Exhibit 99.1
FOR IMMEDIATE RELEASE | CONTACT: | John E. Peck | ||
President and CEO | ||||
(270) 885-1171 |
HOPFED BANCORP, INC. REPORTS FIRST QUARTER RESULTS
HOPKINSVILLE, Ky. (April 28, 2004) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the “Company”) today reported results for the first quarter ended March 31, 2004. Net income for the first quarter ended March 31, 2004, was $947,000, or $0.26 per share, compared with net income of $996,000, or $0.27 per share, for the first quarter in 2003.
Commenting on the first quarter results, John E. Peck, president and chief executive officer, said, “The Company continues to experience growth in both loans and deposits. The Company has maintained stable levels of profitability despite tighter net interest margins that have resulted from the prolonged decline in market interest rates and the resulting downward re-pricing of its adjustable rate loan portfolio. The Company is focused on growth in core deposits while lowering its cost of funds and appears well positioned to perform well as our local and national economy improves. Our expanded product lines, including Internet banking and bill pay, as well as exceptional customer service have been rewarded with continued growth in all of our markets.”
“In addition, at March 31, 2004, total assets increased to $541.0 million compared with $531.5 million at December 31, 2003; deposits increased to $421.1 million compared with $417.5 million at December 31, 2003; while net loans increased to $340.5 million compared with $334.7 million at December 31, 2003.”
HopFed Bancorp, Inc. is a holding company for Heritage Bank headquartered in Hopkinsville, Kentucky. The Bank has eight offices in western Kentucky and offers a broad line of banking and financial products and services with the personalized focus of a community banking organization.
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.
HFBC Announces First Quarter Results
Page 2
April 28, 2004
HOPFED BANCORP, INC.
Selected Financial Data
(In thousands, except per share data)
Three Months Ended March 31, | ||||||
2004 | 2003 | |||||
Earnings Summary | ||||||
Interest income on loans | $ | 4,720 | $ | 4,731 | ||
Interest income on taxable investments | 1,326 | 1,021 | ||||
Interest income on non taxable investments | 242 | 115 | ||||
Interest income on time deposits | 6 | 38 | ||||
Total interest income | 6,294 | 5,905 | ||||
Interest expense on deposits | 2,429 | 2,766 | ||||
Interest expense on borrowed funds | 536 | 267 | ||||
Total interest expense | 2,965 | 3,033 | ||||
Net interest income | 3,329 | 2,872 | ||||
Provision for loan losses | 300 | 400 | ||||
Net interest income after provision for loan losses | 3,029 | 2,472 | ||||
Non-interest income: | ||||||
Gain on sale of investments | 171 | 318 | ||||
Gain on sale of loans | 32 | 118 | ||||
Service charges | 381 | 305 | ||||
Other | 208 | 274 | ||||
Total non-interest income | 792 | 1,015 | ||||
Non-interest expense: | ||||||
Salaries and benefits | 1,256 | 1,023 | ||||
Occupancy expense | 169 | 211 | ||||
Data processing | 198 | 186 | ||||
State deposit taxes | 116 | 95 | ||||
Loss on sale of fixed assets | 7 | — | ||||
Other operating expenses | 650 | 508 | ||||
Total non-interest expense | 2,396 | 2,023 | ||||
Net income before income taxes | 1,425 | 1,464 | ||||
Federal income tax expense | 478 | 468 | ||||
Net income | $ | 947 | $ | 996 | ||
Earnings per share - basic | $ | 0.26 | $ | 0.27 | ||
Earnings per share - diluted | $ | 0.26 | $ | 0.27 | ||
Dividend per share | $ | 0.12 | $ | 0.11 | ||
Weighted average shares | ||||||
outstanding – Basic | 3,630,396 | 3,630,396 | ||||
Weighted average shares outstanding – Diluted | 3,661,397 | 3,646,737 | ||||
As of | ||||||
March 31, 2004 | December 31, 2003 | |||||
Total assets | $ | 541,002 | $ | 531,465 | ||
Loans receivable, gross | 343,345 | 337,316 | ||||
Securities available for sale | 147,748 | 143,514 | ||||
Securities held to maturity | 17,046 | 15,108 | ||||
Allowance for loan losses | 2,800 | 2,576 | ||||
Total deposits | 421,126 | 417,488 | ||||
Total borrowings | 68,897 | 64,663 | ||||
Stockholder’s equity | 48,679 | 47,238 | ||||
Book value | $ | 13.41 | $ | 13.01 |