HOPFED BANCORP, INC 
By HOPKINSVILLE, Ky., Jan. 31, 2013 /PRNewswire/ -- HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank (the "Bank"), today reported results for the three and twelve month periods ended December 31, 2012. For the three month period ended December 31, 2012, the Company's net income available to common shareholders was $648,000, or $0.09 per share, basic and diluted, compared to net income available to common shareholders of $2.1 million, or $0.28 per share basic and diluted, for the three month period ended December 31, 2011. For the twelve month period ended December 31, 2012, the Company's net income available to common shareholders was $2.8 million, or $0.38 per share, basic and diluted, compared to a net income available to common shareholders of $1.9 million, or $0.25 per share basic and diluted, for the twelve month period ended December 31, 2011.
Commenting on the fourth quarter results, John E. Peck, President and Chief Executive Officer, said, "The Company has repurchased 100% of our Preferred Stock from the United States Treasury. The $18.4 million repurchase of Preferred Stock required the accelerated accretion of our warrant discount and a final dividend payment totaling $200,000 in December of 2012. The Warrant allowed the Treasury to purchase 253,667 shares of HopFed Common Stock at an exercise price of $10.88 and was scheduled to expire on December 12, 2018. On January 16, 2013, the Company repurchased the Warrant issued to the Treasury for $256,257."
Mr. Peck continued, "We have been successful in reducing our cost of time deposits during the fourth quarter of 2012. For the three month period ended December 31, 2012, the cost of retail time deposits was 1.74%, as compared to 1.92% for the three month period ended September 30, 2012. For the three month period ended December 31, 2012, the Company's cost of deposits was 1.20%, compared to 1.36% for the three month period ended September 30, 2012, and 1.46% for the three month period ended December 31, 2011. As discussed below, the Company's net interest margin improved substantially as compared to the three month period ended September 30, 2012."
Mr. Peck concluded, "The Company experienced a $9.2 million reduction in classified loans during the quarter and $23.7 million in the last two quarters. The Company's credit trends continue to improve and our non-performing asset ratio continues to decline. Reducing the level of adversely classified assets remains a priority for the Company."
Financial Highlights
-- The Company and Bank's capital ratios remain strong after the repurchase
of all Preferred Stock. At December 31, 2012, the Company's tangible
book value was $13.88 per share and our tangible common equity ratio is
10.83%. The Bank's Tier 1 Leverage and Total Risk Based Capital Ratios
at December 31, 2012, are 10.62% and 19.07%, respectively. The Company's
Tier 1 Leverage and Total Risk Based Capital Ratios are 10.85% and
19.42%, respectively.
-- At December 31, 2012, the Bank's and Company's net classified loans to
risk based capital ratios were 60.74% and 59.36%, respectively. At
September 30, 2012, these ratios were 68.76% for the Bank and 60.42% for
the Company. At June 30, 2012, these ratios were 86.50% for the Bank and
76.1% for the Company. These ratios are improved despite the $18.4
million repurchase of Preferred Stock.
-- At December 31, 2012, the Company's allowance for loan loss totaled
$10.6 million, or 1.99% of total loans and 138.99% of non-accrual loans.
In the twelve month period ended December 31, 2012, the Company's net
charge offs totaled $2.9 million, or an annualized rate of 0.52% of
average loans.
-- For the three month period ended December 31, 2012, the Company's net
interest margin was 3.01%, as compared to 2.67% for the three month
period ended September 30, 2012, and 3.13% for the three month period
ended December 31, 2011.
Asset Quality
At December 31, 2012, the Company's level of non-accrual loans totaled $7.6 million, as compared to $6.1 million at December 31, 2011. At December 31, 2012, non-accrual loans total 1.43% of total loans.
