METAIRIE, La., May 3, 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 March 31, 2013 was $500,000, or $0.19 per diluted share, a decrease of $19,000 from the first quarter of 2012. Net interest income was approximately $2.4 million during each of the respective three month periods ended March 31, 2013 and 2012. Our provision for loan losses increased by $86,000, to $141,000, during the first quarter of 2013 compared to the first quarter of 2012. This increase in our provision for loan losses primarily reflects the growth of our loan portfolio. Non-interest income for the March 31, 2013 quarter increased by $223,000 compared to the March 31, 2012 quarter due primarily to an increase in commissions earned on brokered loans and an increase in gains on loans sold. Total non-interest expense was $2.0 million for the first quarter of 2013, an increase of $173,000 compared to the first quarter of 2012. The increase in total non-interest expense was primarily attributed to increased compensation and occupancy expenses associated with our new branch office that opened in the second quarter of 2012, and increased marketing expenses.
Lawrence J. LeBon, III, Chairman, President and Chief Executive Officer of the Company and the Bank, stated: "During the first quarter of 2013, the Bank launched a new marketing program focused on the growth of our non-interest bearing deposit accounts. We look forward to developing many new long-term relationships through this program that will complement the success we have had in growing our loan portfolio." LeBon added, "As a community bank, we believe that the personal service extended in creating these customer relationships ultimately will contribute to the continued long-term profitability of our institution."
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