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METAIRIE, La., Feb. 1, 2013 (GLOBE NEWSWIRE) -- Louisiana Bancorp, Inc. (the "Company") (Nasdaq:LABC), the holding company for Bank of New Orleans (the "Bank"), announced today that the Company's net income for the quarter ended December 31, 2012 was $725,000, or $0.26 per diluted share, an increase of $140,000 from the fourth quarter of 2011. Net interest income was approximately $2.5 million during each of the respective three month periods ended December 31, 2012 and 2011. Non-interest income for the December 31, 2012 quarter increased by $450,000 compared to the December 31, 2011 quarter due primarily to an increase in commissions earned on brokered loans and an increase in gains on loans sold. For the year ended December 31, 2012, the Company reported net income of $2.5 million, or $0.90 per diluted share, compared to net income of $2.1 million, or $0.70 per diluted share for the year ended December 31, 2011.
Lawrence J. LeBon, III, Chairman, President and Chief Executive Officer of the Company and the Bank, stated: "Upon completing a successful and profitable 2012, the Board and management of Louisiana Bancorp, Inc. look forward to the opportunities that the new year will present. We have benefitted from the conservative operating strategies and capital management philosophy that has been the cornerstone of our business model over the past five years. The best reflection of these principles is found in the growth of our tangible book value per share, which increased during 2012 by $1.13 to $18.79.
Total assets were $311.9 million at December 31, 2012, a decrease of $1.3 million compared to December 31, 2011. During the previous twelve month period, cash and cash equivalents decreased by $16.9 million to $10.6 million at December 31, 2012. At December 31, 2011, the Company's cash position was higher than normal due to a timing difference between the cash flows provided from maturing investments and their reinvestment in January 2012. Total securities available-for-sale were $12.1 million at December 31, 2012, a decrease of $10.6 million compared to December 31, 2011. Total securities held-to-maturity increased by $7.9 million during the year, to $67.4 million, at December 31, 2012. This increase in securities held-to-maturity was primarily due to the purchase of $27.4 million in US Agency issued CMOs and $4.0 million in US Agency issued mortgage-backed securities. These purchases were partially offset by $23.3 million in repayments of principal on mortgage-backed securities and CMOs. Net loans receivable were $213.2 million at December 31, 2012, an increase of $17.5 million, or 9.0%, compared to December 31, 2011. During the year ended December 31, 2012, our first mortgage loans secured by single family residential loans increased by $1.8 million, our funded home equity loans and lines increased by $7.8 million, our loans secured by multifamily residential collateral increased by $3.1 million, and our first mortgage loans secured by non-residential commercial real estate increased by $6.3 million.