Louisiana Bancorp, Inc. (the "Company") (Nasdaq:LABC), the holding
company for Bank of New Orleans (the "Bank"), announced today that
the Company's net income for the quarter ended December 31, 2014
was $799,000, or $0.30 per diluted share, compared to quarterly net
income of $638,000, or $0.24 per diluted share during the fourth
quarter of 2013. Net interest income between the respective
quarterly periods increased by $46,000, non-interest income
increased by $182,000, and non-interest expense decreased by
$75,000. For the year ended December 31, 2014, the Company reported
net income of $2.8 million, or $1.06 per diluted share, an increase
of $109,000 compared to the year ended December 31, 2013.
Lawrence J. LeBon, III, Chairman, President and Chief Executive
Officer of the Company and the Bank, stated: "We are pleased to
report that during 2014, the Company increased net income by
$109,000, increased total loans receivable by 11.1%, and grew total
assets by $16.6 million. In addition, the market price for our
common stock increased from $18.22 at December 31, 2013, to $22.45
at December 31, 2014, an increase of $4.23 per share, or 23.2%.
During 2014, we implemented a quarterly dividend program that
returned a cumulative total of $0.20 per share to our
shareholders. This quarterly dividend program was complemented
by a non-recurring special cash dividend of $0.75 per share in the
fourth quarter. As we begin the new year, we renew our
commitment to prudently managing our investors' capital in a manner
that maximizes long-term value and profitability."
Total assets were $333.3 million at December 31, 2014, an
increase of $16.6 million compared to December 31,
2013. During 2014, our asset growth was primarily attributable
to a $27.4 million increase in our net loan portfolio, which was
partially offset by a $1.9 million decrease in cash and cash
equivalents, and a $10.4 million decrease in our securities
portfolio. The net loan portfolio was $274.9 million at
December 31, 2014 compared to $247.5 million at December 31, 2013.
Single-family mortgage loans grew by $22.1 million, home equity
loans and lines of credit increased by $3.7 million, and
non-residential mortgage loans increased by $2.7 million, while the
remaining sectors of our loan portfolio experienced slight
decreases. Total securities available-for-sale decreased by
$3.0 million and total securities held-to-maturity decreased by
$7.4 million during 2014.
Total non-performing loans were $961,000 at December 31, 2014, a
decrease of $367,000 compared to December 31, 2013. Total
non-performing loans comprised 0.35% and 0.53%, respectively, of
our total loans receivable and total non-performing assets were
0.29% and 0.60%, respectively, of our total assets at December 31,
2014 and December 31, 2013. Our allowance for loan losses was
246.41% of our non-performing loans at December 31, 2014 compared
to 167.24% at December 31, 2013.
Total deposits decreased by $9.4 million, to $193.1 million at
December 31, 2014 compared to $202.5 million at December 31,
2013. During 2014, non-interest bearing deposits increased by
$1.4 million to $16.5 million, and interest-bearing deposits
decreased by $10.8 million to $176.6 million. The decrease in
interest-bearing deposits was primarily due to the outflow of
high-balance rate-sensitive certificates of deposit and an expected
large withdrawal from a commercial depositor. Total Federal
Home Loan Bank advances were $75.5 million at December 31, 2014, an
increase of $24.5 million from December 31, 2013. This
increase in FHLB advances was in the form of short-term advances
which were used to offset the outflow of deposits and fund the
growth in our loan portfolio during the year.
Total shareholders' equity was $58.4 million at December 31,
2014 and $57.9 million at December 31, 2013. During 2014, the
Company paid four quarterly cash dividends of $0.05 per share of
common stock and a special cash dividend of $0.75 per share, or
$2.4 million in the aggregate. Additionally, the Company
acquired 90,380 shares of its common stock at a total cost of $1.8
million pursuant to its repurchase plans. The resulting increase in
treasury stock from the stock repurchases was offset by the
reissuance of 105,330 treasury shares upon the exercise of stock
options by several employees and directors. The exercise of
these options resulted in a $1.5 million decrease in treasury stock
and a $256,000 decrease in additional paid-in-capital. For the
years ended December 31, 2014 and December 31, 2013, the Company's
average equity to average assets ratio were 18.1% and 17.8%,
respectively. The Bank's Tier 1 leverage ratio, Tier 1
risk-based capital ratio, and total risk-based capital were 13.24%,
21.78%, and 22.96%, respectively, at December 31, 2014. The
Bank's capital ratios reflect a $6 million dividend payable to the
Company that was declared on September 30, 2014. This dividend
will provide the Company with liquidity to execute its capital
management strategies including, but not limited to, the payment of
cash dividends and funding future stock repurchase plans.
