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Louisiana Bancorp, Inc. Announces Earnings for the Third Quarter



Louisiana Bancorp, Inc. Announces Earnings for the Third Quarter

METAIRIE, La., Nov. 2, 2012 (GLOBE NEWSWIRE) -- 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
September 30, 2012 was $647,000, or $0.24 per diluted share, an increase of
$151,000 from the third quarter of 2011. Net interest income was $2.6 million
during the third quarter of 2012, an increase of $129,000 compared to the
third quarter of 2011. Non-interest income for the September 30, 2012 quarter
increased by $235,000 compared to the September 30, 2011 quarter due primarily
to an increase in commissions earned on brokered reverse mortgage loans and an
increase in gains on loans sold.  For the nine month period ended September
30, 2012, the Company reported net income of $1.8 million, or $0.64 per
diluted share, compared to net income of $1.5 million, or $0.50 per diluted
share for the nine month period ended September 30, 2011.

Lawrence J. LeBon, III, Chairman, President and Chief Executive Officer of the
Company and the Bank, stated: "Despite the inconvenience caused by Hurricane
Isaac during the third quarter of 2012, we were pleased to maintain the
increased levels of non-interest income derived from our mortgage lending
operations, as well as the increases in interest income earned on loans
attributable to the growth of our loan portfolio. Our banking facilities
received minimal damage as a result of the hurricane, and our initial
assessment of the collateral securing our mortgage loan portfolio reflects the
same." 

Total assets were $319.4 million at September 30, 2012, an increase of $6.2
million compared to December 31, 2011. During the first nine months of 2012,
cash and cash equivalents decreased by $20.4 million to $7.2 million. Total
securities available-for-sale were $13.1 million at September 30, 2012, a
decrease of $9.6 million compared to December 31, 2011. This decrease was
primarily due to maturities of U.S. Agency issued securities during the first
nine months of 2012. Total securities held-to-maturity increased by $15.1
million, to $74.7 million, during the first nine months of 2012. This increase
in securities held-to-maturity was primarily due to the purchase of $27.4
million in US Agency issued CMOs and $4.0 million in US Agency issued
mortgage-backed securities. These purchases were partially offset by $16.1
million in repayments of principal on mortgage-backed securities and CMOs. Net
loans receivable were $215.9 million at September 30, 2012, an increase of
$20.3 million, or 10.4%, compared to December 31, 2011. During the nine months
ended September 30, 2012, our first mortgage loans secured by single family
residential loans increased by $10.3 million, our funded home equity loans and
lines increased by $3.3 million, our loans secured by multifamily residential
collateral increased by $3.1 million, and our first mortgage loans secured by
non-residential commercial real estate increased by $5.1 million.  

Total deposits were $195.9 million at September 30, 2012 and $194.3 million at
December 31, 2011. Non-interest bearing deposits increased during the nine
month period by $3.0 million, to $12.8 million, and interest-bearing deposits
decreased by $1.4 million, to $183.1 million. Total Federal Home Loan Bank
advances and other borrowings were $61.4 million at September 30, 2012, an
increase of $4.3 million from December 31, 2011. This increase in borrowings
was primarily used to fund the growth in our loans receivable during the first
nine months of 2012.

Total shareholders' equity was $55.6 million at September 30, 2012, a decrease
of $1.9 million from December 31, 2011. During the first nine months of 2012,
the Company acquired 264,878 shares of its common stock at a total cost of
$4.3 million pursuant to its repurchase plans. The cost of our stock
repurchases during the first nine months of 2012 was partially offset by net
income of $1.8 million, and the release of 43,084 shares held by the Company's
Recognition and Retention Plan Trust, with a total cost basis of $543,000,
which became vested and were released to plan participants during the
period. The Bank's tier 1 leverage ratio was 15.24% at September 30, 2012
compared to 15.00% at December 31, 2011. Tier 1 risk-based capital and total
risk-based capital at the bank level were 28.21% and 29.33%, respectively, at
September 30, 2012, and 29.32% and 30.38%, respectively, at December 31, 2011.

