HOPKINSVILLE, Ky., Jan. 30, 2012 /PRNewswire/ -- HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank (the "Bank"), today reported results for the three and twelve month periods ended December 31, 2011. For the three month period ended December 31, 2011, the Company's net income available to common shareholders was $2.1 million, or $0.28 per share basic and diluted, compared to net income available to common shareholders of $557,000, or $0.07 per share basic and diluted, for the three month period ended December 31, 2010. For the twelve month period ended December 31, 2011, the Company's net income available to common shareholders was $1.9 million, or $0.25 per share basic and diluted, compared to net income available to common shareholders of $5.5 million, or $0.96 per share basic and diluted, for the twelve month period ended December 31, 2010.
Commenting on the fourth quarter results, John E. Peck, President and Chief Executive Officer, said, "Management's focus on reducing the level of other real estate owned is paving the way for our improved financial performance. At December 31, 2011, the balance on other real estate owned totaled $2.3 million, compared to $9.8 million at December 31, 2010, and $10.0 million at June 30, 2011. For the three month period ended December 31, 2011, the Company incurred losses and expenses related to other real estate owned of $121,000, as compared to $586,000 for the three month period ended September 30, 2011. For the twelve month period ended December 31, 2011, losses and expenses related to other real estate owned totaled $2.0 million, as compared to a net gain of $57,000 for the year ended December 31, 2010. By reducing the balance in other real estate owned, we anticipate that future losses and operating cost associated with these properties will be minimal."
Mr. Peck continued, "The Company has made progress in reducing the amount of impaired assets. At March 31, 2011, the Company's total impaired assets increased to $80.1 million, due primarily to both international and local weather events and a weak national economy. At December 31, 2011, total impaired assets declined to $54.9 million, due to improvements in the local economy, improved profitability expectations in the agricultural sector and the sale of other real estate owned."
Financial Highlights
-- The Company and Bank's capital ratios remain strong. At December 31, 2011, the Company's tangible book value was $13.21 and our tangible common equity ratio is 9.69%. The Bank's tier 1 capital and total risk based capital ratios at December 31, 2011, are 10.18% and 17.63%, respectively. The Company's tier 1 capital and total risk based capital ratios are 11.71% and 20.26%, respectively.
-- At December 31, 2011, the Company's and Bank's net classified asset to risk based capital ratios were 43.0% and 49.9%, respectively. Net classified assets include all classified assets less any reserve allocation against the allowance for loan losses. At June 30, 2011, these ratios were 56.7% for the Company and 67.0% for the Bank.
-- At December 31, 2011, the Company's allowance for loan loss totaled $11.3 million, or 1.98% of total loans and 183.62% of non-accrual loans. In the three month period ended December 31, 2011, the Company charged off approximately $2.5 million in loans previously reserved for and classified as substandard. The loans in question have been written down to a percentage of their new appraised values. These charge offs did not materially affect the current required funding levels of the allowance for loan loss account as management had previously allocated adequate reserves for these loans.
-- For the three month period ended December 31, 2011, the Company's net interest margin was 3.13%, as compared to 3.00% for the three month period ended September 30, 2011, and 3.07% for the three month period ended December 31, 2010.
Asset Quality
At December 31, 2011, the Company's level of non-accrual loans totaled $6.1 million, as compared to $4.3 million at September 30, 2011, and $5.0 million at December 31, 2010. The increase in non-accrual loans was the result of two out of market participation loans totaling $2.2 million being placed into non-accrual status. Prior to being placed into nonaccrual status, the Company incurred write downs of approximately $2.1 million on the book balances of these loans. At December 31, 2011, both loans were less than thirty days past due.
A summary of non-accrual loans at December 31, 2011, and December 31, 2010, is as follows:
December 31, 2011 December 31, 2010 ----------------- ----------------- (Dollars in Thousands) ---------------------- One-to-four family mortgages 2,175 1,559 Home equity line of credit 134 103 Multi-family --- 301 Construction --- 1,541 Land 3,561 363 Non-residential real estate --- 1,043 Consumer loans 9 23 Commercial loans 254 97 --- --- Total 6,133 5,030 ===== =====
At December 31, 2011, non-accrual loans plus other real estate owned totaled $8.4 million, or 0.81% of total assets, as compared to $8.9 million, or 0.83% of total assets, at September 30, 2011, and $14.8 million, or 1.37% of total assets at December 31, 2010. The Company's level of other real estate owned has declined from $10.0 million at June 30, 2011, to $2.3 million at December 31, 2011.