Net interest income was approximately $2.7 million during the
fourth quarter of 2014, an increase of $46,000 compared to the
fourth quarter of 2013. Our net interest margin, which
expresses net interest income as a percentage of average
interest-earning assets, was 3.36% and 3.39%, respectively, for the
three month periods ended December 31, 2014 and December 31,
2013. Total interest income was approximately $3.2 million and
$3.3 million, respectively, for each of the quarterly periods ended
December 31, 2014 and December 31, 2013. The average balance
of interest earning assets increased by $8.2 million and the
average yield on interest-earning assets decreased from 4.26% to
4.09% during the three month period ended December 31, 2014
compared to the same three month period in the prior year.
Interest income on loans receivable was $2.9 million during
the fourth quarter of 2014, with an average balance of $268.0
million and an average yield of 4.35%. Similarly, interest
income of $2.9 million was earned on loans receivable with an
average balance of $246.1 million and an average yield of 4.65%
during the fourth quarter of 2013. The average balance of our
mortgage-backed securities and CMOs decreased by $11.7 million, to
$40.8 million, during the fourth quarter of 2014 compared to the
fourth quarter of 2013, resulting in a decrease of $102,000 in
interest income earned on mortgage-backed securities and CMOs in
the 2014 period compared to the 2013 period. Interest income
on investment securities during the fourth quarter of 2014 was
$20,000, at an average yield of 2.57%, compared to $26,000, at an
average yield of 4.48%, during the fourth quarter of
2013. Interest income earned on other interest-earning assets
was $5,000 and $6,000, respectively, for the three month periods
ended December 31, 2014 and December 31, 2013.
For the year ended December 31, 2014, net interest income was
$10.1 million, an increase of $18,000 compared to the year ended
December 31, 2013. Our net interest rate spread between the
respective annual periods decreased by one basis point and our net
interest margin decreased by four basis points. Interest
income decreased by $357,000, to $12.7 million, during the year
ended December 31, 2014 compared to the year ended December 31,
2013. During these respective annual periods, the average
balance of our interest-earning assets increased by $4.2 million,
while the average yield on such assets decreased by 17 basis
points. Interest income on mortgage loans receivable was $11.2
million and $11.0 million, respectively, during the annual periods
ended December 31, 2014 and December 31, 2013. During these
respective periods, the average balance of mortgage loans
receivable increased by $23.5 million, however the average yield
decreased by 35 basis points. The growth in the average
balance of our mortgage loans receivable was partially offset by a
$15.4 million decrease in the average balance of our
mortgage-backed securities and CMOs, a $2.2 million decrease in the
average balance of our investment securities, and a $1.8 million
decrease in other interest-earning assets. The average yield
earned on total interest-earning assets during 2014 was 4.07%
compared to 4.24% during 2013.
Total interest expense was $579,000, with our interest-bearing
liabilities having an average cost of 0.95%, during the fourth
quarter of 2014, compared to interest expense of $679,000 and an
average cost of 1.13% for the fourth quarter of 2013. The
average rate paid on interest-bearing deposits was 0.69% during the
quarter ended December 31, 2014, a decrease of eighteen basis
points from the quarter ended December 31, 2013. Interest
expense on borrowings was $271,000 at an average cost of 1.69%
during the fourth quarter of 2014, and $274,000 at an average cost
of 2.07% during the fourth quarter of 2013.
For the year ended December 31, 2014, total interest expense was
$2.5 million, a decrease of $375,000 compared to the year ended
December 31, 2013. Average interest-bearing liabilities were
$240.2 million with an average cost of 1.05% during 2014 compared
to average interest-bearing liabilities of $240.1 million with an
average cost of 1.21% during 2013.
