Louisiana Bancorp (LABC) in Metairie has wound up one stock buyback program and is beginning another.
The holding company for the Bank of New Orleans announced Wednesday that it will repurchase as many as 150,000 shares of its common stock. At a per-share price near $17 in midafternoon trading Wednesday, the full repurchase would cost more than $2.5 million.
The buyback will take place over the next six months, the company said. It recently completed a buyback of 150,000 shares that was announced in December.
Louisiana Bancorp spent $5.2 million on buybacks last year. It made a $725,000 profit in the fourth quarter, up 24% from the year-prior quarter. It is well capitalized, with a Tier 1 leverage ratio of 14.03% and a total risk-based capital ratio of 23.50%
Bank of New Orleans has four branches and $311 million in assets.