310
Non-residential real estate 138,420 2,489 8,357 --- 149,266 134 1,005
Farmland 41,917 --- 329 --- 42,246 --- 358
Consumer loans 20,123 --- 201 --- 20,324 49 309
Commercial loans 84,317 352 2,074 --- 86,743 180 443
 
Total $531,017 2,958 28,074 --- 562,049 630 5,070
 

Net Interest Income

For the three month periods ended December 31, 2015, and December 31, 2014, the Company's net interest income was $6.3 million, respectively, as compared to $6.4 million for the three month period ended September 30, 2015. For the three month period ended December 31, 2015, the Company's net interest margin was 3.21%, as compared to 3.06% for the three month period ended December 31, 2014, and 3.22% for the three month period ended September 30, 2015. The slight decline in linked quarter net interest income and net interest margin was largely the result of the accumulation of cash balances due to an increase in interest bearing checking accounts during the month of December 2015 and the Company's desire to hold more cash on hand at year end due to the high level of time deposit maturities in the first two months of 2016.

For the twelve month period ended December 31, 2015, the Company's net interest income was $26.6 million, as compared to $25.8 million for the twelve month period ended December 31, 2014. For the twelve month period ended December 31, 2015, the Company's interest expense was $6.6 million as compared to $8.9 million for the twelve month period ended December 31, 2014. For the twelve month period ended December 31, 2015, the Company's net interest margin was 3.36%, as compared to 3.08% for the twelve month period ended December 31, 2014.

Non-interest Income

Non-interest income for the three month periods ended December 31, 2015, September 30, 2015, and December 31, 2014, was $1.9 million, respectively. For the twelve month period ended December 31, 2015, non-interest income was $7.6 million, a decline of $240,000 as compared to the twelve month period ended December 31, 2014.

For the three and twelve month periods ended December 31, 2015, service charge income was $741,000 and $2.9 million, respectively. This represents a decline of $108,000 and $429,000, respectively, as compared to the three and twelve month periods ended December 31, 2014. The decline in service charge fee income is occurring despite the continued growth of the Company's non-interest deposit account base and is largely the result of mandated regulatory changes. For the three month period ended December 31, 2015, as compared to the three month period ended December 31, 2014, the decline in service charge income was partially offset by a $98,000 increase in mortgage origination income and a $109,000 increase in gains on the sale of securities. For the three month period ended December 31, 2015, financial services income was $146,000, a decline of $97,000 as compared to the three month period ended December 31, 2014, as instability in the financial markets may have muted demand for products offered by our wealth management division. On a linked quarter basis, the changes in the non-interest income results were minor in nature, with the total decline in non-interest income of $51,000.

For the twelve month period ended December 31, 2015, mortgage origination income was $1.2 million, as compared $719,000 for the twelve month period ended December 31, 2014, despite higher market interest rates. At the same time, financial services income declined from $980,000 for the twelve month period ended December 31, 2014, to $685,000 for the twelve month period ended December 31, 2015.

Non-interest Expense

On a linked quarter basis, the Company's non-interest expenses declined by $425,000, largely the result of the $298,000 reduction in payroll expense and a $97,000 reduction in expenses related to other real estate owned. On a linked quarter basis, the reduction in payroll expenses is largely the result of decline in the cost of our self-funded health insurance benefits, a small reduction in staffing levels and the seasonality factors.

For the three month period ended December 31, 2015, non-interest expenses were $7.1 million, as compared to $11.6 million for the three month period ended December 31, 2014. In the three month period ended December 31, 2014, the Company incurred a $2.5 million charge for the early retirement of FHLB debt and a $1.8 million loss on the sale of a loan. For the three month period ended December 31, 2015, salaries and benefit expenses were $3.7 million, as compared to $3.9 million for the three month period ended December 31, 2014.

For the twelve month period ended December 31, 2015, non-interest expenses were $30.4 million, as compared to $33.9 million for the twelve month period ended December 31, 2014. For the twelve month period ended December 31, 2015, the Company experienced the following significant increases in operating expenses as compared to the twelve month period ended December 31, 2014:

           

Salary and benefits

$588,000

3.9%

Professional services

$175,000

13.1%

Loss on real estate owned

$508,000

244.2%
 

Increases in compensation expenses for the twelve month period ended December 31, 2015, as compared to the twelve month period ended December 31, 2014, the result of the full year establishment of a loan production office in Nashville, Tennessee and higher commissions paid to secondary market lender that resulted in higher gross revenue on the sale of mortgage loans.