A summary of the activity in other real estate owned for the nine month period ended December 31, 2011, is as follows:
Activity During 2011 -------------------- Gain Balance Reduction (Loss) Balance in 12/31/2010 Foreclosures Sales Values on Sales 12/31/2011 ---------- ------------ ----- ------- -------- ---------- (Dollars in Thousands) One-to-four family mortgages 534 1,309 (1,083) (111) (9) 640 Multi-family 7,266 --- (4,624) (973) (925) 744 Construction 624 1,144 (1,577) (15) 54 230 Land 482 1,070 (1,325) (46) 463 644 Non-residential real estate 900 265 (1,027) (137) (1) --- Consumer assets 6 167 (161) --- (3) 9 --- --- ---- --- --- --- Total 9,812 3,955 (9,797) (1,282) (421) 2,267 ===== ===== ====== ====== ==== =====
At December 31, 2011, the Company's levels of loans classified as substandard and doubtful were $53.2 million and $1.7 million, respectively, compared to $54.8 million and $2.0 million, respectively at September 30, 2011, and $57.1 million and $1.5 million, respectively, at December 31, 2010. The Company's specific reserve for impaired loans was $4.1 million at December 31, 2011, $6.0 million at September 30, 2011, and $4.3 million at December 31, 2010. 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 December 31, 2011, the Company's level of performing Troubled Debt Restructurings ("TDRs") was $6.2 million, as compared to $8.0 million at December 31, 2010. 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, to December 2010 TDR Foreclosure performance 31,2011 ------------- --- ----------- ----------- --------- (Dollars in Thousands) One-to- four family mortgages 3,932 1,163 401 2,173 2,521 Home equity line of credit 114 --- --- 114 --- Junior Lien --- 857 --- --- 857 Multi- family 246 --- 5 241 --- Construction 1,541 100 1,641 --- --- Land 512 963 534 --- 941 Non- residential real estate 3,915 1,540 1,228 860 3,367 Consumer loans 69 27 9 54 33 Commercial loans 700 102 235 442 125 --- --- --- --- --- Total TDR 11,029 4,752 4,053 3,884 7,844 ====== ===== ===== ===== =====
A summary of TDRs and non-performing TDRs at December 31, 2011, and December 31, 2010, is stated below:
December 31, December 31, 2011 2010 ------------- ------------- (Dollars in Thousands) ---------------------- One-to-four family mortgages $2,521 3,932 Home equity line of credit --- 114 Junior lien 857 --- Multi-family 246 Construction --- 1,541 Land 941 512 Non-residential real estate 3,367 3,915 Consumer loans 33 69 Commercial loans 125 700 Total TDR $7,844 11,029 -- -- Less: TDR in non-accrual status One-to-four family mortgages (1,410) (1,181) Home equity line of credit --- --- Junior lien (100) --- Multi-family --- Construction --- (1,338) Land --- (512) Non-residential real estate (1) Consumer loans (1) --- Commercial loans (105) --- ---- --- Total performing TDR $6,227 $7,998 == ==
For the twelve month period ended December 31, 2011, the Company has incurred approximately $1.0 million in losses on loans previously classified as TDR.
Net Interest Income
For the three month period ended December 31, 2011, the Company's net interest income was $7.2 million, compared to $6.9 million for the three month period ended September 30, 2011, and $7.3 million for the three month period ended December 31, 2010. For the twelve month period ended December 31, 2011, net interest income was $27.8 million, compared to $30.2 million for the twelve month period ended December 31, 2010. The Company has experienced positive net interest income trends in the last two quarters as we have chosen to focus on reducing our cost of funds during a time of weak loan demand and declining investment yields. The current strategy of allowing selected liabilities to leave the Company is likely to continue until a time of improved loan demand and stronger regional economic activity.
For the three month period ended December 31, 2011, the Company's net interest margin was 3.13%, as compared to 3.00% for the three month period ended September 30, 2011, and 3.07% for the three month period ended December 31, 2010. For the twelve month period ended December 31, 2011, the Company's net interest margin was 3.02% as compared to 3.19% for the twelve month period ended December 31, 2010. Significant enhancements to the Company's net interest margin will continue to be dependent on loan demand.
