This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HopFed Bancorp, Inc. Reports Second Quarter Results

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.”

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs