Attached files
| file | filename |
|---|---|
| 8-K - 8-K - HOPFED BANCORP INC | d529137d8k.htm |
Exhibit 99.1
NEWS
| FOR IMMEDIATE RELEASE | CONTACT: | John E. Peck | ||
| President and CEO | ||||
| (270) 885-1171 |
HOPFED BANCORP, INC. REPORTS GROWTH IN NET INCOME
AND LOANS FOR 2017
Net Income up 27.5% Year-over-Year
Loans Increase 5.2% Year-over-Year to $641.9 Million
HOPKINSVILLE, KY (January 26, 2018) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported operating results for the three and twelve month periods ended December 31, 2017. For the three month period ended December 31, 2017, net income was $225,000, or $0.04 per share, compared to $1.1 million, or $0.18 per share, for the three month period ended December 31, 2016. For the twelve month period ended December 31, 2017, net income rose 27.5% to $3.7 million, or $0.60 per share, compared to $2.9 million, or $0.47 per share, for the twelve month period ended December 31, 2016. The results for the three months and year ended December 31, 2017 included a charge of $980,000, or $0.16 per share, related to the write-down of the Company’s deferred tax asset after President Trump signed the Tax Cuts and Jobs Act of 2017 that reduced future federal corporate tax rates.
Commenting on the fourth quarter results, John E. Peck, President and Chief Executive Officer, said, “We finished 2017 with a very strong year and reported record balances of loans. Our earnings showed solid progress compared with 2016 and our momentum more than offset the fourth quarter tax charge that arose from the newly enacted tax legislation. The write-down of the deferred tax asset had no effect on our asset quality and financial strength. We anticipate that the Company will recover our write-down of the deferred tax asset in fifteen months through lower future income taxes. We remain confident in our Company’s future earning potential due to our strong asset quality and a vibrant local economy.”
Financial Highlights
| • | In the three month period ended December 31, 2017, loan growth was $11.7 million, representing an annualized growth rate of 7.4%. For the year ended December 31, 2017, loan growth was $31.5 million, or 5.2%, compared to December 31, 2016. At December 31, 2017, total loans originated and outstanding in the Nashville, Tennessee loan production office were $68.6 million, compared to $42.5 million at December 31, 2016. |
| • | Non-accrual loans declined from $9.1 million, or 1.49% of total loans, at December 31, 2016 to $1.3 million, or 0.20% of total loans, at December 31, 2017. Loans classified as impaired were $29.3 million at December 31, 2016 and $10.8 million at December 31, 2017. |
| • | In the three month period ended December 31, 2017, the Company sold foreclosed assets totaling $1.7 million for a net gain of $80,000. At December 31, 2017, the Company’s non-performing asset ratio improved to 0.52%, compared to 1.29% of total assets at December 31, 2016. |
| • | For the three month period ended December 31, 2017, the Company purchased 50,903 shares of treasury stock at a weighted average cost of $14.23 per share. For the year ended December 31, 2017, the Company purchased 92,224 shares of treasury stock at a weighted average cost of $14.19 per share. At December 31, 2017, the Company held 1,338,360 shares of treasury stock with a weighted average cost of $12.44 per share. The Company may purchase an additional 300,000 shares of treasury stock under our current repurchase program. |
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HFBC Reports Fourth Quarter Results
Page 2
January 26, 2018
Results of Operations
In the three month periods ended December 31, 2017, September 30, 2017 and December 31, 2016, net interest income was $7.0 million, $7.1 million and $6.6 million, respectively. On a linked quarter basis, the reduction in net interest income was the result of lower average balances of loans. For the three month period ended December 31, 2017, the average balance of net loans was $631.5 million, compared to $637.0 million for the three month period ended September 30, 2017 and $589.3 million for the three month period ended December 31, 2016.
