HopFed Bancorp,(NASDAQ: HFBC) recently reported results for the three and nine-month periods ended September 30, 2009.
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For the three month period ended September 30, 2009, net income (loss) available for common shareholders was ($2,875,000), or ($0.80) per share (basic and diluted), compared to $1,149,000, or $0.32 per share (basic and diluted) for the three month period ended September 30, 2008, and $854,000, or $0.24 per share (basic and diluted) for the three month period ended June 30, 2009. For the nine-month period ended September 30, 2009, net income (loss) available for common shareholders was ($1,009,000), or ($0.28) per share (basic and diluted) as compared to $3.9 million, or $1.09 per share basic and $1.08 per share diluted for the nine month period ended September 30, 2008. Commenting on the third quarter results, John E. Peck, president and chief executive officer, said, "The Company is disappointed to report the goodwill impairment charge. It is important to remember that the impairment charge is a noncash adjustment that does not affect the Company's capital ratios, statement of cash flows and liquidity. HopFed ‘sactions in the third quarter strengthen its balance sheet and establish a strong foundation for future growth." As previously reported, the Company incurred a $5 million goodwill impairment charge that reduced after tax net income by $3.3 million, or $0.92 per share basic and diluted for the three and nine month periods ended September 30, 2009. The goodwill impairment charge eliminates all goodwill on the Company's books. Heritage Bank, the Company's wholly owned subsidiary, remains well capitalized by regulatory standards with a Tier One Capital Ratio of 7.89% and a Total Risked Based Capital Ratio of 13.2%. HopFed provision for loan loss expense was $1.4 million and $3.3 million for the three and nine month periods ended September 30, 2009, as compared to $805,000 and $1.7 million for the three and nine month periods ended September 30, 2008. HopFed’s allowance for loan loss account has increased by $2.3 million since the end of 2008 while net charges off for the nine month period ended September 30, 2009, were approximately $1.0 million. HopFed’s tangible book value per share is $16.98 at September 30, 2009, compared to $14.77 at December 31, 2008.
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