A summary of non-accrual loans at December 31, 2012, and December 31, 2011, is as follows:
12/31/2012 12/31/2011
---------- ----------
(Dollars in Thousands)
One-to-four family first mortgages 2,243 2,074
Home equity lines of credit 66 134
Junior liens 4 101
Multi-family 38 ---
Construction --- ---
Land 2,768 1,330
Non-residential real estate 1,134 2,231
Farmland 648 ---
Consumer loans 145 9
Commercial loans 617 254
--- ---
Total non-accrual loans 7,663 6,133
===== =====
A summary of the level of classified loans at December 31, 2012, is as follows:
Specific Reserve
Reserve for
Impaired Loans
December 31, 2012 Special for Performing
----------------- ---
Pass Mention Substandard Doubtful Total Impairment Loans
---- ------- ----------- -------- ----- ---------- -----
(Dollars in Thousands)
One-to-four family mortgages 156,961 779 4,595 --- 162,335 754 1,736
Home equity line of credit 34,737 1,109 1,237 --- 37,083 76 298
Junior liens 3,821 47 468 --- 4,336 188 42
Multi-family 27,463 1,478 4,115 --- 33,056 38 486
Construction 14,052 --- 4,848 --- 18,900 --- 256
Land 14,374 7,683 23,849 --- 45,906 932 1,252
Non-residential real estate 107,947 669 14,021 --- 122,637 1,240 1,681
Farmland 38,496 1,230 7,073 --- 46,799 184 528
Consumer loans 13,330 --- 556 --- 13,886 121 217
Commercial loans 44,191 516 5,842 --- 50,549 308 311
------ --- ----- --- ------ --- ---
Total 455,372 13,511 66,604 --- 535,487 3,841 6,807
======= ====== ====== === ======= ===== =====
At December 31, 2012, non-accrual loans plus other real estate owned totaled $9.2 million, or 0.95% of total assets, as compared to $8.4 million, or 0.81% of total assets, at December 31, 2011. The Company's level of other real estate owned has declined from $2.3 million at December 31, 2011, to $1.5 million at December 31, 2012.
This information is preliminary and based on company data available at the time of the presentation.
At December 31, 2012, the Company's level of loans classified as substandard and doubtful were $66.6 million and none, respectively. At September 30, 2012, the Company's level of loans classified as substandard and doubtful were $75.7 million and $116,000, respectively, as compared to $47.5 million and $1.7 million, respectively, at December 31, 2011. The Company's specific reserve for impaired loans was $3.8 million at December 31, 2012, and $4.1 million at December 31, 2011.
At December 31, 2012, the Company's level of performing Troubled Debt Restructurings ("TDRs") was $11.1 million, as compared to $6.2 million at December 31, 2011. A summary of the activity in loans classified as performing TDRs for the twelve month period ended December 31, 2012, is as follows:
Removed
Removed from
Balance at New Loss or Due to (Taken to) Balance at
12/31/11 TDR Foreclosure Performance Non-accrual 12/31/12
-------- --- ----------- ----------- ----------- --------
One-to-four family mortgages 1,111 146 --- 705 (1,336) 1,888
Home equity line of credit --- 244 --- 244 --- ---
Junior Lien 757 --- --- 561 --- 196
Multi-family --- 239 --- 5 --- 234
Construction --- 4,272 160 --- --- 4,112
Land 941 4,850 233 804 4,098 656
Non-residential real estate 3,366 --- 453 2,913 (3,129) 3,129
Farmland --- 956 --- 956 (909) 909
Consumer loans 32 75 5 97 --- 5
Commercial loans 20 931 10 932 --- 9
--- --- --- --- --- ---
Total performing TDR 6,227 11,713 861 7,217 (1,276) 11,138
===== ====== === ===== ====== ======
This information is preliminary and based on company data available at the time of the presentation.
A summary of TDRs and non-performing TDRs at December 31, 2012, and December 31, 2011, is stated below:
December 31, 2012 December 31, 2011
----------------- -----------------
(Dollars in Thousands)
---------------------
One-to-four family mortgages $1,888 2,521
Home equity line of credit --- ---
Junior lien 196 857
Multi-family 234 ---
Construction 4,112 ---
Land 3,424 941
Non-residential real estate 3,173 3,367
Farmland 909 ---
Consumer loans 5 33
Commercial loans 128 125
--- ---
Total TDR $14,069 7,844
------- -----
Less:
TDR in non-accrual status
One-to-four family mortgages --- (1,410)
Home equity line of credit --- ---
Junior lien --- (100)
Multi-family --- ---
Construction --- ---
Land (2,768) ---
Non-residential real estate (44) (1)
Farmland --- ---
Consumer loans --- (1)
Commercial loans (119) (105)
---- ----
Total performing TDR $11,138 $6,227
======= ======
A summary of the activity in other real estate owned for the twelve month period ended December 31, 2012, is as follows:
Balance Reduction Gain (Loss) Balance
12/31/2011 Foreclosures Sales in Values on Sales 12/31/2012
---------- ------------ ----- --------- -------- ----------
(Dollars in Thousands)
One-to-four family mortgages 480 983 (954) (92) (29) 388
Multi-family 905 --- (875) --- (30) ---
Construction 465 --- (451) --- (14) ---
Land 248 1,229 (269) (77) (19) 1,112
Non-residential real estate 160 64 (178) (20) 18 44
Consumer assets 9 9 (11) --- (3) 4
--- --- --- --- --- ---
Total 2,267 2,285 (2,738) (189) (77) 1,548
===== ===== ====== ==== === =====
This information is preliminary and based on company data available at the time of the presentation.
