Metairie-based Louisiana Bancorp Inc. reported first-quarter earnings dipped slightly to $500,000, or 19 cents per share, compared to $481,000, or 18 cents per share, a year earlier.
Interest income was flat at $2.4 million, according to the holding company for Bank of New Orleans.
Louisiana Bancorp said it set aside $141,000 to cover loan losses, an increase of $86,000, mainly because the company’s loan portfolio has grown. The cost of opening a new branch and increased marketing expenses added $173,000 to non-interest expenses
Those increased costs offset a $223,000 increase in non-interest income, primarily the result of more commissions earned on brokered loans and gains on mortgages sold, the company said.