Net interest income was $2.6 million during the third quarter of 2012, an
increase of $129,000 compared to the third quarter of 2011. During the third
quarter of 2012, interest income was $3.6 million, a decrease of $75,000
compared to the third quarter of 2011. This decrease in interest income
between the respective quarterly periods was due to a 14 basis point decrease
in the average yield on our interest-earning assets, which was partially
offset by a $3.0 million increase in the average balance of our
interest-earning assets.  The average yield on our interest-earning assets was
4.61% and 4.75%, respectively, for the quarterly periods ended September 30,
2012 and 2011. Interest income on loans receivable was $2.9 million during the
third quarter of 2012, an increase of $153,000 compared to the third quarter
of 2011. The increase in interest income on loans receivable was due primarily
to a $27.9 million increase in the average balance of our loans receivable,
the effect of which was partially reduced by a 46 basis point decrease in the
average yield of our loan portfolio. The average balance of our
mortgage-backed securities and CMOs increased by $20.9 million while the
average yield on these securities decreased by 154 basis points during the
third quarter of 2012 compared to the third quarter of 2011, resulting in a
decrease of $81,000 in interest income earned on mortgage-backed securities
and CMOs. Interest income on investment securities during the third quarter of
2012 was $37,000, at an average yield of 2.31%, compared to $178,000, at an
average yield of 1.54%, during the third quarter of 2011. 

During the nine months ended September 30, 2012, net interest income was $7.5
million, an increase of $183,000 compared to the nine months ended September
30, 2011. Interest income was $10.8 million and $11.3 million, respectively,
for the nine month periods ended September 30, 2012 and September 30,
2011. This decrease in interest income was due to a $1.9 million decrease in
the average balance of our interest-earnings assets, and a 20 basis point
decrease in the average yield on interest-earning assets. Interest income on
our loans receivable was $8.4 million for the nine month period ended
September 30, 2012, an increase of $210,000 compared to the nine month period
ended September 30, 2011. The average balance of our loans receivable
increased by $23.5 million during the nine months ended September 30, 2012
compared to the nine months ended September 30, 2011. The benefit derived by
this increase in the average balance of our loans was offset by a 53 basis
point decrease in the average yield earned on our loans receivable. During the
first nine months of 2012, the average balance of our mortgage-backed
securities and CMOs increased by $18.5 million compared to the first nine
months of 2011, while the average yield of our mortgage-backed securities and
CMOs decreased by 142 basis points, resulting in a decrease in interest income
of $261,000. The Company earned $113,000 on an average investment securities
portfolio of $7.0 million during the first nine months of 2012 compared to
$575,000 on an average investment securities portfolio $49.6 million during
the first nine months of 2011.

Total interest expense was $1.1 million, with our interest-bearing liabilities
having an average cost of 1.71%, during the third quarter of 2012, compared to
$1.3 million and an average cost of 2.07% for the third quarter of 2011. The
average rate paid on interest-bearing deposits was 1.12% during the quarter
ended September 30, 2012, a decrease of 30 basis points from the quarter ended
September 30, 2011. Interest expense on borrowings was $552,000 at an average
cost of 3.36% during the third quarter of 2012, and $624,000 at an average
cost of 3.91% during the third quarter of 2011.  The net interest rate spread
between our interest-earning assets and our interest-bearing liabilities was
2.90% for the third quarter of 2012, compared to 2.68% for the third quarter
of 2011. Our net interest margin, which expresses net interest income as a
percentage of average interest-earning assets, was 3.26% for the three month
period ended September 30, 2012, an increase of 14 basis points from the three
month period ended September 30, 2011.

Total interest expense for the first nine months of 2012 was $3.3 million, a
decrease of $704,000 compared to the first nine months of 2011. Average
interest-bearing liabilities were $246.6 million during the nine month period
ended September 30, 2012, compared to $247.7 million during the nine month
period ended September 30, 2011. The average cost of our interest-bearing
liabilities was 1.77% for the nine months ended September 30, 2012, compared
to 2.14% for the nine months ended September 30, 2011. The net interest rate
spread between our interest-earning assets and interest-bearing liabilities
was 2.84% for the first nine months of 2012, an increase of 17 basis points
compared to the first nine months of 2011.

The Company recorded provisions for loan losses of $98,000 and $89,000,
respectively, for the quarters ended September 30, 2012 and 2011. Our
allowance for loan losses was $1.9 million at September 30, 2012, or 267.83%
of our non-performing loans at such date. 