Net Interest Income
For the three month period ended December 31, 2012, the Company's net interest income was $6.5 million, compared to $7.2 million for the three month period ended December 31, 2011, and $5.9 million for the three month period ended September 30, 2012. For the twelve month period ended December 31, 2012, the Company's net interest income was $26.0 million, as compared to $27.8 million for the twelve month period ended December 31, 2011. For the twelve month period ended December 31, 2012, the Company's net interest margin was 2.90%, as compared to 3.02% for the twelve month period ended December 31, 2011. For the twelve month period ended December 31, 2012, net interest income was reduced by $480,000 as a result of FHLB prepayment penalties. FHLB prepayment penalties reduced the Company's net interest margin for the twelve month period ended December 31, 2012, by 0.05%.
The Company's net interest margin improved significantly for the three month period ended December 31, 2012, as compared to the three month period ended September 30, 2012. The improvement occurred largely as a result of the re-pricing of more than $96 million in time deposits. On a linked quarter basis, interest expense on deposits declined by $348,000 and interest expense on FHLB borrowings declined by $563,000.
The decline in the Company's net interest income and net interest margin for the twelve month period ended December 31, 2012, as compared to the twelve month period ending December 31, 2011, is largely the result of declining average loan balances and high level of cash flow from our investment portfolio.
Non-interest Income
Non-interest income for the three month period ended December 31, 2012, was $2.2 million, as compared to $2.4 million for the three month periods ended December 31, 2011, and $2.9 million for the three month period ended September 30, 2012, respectively. Non-interest income for the twelve month period ended December 31, 2012, and December 31, 2011, was $9.6 million and $10.2 million, respectively.
The decrease in non-interest income for the three and twelve month periods ended December 31, 2012, as compared to the three and twelve month period ended December 31, 2011, was primarily the result of a lower level of gains on the sale of securities. The Company recognized net gains on the sale of securities of $53,000 and $1.7 million for the three month and twelve month periods ended December 31, 2012, as compared to $600,000 and $2.9 million for the three and twelve month periods ended December 31, 2011. The Company recognized $944,000 in gains on the sale of securities during the three month period ended September 30, 2012.
For the three and twelve month periods ended December 31, 2012, the Company's income from financial services increased by $90,000 and $177,000, respectively, as compared to the same periods in 2011. For the three and twelve month periods ended December 31, 2012, income from fixed rate mortgage originations was $272,000 and $956,000, as compared to $295,000 and $720,000 for the three and twelve month periods ended December 31, 2011. For the three month period ended December 31, 2012, income on bank owned life insurance increased by $95,000 as compared to the three month period ended December 31, 2011, as a result of the death benefit received.
This information is preliminary and based on company data available at the time of the presentation.
Non-interest Expense
Non-interest expenses were $6.9 million and $6.7 million for the three month periods ended December 31, 2012, and December 31, 2011, respectively, and $7.0 million for the three month period ended September 30, 2012. For the twelve month period ended December 31, 2012, and December 31, 2011, non-interest expenses were $28.4 million and $28.7 million, respectively. On a linked quarter basis, non-interest expenses declined $39,000 due to lower levels of professional services expenses and deposit insurance expense. These reductions were largely offset by a $197,000 increase in other operating expense attributable to an alternative minimum tax adjustment at December 31, 2012.
The Company's salaries and benefits expense, other operating expenses and professional services expenses have increased due to increased regulatory and compliance requirements. The reduction in losses on sale of other real estate owned is the result of lower balances in that asset class. The reduction in the Company's deposit insurance and examination expense is largely the result of a reduced level of brokered and time deposits and the removal of informal regulatory actions.