In the twelve month periods ended December 31, 2017 and December 31, 2016, net interest income was $27.8 million and $26.4 million, respectively. For the years ended December 31, 2017 and December 31, 2016, the average balance of loans was $626.7 million and $570.7 million, respectively. To fund loan growth, the Company utilized both deposit growth and cash flows from the securities portfolio. For the year ended December 31, 2017, the Company’s average balance of loans increased by $56.0 million while the Company’s average balance of deposits grew by $26.0 million.
The Company’s net interest margin for the three month periods ended December 31, 2017, September 30, 2017 and December 31, 2016 was 3.41%, 3.43% and 3.35%, respectively. On a linked quarter basis, the slight reduction in the net interest margin is largely the result of higher deposit balances and lower average balances of loans outstanding. The Company’s net interest margin for the twelve month periods ended December 31, 2017 and December 31, 2016 was 3.38% and 3.35%, respectively.
For the three month periods ended December 31, 2017, the Company’s non-interest income was $1.9 million, compared to $2.0 million for the three month periods ended September 30, 2017 and December 31, 2016, respectively. For the three month period ended December 31, 2017, the Company experienced a $9,000 loss on the sale of securities, compared to a gain of $162,000 and $190,000 for three month periods ended September 30, 2017 and December 31, 2016, respectively. For the three month period ended December 31, 2017, service charge income was $801,000, compared to $819,000 and $694,000 for the three month periods ended September 30, 2017 and December 31, 2016, respectively. The increase in service charge income for the three and twelve month periods ended December 31, 2017, was the result of changes made to our consumer transaction accounts that reduced the amount of checking accounts not being assessed a service charge.
For the twelve month periods ended December 31, 2017 and December 31, 2016, non-interest income was $8.0 million and $7.9 million, respectively. The table below outlines the most significant changes in non-interest income for the twelve month period ended December 31, 2017 compared to December 31, 2016:
| 12/31/17 | 12/31/16 | Dollar Change |
Percentage Change |
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| (Dollars in Thousands, Except Percentages) | ||||||||||||||||
| Service charge income |
$ | 3,224 | $ | 2,788 | $ | 436 | 15.64 | % | ||||||||
| Mortgage origination income |
1,321 | 1,585 | (264 | ) | -16.66 | % | ||||||||||
| Gain on the sale of securities |
169 | 612 | (443 | ) | -72.39 | % | ||||||||||
| Income from bank owned life insurance |
483 | 343 | 140 | 40.82 | % | |||||||||||
| Financial services income |
536 | 614 | (78 | ) | -12.70 | % | ||||||||||
| Other operating income |
1,075 | 769 | 306 | 39.79 | % | |||||||||||
On a linked quarter basis, the Company’s non-interest expenses increased by $28,000. The small increase in non-interest expenses was largely the result of a $76,000 increase in professional services and a $125,000 increase in advertising expenses. For the three month period ended December 31, 2017, salaries and benefits expense increased $163,000, or 4.3% and professional services expenses increased $89,000, or 22.5%, compared to the three month period ended December 31, 2016. The increase in salaries and benefits expense includes approximately $40,000 related to health insurance and $80,000 related to employee payroll expenses. The increase in professional services expenses for the three and twelve month periods ended December 31, 2017 is largely the result of legal cost associated with a shareholder lawsuit and shareholder demand letter.
This information is preliminary and based on company data available at the time of the presentation
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HFBC Reports Fourth Quarter Results
Page 3
January 26, 2018
Results of Operations (continued)
For the twelve month periods ended December 31, 2017 and December 31, 2016, non-interest expenses were $29.3 million and $29.9 million, respectively. The table below outlines the most significant changes in non-interest expenses for the twelve month period ended December 31, 2017 compared to December 31, 2016:
| 12/31/17 | 12/31/16 | Dollar Change |
Percentage Change |
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| (Dollars in Thousands, Except Percentages) | ||||||||||||||||
| Salaries and benefits |
$ | 16,049 | $ | 15,400 | $ | 649 | 4.21 | % | ||||||||
| Occupancy |
2,920 | 3,173 | (253 | ) | -7.97 | % | ||||||||||
| State deposit tax |
770 | 990 | (220 | ) | -22.22 | % | ||||||||||
| Professional services |
1,706 | 1,404 | 302 | 21.51 | % | |||||||||||
| Foreclosure, net |
9 | 448 | (439 | ) | -97.99 | % | ||||||||||
| Other operating expenses |
3,592 | 4,170 | (578 | ) | -13.86 | % | ||||||||||
For the twelve month period ended December 31, 2017, the increase in salary and benefits includes a $305,000 increase in the Company’s health insurance expense and a $344,000 increase in payroll expenses. The increase in professional services is largely the result of litigation tied to both a shareholder lawsuit and shareholder demand letter. In the twelve month period ended December 31, 2017, foreclosure expenses are lower due to a $400,000 reduction in the legal expenses required to take legal possession of properties and a $137,000 increase on gains on the sale of foreclosed assets, compared to the twelve month period ended December 31, 2016.