Non-interest Income
Non-interest income for the three month period ended December 31, 2011, was $2.4 million, as compared to $3.3 million for the three month period ended September 30, 2011, and $3.6 million for the three month period ended December 31, 2010. Non-interest income for the twelve month period ended December 31, 2011, was $10.1 million, as compared to $11.1 million at December 31, 2010.
The decline in non-interest income for the three month period ended December 31, 2011, as compared to the three month period ended September 30, 2011, was primarily the result of $600,000 reduction in gains on the sale of securities and a $141,000 impairment charge related to two private label CMO's which were tested for impairment during the quarter. The decline in non-interest income for the three month periods ended December 31, 2011, and December 31, 2010, was the result of a $1.1 million reduction in investment gains and the above mentioned impairment charge.
The $1.2 million decline in non-interest income for the twelve month period ended December 31, 2011, as compared to December 31, 2010, was the result of several factors, the most significant being the $600,000 decline in investment gains. However, most non-interest income producing items experienced a reduction in 2011 as compared to 2010. The lone exceptions were mortgage loan origination revenue and merchant card income, which increased from $590,000 and $698,000 for the twelve month period ended December 31, 2010, respectively, as compared to $720,000 and $768,000 for the twelve month period ended December 31, 2011, respectively.
Non-interest Expense
Non-interest expenses were $6.7 million, $7.1 million and $6.7 million for the three month periods ended December 31, 2011, September 30, 2011, and December 31, 2010, respectively. For the twelve month period ended December 31, 2011, noninterest expenses were $28.7 million, an increase of $2.5 million as compared to the twelve month period ended December 31, 2010.
For the twelve month period ended December 31, 2011, the increase in non-interest expense was largely the result of a $1.7 million loss on the sale of other real estate owned, a $145,000 loss on the disposal of equipment and a $500,000 increase in salaries and benefits expense, as compared to the twelve month period ended December 31, 2010. Other expense items increasing by more than 5% from the prior year include professional services and FDIC expenses.
Balance Sheet
Total assets were $1.04 billion at December 31, 2011, a decrease of $41.8 million as compared to December 31, 2010. The decline in assets is largely the result of a reduction in loans outstanding offset by a reduction in brokered deposits and Federal Home Loan Bank (FHLB) advances. At December 31, 2011, brokered deposits totaled $58.3 million, as compared to $91.4 million at December 31, 2010. At December 31, 2011, the $33.1 million decline in brokered deposits was slightly offset by a $3.3 million increase in retail deposits. At December 31, 2011, FHLB advances totaled $63.3 million, as compared to $81.9 million at December 31, 2010. The decline in FHLB advances was achieved through scheduled maturity and principal payments. Likewise, the decline in brokered deposits was the result of scheduled maturities not being replaced by management due to a lack of productive uses for the funds.
For the twelve month period ended December 31, 2011, gross loans declined by approximately $43.8 million, to $556.4 million as compared to $600.2 million at December 31, 2010. During the three month period ended December 31, 2011, the decline in loans included approximately $2.7 million in write downs of loan balances in which all future payments are dependent on the sale of all or a portion of the collateral. These loans have been classified as impaired for several quarters with significant reserves previously allocated against these credits.
