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Louisiana Bancorp, Inc. Announces Earnings For The First Quarter

Total assets were $312.4 million at March 31, 2013, an increase of $503,000 compared to December 31, 2012. During the first three months of 2013, cash and cash equivalents decreased by $7.3 million to $3.4 million. Total securities available-for-sale were $11.3 million at March 31, 2013, a decrease of $830,000 compared to December 31, 2012. Total securities held-to-maturity decreased by $6.6 million during the first quarter of 2013, to $60.8 million, at March 31, 2013. The decreases in securities available-for-sale and securities held-to-maturity were due to the contractual and early repayments of principal on mortgage-backed securities and CMOs. Net loans receivable were $227.9 million at March 31, 2013, an increase of $14.8 million, or 6.9%, compared to December 31, 2012. During the first quarter of 2013, our first mortgage loans secured by single family residential loans increased by $8.3 million, our funded home equity loans and lines increased by $1.1 million, our loans secured by multifamily residential collateral increased by $1.2 million, and our first mortgage loans secured by non-residential commercial real estate increased by $4.3 million.  

Total deposits were $197.0 million at March 31, 2013 compared to $196.2 million at December 31, 2012. As of March 31, 2013, non-interest bearing deposits were $14.3 million, and interest-bearing deposits were $182.7 million. Total Federal Home Loan Bank advances and other borrowings were $56.2 million at March 31, 2013, an increase of $2.8 million from December 31, 2012. 

Total shareholders' equity was $55.1 million at March 31, 2013, a decrease of $1.6 million from December 31, 2012. During the three months ended March 31, 2013, the Company acquired 149,209 shares of its common stock at a total cost of $2.5 million pursuant to its repurchase plans. The effect of these repurchase transactions on total shareholders' capital was partially offset by net income of $500,000 and the release of 42,134 shares held by the Company's Recognition and Retention Plan Trust, with a total cost basis of $531,000, which became vested and were released to plan participants during the first quarter of 2013. The Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital were 14.17%, 24.38%, and 25.52%, respectively, at March 31, 2013.

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