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Louisiana Bancorp, Inc. Announces Earnings For The First Quarter

Stocks in this article: LABC

Net interest income was approximately $2.4 million during the first quarter of 2013 and the first quarter of 2012. During the first quarter of 2013, interest income was $3.2 million, a decrease of $326,000 compared to the first quarter of 2012. This decrease in interest income between the respective quarterly periods was primarily due to a $6.9 million decrease in the average balance of interest-earning assets and a 33 basis point decrease in the average yield on our interest-earning assets.  The average yield on our interest-earning assets was 4.30% and 4.63%, respectively, for the quarterly periods ended March 31, 2013 and 2012. Interest income on loans receivable was $2.7 million during both the first quarter of 2013 and the first quarter of 2012.  The average balance of our loans receivable increased by $17.5 million during the first quarter of 2013 compared to the first quarter of 2012; however, the average yield on loans receivable decreased by 57 basis points between the respective quarterly periods. The average balance of our mortgage-backed securities and CMOs decreased by $17.5 million and the average yield on these securities decreased by 52 basis points during the first quarter of 2013 compared to the first quarter of 2012, resulting in a decrease of $247,000 in interest income earned on mortgage-backed securities and CMOs. Interest income on investment securities during the first quarter of 2013 was $38,000, at an average yield of 2.38%, compared to $40,000, at an average yield of 2.04%, during the first quarter of 2012. Interest income earned on other interest-earning assets was $4,000 and $9,000, respectively, for the three month periods ended March 31, 2013 and March 31, 2012. 

Total interest expense was $779,000, with our interest-bearing liabilities having an average cost of 1.33%, during the first quarter of 2013, compared to $1.1 million and an average cost of 1.83% for the first quarter of 2012. The average rate paid on interest-bearing deposits was 0.95% during the quarter ended March 31, 2013, a decrease of 27 basis points from the quarter ended March 31, 2012. Interest expense on borrowings was $347,000 at an average cost of 2.65% during the first quarter of 2013, and $552,000 at an average cost of 3.71% during the first quarter of 2012.  The decrease in our interest expense on borrowings was primarily due to the maturity of certain higher cost borrowings during the fourth quarter of 2012 and the first quarter of 2013, and their subsequent replacement with lower rate wholesale funding. The net interest rate spread between our interest-earning assets and our interest-bearing liabilities was 2.97% for the first quarter of 2013, compared to 2.80% for the first quarter of 2012. Our net interest margin, which expresses net interest income as a percentage of average interest-earning assets, was 3.26% and 3.18%, respectively, for the three month periods ended March 31, 2013, and March 31, 2012.

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