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 March 31, 2015 was
$669,000, or $0.25 per diluted share, an increase of $49,000 from
the first quarter of 2014. Net interest income was $2.7 million
during the first quarter of 2015, an increase of $166,000 compared
to the first quarter of 2014. In addition, our provision for loan
losses decreased by $29,000, our non-interest income increased by
$30,000 and our non-interest expense increased by $161,000 between
the respective quarterly periods ended March 31, 2015 and 2014.
Lawrence J. LeBon, III, Chairman, President and Chief Executive
Officer of the Company and the Bank, stated: "We are pleased to
announce that our reconstructed branch office located at
Transcontinental Drive in Metairie is now open. The site
renovations have improved the physical appearance of the branch, as
well as the building's functionality. We thank our existing
customers for their patience during the construction period and
look forward to building new long-term customer relationships in
the Metairie-Lakefront market."
Total assets were $330.7 million at March 31, 2015, a decrease
of $2.6 million compared to December 31, 2014. During the first
three months of 2015, cash and cash equivalents decreased by
$331,000, securities available-for-sale decreased by $182,000 and
securities held-to-maturity decreased by $2.1 million. Net loans
receivable were $274.6 million at March 31, 2015, a decrease of
$297,000 compared to December 31, 2014. During the first quarter of
2015, single-family mortgage loans decreased by $1.2 million and
commercial real estate loans decreased by $2.5 million, while the
outstanding balance of our home equity lines of credit increased by
$3.5 million.
Total deposits increased by $7.6 million, to $200.7 million at
March 31, 2015 compared to $193.1 million at December 31, 2014.
During the first quarter of 2015, the bank sourced $8.6 million in
deposits from its internet marketing channels. The resulting
increase in deposits led to a decrease in FHLB advances of $10.1
million during the period. As of March 31, 2015, non-interest
bearing deposits were $15.9 million, and interest-bearing deposits
were $184.8 million. Total FHLB advances decreased from $75.5
million at December 31, 2014 to $65.4 million at March 31,
2015.
Total shareholders' equity was $58.9 million at March 31, 2015,
an increase of $549,000 compared to December 31, 2014. During
the first quarter of 2015, total shareholders' equity was increased
by net income of $669,000 and the reissuance of 5,000 treasury
shares at a net cost of $62,000 due to the exercise of stock
options. These increases in total shareholders' equity were
partially offset by the payment of a cash dividend of $0.07 per
share, or $182,000 in the aggregate. The Bank's Tier 1
leverage ratio, Tier 1 risk-based capital ratio, and total
risk-based capital were 14.76%, 24.18%, and 25.35%, respectively,
at March 31, 2015.
Net interest income was approximately $2.7 million during the
first quarter of 2015, an increase of $166,000 compared to the
first quarter of 2014. Between the respective quarterly
periods, the average yield on our interest-earning assets declined
by 13 basis points and the average cost of our interest-bearing
liabilities decreased 23 basis points resulting in a ten basis
point increase in the average interest rate spread. Our net
interest margin, which expresses net interest income as a
percentage of average interest-earning assets, was 3.28% and 3.23%,
respectively, for the three month periods ended March 31, 2015, and
March 31, 2014.
During the first quarter of 2015, interest income was $3.2
million, an increase of $57,000 compared to the first quarter of
2014. The average balance of interest earning assets increased
by $15.2 million while the average yield on interest-earning assets
decreased from 4.09% to 3.96% during the three month period ended
March 31, 2015 compared to the same three month period in the prior
year. Interest income on loans receivable was $2.9 million during
the first quarter of 2015, with an average outstanding loan balance
of $275.0 million and an average yield of 4.21%. In comparison,
interest income of $2.7 million was earned on loans receivable with
an average balance of $248.9 million and an average yield of 4.40%
during the first quarter of 2014. The average balance of our
mortgage-backed securities and CMOs decreased by $10.8 million, to
$38.4 million and interest income on mortgage-backed securities and
CMOs decreased by $93,000, to $281,000, during the first quarter of
2015 compared to the first quarter of 2014. Interest income on
investment securities during the first quarter of 2015 was $20,000,
at an average yield of 2.53%, compared to $28,000, at an average
yield of 3.27%, during the first quarter of 2014. Interest
income earned on other interest-earning assets was $5,000 and
$4,000, respectively, for the quarters ended March 31, 2015 and
2014.
Total interest expense was $552,000, with our interest-bearing
liabilities having an average cost of 0.87% during the first
quarter of 2015, compared to interest expense of $661,000 and an
average cost of 1.10% during the first quarter of 2014. The
average rate paid on interest-bearing deposits was 0.66% during the
quarter ended March 31, 2015, a decrease of 18 basis points from
the quarter ended March 31, 2014. Interest expense on
borrowings was $255,000 at an average cost of 1.40% during the
first quarter of 2015, and $271,000 at an average cost of 2.03%
during the first quarter of 2014. During the first quarter of 2015,
the Company recorded a recovery of provisions for loan losses of
$8,000, compared to provisions for loan losses of $21,000 during
the first quarter of 2014. Our allowance for loan losses was
$2.4 and $2.2 million, respectively, at March 31, 2015, and 2014.
At such dates, our allowance for loan losses was 0.85% and 0.90%,
respectively, of total loans receivable. At March 31, 2015,
total non-performing loans and total non-performing assets were
$1.5 million, or 0.46% of total assets, compared to $1.9 million,
or 0.60% of total assets, at March 31, 2014.