Balance Sheet
Total assets were $967.7 million at December 31, 2012, a decrease of $73.1 million as compared to December 31, 2011. The decline in the size of the balance sheet is largely the result of an $82.9 million reduction in time deposit balances and a $19.6 million decline in FHLB borrowings. The reduction in time deposits included an $8.2 million decline in brokered deposits. The Company funded the decline in the balance sheet largely by reducing the size of its investment portfolio by $27.4 million. For the twelve month period ended December 31, 2012, gross loans declined by approximately $32.0 million, to $535.6 million as compared to $567.6 million at December 31, 2011.
The Company recently repurchased all outstanding Preferred Stock and the associated Warrant sold under the Treasury's Capital Purchase Plan in December 2008. In repurchasing all outstanding preferred shares, the Company will not have to pay $920,000 in preferred dividends and incur $111,120 of warrant accretion in 2013, equal to $0.14 per share, basic and diluted. As a result of the repurchase of preferred shares, the Company accelerated a final dividend payment $87,000 and warrant accretion of $111,120, reducing net income available to common shareholders by $0.03 per share, basic and diluted.
The Company
HopFed Bancorp, Inc. is the holding company for Heritage Bank headquartered in Hopkinsville, Kentucky. The Bank has eighteen offices in western Kentucky and middle Tennessee in addition to its subsidiary, Fall & Fall Insurance of Fulton, Kentucky. The Bank's operations include Heritage Solutions of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Pleasant View, Tennessee, which offers a broad line of financial services. Heritage Mortgage Services of Clarksville, Tennessee offers long term fixed rate 1- 4 family mortgages loans in all communities in the Company's general market area. The Bank offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. More information about HopFed Bancorp and Heritage Bank may be found on its website www.bankwithheritage.com.
Forward-Looking Information
Information contained in this press release, other than historical information, may be considered forward?looking in nature and is subject to various risk, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company's operating results, performance or financial condition are competition and the demand for the Company's products and services, and other factors as set forth in filings with the Securities and Exchange Commission.
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Balance Sheet
(Dollars in thousands)
Assets December 31, 2012 December 31, 2011
------ ----------------- -----------------
Cash and due from banks $32,309 44,389
Interest-earning deposits 4,867 4,371
----- -----
Cash and cash equivalents 37,176 48,760
Federal Home Loan Bank
stock, at cost 4,428 4,428
Securities available for
sale 356,345 383,782
Loans receivable, net of
allowance for loan losses
of $10,648
at December 31, 2012, and
$11,262 at December 31,
2011 524,985 556,360
Accrued interest
receivable 5,398 6,183
Real estate and other
assets owned 1,548 2,267
Bank owned life insurance 9,323 9,135
Premises and equipment,
net 22,557 23,431
Deferred tax assets --- 1,132
Intangible asset 292 519
Other assets 5,637 4,823
----- -----
Total assets $967,689 1,040,820
======== =========
Liabilities and
Stockholders' Equity
--------------------
Liabilities:
Deposits:
Non-interest-bearing
accounts $94,083 79,550
Interest-bearing accounts
NOW accounts 147,047 130,114
Savings and money market
accounts 81,643 70,443
Other time deposits 437,092 519,988
------- -------
Total deposits 759,865 800,095
Advances from Federal Home
Loan Bank 43,741 63,319
Repurchase agreements 43,508 43,080
Subordinated debentures 10,310 10,310
Advances from borrowers
for taxes and insurance 396 153
Dividends payable 180 176
Deferred tax liability 568 ---
Accrued expenses and other
liabilities 4,122 5,204
----- -----
Total liabilities 862,690 922,337
------- -------
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Balance Sheet
