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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022
Shreveport, Louisiana, April 28, 2022 (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, 2022 (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, 2022 of $1.3 million compared to net income of $1.4 million reported for the three months ended March 31, 2021. The Company’s basic and diluted earnings per share were $0.39 and $0.37, respectively, for the three months ended March 31, 2022 compared to basic and diluted earnings per share of $0.44 and $0.41, respectively, for the three months ended March 31, 2021. The Company reported net income of $3.8 million for the nine months ended March 31, 2022 compared to $4.1 million for the nine months ended March 31, 2021. The Company’s basic and diluted earnings per share were $1.18 and $1.10, respectively, for the nine months ended March 31, 2022 compared to $1.26 and $1.20, respectively, for the nine months ended March 31, 2021. The Company reported the following during the nine months ended March 31, 2022: Total deposits increased $10.3 million or 2.0% to $516.9 million at March 31, 2022, compared to $506.6 million at June 30, 2021, however time deposits decreased $29.6 million, or 27.1%, to $79.4 million at March 31, 2022, compared to $109.0 million at June 30, 2021.Core loans (Non-GAAP Measure), excluding SBA PPP loans and loans held-for-sale for the three months ended March 31, 2022 increased $10.3 million, or 2.9%, to $364.8 million at March 31, 2022, compared to $354.6 million at December 31, 2021. SBA PPP loans at March 31, 2022 and December 31, 2021 totaled $2.5 million and $10.9 million, respectively. The pipeline for our commercial loan originations remains strong.In September 2021, we opened a loan production office in Minden, Louisiana with a team of six seasoned local bankers, which converted to a full service branch in October 2021. In December 2021, we opened our ninth full service branch office in southwest Shreveport. The Company has worked diligently to help support its customers through the SBA Paycheck Protection Program (“SBA PPP”), loan modifications and loan deferrals. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) became law. The Economic Aid Act extended the authority to make SBA PPP loans through May 31, 2021...