HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”), the holding company for Heritage Bank USA, Inc. (the “Bank”), today reported results for the three and six month periods ended June 30, 2013. For the three month period ended June 30, 2013, the Company’s net income available to common shareholders was $1.2 million, or $0.16 per share, basic and diluted, compared to net income available to common shareholders of $903,000, or $0.12 per share basic and diluted, for the three month period ended June 30, 2012. For the six month period ended June 30, 2013, the Company’s net income available to common shareholders was $2.2 million, or $0.29 per share, basic and diluted, compared to a net income attributable to common shareholders of $1.4 million, or $0.18 per share basic and diluted, for the six month period ended June 30, 2012.
Commenting on the second quarter results, John E. Peck, President and Chief Executive Officer, said, “Operating results improved modestly during the three month period ended June 30, 2013, as compared to the three months period ended March 31, 2013, due to an increase in gains on the sales of securities, an increase in the amount of service charge income and an increase in the amount of financial services commissions. The Company continues to carefully control our non-interest expenses as our linked quarter operating expenses declined by $150,000 and total operating expenses for the six month period ended June 30, 2013, were $140,000 lower as compared to the six month period ended June 30, 2012.”
Mr. Peck continued, “The Company’s non-accrual loans increased during the three month period ended June 30, 2013, as we placed a $6.3 million non-residential real estate relationship in non-accrual status and charged off approximately $1.3 million of that relationship in June 2013. The increase in non-accrual loans reduced interest income on loans by approximately $140,000. The increase in non-accruals did not result in an increase in the necessary funding level of the allowance for loan loss account or result in a material increase in the Company’s level of adversely classified assets.”
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