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 subsidiaries, Fall & Fall Insurance of Fulton, Kentucky, Heritage Solutions of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Pleasant View, Tennessee, and Heritage Mortgage Services of Clarksville, Tennessee. 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 forwardlooking 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) December 31, December 31, Assets 2011 2010 ------ ------------- ------------- (Unaudited) Cash and due from banks $32,385 54,042 Interest- earning deposits in Federal Home Loan Bank 16,375 6,942 ------ ----- Cash and cash equivalents 48,760 60,984 Federal Home Loan Bank stock, at cost 4,428 4,378 Securities available for sale 383,782 357,738 Loans receivable, net of allowance for loan losses of $11,262 at December 31, 2011, and $9,830 at December 31, 2010 556,360 600,215 Accrued interest receivable 6,183 6,670 Real estate and other assets owned 2,267 9,812 Bank owned life insurance 9,135 8,819 Premises and equipment, net 23,431 24,289 Deferred tax assets 1,132 3,788 Intangible asset 519 810 Other assets 4,823 5,088 ----- ----- Total assets $1,040,820 1,082,591 ========== ========= Liabilities and Stockholders' Equity ------------- Liabilities: Deposits: Non-interest- bearing accounts $79,550 69,139 Interest- bearing accounts NOW accounts 130,114 138,936 Savings and money market accounts 70,443 63,848 Other time deposits 519,988 555,006 ------- ------- Total deposits 800,095 826,929 Advances from Federal Home Loan Bank 63,319 81,905 Repurchase agreements 43,080 45,110 Subordinated debentures 10,310 10,310 Advances from borrowers for taxes and insurance 153 239 Dividends payable 176 613 Accrued expenses and other liabilities 5,204 6,041 ----- ----- Total liabilities 922,337 971,147 ------- ------- This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC. Balance Sheet (Dollars in thousands) December 31, December 2011 31,2010 ------------- --------- (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 December 31, 2011, and December 31, 2010 --- --- Common stock, par value $.01 per share; authorized 15,000,000 shares; 7,895,336 issued and 7,492,420 outstanding at December 31, 2011, and 7,884,364 issued and 7,481,448 outstanding at December 31, 2010 (a) 79 77 Common stock warrants (253,666 issued and outstanding) (a) 556 556 Additional paid-in-capital 75,967 74,920 Retained earnings- substantially restricted 39,591 39,994 Treasury stock (at cost, 402,916 shares at December 31, 2011, and December 31, 2010) (5,076) (5,076) Accumulated other comprehensive income, net of taxes 7,366 973 ----- --- Total stockholders' equity 118,483 111,444 ------- ------- Total liabilities and stockholders' equity $1,040,820 1,082,591 ========== ========= (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 For the Twelve Month Periods Periods Ended December 31, Ended December 31, ------------------ ------------------ 2011 2010 2011 2010 ---- ---- ---- ---- Interest and dividend income: Loans receivable 8,239 9,010 33,493 38,037 Investment in securities, taxable 2,462 2,801 10,465 11,911 Nontaxable securities available for sale 530 648 2,263 2,457 Interest- earning deposits 6 --- 19 12 --- --- --- --- Total interest and dividend income 11,237 12,459 46,240 52,417 ------ ------ ------ ------ Interest expense: Deposits 3,028 3,979 14,207 17,384 Advances from Federal Home Loan Bank 611 792 2,557 3,292 Repurchase agreements 241 212 909 831 Subordinated debentures 191 182 742 739 --- --- --- --- Total interest expense 4,071 5,165 18,415 22,246 ----- ----- ------ ------ Net interest income 7,166 7,294 27,825 30,171 ----- ----- ------ ------ Provision for loan losses 476 3,169 5,921 5,970 --- ----- ----- ----- Net interest income after provision for loan losses 6,690 4,125 21,904 24,201 ----- ----- ------ ------ Non- interest income: Service charges 985 948 3,813 3,922 Merchant card income 197 179 768 698 Mortgage origination revenue 295 199 720 590 Gain on sale of securities 600 1,718 2,897 3,504 Other than temporarily impairment on available for sale securities (141) --- (155) --- Income from bank owned life insurance 66 81 315 344 Financial services commission 203 195 894 971 Other operating income 224 292 941 1,077 --- --- --- ----- Total non- interest income 2,429 3,612 10,193 11,106 ----- ----- ------ ------ 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 For the Twelve Month Periods Periods Ended December 31, Ended December 