For the nine month periods ended September 30, 2012 and September 30, 2011,
our provisions for loan losses were $226,000 and $59,000, respectively. Total
non-performing loans were $715,000, and total non-performing assets were $1.3
million at September 30, 2012.   Stated as a percentage of total loans
receivable, our allowance for loan losses was 0.88% and 0.91% at September 30,
2012 and December 31, 2011, respectively. 

Non-interest income for the third quarter of 2012 was $548,000, an increase of
$235,000 from the third quarter of 2011. Our customer service fees, which are
primarily comprised of fees earned on transaction accounts, loan servicing
fees, and broker commissions earned on reverse mortgage loans, were $160,000
during the third quarter of 2012, an increase of $61,000 from the comparable
2011 period. Gains on the sale of mortgage loans were $359,000 during the
third quarter of 2012, compared to $122,000 during the third quarter of
2011. During the third quarter of 2011, the Company realized gains of $72,000
on the sale of securities. There were no such sales during the third quarter
of 2012. Other non-interest income was $29,000 and $20,000, respectively, for
the three month periods ended September 30, 2012 and 2011.

For the nine month periods ended September 30, 2012 and 2011, total
non-interest income was $1.4 million and $756,000, respectively. During the
2012 period, the Company recorded a $189,000 increase in its customer service
fees, and a $465,000 increase in the gain on the sale of loans. There were no
securities sold during the nine month period ended September 30, 2012,
compared to the sale of $1.1 million in mortgage-backed securities which
resulted in gains of $72,000 during the nine month period ended September 30,
2011. Other non-interest income was $95,000 during the first nine months of
2012 and $66,000 during the first nine months of 2011.

Non-interest expense was $2.0 million for the quarter ended September 30, 2012
compared to $1.9 million for the quarter ended September 30, 2011. Salaries
and employee benefits expense was $1.3 million during the third quarter of
2012, an increase of $142,000 compared to the third quarter of 2011. Occupancy
expenses were $319,000 and $280,000 for the respective quarters ended
September 30, 2012 and 2011. The increases in our salaries and employee
benefits expense and our occupancy expenses were primarily due to the staffing
and operating expenses associated with our new full service branch, which
opened in May 2012.  At September 30, 2012, the Company had 72 full-time
equivalent employees compared to 63 full-time equivalent employees at
September 30, 2011.  The net cost associated with our OREO operations was
$29,000 during the third quarter of 2012, a decrease of $43,000 compared to
the third quarter of 2011. Our OREO expenses for the third quarter of 2012
included an impairment charge of $20,000 recorded against a repossessed
restaurant in Baton Rouge, Louisiana. Other non-interest expenses for the
quarters ended September 30, 2012 and 2011 were $279,000 and $265,000,
respectively. 

Total non-interest expense for the nine months ended September 30, 2012 and
2011 was $5.9 million and $5.6 million, respectively. Salaries and employee
benefits expense was $3.7 million for the nine month period ended September
30, 2012 and $3.5 million for the nine month period ended September 30,
2011. Occupancy expenses were $923,000 and $833,000 for the respective nine
month periods ended September 30, 2012 and 2011. The net cost of OREO
operations during the first nine months of 2012 was $99,000, a decrease of
$211,000 compared to the first nine months of 2011. Other non-interest
expenses were $864,000 for the nine months ended September 30, 2012, an
increase of $115,000 compared to the nine months ended September 30,
2011. This increase in other year-to-date non-interest expense was due to
increased costs associated with advertising and supplies for our new branch,
as well as increased professional fees related to auditing and consulting
services.

Income tax expense was $344,000 based on pre-tax income of $991,000 during the
third quarter of 2012 compared to income tax expense of $299,000 on pre-tax
income of $795,000 during the third quarter of 2011.

