Louisiana Bancorp 1Q income up 123 percent

New Orleans CityBusiness, Apr 30, 2008

Louisiana Bancorp Inc., the holding company for Bank of New

Orleans, today reported first-quarter income of $621,000, or 11 cents a share, an increase of 123 percent from $279,000 in the same quarter last year.

The company attributed the income boost primarily to an $853,000 increase in interest income resulting from an increase in the average balance of interest-earning assets. Average interest- earning assets were up $61.8 million for the first three months of this year compared with the same quarter last year, primarily because of the investment of $62.1 million of net proceeds from the company's initial public offering last July, the company said.

"Despite a difficult quarter for many companies in the financial sector, we are pleased with the performance of our stock and the level of asset quality present in our balance sheet," said Lawrence J. LeBon III, chairman, president and CEO of Louisiana Bancorp and Bank of New Orleans.