31, ------------------ ------------------ 2011 2010 2011 2010 ---- ---- ---- ---- Non-interest expenses: Salaries and benefits 3,279 3,139 13,266 12,762 Occupancy expense 817 807 3,269 3,158 Data processing expense 589 706 2,645 2,807 State deposit tax 151 162 627 640 Intangible amortization expense 65 81 292 358 Professional services expense 386 293 1,372 1,225 Deposit insurance and examination expense 417 560 2,021 2,107 Advertising expense 304 341 1,235 1,115 Postage and communications expense 128 131 549 557 Supplies expense 105 117 399 404 Loss on disposal of equipment --- --- 145 --- (Gain) Loss on sale of real estate owned 61 35 1,703 (321) Real estate owned expenses 60 46 276 264 Other operating expenses 319 286 894 1,102 --- --- --- ----- Total non- interest expense 6,681 6,704 28,693 26,178 ----- ----- ------ ------ Income before income tax expense 2,438 1,033 3,404 9,129 Income tax expense 109 216 484 2,613 --- --- --- ----- Net income 2,329 817 2,920 6,516 ----- --- ----- ----- Less: Dividend on preferred shares 232 232 920 920 Accretion dividend on preferred shares 28 28 111 111 --- --- --- --- Net income available to common shareholders $2,069 $557 $1,889 $5,485 ====== ==== ====== ====== Net income available to common shareholders Per share, basic $0.28 $0.07 $0.25 $0.96 ===== ===== ===== ===== Per share, diluted $0.28 $0.07 $0.25 $0.96 ===== ===== ===== ===== Dividend per share $0.02 $0.08 $0.20 $0.40 ===== ===== ===== ===== Weighted average shares outstanding - basic (a) 7,484,420 7,462,092 7,460,294 5,732,495 ========= ========= ========= ========= Weighted average shares outstanding - diluted (a) 7,484,420 7,462,092 7,460,294 5,732,495 ========= ========= ========= ========= (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 Prior 12/31/2011 9/30/2011 Quarter ---------- --------- -------- Interest and dividend income: Loans receivable 8,239 8,332 (93) Investment in securities, taxable 2,462 2,581 (119) Nontaxable securities available for sale 530 532 (2) Interest- earning deposits 6 5 1 --- --- --- Total interest and dividend income 11,237 11,450 (213) ------ ------ ---- Interest expense: Deposits 3,028 3,543 (515) Advances from Federal Home Loan Bank 611 625 (14) Repurchase agreements 241 238 3 Subordinated debentures 191 186 5 --- --- --- Total interest expense 4,071 4,592 (521) ----- ----- ---- Net interest income 7,166 6,858 308 ----- ----- --- Provision for loan losses 476 475 1 --- --- --- Net interest income after provision for loan losses 6,690 6,383 307 ----- ----- --- Non- interest income: Service charges 985 1,020 (35) Merchant card income 197 194 3 Mortgage origination revenue 295 295 0 Gain on sale of securities 600 1,247 (647) Income from bank owned life insurance 68 84 (16) Other than temporarily impairment on available for sale securities (141) --- (141) Financial services commission 203 272 (69) Other operating income 222 169 53 --- --- --- Total non- interest income 2,429 3,281 (852) ----- ----- ---- 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 12/31/2011 9/30/2011 Quarter ---------- --------- -------- Non- interest expenses: Salaries and benefits $3,279 3,309 (30) Occupancy expense 817 867 (50) Data processing expense 589 653 (64) State deposit tax 151 151 0 Intangible amortization expense 65 65 --- Professional services expense 386 293 93 Deposit insurance and examination expense 417 445 (28) Advertising expense 304 324 (20) Postage and communications expense 128 140 (12) Supplies expense 105 96 9 Loss on disposal of equipment --- 5 (5) Loss on sale of real estate owned 61 570 (509) Real estate owned expenses 60 16 44 Other operating expenses 319 193 126 --- --- --- Total non- interest expense 6,681 7,127 (446) ----- ----- ---- Income before income tax expense 2,438 2,537 (99) Income tax expense 109 909 (800) --- --- ---- Net income 2,329 1,628 701 ----- ----- --- Less: Dividend on preferred shares 232 232 --- Accretion dividend on preferred shares 28 28 --- --- --- --- Net income (loss) available (attributable) to common stockholders $2,069 1,368 701 ====== ===== === Net income (loss) available (attributable) to common stockholders Per share, basic $0.28 $0.18 0.10 ===== ===== ==== Per share, diluted $0.28 $0.18 0.10 ===== ===== ==== Dividend per share $0.02 $0.02 ===== ===== Weighted average shares outstanding -basic 7,484,420 7,481,448 ========= ========= Weighted average shares outstanding -diluted 7,484,420 7,481,448 ========= ========= 