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

Income tax expense was $394,000 based on pre-tax income of $1.1 million during the fourth quarter of 2012 compared to income tax expense of $308,000 on pre-tax income of $893,000 during the fourth quarter of 2011.

For the year ended December 31, 2012, the Company recorded income tax expense of $1.3 million, an increase of $186,000 from the year ended December 31, 2011. This increase in income tax expense was primarily due to an increase in pre-tax income of $576,000 between the respective annual periods.

This news release contains certain forward-looking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors ‑ many of which are beyond our control ‑ could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Louisiana Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011, which is available from the SEC's website, www.sec.gov, or the Company's website, www.bankofneworleans.net, describes some of these factors, including market rates of interest, competition, risk elements in the loan portfolio, general economic conditions, the level of the allowance for losses on loans, geographic concentration of our business, risks of our growth strategy, dependence on our management team, regulation of our business, increases in deposit insurance premiums and actions by the U. S. government to stabilize the financial markets. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollars in thousands, except per share amounts)
         
  December 31, December 31,    
  2012 2011    
  (unaudited)      
         
Selected Financial and Other Data:        
Total assets  $ 311,862  $ 313,128    
Cash and cash equivalents  10,646 27,589    
Securities available-for-sale        
Investment securities  6,384  12,394    
Mortgage-backed securities & CMOs  5,755  10,356    
Securities held-to-maturity        
Investment securities  --  --    
Mortgage-backed securities & CMOs  67,454  59,581    
Loans receivable, net  213,159  195,632    
Deposits  196,206  194,326    
FHLB advances and other borrowings  53,454  57,113    
Shareholders' equity  56,706  57,520    
         
Book Value per Share $ 18.79 $ 17.66    
         
         
  Three Months Ended Dec. 31, Year Ended Dec. 31,
  2012 2011 2012 2011
  (unaudited) (unaudited)
Selected Operating Data:        
Total interest income  $ 3,375  $ 3,610  $ 14,146  $ 14,902
Total interest expense 922 1,160 4,196 5,138
Net interest income 2,453 2,450 9,950 9,764
Provision for (Recovery of) loan losses 20 (6) 246 53
Net interest income after provision (recovery) for loan losses 2,433 2,456 9,704 9,711
Total non-interest income 781 331 2,148 1,087
Total non-interest expense 2,095 1,894 8,003 7,525
Income before income taxes 1,119 893 3,849 3,273
Income taxes 394 308 1,342 1,156
Net income  $ 725  $ 585  $ 2,507  $ 2,117
         
Earnings per share:        
Basic  $ 0.28  $ 0.21  $ 0.95  $ 0.73
Diluted  $ 0.26  $ 0.20  $ 0.90  $ 0.70
Weighted average shares outstanding        
Basic 2,530,688 2,721,339 2,633,317 2,902,747
Diluted 2,676,708 2,854,830 2,774,839 3,028,033
         
         
  Three Months Ended Dec. 31, Year Ended Dec. 31,
  2012 2011 2012 2011
         
Selected Operating Ratios (1):        
Average yield on interest-earning assets 4.40% 4.72% 4.56% 4.78%
Average rate on interest-bearing liabilities 1.54% 1.93% 1.71% 2.09%
Average interest rate spread (2) 2.86% 2.79% 2.85% 2.69%
Net interest margin (2) 3.20% 3.20% 3.21% 3.14%
Average interest-earning assets to average interest-bearing liabilities 127.83% 127.21% 126.67% 126.66%
Net interest income after provision for loan losses to non-interest expense 116.13% 129.67% 121.25% 129.05%
Total non-interest expense to average assets 2.66% 2.42% 2.52% 2.36%
Efficiency ratio (3) 64.78% 68.10% 66.15% 69.35%
Return on average assets 0.92% 0.75% 0.79% 0.66%
Return on average equity 5.17% 4.11% 4.42% 3.59%
Average equity to average assets 17.78% 18.19% 17.85% 18.48%
 
         
  At or For the Quarter Ended
  Dec. 31, Sept. 30,  June 30, March 31,
Asset Quality Ratios (4): 2012 2012 2012 2012
Non-performing loans as a percent of total loans receivable (5) (6) 0.68% 0.33% 0.52% 0.53%
Non-performing assets as a percent of  total assets (5) 0.67% 0.42% 0.55% 0.60%
Allowance for loan losses as a percent of non-performing loans 132.02% 267.83% 160.87% 160.31%
Allowance for loan losses as a percent of total loans receivable (6) 0.89% 0.88% 0.84% 0.85%
Net charge-offs during the period to average loans receivable (6) (7) 0.01% 0.00% 0.00% 0.05%
         
Capital Ratios (4):        
Tier 1 leverage ratio 14.03% 15.24% 14.90% 14.86%
Tier 1 risk-based capital ratio 25.39% 28.21% 27.83% 28.86%
Total risk-based capital ratio 26.50% 29.33% 28.89% 29.89%
         
         
(1)  All operating ratios are based on average monthly balances during the indicated periods and are annualized where appropriate.
         
(2)  Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets.
         
(3)  The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
         
(4)  Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable. Capital ratios are for the Bank, only.
         
(5)  Non-performing assets consist of non-performing loans and real estate owned. Non-performing loans consist of all non-accruing loans and accruing loans 90 days or more past due. Non-performing loans are reported gross of allowance for loan losses.
         
(6)  Loans receivable are presented before the allowance for loan losses but include deferred costs/fees.
         
(7)  Net charge-offs are presented on a quarterly basis.
CONTACT: Lawrence J. LeBon, III,
         Chairman, President &
         Chief Executive Officer
         
         or
         
         John LeBlanc,
         SVP & Chief Financial Officer
         Telephone: (504) 834-1190

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