Metairie-based Louisiana Bancorp Inc. reported first-quarter earnings jumped to $620,000, or 23 cents per share, compared with $500,000, or 19 cents per share, a year ago.
The holding company for Bank of New Orleans said its results were improved by cutting its provision for bad loans by $99,000 and by lowering non-interest expenses.
The company also has extended its stock repurchase program until May 2, 2015. The company plans to buy back as many as 126,459 shares.
Louisiana Bancorp also plans to redesign the Transcontinental Drive branch office, with work to begin this month, said Lawrence J. LeBon III, chairman, president and chief executive officer.