For the nine month period ended September 30, 2012, the Company recorded
income tax expense of $948,000, an increase of $100,000 from the nine month
period ended September 30, 2011. This increase in income tax expense was
primarily due to an increase in pre-tax income of $350,000 between the
respective nine month 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, 2011, 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)
                                                                    
                          September 30,  December 31,               
                          2012           2011                       
                          (unaudited)                               
                                                                    
Selected Financial and                                              
Other Data:
Total assets               $ 319,354      $ 313,128                 
Cash and cash equivalents  7,209         27,589                     
Securities                                                          
available-for-sale
Investment securities      6,395          12,394                    
Mortgage-backed            6,713          10,356                    
securities & CMOs
Securities                                                          
held-to-maturity
Investment securities      --             --                        
Mortgage-backed            74,678         59,581                    
securities & CMOs
Loans receivable, net      215,898        195,632                   
Deposits                   195,913        194,326                   
FHLB advances and other    61,426         57,113                    
borrowings
Shareholders' equity       55,594         57,520                    
                                                                    
Book Value per Share      $18.55         $17.66                     
                                                                    
                                                                    
                          Three Months Ended Sept. 30, Nine Months Ended Sept.
                                                       30,
                          2012           2011          2012        2011
                          (unaudited)                  (unaudited)
Selected Operating Data:                                            
Total interest income      $ 3,622        $ 3,697       $ 10,771    $ 11,292
Total interest expense    1,064          1,268         3,274       3,978
Net interest income       2,558          2,429         7,497       7,314
Provision for loan losses 98             89            226         59
Net interest income after 2,460          2,340         7,271       7,255
provision for loan losses
Total non-interest income 548            313           1,367       756
Total non-interest        2,017          1,858         5,908       5,631
expense
Income before income      991            795           2,730       2,380
taxes
Income taxes              344            299           948         848
Net income                 $ 647          $ 496         $ 1,782     $ 1,532
                                                                    
Earnings per share:                                                 
Basic                      $ 0.25         $ 0.18        $ 0.67      $ 0.52
Diluted                    $ 0.24         $ 0.17        $ 0.64      $ 0.50
Weighted average shares                                             
outstanding
Basic                     2,554,652      2,819,784     2,667,946   2,963,881
Diluted                   2,701,072      2,956,878     2,807,969   3,086,433
                                                                    

                                  Three Months Ended      Nine Months Ended
                                  Sept. 30,               Sept. 30,
                                  2012        2011        2012       2011
                                                                      
Selected Operating Ratios(1):                                         
Average yield on interest-earning 4.61%       4.75%       4.61%      4.81%
assets
Average rate on interest-bearing  1.71%       2.07%       1.77%      2.14%
liabilities
Average interest rate spread(2)   2.90%       2.68%       2.84%      2.67%
Net interest margin(2)            3.26%       3.12%       3.21%      3.11%
Average interest-earning assets
to average interest-bearing       126.23%     126.80%     126.23%    126.45%
liabilities
Net interest income after
provision for loan losses to      121.96%     125.94%     123.07%    128.84%
non-interest expense
Total non-interest expense to     2.50%       2.33%       2.47%      2.34%
average assets
Efficiency ratio(3)               64.94%      67.76%      66.65%     69.78%
Return on average assets          0.80%       0.62%       0.74%      0.64%
Return on average equity          4.65%       3.42%       4.17%      3.43%
Average equity to average assets  17.26%      18.19%      17.84%     18.54%
                                                                      
                                                                      
                                  At or For the Period Ended
                                  Sept. 30,    June 30,   March 31,  Dec. 31,
Asset Quality Ratios(4):          2012        2012        2012       2011
Non-performing loans as a percent 0.33%       0.52%       0.53%      0.54%
of total loans receivable (5) (6)
Non-performing assets as a        0.42%       0.55%       0.60%      0.51%
percent of total assets(5)
Allowance for loan losses as a    267.83%     160.87%     160.31%    168.06%
percent of non-performing loans
Allowance for loan losses as a
percent of total loans receivable 0.88%       0.84%       0.85%      0.91%
(6)
Net charge-offs during the period
to  average loans receivable      0.00%       0.00%       0.05%      0.00%
(6)(7)
                                                                      
Capital Ratios(4):                                                    
Tier 1 leverage ratio             15.24%      14.90%      14.86%     15.00%
Tier 1 risk-based capital ratio   28.21%      27.83%      28.86%     29.32%
Total risk-based capital ratio    29.33%      28.89%      29.89%     30.38%
                                                                      
                                                                      
(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,
         SVP & Chief Financial Officer
         Telephone: (504) 834-1190
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