Balance Sheet
At December 31, 2017, total assets were $917.3 million, compared to $891.5 million at December 31, 2016. During November and December of 2017, the Company experienced significant inflows in both commercial and government deposits. Management anticipates that this inflow of deposits will reverse themselves in the first quarter of 2018 due to the normal economic cycle of agri-business and government tax collections.
In 2017, the Company’s loan growth has occurred largely in the non-residential real estate and residential real estate loan portfolios. The Company seeks to further enhance loan growth with additional exposure in the areas of commercial and construction lending. We are actively seeking established lending professionals in our growth markets to enhance our prospects for future success. A summary of loans outstanding by type at December 31, 2017 and December 31, 2016 is as follows (Dollars in Thousands):
| 12/31/17 | 12/31/16 | |||||||
| One-to-four family first mortgages |
$ | 163,565 | $ | 147,962 | ||||
| Second mortgages (closed end) |
1,184 | 1,452 | ||||||
| Home equity lines of credit |
35,697 | 35,684 | ||||||
| Multi-family |
37,445 | 34,284 | ||||||
| Construction |
30,246 | 39,255 | ||||||
| Land |
14,873 | 23,840 | ||||||
| Farmland |
36,851 | 47,796 | ||||||
| Non-residential real estate |
224,952 | 182,940 | ||||||
| Consumer loans |
8,620 | 8,717 | ||||||
| Commercial loans |
88,938 | 88,907 | ||||||
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| Total loans, gross |
642,371 | 610,837 | ||||||
| Deferred loan cost, net of income |
(443 | ) | (439 | ) | ||||
| Less allowance for loan losses |
(4,826 | ) | (6,112 | ) | ||||
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| Total loans |
$ | 637,102 | $ | 604,286 | ||||
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This information is preliminary and based on company data available at the time of the presentation
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HFBC Reports Fourth Quarter Results
Page 4
January 26, 2018
Asset Quality
For the year ended December 31, 2017, the Company’s net charge-offs totaled $1.8 million, or 0.28% of average loan balances, compared to net charge-offs of $829,000, or 0.15% of average loan balances for the year ended December 31, 2016. At December 31, 2017, the Company’s non-accrual loans were $1.3 million, or 0.20% of total loans, compared to $9.1 million, or 1.49% of total loans at December 31, 2016. The Company’s level of impaired loans declined from $29.3 million at September 30, 2016 and $10.7 million at December 31, 2017. The table below provides a history of the Company’s significant credit quality metrics:
| 12/31/17 | 09/30/17 | 06/30/17 | 03/31/17 | 12/31/16 | ||||||||||||||||
| (Dollars in Thousands, Except Percentages) | ||||||||||||||||||||
| Loans past due 30-89 days |
393 | 754 | 2,910 | 746 | 1,211 | |||||||||||||||
| Loans past due 90 + days accruing interest |
88 | — | — | — | — | |||||||||||||||
| Total non-accrual loans |
1,285 | 1,739 | 8,579 | 8,944 | 9,074 | |||||||||||||||
| Total loans classified as impaired |
10,780 | 11,217 | 24,808 | 26,345 | 29,339 | |||||||||||||||
| Total performing TDR loans |
3,163 | 3,371 | 3,388 | 4,237 | 6,461 | |||||||||||||||
| Total foreclosed assets |
3,369 | 4,975 | 1,408 | 2,111 | 2,397 | |||||||||||||||
| Quarterly net charge offs |
(336 | ) | 2,451 | (956 | ) | 238 | 765 | |||||||||||||