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, 2011, and December 31, 2010, by $249,000 and $298,000, respectively; for a tax equivalent rate using a cost of funds rate of 2.00% for the three month period ended December 31, 2011, and 2.50% for the three month period ended December 31, 2010. The table adjusts tax-free loan income by $8,000 for three month period ended December 31, 2011 and $10,000 for the three month period ended December 31, 2010, for a tax equivalent rate using the same cost of funds rate: Average Income & Average Average Income & Average Balance Expense Rates Balance Expense Rates 12/31/2011 12/31/2011 12/31/2011 12/31/2010 12/31/2010 12/31/2010 ---------- ---------- ---------- ---------- ---------- ---------- (Dollars in Thousands, Except Percentages) Loans, net $560,987 $8,247 5.88% $613,376 $9,019 5.88% Investments AFS taxable 314,703 $2,463 3.13% 311,026 2,801 3.60% Investment AFS tax free 63,809 779 4.89% 67,343 946 5.62% Overnight funds 10,747 6 0.22% --- --- --- ------ --- ---- --- --- --- Total interest earning assets 950,246 11,495 4.84% 991,745 12,766 5.15% ------- ------ ------- ------ Other assets 97,842 106,882 ------ ------- Total assets $1,048,088 $1,098,627 ========== ========== Retail time deposits $463,586 2,421 2.09% $476,490 3,087 2.59% Brokered deposits 63,738 300 1.88% 75,733 395 2.09% Now accounts 133,464 287 0.86% 140,795 463 1.32% MMDA and savings accounts 71,250 21 0.12% 66,001 34 0.21% FHLB borrowings 67,747 610 3.60% 89,120 792 3.55% Repurchase agreements 40,550 241 2.38% 44,787 212 1.89% Subordinated debentures 10,310 191 7.41% 10,310 182 7.06% ------ --- ---- ------ --- ---- Total interest bearing liabilities 850,645 4,071 1.91% 903,236 5,165 2.29% ------- ----- ------- ----- Non-interest bearing deposits 75,169 70,288 Other liabilities 6,153 5,497 Stockholders' equity 116,121 119,606 ------- ------- Total liabilities and stockholders' equity $1,048,088 $1,098,627 ========== ========== Net interest income $7,424 $7,601 ====== ====== Interest rate spread 2.93% 2.86% ==== ==== Net yield on interest earning assets 3.13% 3.07% ==== ==== 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 twelve month periods ended December 31, 2011, and December 31, 2010, by $1,065,000 and $1,130,000, respectively; for a tax equivalent rate using a cost of funds rate of 2.00% for the twelve month period ended December 31, 2011, and 2.50% for the twelve month period ended December 31, 2010. The table adjusts tax-free loan income by $34,000 for twelve month period ended December 31, 2011, and $52,000 for the twelve month period ended December 31, 2010, for a tax equivalent rate using the same cost of funds rate: Average Income & Average Average Income & Average Balance Expense Rates Balance Expense Rates 12/31/2011 12/31/2011 12/31/2011 12/31/2010 12/31/2010 12/31/2010 ---------- ---------- ---------- ---------- ---------- ---------- Loans $575,133 $33,527 5.83% $629,633 $38,089 6.05% Investments AFS taxable 308,022 10,465 3.40% 289,556 11,923 4.12% Investment AFS tax free 66,104 3,328 5.03% 63,179 3,587 5.68% Federal funds 9,075 19 0.21% --- --- --- ----- --- ---- --- --- --- Total interest earning assets 958,334 47,339 4.94% 982,368 53,599 5.46% ------- ------ ------- ------ Other assets 108,997 101,119 ------- ------- Total assets $1,067,331 $1,083,487 ========== ========== Retail time deposits $469,052 10,908 2.33% $488,531 13,629 2.79% Brokered deposits 78,996 1,642 2.08% 82,226 1,959 2.38% Now accounts 136,828 1,543 1.13% 128,096 1,666 1.30% MMDA and savings accounts 68,347 114 0.17% 63,565 130 0.20% FHLB borrowings 71,352 2,557 3.58% 92,830 3,292 3.55% Repurchase agreements 39,894 909 2.28% 42,442 831 1.96% Subordinated debentures 10,310 742 7.20% 10,310 739 7.17% ------ --- ---- ------ --- ---- Total interest bearing liabilities 874,779 18,415 2.11% 908,000 22,246 2.45% ------- ------ ------- ------ Non- interest bearing deposits 72,961 68,901 Other non- interest bearing liabilities 4,562 4,651 Stockholders' equity 115,029 101,935 ------- ------- Total liabilities and stockholders' equity $1,067,331 $1,083,487 ========== ========== Net change in interest earning assets and interest bearing liabilities $28,924 $31,353 ======= ======= Interest rate spread 2.83% 3.01% ==== ==== Net yield on interest earning assets 3.02% 3.19% ==== ==== This information is preliminary and based on company data available at the time of the presentation.
SOURCE HopFed Bancorp, Inc.