Business
Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three and Nine Months Ended March 31, 2020
Shreveport, Louisiana, April 28, 2020 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home
About this update from Home Federal Bancorp, Inc. Of Louisiana
[{"type":"text","content":"Shreveport, Louisiana, April 28, 2020 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2020 of $977,000 compared to net income of $1.2 million reported for the three months ended March 31, 2019. The Company’s basic and diluted earnings per share were $0.58 and $0.54, respectively, for the three months ended March 31, 2020 compared to basic and diluted earnings per share of $0.68 and $0.63, respectively, for the three months ended March 31, 2019. The Company reported net income of $2.8 million for the nine months ended March 31, 2020 compared to $3.6 million for the nine months ended March 31, 2019. The Company’s basic and diluted earnings per share were $1.65 and $1.54, respectively, for the nine months ended March 31, 2020 compared to $2.02 and $1.88, respectively, for the nine months ended March 31, 2019.\n In light of the recent events surrounding the COVID-19 epidemic, the Company is continually assessing the effects of the pandemic on its employees, customers and communities. In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The CARES Act contains many provisions related to banking, lending, mortgage forbearance and taxation. The Company has been working diligently to help support its customers through the SBA Paycheck Protection Program (“SBA PPP”), loan modifications and loan deferrals. As of the date hereof Home Federal Bank has funded roughly 250 SBA PPP loans totaling approximately $42.0 million to existing customers and key prospects located primarily in our trade area of NW Louisiana. Our commercial lenders and operational support staff have worked tirelessly over the past few weeks to accomplish what seemed to be an insurmountable task in providing a lifeline to our small community businesses. We believe the customer interaction during this time provides a real opportunity to broaden and deepen our customer relationships while benefiting our community. The decrease in net income for the three months ended March 31, 2020 resulted primarily from an increase of $312,000, or 11.5%, in non-interest expense, a decrease in net interest income of $291,000, or 7.6%, and an increase in provision for loan losses of $216,000, or 216.0%, p...