| Non-accrual loans / Total loans |
0.20 | % | 0.28 | % | 1.34 | % | 1.44 | % | 1.49 | % | ||||||||||
| Non-performing assets / Total assets |
0.52 | % | 0.74 | % | 1.09 | % | 1.20 | % | 1.29 | % | ||||||||||
| Allowance / Total loans |
0.75 | % | 0.76 | % | 1.12 | % | 0.99 | % | 1.00 | % | ||||||||||
| Allowance / Non-accrual loans |
375.74 | % | 275.96 | % | 83.69 | % | 68.92 | % | 67.36 | % | ||||||||||
| Substandard loans / Risk based capital |
10.68 | % | 10.86 | % | 24.28 | % | 26.15 | % | 29.66 | % | ||||||||||
| Quarterly net charge off ratio (annualized) |
-0.21 | % | 1.54 | % | -0.61 | % | 0.15 | % | 0.52 | % | ||||||||||
The Company
HopFed Bancorp, Inc. is the holding company for Heritage Bank USA, Inc. (“Heritage Bank”), a Kentucky state chartered commercial bank. Heritage Bank has eighteen offices in western Kentucky and middle Tennessee and loan production offices in Nashville and Brentwood, Tennessee. The Company offers a broad line of financial services and products with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank is located 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 risks, 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.
This information is preliminary and based on company data available at the time of the presentation
-MORE-
HFBC Reports Fourth Quarter Results
Page 5
January 26, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets
(Dollars in Thousands)
(Unaudited)
| 12/31/17 | 09/30/17 | 06/30/17 | 03/31/17 | 12/31/16 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks |
$ | 37,965 | 23,469 | 20,208 | 30,663 | 21,779 | ||||||||||||||
| Interest-earning deposits in banks |
7,111 | 9,842 | 4,801 | 19,408 | 3,970 | |||||||||||||||
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| Cash and cash equivalents |
45,076 | 33,311 | 25,009 | 50,071 | 25,749 | |||||||||||||||
| Federal Home Loan Bank stock, at cost |
4,428 | 4,428 | 4,428 | 4,428 | 4,428 | |||||||||||||||
| Securities available for sale |
184,791 | 192,287 | 205,363 | 207,580 | 209,480 | |||||||||||||||
| Loans held for sale |
1,539 | 1,749 | 2,386 | 1,091 | 1,094 | |||||||||||||||
| Loans receivable |
641,928 | 630,202 | 638,422 | 621,644 | 610,398 | |||||||||||||||
| Allowance for loan losses |
(4,826 | ) | (4,799 | ) | (7,180 | ) | (6,164 | ) | (6,112 | ) | ||||||||||
| Accrued interest receivable |
3,589 | 3,414 | 3,332 | 3,121 | 3,799 | |||||||||||||||
| Foreclosed assets |
3,369 | 4,975 | 1,408 | 2,111 | 2,397 | |||||||||||||||
| Bank owned life insurance |
10,368 | 10,287 | 10,192 | 10,120 | 10,662 | |||||||||||||||
| Premises and equipment, net |
22,700 | 22,945 | 23,097 | 23,225 | 23,461 | |||||||||||||||
| Deferred tax assets |
1,764 | 2,292 | 3,025 | 2,918 | 3,052 | |||||||||||||||
| Other assets |
2,577 | 2,973 | 2,645 | 3,162 | 3,078 | |||||||||||||||
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| Total assets |
917,303 | 904,064 | 912,127 | 923,307 | 891,486 | |||||||||||||||
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| Liabilities: | ||||||||||||||||||||
| Deposits: |
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| Non-interest-bearing accounts |
$ | 136,197 | 128,184 | 132,305 | 136,333 | 131,145 | ||||||||||||||
| Interest-bearing accounts |
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| NOW accounts |
208,496 | 196,315 | 216,256 | 217,562 | 209,347 | |||||||||||||||
| Savings and money market accounts |