(Dollars in thousands)
December 31, 2012 December 31, 2011
----------------- -----------------
Stockholders' equity
Preferred stock, par
value $0.01 per share;
authorized -500,000
shares; 18,400 shares
issued and
no shares outstanding at
December 31, 2012; and
18,400 shares issued and
outstanding with a
liquidation
preference of
$18,400,000 at December
31, 2011. --- ---
Common stock, par value
$.01 per share;
authorized
15,000,000 shares;
7,905,728 issued and
7,502,812
outstanding at December
31, 2012, and 7,895,336
issued
and 7,492,420
outstanding at December
31, 2011 79 79
Common stock warrant 556 556
Additional paid-in-
capital 76,288 75,967
Retained earnings-
substantially
restricted 41,829 39,591
Treasury stock-
preferred (at cost,
18,400 shares at
December 31, 2012, and
none at December 31,
2011) (18,400) ---
Treasury stock- common
(at cost, 402,916
shares at
December 31, 2012, and
December 31, 2011) (5,076) (5,076)
Accumulated other
comprehensive income,
net of taxes 9,723 7,366
----- -----
Total stockholders'
equity 104,999 118,483
------- -------
Total liabilities and
stockholders' equity $967,689 1,040,820
======== =========
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands)
For the Three Month Periods For the Twelve Month Periods
Ended December 31, Ended December 31,
------------------ ------------------
2012 2011 2012 2011
---- ---- ---- ----
Interest and dividend income:
Loans receivable 7,211 8,239 29,828 33,493
Investment in securities, taxable 1,899 2,462 8,722 10,465
Nontaxable securities available for sale 571 530 2,266 2,263
Interest-earning deposits 4 6 24 19
--- --- --- ---
Total interest and dividend income 9,685 11,237 40,840 46,240
----- ------ ------ ------
Interest expense:
Deposits 2,292 3,028 10,571 14,207
Advances from Federal Home Loan Bank 454 611 2,609 2,557
Repurchase agreements 242 241 963 909
Subordinated debentures 181 191 734 742
--- --- --- ---
Total interest expense 3,169 4,071 14,877 18,415
----- ----- ------ ------
Net interest income 6,516 7,166 25,963 27,825
----- ----- ------ ------
Provision for loan losses 500 476 2,275 5,921
--- --- ----- -----
Net interest income after
provision for loan losses 6,016 6,690 23,688 21,904
----- ----- ------ ------
Non-interest income:
Service charges 966 985 3,840 3,813
Merchant card income 222 197 842 768
Mortgage origination revenue 272 295 956 720
Gain on sale of securities 53 600 1,671 2,897
Other than temporarily impairment
on available for sale securities --- (141) --- (155)
Income from bank owned life insurance 161 66 399 316
Financial services commission 293 203 1,071 894
Other operating income 219 224 860 940
--- --- --- ---
Total non-interest income 2,186 2,429 9,639 10,193
----- ----- ----- ------
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands, except share and per share data)
For the Three Month Periods For the Twelve Month Periods
Ended December 31, Ended December 31,
------------------ ------------------
2012 2011 2012 2011
---- ---- ---- ----
Non-interest expenses:
Salaries and benefits 3,464 3,279 13,979 13,266
Occupancy expense 917 817 3,531 3,269
Data processing expense 631 589 2,494 2,645
State deposit tax 162 151 647 627
Intangible amortization expense 49 65 227 291
Professional services expense 285 386 1,605 1,372
Deposit insurance and examination expense 267 417 1,539 2,021
Advertising expense 405 304 1,357 1,235
Postage and communications expense 118 128 562 549
Supplies expense 75 105 355 399
Loss on disposal of equipment --- --- 13 145
(Gain) Loss on sale of real estate owned (21) 61 266 1,703
Real estate owned expenses 33 60 123 276
Other operating expenses 547 319 1,743 895
--- --- ----- ---
Total non-interest expense 6,932 6,681 28,441 28,693
----- ----- ------ ------
Income before income tax expense 1,270 2,438 4,886 3,404
Income tax expense 165 109 817 484
--- --- --- ---
Net income 1,105 2,329 4,069 2,920
----- ----- ----- -----
Less:
Dividend on preferred shares 318 232 1,007 920
Accretion dividend on preferred shares 139 28 222 111
--- --- --- ---
