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Louisiana Bancorp, Inc. Announces Earnings For The Fourth Quarter And Year

Total deposits were $196.2 million at December 31, 2012 compared to $194.3 million at December 31, 2011. Non-interest bearing deposits increased during the twelve month period by $4.6 million, to $14.3 million, and interest-bearing deposits decreased by $2.7 million, to $181.9 million. Total Federal Home Loan Bank advances and other borrowings were $53.5 million at December 31, 2012, a decrease of $3.7 million from December 31, 2011.

Total shareholders' equity was $56.7 million at December 31, 2012, a decrease of $814,000 from December 31, 2011. During the twelve months ended December 31, 2012, the Company acquired 319,868 shares of its common stock at a total cost of $5.2 million pursuant to its repurchase plans. Additionally, the Company reissued 80,149 shares of treasury stock with an average cost basis of $1.1 million, following the exercise of stock options by several directors and a former employee. The resulting net effect of these transactions on our treasury stock during the year ended December 31, 2012 was an increase of $4.1 million. The increase in our treasury stock during 2012 was partially offset by net income of $2.5 million, and the release of 44,984 shares held by the Company's Recognition and Retention Plan Trust, with a total cost basis of $567,000, which became vested and were released to plan participants during 2012. The Bank's tier 1 leverage ratio was 14.03% at December 31, 2012 compared to 15.00% at December 31, 2011. This decrease in the Bank's Tier 1 leverage ratio was primarily due to a $6.0 million dividend paid by the Bank to the Company during the fourth quarter of 2012. Tier 1 risk-based capital and total risk-based capital at the bank level were 25.39% and 26.50%, respectively, at December 31, 2012, and 29.32% and 30.38%, respectively, at December 31, 2011. 

Net interest income was approximately $2.5 million during the fourth quarter of 2012 and the fourth quarter of 2011. During the fourth quarter of 2012, interest income was $3.4 million, a decrease of $235,000 compared to the fourth quarter of 2011. This decrease in interest income between the respective quarterly periods was primarily due to a 32 basis point decrease in the average yield on our interest-earning assets.  The average yield on our interest-earning assets was 4.40% and 4.72%, respectively, for the quarterly periods ended December 31, 2012 and 2011. Interest income on loans receivable was $2.7 million during the fourth quarter of 2012, a decrease of $24,000 compared to the fourth quarter of 2011. The average balance of our loans receivable increased by $19.4 million during the fourth quarter of 2012 compared to the fourth quarter of 2011; however, the average yield on loans receivable decreased by 56 basis points between the respective quarterly periods. This decrease in average yield was primarily due to record low interest rates on residential mortgage loans originated during the period, and the repayment of certain relatively higher yielding seasoned mortgage loans in our portfolio as customers refinanced their mortgage loans in the current interest rate environment. The average balance of our mortgage-backed securities and CMOs increased by $11.1 million while the average yield on these securities decreased by 127 basis points during the fourth quarter of 2012 compared to the fourth quarter of 2011, resulting in a decrease of $126,000 in interest income earned on mortgage-backed securities and CMOs. Interest income on investment securities during the fourth quarter of 2012 was $38,000, at an average yield of 2.38%, compared to $119,000, at an average yield of 1.69%, during the fourth quarter of 2011. 

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