104,347 | 97,929 | 98,270 | 100,009 | 99,312 | |||||||||||||||
| Other time deposits |
304,969 | 308,801 | 299,113 | 311,839 | 293,078 | |||||||||||||||
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| Total deposits |
754,009 | 731,229 | 745,944 | 765,743 | 732,882 | |||||||||||||||
| Advances from Federal Home Loan Bank |
23,000 | 31,000 | 21,000 | 11,000 | 11,000 | |||||||||||||||
| Repurchase agreements |
38,353 | 37,829 | 41,820 | 45,492 | 47,655 | |||||||||||||||
| Subordinated debentures |
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||
| Accrued expenses and other liabilities |
3,817 | 4,461 | 4,262 | 3,301 | 3,211 | |||||||||||||||
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| Total liabilities |
829,489 | 814,829 | 823,336 | 835,846 | 805,058 | |||||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Fourth Quarter Results
Page 6
January 26, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Balance Sheets, Continued
(Dollars in Thousands, Except Percentages, Share and Per Share Data)
(Unaudited)
| 12/31/2017 | 09/30/17 | 06/30/17 | 03/31/17 | 12/31/16 | ||||||||||||||||
| Stockholders’ equity: |
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| Common stock, par value $.01 |
80 | 80 | 80 | 80 | 80 | |||||||||||||||
| Additional paid-in-capital |
58,825 | 58,777 | 58,750 | 58,705 | 58,660 | |||||||||||||||
| Retained earnings |
51,564 | 51,646 | 50,552 | 49,721 | 49,035 | |||||||||||||||
| Treasury stock-common, at cost |
(16,655 | ) | (15,931 | ) | (15,361 | ) | (15,356 | ) | (15,347 | ) | ||||||||||
| Unearned ESOP Shares, at cost |
(5,901 | ) | (6,125 | ) | (6,269 | ) | (6,414 | ) | (6,548 | ) | ||||||||||
| Accumulated other comprehensive income, net of taxes |
(99 | ) | 788 | 1,039 | 725 | 548 | ||||||||||||||
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| Total stockholders’ equity |
87,814 | 89,235 | 88,791 | 87,461 | 86,428 | |||||||||||||||
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| Total liabilities and stockholders’ equity |
917,303 | 904,064 | 912,127 | 923,307 | 891,486 | |||||||||||||||
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Additional Capital Information
| 12/31/17 | 09/30/17 | 06/30/17 | 03/31/17 | 12/31/16 | ||||||||||||||||
| Preferred stock authorized |
500,000 | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||||
| Preferred stock outstanding |
— | — | — | — | — | |||||||||||||||
| Common shares authorized |
15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||
| Common shares issued |
7,976,131 | 7,976,131 | 7,964,076 | 7,963,378 | 7,963,378 | |||||||||||||||
| Common shares outstanding |
6,637,771 | 6,688,674 | 6,716,809 | 6,716,549 | 6,717,242 | |||||||||||||||
| Treasury shares |
1,338,360 | 1,287,457 | 1,247,267 | 1,246,829 | 1,246,136 | |||||||||||||||
| Unearned ESOP shares (estimated) * |
450,000 | 466,115 | 476,862 | 488,161 | 498,346 | |||||||||||||||
| Book value per share (excludes unearned ESOP shares) |
$ | 14.19 | $ | 14.34 | $ | 14.23 | $ | 14.04 | $ | 13.90 | ||||||||||
| Tier 1 leverage ratio |
10.6 | % | 10.9 | % | 10.4 | % | 10.6 | % | 10.8 | % | ||||||||||
| Total risk based capital ratio |
16.0 | % | 16.3 | % | 16.1 | % | 16.1 | % | 16.2 | % | ||||||||||
| Common equity tier 1 capital ratio |
15.3 | % | 15.6 | % | 15.0 | % | 15.1 | % | 15.2 | % | ||||||||||