The Company recorded a provision for loan losses of $94,000
during the fourth quarter of 2014 compared to $21,000 during the
fourth quarter of 2013. Our allowance for loan losses was $2.4
million at December 31, 2014, an increase of $147,000 compared to
December 31, 2013. At such dates, our allowance for loan losses was
0.85% and 0.89%, respectively, of total loans receivable.
During the years ended December 31, 2014 and December 31, 2013,
the Company reported provisions for loan losses of $189,000 and
$264,000, respectively. At December 31, 2014, total
non-performing loans and total non-performing assets were $961,000.
At December 31, 2013, total non-performing loans were $1.3 million
and total non-performing assets were $1.9 million.
Non-interest income for the fourth quarter of 2014 was $515,000,
an increase of $182,000 from the fourth quarter of 2013. Our
customer service fees, which are primarily comprised of fees earned
on transaction accounts, loan servicing fees, and brokered loan
commissions, were $332,000 during the fourth quarter of 2014, an
increase of $130,000 from the comparable 2013 period. Gains on
the sale of mortgage loans increased from $110,000 during the
fourth quarter of 2013 to $172,000 during the fourth quarter of
2014 due to an increase of $2.1 million in the principal balance of
loans sold during the respective periods. During the fourth
quarter of 2013, the Company recorded a gain of $5,000 on its
investment in a small business investment company. There were
no such gains during the fourth quarter of 2014. Other
non-interest income was $11,000 and $16,000, respectively, during
the three month periods ended December 31, 2014 and December 31,
2013.
For the annual periods ended December 31, 2014 and December 31,
2013, total non-interest income was $2.1 million and $2.2 million,
respectively. Customer service fees were $882,000 during 2014,
an increase of $50,000 compared to 2013. The Bank realized
gains of $713,000 on the sale of $27.3 million in mortgage loans
during 2014, compared to gains of $937,000 on the sale of $40.5
million in mortgage loans during 2013. During 2014, we
reported gains on the sale of securities of $30,000 and gains on
the disposal of OREO properties of $361,000. There were no such
gains recognized on the sale of securities or the sale of OREO
during the 2013 period. The Company reported gains on its
equity investment in a small business investment company of $7,000
and $298,000, respectively, for the years ended December 31, 2014
and December 31, 2013. Other non-interest income was $57,000
and $93,000, respectively, during the years ended December 31, 2014
and December 31, 2013.
Total non-interest expense was $1.9 million during the fourth
quarter of 2014, a decrease of $75,000 compared to fourth quarter
of 2013. Salaries and employee benefits expense decreased by
$29,000, occupancy expenses decreased by $4,000, and our Louisiana
bank shares tax expense increased by $6,000 during the quarter
ended December 31, 2014 compared to the quarter ended December 31,
2013. During the fourth quarter of 2014, our FDIC insurance
premium expense increased by $3,000 to $40,000, and our supplies
expense increased by $1,000, to $33,000 compared to the fourth
quarter of 2013. During the fourth quarter of 2014, the Company
recorded no expenses in connection with OREO compared to $21,000
during the fourth quarter of 2013. Our advertising expense
decreased by $25,000 and our professional service fees decreased by
$6,000 between the respective quarterly periods ended December 31,
2014 and December 31, 2013. Other non-interest expenses were
$133,000 for both the fourth quarter of 2014 and the fourth quarter
of 2013.
Non-interest expense for 2014 was $7.7 million, a decrease of
$139,000 compared to 2013. Salaries and employee benefits cost
decreased by $81,000 between the respective annual periods, to $4.6
million, due primarily to a reduction in the cost of our equity
compensation plans and employee health insurance
premiums. Occupancy expenses increased by $112,000, to $1.5
million, during the year ended December 31, 2014 compared to the
year ended December 31, 2013. This increase was attributed to
an increase in data processing costs and certain costs associated
with the rebuilding of our Metairie-Lakefront branch
office. For the year ended December 31, 2014, our Louisiana
bank shares tax expense decreased by $3,000, our FDIC insurance
premium increased by $1,000, and our supplies expense increased by
$7,000 compared to the year ended December 31, 2013. Our OREO
operating costs decreased by $56,000, advertising expense decreased
by $87,000 and professional fees expense decreased by $77,000
during the 2014 period compared to 2013. Other non-interest
expenses were $586,000 and $541,000, respectively, for the years
ended December 31, 2014 and 2013.