Non-interest income for the first quarter of 2015 was $393,000,
an increase of $30,000 from the first quarter of 2014. Our
customer service fees, which are primarily comprised of fees earned
on transaction accounts, loan servicing fees, and brokered loan
commissions, were $203,000 and $202,000, respectively, during the
first quarters of 2015 and 2014. Gains on the sale of mortgage
loans were $175,000 in the first quarter of 2015, an increase of
$35,000 compared to the first quarter of 2014. Other
non-interest income was $15,000 and $21,000, respectively, during
the quarterly periods ended March 31, 2015 and 2014.
Total non-interest expense was $2.0 million for the first
quarter of 2015, an increase of $161,000 compared to the first
quarter of 2014. Salaries and employee benefits expense
increased by $120,000, to $1.3 million, for the quarter ended March
31, 2015 compared to the quarter ended March 31, 2014. This
increase was due to an overall increase in our employees' base
compensation and an increase in equity based
compensation. Occupancy expenses increased by $14,000, to
$374,000, during the first quarter of 2015 compared to the first
quarter of 2014 due primarily to increased depreciation expense
associated with our new Transcontinental branch office. The
Louisiana bank shares tax was $50,000 and $48,000, respectively,
and our FDIC deposit insurance premiums were $40,000 and $37,000,
respectively, for the quarters ended March 31, 2015 and March 31,
2014. Advertising expense increased by $5,000 to $69,000, and
professional service fees increased by $7,000, to $82,000, between
the first quarter of 2015 and the first quarter of 2014. Other
non-interest expenses were $135,000 for the first quarter of 2015,
and $137,000 for the first quarter of 2014.
For the quarter ended March 31, 2015, the Company recorded
income tax expense of $338,000, an increase of $15,000 from the
quarter ended March 31, 2014. This increase in income tax expense
was primarily due to an increase in pre-tax income of $64,000
between the respective quarterly periods. 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, 2014, 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) |
|
|
March 31, |
December 31, |
|
2015 |
2014 |
|
(unaudited) |
|
|
|
Selected Financial and Other
Data: |
|
|
Total assets |
$ 330,738 |
$ 333,346 |
Cash and cash equivalents |
4,717 |
5,048 |
Securities available-for-sale |
|
|
Investment securities |
-- |
-- |
Mortgage-backed securities &
CMOs |
2,272 |
2,458 |
Equity Securities |
279 |
275 |
Securities held-to-maturity |
|
|
Investment securities |
2,880 |
2,881 |
Mortgage-backed securities &
CMOs |
35,034 |
37,098 |
Loans receivable, net |
274,629 |
274,926 |
Deposits |
200,710 |
193,098 |
FHLB advances and other borrowings |
65,441 |
75,509 |
Shareholders' equity |
58,946 |
58,397 |
|
|
|
Book Value per Share |
$20.28 |
$20.13 |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
|
(unaudited) |
Selected Operating
Data: |
|
|
Total interest income |
$ 3,203 |
$ 3,146 |
Total interest expense |
552 |
661 |
Net interest income |
2,651 |
2,485 |
(Recovery of) provision for loan losses |
(8) |
21 |
Net interest income after provision for loan
losses |
2,659 |
2,464 |
Total non-interest income |
393 |
363 |
Total non-interest expense |
2,045 |
1,884 |
Income before income taxes |
1,007 |
943 |
Income taxes |
338 |
323 |
Net income |
$ 669 |
$ 620 |
|
|
|
Earnings per share: |
|
|
Basic |
$ 0.26 |
$ 0.25 |
Diluted |
$ 0.25 |
$ 0.23 |
Weighted average shares outstanding |
|
|
Basic |
2,560,912 |
2,496,244 |
Diluted |
2,709,580 |
2,656,559 |
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
|
|
|
Selected Operating
Ratios(1): |
|
|
Average yield on interest-earning assets |
3.96% |
4.09% |
Average rate on interest-bearing
liabilities |
0.87% |
1.10% |
Average interest rate spread(2) |
3.09% |
2.99% |
Net interest margin(2) |
3.28% |
3.23% |
Average interest-earning assets to
average interest-bearing liabilities |
127.78% |
128.50% |
Net interest income after provision for
loan losses to non-interest expense |
130.02% |
130.79% |
Total non-interest expense to average
assets |
2.45% |
2.38% |
Efficiency ratio(3) |
67.18% |
66.15% |
Return on average assets |
0.80% |
0.78% |
Return on average equity |
4.56% |
4.28% |
Average equity to average assets |
17.60% |
18.26% |
|
At or For the Quarter
Ended |
|
March 31, |
Dec. 31, |
Asset Quality
Ratios(4): |
2015 |
2014 |
|
|
|
Non-performing loans as a percent
of total loans receivable (5) (6) |
0.55% |
0.35% |
Non-performing assets as a percent
of total assets(5) |
0.46% |
0.29% |
Allowance for loan losses as a percent
of non-performing loans |
155.08% |
246.41% |
Allowance for loan losses as a percent
of total loans receivable (6) |
0.85% |
0.85% |
Net charge-offs (recoveries) during the
period to average loans receivable (6)(7) |
0.00% |
0.00% |
|
|
|
Capital Ratios(4): |
|
|
Tier 1 leverage ratio |
14.76% |
14.46% |
Tier 1 risk-based capital ratio |
24.18% |
23.79% |
Total risk-based capital ratio |
25.35% |
24.96% |
|
|
|
|
|
|
(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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