| * | Management has provided an estimate as to the number of ESOP shares released in 2017. The Company will not receive final information on ESOP shares released for 2017 until the end of February 2018. |
This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Fourth Quarter Results
Page 7
January 26, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Quarterly Statements of Income
(Dollars in Thousands)
(Unaudited)
| For the three month periods ended | For the year ended | |||||||||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | 12/31/17 | 12/31/16 | ||||||||||||||||||||||
| Interest and dividend income: |
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| Loans receivable |
7,208 | 7,260 | 6,963 | 6,736 | 6,603 | 28,167 | 25,778 | |||||||||||||||||||||
| Investment in securities, taxable |
1,081 | 1,124 | 1,155 | 1,118 | 1,051 | 4,478 | 4,595 | |||||||||||||||||||||
| Nontaxable securities available for sale |
218 | 233 | 280 | 283 | 289 | 1,014 | 1,308 | |||||||||||||||||||||
| Interest-earning deposits |
34 | 18 | 21 | 23 | 8 | 96 | 46 | |||||||||||||||||||||
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| Total interest and dividend income |
8,541 | 8,635 | 8,419 | 8,160 | 7,951 | 33,755 | 31,727 | |||||||||||||||||||||
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| Interest expense: |
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| Deposits |
1,240 | 1,206 | 1,197 | 1,167 | 1,094 | 4,810 | 4,240 | |||||||||||||||||||||
| Advances from Federal Home Loan Bank |
97 | 89 | 30 | 32 | 29 | 248 | 163 | |||||||||||||||||||||
| Repurchase agreements |
117 | 130 | 119 | 103 | 87 | 469 | 508 | |||||||||||||||||||||
| Subordinated debentures |
112 | 112 | 108 | 104 | 101 | 436 | 388 | |||||||||||||||||||||
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| Total interest expense |
1,566 | 1,537 | 1,454 | 1,406 | 1,311 | 5,963 | 5,299 | |||||||||||||||||||||
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| Net interest income |
6,975 | 7,098 | 6,965 | 6,754 | 6,640 | 27,792 | 26,428 | |||||||||||||||||||||
| Provision for loan losses |
56 | 71 | 59 | 291 | 63 | 477 | 1,241 | |||||||||||||||||||||
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| Net interest income after provision for loan losses |
6,919 | 7,027 | 6,906 | 6,463 | 6,577 | 27,315 | 25,187 | |||||||||||||||||||||
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| Non-interest income: |
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| Service charges |
801 | 819 | 800 | 804 | 694 | 3,224 | 2,788 | |||||||||||||||||||||
| Merchant card income |
306 | 299 | 315 | 302 | 311 | 1,222 | 1,224 | |||||||||||||||||||||
| Mortgage orgination revenue |
374 | 335 | 278 | 334 | 367 | 1,321 | 1,585 | |||||||||||||||||||||
| Gain (loss) on sale of securities |
(9 | ) | 162 | 14 | 2 | 190 | 169 | 612 | ||||||||||||||||||||
| Income from bank owned life insurance |
81 | 95 | 72 | 235 | 78 | 483 | 343 | |||||||||||||||||||||
| Financial services commission |
117 | 134 | 145 | 140 | 159 | 536 | 614 | |||||||||||||||||||||
| Other operating income |
198 | 186 | 212 | 479 | 201 | 1,075 | 769 | |||||||||||||||||||||
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| Total non-interest income |
1,868 | 2,030 | 1,836 | 2,296 | 2,000 | 8,030 | 7,935 | |||||||||||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
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HFBC Reports Fourth Quarter Results
Page 8
January 26, 2018
HOPFED BANCORP, INC.
