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

Stocks in this article: LABC

For the years ended December 31, 2012 and 2011, total non-interest income was $2.1 million and $1.1 million, respectively. During 2012, customer service fees increased by $253,000, and gains on the sale of loans increased by $845,000 compared to the 2011 period. There were no securities sold during the year ended December 31, 2012, compared to the sale of $1.1 million in mortgage-backed securities which resulted in gains of $72,000 during the year ended December 31, 2011. Other non-interest income was $123,000 during 2012 and $88,000 during 2011.

Non-interest expense was $2.1 million for the quarter ended December 31, 2012 compared to $1.9 million for the quarter ended December 31, 2011. Salaries and employee benefits expense was $1.4 million during the fourth quarter of 2012, an increase of $180,000 compared to the fourth quarter of 2011. Occupancy expenses were $340,000 and $264,000 for the respective quarters ended December 31, 2012 and 2011. The increases in our salaries and employee benefits expense and our occupancy expenses were primarily due to the staffing and operating expenses associated with our new full service branch, which opened in May 2012.  At December 31, 2012, the Company had 71 full-time equivalent employees compared to 63 full-time equivalent employees at December 31, 2011. The Louisiana bank shares tax was $44,000 during the fourth quarter of 2012, a decrease of $29,000 compared to the fourth quarter of 2011. This decrease was primarily due to modifications to the assessment formula used by the taxing authority. FDIC deposit insurance premiums were $38,000 for both quarterly periods ended December 31, 2012 and 2011. The net cost associated with our OREO operations was $4,000 and $3,000, respectively, for the quarters ended December 31, 2012 and 2011. Advertising expenses were $79,000 and $38,000, respectively, and other non-interest expenses were $227,000 and $295,000, respectively, for the quarters ended December 31, 2012 and 2011.   

Total non-interest expense for the year ended December 31, 2012 and 2011 was $8.0 million and $7.5 million, respectively. Salaries and employee benefits expense was $5.1 million and $4.6 million, respectively, for the twelve month periods ended December 31, 2012 and 2011. Occupancy expenses were $1.3 million and $1.1 million, and our Louisiana bank shares tax was $218,000 and $230,000 for the respective annual periods ended December 31, 2012 and 2011. Staffing and operating costs increased primarily as a result of the opening of the new full-service branch in the second quarter of 2012.  The Bank's FDIC deposit insurance premiums were $152,000 for 2012, a decrease of $14,000 compared to 2011. The net cost of OREO operations during 2012 was $103,000, a $210,000 reduction compared to 2011. Total OREO charge-offs were $80,000 in 2012 compared to $279,000 in 2011. Advertising expenses increased by $98,000 during 2012 compared to 2011 due primarily to our marketing campaigns associated with our new branch opening and promotional efforts related to the development of our checking account products. Other non-interest expenses were $914,000 for 2012, a decrease of $10,000 compared to the 2011. 

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