Balance Sheet

At December 31, 2015, consolidated assets were $903.2 million, a decline of $32.6 million as compared to December 31, 2014. At December 31, 2015, the Company experienced a $17.2 million decrease in time deposits, a $10.0 million increase in non-interest bearing deposits, a $19.0 million decrease in FHLB borrowings, a $14.3 million increase in cash and cash equivalents, a $66.4 million decrease in securities available for sale and a $17.1 million increase in net loan balances 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 Bank Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Clarksville, Tennessee, which offers a broad line of financial services. Heritage Bank 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 at our 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

December 31, 2015

December 31, 2014

(unaudited)
 
Cash and due from banks $46,926 $34,389
Interest-earning deposits 7,772 6,050
Cash and cash equivalents 54,698 40,439
Federal Home Loan Bank stock, at cost 4,428 4,428
Securities available for sale 237,177 303,628
Loans held for sale 2,792 1,444

Loans receivable, net of allowance for loan losses of $5,700 at December 31, 2015, and $6,289 at December 31, 2014

556,349 539,264
Accrued interest receivable 4,139 4,576
Real estate and other assets owned 1,736 1,927
Bank owned life insurance 10,319 9,984
Premises and equipment, net 24,034 22,940
Deferred tax assets 2,642 2,261
Intangible asset --- 33
Other assets 4,840 4,861
Total assets $903,154 $935,785
 
 

Liabilities and Stockholders' Equity

Liabilities:
Deposits:
Non-interest-bearing accounts $125,070 $115,051
Interest-bearing accounts:
Interest-bearing checking accounts 203,779 186,616
Savings and money market accounts 95,893 97,726
Other time deposits 314,664 331,915
Total deposits 739,406 731,308
 

Advances from Federal Home Loan Bank

15,000 34,000
Repurchase agreements 45,770 57,358
Subordinated debentures 10,310 10,310
Advances from borrowers for taxes and insurance 614 513
Dividends payable 287 301
Accrued expenses and other liabilities 4,137 3,593
Total liabilities 815,524 837,383
 

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)

 

December 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 December 31, 2015, and December 31, 2014

--- ---

Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,951,699 issued and 6,865,811 outstanding at December 31, 2015, and 7,949,665 issued and 7,171,282 outstanding at December 31, 2014

79 79
Additional paid-in-capital 58,604 58,466
Retained earnings 47,124 45,729

Treasury stock- common (at cost, 1,085,888 shares at December 31, 2015, and 778,383 shares at December 31, 2014)

(13,471) (9,429)

Unallocated ESOP shares (at cost, 546,413 at December 31, 2015, and no shares at December 31, 2014)

(7,180) ---
Accumulated other comprehensive income, net of taxes 2,474 3,557
 
Total stockholders' equity 87,630 98,402
 
Total liabilities and stockholders' equity $903,154 $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
Ended December 31,

For the Twelve Month Periods
Ended December 31,

       

2015

2014

2015

2014

Interest income:
Loans receivable $6,405 6,282 25,300 26,025
Securities available for sale - taxable 1,196 1,513 6,149 6,548
Securities available for sale - nontaxable 384 492 1,651 2,081
Interest-earning deposits 11 7 22 26
Total interest income 7,996 8,294 33,122 34,680
 
Interest expense:
Deposits 1,280 1,290 5,031 5,603
Advances from Federal Home Loan Bank 83 373 289 1,665
Repurchase agreements 123 152 491 874
Subordinated debentures 186 186 739 737
Total interest expense 1,672 2,001 6,550 8,879
 
Net interest income 6,324 6,293 26,572 25,801
Provision for loan losses 291 (1,500) 1,051 (2,273)
 

Net interest income
after provision for loan losses

6,033 7,793 25,521 28,074
 
Non-interest income:
Service charges 741 849 2,925 3,354
Merchant card income 288 275 1,130 1,075
Mortgage origination revenue 310 212 1,175 719
Gain on sale of securities 139 30 691 578
Income from bank owned life insurance 83 81 335 307
Financial services commission 146 243 685 980
Other operating income 178 214 661 827
Total non-interest income 1,885 1,904 7,602 7,840
 