Consolidated Condensed Statements of Income, Continued
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
| For the three month periods ended | For the year ended | |||||||||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | 12/31/17 | 12/31/16 | ||||||||||||||||||||||
| Non-interest expenses: |
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| Salaries and benefits |
3,917 | 3,919 | 3,977 | 4,236 | 3,754 | 16,049 | 15,400 | |||||||||||||||||||||
| Occupancy |
700 | 716 | 729 | 775 | 775 | 2,920 | 3,173 | |||||||||||||||||||||
| Data processing |
779 | 795 | 546 | 764 | 767 | 2,884 | 2,942 | |||||||||||||||||||||
| State deposit tax |
170 | 169 | 200 | 231 | 247 | 770 | 990 | |||||||||||||||||||||
| Professional services |
485 | 409 | 464 | 348 | 396 | 1,706 | 1,404 | |||||||||||||||||||||
| Advertising |
365 | 240 | 368 | 381 | 334 | 1,354 | 1,401 | |||||||||||||||||||||
| Foreclosure, net |
(80 | ) | (25 | ) | 6 | 108 | (51 | ) | 9 | 448 | ||||||||||||||||||
| Loss on sale of asset |
(1 | ) | — | 3 | — | — | 2 | (72 | ) | |||||||||||||||||||
| Other operating expenses |
861 | 945 | 940 | 846 | 989 | 3,592 | 4,170 | |||||||||||||||||||||
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| Total non-interest expense |
7,196 | 7,168 | 7,233 | 7,689 | 7,211 | 29,286 | 29,856 | |||||||||||||||||||||
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| Income before income tax expense |
1,591 | 1,889 | 1,509 | 1,070 | 1,366 | 6,059 | 3,266 | |||||||||||||||||||||
| Income tax expense |
1,366 | 486 | 368 | 135 | 260 | 2,355 | 362 | |||||||||||||||||||||
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| Net income |
225 | 1,403 | 1,141 | 935 | 1,106 | 3,704 | 2,904 | |||||||||||||||||||||
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| Net income per share |
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| Basic |
$ | 0.04 | $ | 0.22 | $ | 0.18 | $ | 0.15 | $ | 0.18 | $ | 0.60 | $ | 0.47 | ||||||||||||||
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| Diluted |
$ | 0.04 | $ | 0.22 | $ | 0.18 | $ | 0.15 | $ | 0.18 | $ | 0.60 | $ | 0.47 | ||||||||||||||
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| Dividend per share |
$ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.19 | $ | 0.16 | ||||||||||||||
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This information is preliminary and based on company data available at the time of the presentation.
-MORE-
HFBC Reports Fourth Quarter Results
Page 9
January 26, 2018
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in Thousands, Except Percentages)
(Unaudited)
| Three month periods ended | For the year ended | |||||||||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | 12/31/17 | 12/31/16 | ||||||||||||||||||||||
| Average Balance Sheet Data | ||||||||||||||||||||||||||||
| Loans, net of allowance |
631,463 | 636,955 | 622,606 | 615,382 | 589,282 | 626,735 | 570,674 | |||||||||||||||||||||
| Available for sale taxable securities |
164,667 | 173,624 | 177,260 | 176,824 | 179,483 | 173,062 | 190,843 | |||||||||||||||||||||
| Available for sale tax free securities |
27,361 | 29,090 | 32,919 | 33,868 | 35,102 | 30,787 | 38,981 | |||||||||||||||||||||
| Interest bearing deposits held in banks |
8,418 | 4,351 | 5,888 | 9,260 | 5,915 | 6,976 | 7,512 | |||||||||||||||||||||