For the three month period ended December 31, 2014, the Company
recorded income tax expense of $404,000, an increase of $69,000
from the three month period ended December 31, 2013. This increase
in income tax expense was primarily due to an increase in pre-tax
income of $230,000 between the respective quarterly periods.
Income tax expense was approximately $1.4 million for each of
the years ended December 31, 2014 and December 31, 2013, based on
pre-tax income of $4.3 million and $4.1 million, respectively.
This news release contains certain forward-looking statements.
Forward-looking statements can be identified by the fact that
they do not relate strictly to historical or current facts. They
often include the words "believe," "expect," "anticipate,"
"intend," "plan," "estimate" or words of similar meaning, or future
or conditional verbs such as "will," "would," "should," "could" or
"may."
Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors ‑ many of which
are beyond our control ‑ could cause actual conditions, events or
results to differ significantly from those described in the
forward-looking statements. Louisiana Bancorp's Annual Report
on Form 10-K for the year ended December 31, 2013, which is
available from the SEC's website, www.sec.gov, or the Company's
website, www.bankofneworleans.net, describes some of these factors,
including market rates of interest, competition, risk elements in
the loan portfolio, general economic conditions, the level of the
allowance for losses on loans, geographic concentration of our
business, risks of our growth strategy, dependence on our
management team, regulation of our business, increases in deposit
insurance premiums and actions by the U. S. government to stabilize
the financial markets. Forward-looking statements speak only
as of the date they are made. We do not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made or to
reflect the occurrence of unanticipated events.
SELECTED CONSOLIDATED
FINANCIAL AND OTHER DATA |
(Dollars in thousands,
except per share amounts) |
|
|
|
|
|
|
December 31,
2014 |
December 31,
2013 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Selected Financial and Other
Data: |
|
|
|
|
Total assets |
$ 333,346 |
$ 316,708 |
|
|
Cash and cash equivalents |
5,048 |
6,964 |
|
|
Securities available-for-sale: |
|
|
|
|
Investment securities |
-- |
2,023 |
|
|
Mortgage-backed securities &
CMOs |
2,458 |
3,463 |
|
|
Equity Securities |
275 |
280 |
|
|
Securities held-to-maturity: |
|
|
|
|
Investment securities |
2,881 |
-- |
|
|
Mortgage-backed securities &
CMOs |
37,098 |
47,346 |
|
|
Loans receivable, net |
274,926 |
247,479 |
|
|
Deposits |
193,098 |
202,508 |
|
|
FHLB advances and other borrowings |
75,509 |
51,040 |
|
|
Shareholders' equity |
58,397 |
57,939 |
|
|
|
|
|
|
|
Book Value per Share |
$20.13 |
$20.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Dec. 31, |
Year Ended Dec.
31, |
|
2014 |
2013 |
2014 |
2013 |
|
(unaudited) |
(unaudited) |
Selected Operating
Data: |
|
|
|
|
Total interest income |
$ 3,243 |
$ 3,297 |
$ 12,669 |
$ 13,026 |
Total interest expense |
579 |
679 |
2,529 |
2,904 |
Net interest income |
2,664 |
2,618 |
10,140 |
10,122 |
Provision for loan losses |
94 |
21 |
189 |
264 |
Net interest income after provision for loan
losses |
2,570 |
2,597 |
9,951 |
9,858 |
Total non-interest income |
515 |
333 |
2,050 |
2,160 |
Total non-interest expense |
1,882 |
1,957 |
7,737 |
7,876 |
Income before income taxes |
1,203 |
973 |
4,264 |
4,142 |
Income taxes |
404 |
335 |
1,447 |
1,434 |
Net income |
$ 799 |
$ 638 |
$ 2,817 |
$ 2,708 |
|
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.32 |
$ 0.26 |
$ 1.14 |
$ 1.09 |
Diluted |
$ 0.30 |
$ 0.24 |
$ 1.06 |
$ 1.03 |
Weighted average shares outstanding |
|
|
|
|
Basic |
2,467,237 |
2,487,348 |
2,466,843 |
2,480,894 |
Diluted |
2,641,985 |
2,632,013 |
2,640,585 |
2,620,429 |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Dec. 31, |
Year Ended Dec.