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
Ended December 31,

For the Twelve Month Periods
Ended December 31,

       

2015

2014

2015

2014

Non-interest expenses:
Salaries and benefits $3,662 3,854 15,810 15,222
Occupancy 799 719 3,077 3,217
Data processing 711 693 2,827 2,887
State bank tax 259 346 1,018 1,336
Intangible amortization 1 16 33 97
Professional services 329 306 1,506 1,331
Deposit insurance and examination 183 162 586 724
Advertising 319 318 1,302 1,341
Postage and communications 149 154 577 577
Supplies 163 168 527 627
Loss on disposal of equipment 1 --- 1 ---
Loss on real estate owned --- 48 716 208
Real estate owned expense 105 73 511 266
Loss on sale of loan --- 1,781 --- 1,781
Other operating expenses 447 2,944 1,894 4,302
Total non-interest expense 7,128 11,582 30,385 33,916
 
Income (loss) before income tax 790 (1,885) 2,738 1,998
Income tax expense (benefit) 134 (852) 334 (201)
 
Net income (loss) $656 (1,033) 2,404 2,199

Net income (loss) per share:

Basic

$0.10 ($0.14) $0.38 $0.30
Diluted $0.10 ($0.14) $0.38 $0.30
Dividend per share $0.04 $0.04 $0.16 $0.16
 
Weighted average shares outstanding - basic 6,328,324 7,165,957 6,372,277 7,306,078
Weighted average shares outstanding - diluted 6,328,324 7,165,957 6,372,277 7,306,078

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
Prior Quarter

 

12/31/2015

9/30/2015

 
Interest income:
Loans receivable $6,405 6,374 31
Securities available for sale - taxable 1,196 1,237 (41)
Securities available for sale - nontaxable 384 398 (14)
Interest-earning deposits 11 3 8
Total interest income 7,996 8,012 (16)
 
Interest expense:
Deposits 1,280 1,246 34
Advances from Federal Home Loan Bank 83 71 12
Repurchase agreements 123 130 (7)
Subordinated debentures 186 186 ---
Total interest expense 1,672 1,633 39
 
Net interest income 6,324 6,379 (55)
Provision for loan losses 291 275 16
 

 

Net interest income after provision for loan losses

6,033 6,104 (71)
 
Non-interest income:
Service charges 741 750 (9)
Merchant card income 288 286 2
Mortgage orgination revenue 310 345 (35)
Gain on sale of securities 139 103 36
Income from bank owned life insurance 83 108 (25)
Financial services commission 146 186 (40)
Other operating income 178 158 20
Total non-interest income 1,885 1,936 (51)
 

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
Prior Quarter

12/31/2015 9/30/2015
 
Non-interest expenses:
Salaries and benefits $3,662 3,960 (298)
Occupancy 799 788 11
Data processing 711 724 (13)
Franchise and deposit tax 259 260 (1)
Intangible amortization 1 --- 1
Professional services 329 380 (51)
Deposit insurance and examination 183 135 48
Advertising 319 337 (18)
Postage and communications 149 162 (13)
Supplies 163 107 56
Loss on disposal of equipment 1 --- 1
Loss on real estate owned --- (18) 18
Real estate owned expense 105 202 (97)
Other operating expenses 447 516 (69)
 
Total non-interest expense 7,128 7,553 (425)
 
Income before income tax expense 790 487 303
Income tax expense 134 (23) 157
 
Net income $656 $510 $146
Net income per share:
 
Basic $0.10 $0.08 $0.02
Diluted $0.10 $0.08 $0.02
Dividend per share $0.04 $0.04
 
Weighted average shares outstanding - basic 6,328,324 6,359,556
Weighted average shares outstanding - diluted 6,328,324 6,359,556

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)

 

The table below adjusts tax-free investment income for the twelve month periods ended December 31, 2015, and December 31, 2014, by $813 and $1,016 respectively, for a tax equivalent rate using a cost of funds rate of 1.00% for the twelve month period ended December 31, 2015, and 1.20% for the twelve month period ended December 31, 2014. The table adjusts tax-free loan income by $22 and $13 respectively, for twelve month periods ended December 31, 2015, and December 31, 2014, respectively, for a tax equivalent rate using the same cost of funds rate:

