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Louisiana Bancorp, Inc. Announces Earnings For The First Quarter

For the three month period ended March 31, 2013, the Company recorded income tax expense of $266,000, a decrease of $11,000 from the three month period ended March 31, 2012. This decrease in income tax expense was primarily due to a decrease in pre-tax income of $30,000 between the respective quarterly 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, 2012, which is available from the SEC's website,, or the Company's website,, 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.
(Dollars in thousands, except per share amounts)
  March 31, December 31,
  2013 2012
Selected Financial and Other Data:    
Total assets  $ 312,365  $ 311,862
Cash and cash equivalents  3,379 10,646
Securities available-for-sale    
Investment securities  6,364  6,384
Mortgage-backed securities & CMOs  4,945  5,755
Securities held-to-maturity    
Investment securities  --  --
Mortgage-backed securities & CMOs  60,817  67,454
Loans receivable, net  227,912  213,159
Deposits  196,968  196,206
FHLB advances and other borrowings  56,206  53,454
Shareholders' equity  55,115  56,706
Book Value per Share $19.22 $18.79
  Three Months Ended March 31,
  2013 2012
Selected Operating Data:    
Total interest income  $ 3,226  $ 3,552
Total interest expense 779 1,111
Net interest income 2,447 2,441
Provision for loan losses 141 55
Net interest income after provision for loan losses 2,306 2,386
Total non-interest income 497 274
Total non-interest expense 2,037 1,864
Income before income taxes 766 796
Income taxes 266 277
Net income  $ 500  $ 519
Earnings per share:    
Basic  $ 0.20  $ 0.19
Diluted  $ 0.19  $ 0.18
Weighted average shares outstanding    
Basic 2,470,863 2,756,850
Diluted 2,613,106 2,893,268
  Three Months Ended March 31,
  2013 2012
Selected Operating Ratios(1):    
Average yield on interest-earning assets 4.30% 4.63%
Average rate on interest-bearing liabilities 1.33% 1.83%
Average interest rate spread(2) 2.97% 2.80%
Net interest margin(2) 3.26% 3.18%
Average interest-earning assets to average interest-bearing liabilities 127.72% 126.32%
Net interest income after provision for loan losses to non-interest expense 113.21% 128.00%
Total non-interest expense to average assets 2.64% 2.37%
Efficiency ratio(3) 69.19% 68.66%
Return on average assets 0.65% 0.66%
Return on average equity 3.61% 3.59%
Average equity to average assets 17.97% 18.42%
  At or For the Quarter Ended
  March 31, Dec. 31,
Asset Quality Ratios(4): 2013 2012
Non-performing loans as a percent of total loans receivable (5) (6) 0.58% 0.68%
Non-performing assets as a percent of total assets(5) 0.62% 0.67%
Allowance for loan losses as a percent of non-performing loans 154.12% 132.02%
Allowance for loan losses as a percent of total loans receivable (6) 0.89% 0.89%
Net charge-offs during the period to average loans receivable (6)(7) 0.00% 0.01%
Capital Ratios(4):    
Tier 1 leverage ratio 14.17% 14.03%
Tier 1 risk-based capital ratio 24.38% 25.39%
Total risk-based capital ratio 25.52% 26.50%
(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
         John LeBlanc,
         SVP & Chief Financial Officer
         Telephone: (504) 834-1190

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