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HopFed Bancorp, Inc. Reports Fourth 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 twelve month periods ended December 31, 2013. For the three month period ended December 31, 2013, the Company’s net income available to common shareholders was $1.1 million, or $0.14 per share, basic and diluted, compared to net income available to common shareholders of $648,000, or $0.09 per share basic and diluted, for the three month period ended December 31, 2012. For the twelve month period ended December 31, 2013, the Company’s net income available to common shareholders was $3.8 million, or $0.50 per share, basic and diluted, compared to a net income attributable to common shareholders of $2.8 million, or $0.38 per share basic and diluted, for the twelve month period ended December 31, 2012.

Commenting on the fourth quarter results, John E. Peck, President and Chief Executive Officer, said, “The Company’s net interest income for the three month period ended December 31, 2013, increased by $87,000 as compared to the three month period ended September 30, 2013. The linked quarter improvement is the result of a decline of $119,000 in total interest expense. In the three month period ended December 31, 2013, total interest expense declined by approximately $792,000 as compared to the same period last year.”

Mr. Peck continued, “The Company’s non-interest expenses for the twelve month period ending December 31, 2013, increased by less than 1.00% as compared to the twelve month period ended December 31, 2012. For the three month period ended December 31, 2013, non-interest expenses were $7.3 million, an increase of $324,000, as compared to the three month period ended December 31, 2012. The increase in non-interest expense for the three month period ended December 31, 2013, as compared to the three month period ended December 31, 2012, was largely the result of $100,000 in legal expenses associated with the termination of a merger agreement, a $183,000 increase in expenses incurred on other real estate owned and a $168,000 increase in losses incurred on the sale of other real estate owned.”

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