Net income available to common shareholders $648 $2,069 $2,840 $1,889
==== ====== ====== ======
Net income available to common shareholders
Per share, basic $0.09 $0.28 $0.38 $0.25
===== ===== ===== =====
Per share, diluted $0.09 $0.28 $0.38 $0.25
===== ===== ===== =====
Dividend per share $0.02 $0.02 $0.08 $0.20
===== ===== ===== =====
Weighted average shares outstanding - basic 7,487,726 7,484,420 7,486,445 7,460,294
========= ========= ========= =========
Weighted average shares outstanding - diluted 7,487,726 7,484,420 7,486,445 7,460,294
========= ========= ========= =========
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands)
For the Three
Months Ended
------------
Change from
12/31/2012 9/30/2012 Prior Quarter
---------- --------- -------------
Interest
and
dividend
income:
Loans
receivable 7,211 7,403 (192)
Investment
in
securities,
taxable 1,899 2,014 (115)
Nontaxable
securities
available
for sale 571 573 (2)
Interest-
earning
deposits 4 6 (2)
--- --- ---
Total
interest
and
dividend
income 9,685 9,996 (311)
----- ----- ----
Interest
expense:
Deposits 2,292 2,640 (348)
Advances
from
Federal
Home Loan
Bank 454 1,017 (563)
Repurchase
agreements 242 236 6
Subordinated
debentures 181 185 (4)
--- --- ---
Total
interest
expense 3,169 4,078 (909)
----- ----- ----
Net
interest
income 6,516 5,918 598
----- ----- ---
Provision
for loan
losses 500 506 (6)
--- --- ---
Net
interest
income
after
provision
for loan
losses 6,016 5,412 604
----- ----- ---
Non-
interest
income:
Service
charges 966 963 3
Merchant
card
income 222 212 10
Mortgage
orgination
revenue 272 218 54
Gain on
sale of
securities 53 944 (891)
Income from
bank owned
life
insurance 161 80 81
Financial
services
commission 293 280 13
Other
operating
income 219 200 19
--- --- ---
Total non-
interest
income 2,186 2,897 (711)
----- ----- ----
This information is preliminary and based on company data available at the time of the presentation
HOPFED BANCORP, INC.
Selected Financial Data
(Dollars in thousands, except share and per share data)
For the Three
Months Ended
------------
Change from
12/31/2012 9/30/2012 Prior Quarter
---------- --------- -------------
Non-interest expenses:
Salaries and benefits $3,464 3,447 17
Occupancy expense 917 875 42
Data processing expense 631 610 21
State deposit tax 162 161 1
Intangible amortization
expense 49 48 1
Professional services
expense 285 435 (150)
Deposit insurance and
examination expense 267 419 (152)
Advertising expense 405 324 81
Postage and communications
expense 118 146 (28)
Supplies expense 75 64 11
Loss on disposal of
equipment --- 5 (5)
Loss on sale of real estate
owned (21) 68 (89)
Real estate owned expenses 33 19 14
Other operating expenses 547 350 197
--- --- ---
Total non-interest expense 6,932 6,971 (39)
----- ----- ---
Income before income tax
expense 1,270 1,338 (68)
Income tax expense 165 263 (98)
--- --- ---
Net income 1,105 1,075 30
----- ----- ---
Less:
Dividend on preferred shares 318 229 89
Accretion dividend on
preferred shares 139 27 112
--- --- ---
Net income available to
common shareholders $648 819 (171)
==== === ====
Net income available to
common shareholders
Per share, basic $0.09 $0.11 (0.02)
===== ===== =====
Per share, diluted $0.09 $0.11 (0.02)
===== ===== =====
Dividend per share $0.02 $0.02
===== =====
Weighted average shares
outstanding -basic 7,487,726 7,487,283
========= =========
Weighted average shares
outstanding -diluted 7,487,726 7,487,283
========= =========
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the twelve month periods ended December 31, 2012, and December 31, 2011, by $1,076,000 and $1,065,000, respectively; for a tax equivalent rate using a cost of funds rate of 1.80% for the twelve month period ended December 31, 2012, and 2.00% for the twelve month period ended December 31, 2011. The table adjusts tax-free loan income by $9,000 for the twelve month period ended December 31, 2012, and $34,000 for the twelve month period ended December 31, 2011, for a tax equivalent rate using the same cost of funds rate:
Average Income & Average Average Income & Average