 
 
Average Income & Average Average Income & Average
Balance Expense Rates Balance Expense Rates

12/31/2015

12/31/2015

12/31/2015

12/31/2014

12/31/2014

12/31/2014

 
Loans $552,265 $25,322 4.59% $534,404 $26,038 4.87%
Investments AFS taxable 203,160 6,149 3.03% 262,154 6,548 2.50%
Investments AFS tax free 52,836 2,464 4.66% 64,393 3,097 4.81%
Federal funds 8,528 22 0.26% 10,461 26 0.25%
 
Total interest earning assets 816,789 33,957 4.16% 871,412 35,709 4.10%
 
Other assets 75,032 77,716
 
Total assets $891,821 $949,128
 
 
 
Retail time deposits $287,601 3,357 1.17% $314,703 3,660 1.39%
Brokered deposits 33,288 378 1.14% 41,366 495 1.52%
Now accounts 194,432 1,105 0.57% 189,433 1,253 0.75%
MMDA and savings accounts 97,495 191 0.20% 95,174 195 0.18%
FHLB borrowings 17,279 289 1.67% 42,441 1,665 3.96%
Repurchase agreements 43,495 491 1.13% 45,823 874 1.91%
Subordinated debentures 10,310 739 7.17% 10,310 737 7.15%
 
Total interest bearing liabilities 683,900 6,550 0.96% 739,250 8,879 1.20%
 
Non-interest bearing deposits 113,350 104,911

 

Other non-interest bearing liabilities

3,865 4,855
 
Stockholders' equity 90,706 100,112
 

Total liabilities and stockholders' equity

$891,821 $949,128
 

 

Net change in interest earning assets and interest bearing liabilities

$27,407 $26,830
Interest rate spread 3.20% 2.90%
Net interest margin 3.36% 3.08%
 

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 December 31, 2015, and December 31, 2014, by $189 and $230, respectively, for a tax equivalent rate using a cost of funds rate of 1.00% for the three month period ended December 31, 2015, and 1.12% for the three month period ended December 31, 2014. The table adjusts tax-free loan income by $8 for three month period ended December 31, 2015, and $4 for the three month period ended December 31, 2014, respectively, for a tax equivalent rate using the same cost of funds rate:

 
Average Income & Average Average Income & Average
Balance Expense Rates Balance Expense Rates

12/31/2015

12/31/2015

12/31/2015

12/31/2014

12/31/2014

12/31/2014

 
Loans $559,423 $6,413 4.59% $530,313 $6,286 4.74%
Investments AFS taxable 186,659 1,196 2.56% 251,178 1,513 2.41%
Investments AFS tax free 49,780 573 4.60% 61,706 722 4.68%
Federal funds 15,635 11 0.28% 9,477 7 0.30%
 
Total interest earning assets 811,497 8,193 4.04% 852,674 8,528 4.00%
 
Other assets 82,070 78,608
 
Total assets $893,567 $931,282
 
 
Retail time deposits $282,985 841 1.19% $298,960 874 1.17%
Brokered deposits 35,013 99 1.13% 37,690 94 1.00%
Now accounts 195,141 295 0.60% 186,772 272 0.58%
MMDA and savings accounts 99,698 45 0.18% 97,106 50 0.21%
FHLB borrowings 17,174 83 1.93% 40,871 373 3.65%
Repurchase agreements 42,810 123 1.15% 43,026 152 1.41%
Subordinated debentures 10,310 186 7.22% 10,310 186 7.22%
 
Total interest bearing liabilities 683,131 1,672 0.98% 714,735 2,001 1.12%
 
Non-interest bearing deposits 116,769 110,249

Other non-interest bearing liabilities

4,347 6,950
 
Stockholders' equity 89,320 99,348
 

Total liabilities and stockholders' equity

$893,567 $931,282
 

 

Net change in interest earning assets and interest bearing liabilities

$6,521 $6,527
Interest rate spread 3.06% 2.88%
Net interest margin 3.21% 3.06%
 

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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