31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Selected Operating
Ratios(1): |
|
|
|
|
Average yield on interest-earning assets |
4.09% |
4.26% |
4.07% |
4.24% |
Average rate on interest-bearing
liabilities |
0.95% |
1.13% |
1.05% |
1.21% |
Average interest rate spread(2) |
3.14% |
3.13% |
3.02% |
3.03% |
Net interest margin(2) |
3.36% |
3.39% |
3.26% |
3.30% |
Average interest-earning assets to average
interest-bearing liabilities |
130.91% |
129.18% |
129.62% |
127.93% |
Net interest income after provision for loan
losses to non-interest expense |
136.56% |
132.70% |
128.62% |
125.17% |
Total non-interest expense to average
assets |
2.30% |
2.46% |
2.42% |
2.49% |
Efficiency ratio(3) |
59.20% |
66.32% |
63.47% |
64.13% |
Return on average assets |
0.98% |
0.80% |
0.88% |
0.86% |
Return on average equity |
5.47% |
4.45% |
4.86% |
4.81% |
Average equity to average assets |
17.89% |
18.00% |
18.09% |
17.83% |
|
|
|
|
|
|
|
|
At or For the
Period Ended |
Asset Quality
Ratios(4): |
Dec. 31,
2014 |
Sept. 30, 2014 |
June 30, 2014 |
March 31, 2014 |
Non-performing loans as a percent of total
loans receivable (5) (6) |
0.35% |
0.37% |
0.41% |
0.54% |
Non-performing assets as a percent of total
assets(5) |
0.29% |
0.31% |
0.58% |
0.60% |
Allowance for loan losses as a percent of
non-performing loans |
246.41% |
229.02% |
208.54% |
165.24% |
Allowance for loan losses as a percent of
total loans receivable (6) |
0.85% |
0.86% |
0.85% |
0.90% |
Net charge-offs during the period to average
loans receivable (6)(7) |
0.00% |
-0.01% |
0.04% |
0.00% |
|
|
|
|
|
Capital Ratios(4): |
|
|
|
|
Tier 1 leverage ratio |
13.24% |
13.31% |
15.12% |
15.09% |
Tier 1 risk-based capital ratio |
21.78% |
21.95% |
25.04% |
25.69% |
Total risk-based capital ratio |
22.96% |
23.11% |
26.19% |
26.91% |
_________________________________________ |
|
|
|
|
|
|
|
|
|
(1) All operating ratios
are based on average monthly balances during the indicated periods
and are annualized where appropriate. |
|
|
|
|
|
(2) Average interest rate
spread represents the difference between the average yield on
interest-earning assets and the average rate paid on
interest-bearing liabilities, and net interest margin represents
net interest income as a percentage of average interest-earning
assets. |
|
|
|
|
|
(3) The efficiency ratio
represents the ratio of non-interest expense divided by the sum of
net interest income and non-interest income. |
|
|
|
|
|
(4) Asset quality ratios
and capital ratios are end of period ratios, except for net
charge-offs to average loans receivable. Capital ratios are
for the Bank, only. |
|
|
|
|
|
(5) Non-performing assets
consist of non-performing loans and real estate
owned. Non-performing loans consist of all non-accruing loans
and accruing loans 90 days or more past due. Non-performing
loans are reported gross of allowance for loan losses. |
|
|
|
|
|
(6) Loans receivable are
presented before the allowance for loan losses but include deferred
costs/fees. |
|
|
|
|
|
(7) Net charge-offs are
presented on a quarterly basis. |
CONTACT: Lawrence J. LeBon, III,
Chairman, President &
Chief Executive Officer
or
John LeBlanc,
EVP & Chief Financial Officer
Telephone: (504) 834-1190
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