Balance Expense Rates Balance Expense Rates
12/31/2012 12/31/2012 12/31/2012 12/31/2011 12/31/2011 12/31/2011
---------- ---------- ---------- ---------- ---------- ----------
Loans $542,292 $29,837 5.50% $575,133 $33,527 5.83%
Investments AFS taxable 313,347 8,722 2.78% 308,022 10,465 3.40%
InvestmentsAFS tax free 68,428 3,342 4.88% 66,104 3,328 5.03%
Federal funds 9,850 24 0.24% 9,075 19 0.21%
----- --- ---- ----- --- ----
Total interest earning assets 933,917 41,925 4.49% 958,334 47,339 4.94%
------- ------ ------- ------
Other assets 85,560 108,997
------ -------
Total assets $1,019,477 $1,067,331
========== ==========
Retail time deposits $435,454 8,316 1.91% $469,052 10,908 2.33%
Brokered deposits 51,193 946 1.85% 78,996 1,642 2.08%
Now accounts 145,173 1,180 0.81% 136,828 1,543 1.13%
MMDA and savings accounts 74,574 129 0.17% 68,347 114 0.17%
FHLB borrowings 56,990 2,609 4.58% 71,352 2,557 3.58%
Repurchase agreements 40,915 963 2.35% 39,894 909 2.28%
Subordinated debentures 10,310 734 7.12% 10,310 742 7.20%
------ --- ---- ------ --- ----
Total interest bearing liabilities 814,609 14,877 1.83% 874,779 18,415 2.11%
------- ------ ------- ------
Non-interest bearing deposits 84,304 72,961
Other non-interest
bearing liabilities 6,559 4,562
Stockholders' equity 114,005 115,029
------- -------
Total liabilities
and stockholders' equity $1,019,477 $1,067,331
========== ==========
Net change in interest earning
assets and interest bearing liabilities $27,048 $28,924
======= =======
Interest rate spread 2.66% 2.83%
==== ====
Net yield on interest earning assets 2.90% 3.02%
==== ====
This information is preliminary and based on company data available at the time of the presentation.
HOPFED BANCORP, INC.
Selected Financial Data
The table below adjusts tax-free investment income for the three month periods ended December 31, 2012, and December 31, 2011, by $274,000 and $249,000, respectively; for a tax equivalent rate using a cost of funds rate of 1.60% for the three month period ended December 31, 2012, and 2.00% for the three month period ended December 31, 2011. The table adjusts tax-free loan income by $1,000 for the three month period ended December 31, 2012 and $8,000 for the three month period ended December 31, 2011, for a tax equivalent rate using the same cost of funds rate:
Average Income & Average Average Income & Average
Balance Expense Rates Balance Expense Rates
12/31/2012 12/31/2012 12/31/2012 12/31/2011 12/31/2011 12/31/2011
---------- ---------- ---------- ---------- ---------- ----------
Loans $532,847 $7,212 5.41% $560,987 $8,247 5.88%
Investments AFS taxable 285,565 1,899 2.66% 314,703 2,463 3.13%
InvestmentsAFS tax free 70,554 845 4.79% 63,809 779 4.89%
Federal funds 14,003 4 0.11% 10,747 6 0.22%
------ --- ---- ------ --- ----
Total interest earning assets 902,969 9,960 4.41% 950,246 11,495 4.84%
------- ----- ------- ------
Other assets 79,807 97,842
------ ------
Total assets $982,776 $1,048,088
======== ==========
Retail time deposits $408,353 1,777 1.74% $463,586 2,421 2.09%
Brokered deposits 47,127 193 1.64% 63,738 300 1.88%
Now accounts 145,644 290 0.80% 133,464 287 0.86%
MMDA and savings accounts 76,335 32 0.17% 71,250 21 0.12%
FHLB borrowings 44,044 454 4.12% 67,747 610 3.60%
Repurchase agreements 40,758 242 2.37% 40,550 241 2.38%
Subordinated debentures 10,310 181 7.02% 10,310 191 7.41%
------ --- ---- ------ --- ----
Total interest bearing liabilities 772,571 3,169 1.64% 850,645 4,071 1.91%
------- ----- ------- -----
Non-interest bearing deposits 88,783 75,169
Other non-interest
bearing liabilities 6,753 6,153
Stockholders' equity 114,669 116,121
------- -------
Total liabilities
and stockholders' equity $982,776 $1,048,088
======== ==========
Net change in interest earning
assets and interest bearing liabilities $6,791 $7,424
====== ======
Interest rate spread 2.77% 2.93%
==== ====
Net yield on interest earning assets 3.01% 3.13%
==== ====
This information is preliminary and based on company data available at the time of the presentation.
SOURCE HopFed Bancorp, Inc.
