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Louisiana Bancorp, Inc. Announces Earnings for the Third Quarter
METAIRIE, La., Oct. 25, 2007 (PRIME NEWSWIRE) -- Louisiana Bancorp, Inc. (the "Company") (Nasdaq:LABC), the holding company for Bank of New Orleans (the "Bank"), announced today that the Bank's net income for the quarter ended September 30, 2007 was $900,000, an increase of $235,000, or 35.3%, from the third quarter of 2006. For the nine month period ended September 30, 2007, the Company reported net income of $1.7 million, a decrease of $380,000, or 18.7%, from the comparable 2006 period. The increase in net income for the third quarter of 2007 is attributed to an increase in interest income due to investment of the net proceeds generated by the Company's recently completed stock offering. On a year-to-date basis, the primary reason for the decrease in net income was a lower level of recoveries from the allowance for loan losses in the 2007 period as well as an increase in non-interest expense attributed primarily to increased salary and benefit costs and other non-interest expenses. Earnings per common share are not presented as the Company's initial public offering was completed on July 9, 2007, and per share results would not be meaningful on either a quarterly or year-to-date basis. The Bank completed its mutual-to-stock conversion and related stock offering during the quarter with the issuance of 6,345,732 shares of Company common stock. Net proceeds of the offering were $62.1 million.