| Average earning assets |
831,909 | 844,020 | 838,673 | 835,334 | 809,782 | 837,560 | 808,010 | |||||||||||||||||||||
| Average non-earning assets |
74,856 | 64,913 | 70,359 | 75,527 | 70,443 | 69,004 | 72,407 | |||||||||||||||||||||
| Average assets |
906,765 | 908,933 | 909,032 | 908,861 | 880,225 | 906,564 | 880,417 | |||||||||||||||||||||
| Average interest bearing deposits |
611,371 | 612,655 | 628,583 | 625,104 | 596,763 | 619,372 | 596,109 | |||||||||||||||||||||
| Repurchase agreements |
34,677 | 37,978 | 39,138 | 41,840 | 41,717 | 38,388 | 43,566 | |||||||||||||||||||||
| FHLB borrowings |
25,174 | 26,909 | 11,176 | 13,433 | 11,000 | 19,226 | 12,404 | |||||||||||||||||||||
| Subordinated debentures |
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||||||||
| Total average interest bearing liabilities |
681,532 | 687,852 | 689,207 | 690,687 | 659,790 | 687,296 | 662,389 | |||||||||||||||||||||
| Average non-interest bearing deposits |
132,624 | 126,039 | 128,078 | 126,809 | 128,450 | 128,397 | 125,709 | |||||||||||||||||||||
| Average other non-interest bearing liabilities |
3,365 | 5,628 | 3,915 | 3,993 | 3,557 | 3,435 | 3,274 | |||||||||||||||||||||
| Average total equity |
89,244 | 89,214 | 87,832 | 87,372 | 88,428 | 87,436 | 89,045 | |||||||||||||||||||||
| Three month periods ended | For the year ended | |||||||||||||||||||||||||||
| 12/31/17 | 9/30/17 | 6/30/17 | 3/31/17 | 12/31/16 | 12/31/17 | 12/31/16 | ||||||||||||||||||||||
| Tax equivalent yield / Cost of: | ||||||||||||||||||||||||||||
| Loans, fully tax equivalent |
4.58 | % | 4.57 | % | 4.48 | % | 4.38 | % | 4.49 | % | 4.50 | % | 4.52 | % | ||||||||||||||
| Available for sale taxable securities |
2.63 | % | 2.59 | % | 2.61 | % | 2.53 | % | 2.34 | % | 2.59 | % | 2.41 | % | ||||||||||||||
| Available for sale tax free securities, fully tax equivalent |
4.76 | % | 4.78 | % | 5.09 | % | 5.00 | % | 4.93 | % | 4.93 | % | 5.02 | % | ||||||||||||||
| Average yield of interest bearing deposits |
1.62 | % | 1.65 | % | 1.43 | % | 0.99 | % | 0.54 | % | 1.38 | % | 0.61 | % | ||||||||||||||
| Yield on total interest earning assets |
4.17 | % | 4.15 | % | 4.09 | % | 3.98 | % | 4.00 | % | 4.10 | % | 4.01 | % | ||||||||||||||
| Cost of total average deposits |
0.67 | % | 0.65 | % | 0.63 | % | 0.62 | % | 0.60 | % | 0.64 | % | 0.59 | % | ||||||||||||||
| Cost of average total interest bearing liabilities |
0.92 | % | 0.89 | % | 0.84 | % | 0.81 | % | 0.79 | % | 0.87 | % | 0.80 | % | ||||||||||||||
| Fully tax equivalent interest rate spread |
3.25 | % | 3.26 | % | 3.25 | % | 3.17 | % | 3.21 | % | 3.23 | % | 3.21 | % | ||||||||||||||
| Fully tax equivalent net interest margin |
3.41 | % | 3.43 | % | 3.39 | % | 3.31 | % | 3.35 | % | 3.38 | % | 3.35 | % | ||||||||||||||
| Net income |
225 | 1,403 | 1,141 | 935 | 1,106 | 3,704 | 2,904 | |||||||||||||||||||||
| Return on Assets |
0.10 | % | 0.62 | % | 0.50 | % | 0.41 | % | 0.50 | % | 0.41 | % | 0.33 | % | ||||||||||||||
| Annualized return on equity |
1.01 | % | 6.29 | % | 5.20 | % | 4.28 | % | 5.00 | % | 4.24 | % | 3.26 | % | ||||||||||||||
| Efficiency ratio |
80.25 | % | 77.41 | % | 80.80 | % | 83.58 | % | 82.05 | % | 80.50 | % | 86.72 | % | ||||||||||||||
This information is preliminary and based on company data available at the time of the presentation.
-END-