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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024
Shreveport, Louisiana , April 26, 2024 (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 26, 2024 (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, 2024, of $732,000 compared to net income of $1.1 million reported for the three months ended March 31, 2023. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2024, compared to basic and diluted earnings per share of $0.35 and $0.34, respectively, for the three months ended March 31, 2023. The Company reported net income of $3.0 million for the nine months ended March 31, 2024, compared to $4.4 million for the nine months ended March 31, 2023. The Company’s basic and diluted earnings per share were $0.97 and $0.95, respectively, for the nine months ended March 31, 2024 compared to $1.48 and $1.41, respectively, for the nine months ended March 31, 2023. The Company reported the following highlights during the nine months ended March 31, 2024: ● Total loans receivable, net for the nine months ended March 31, 2024 increased $9.8 million, or 2.0%, to $499.3 million at March 31, 2024, compared to $489.5 million at June 30, 2023.● The Company’s average interest rate spread was 2.46% for the nine months ended March 31, 2024, compared to 3.55% for the nine months ended March 31, 2023.● The Company’s net interest margin was 3.14% for the nine months ended March 31, 2024, compared to 3.84% for the nine months ended March 31, 2023.● Nonperforming assets totaled $2.4 million, or 0.37% of total assets at March 31, 2024 compared to $1.6 million, or 0.24% of total assets, at June 30, 2023. The decrease in net income for the three months ended March 31, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $1.1 million, or 19.5%, and a decrease in non-interest income of $2,000, or 0.4%, partially offset by a decrease in non-interest expense of $507,000, or 11.3%, a decrease in the provision of credit losses of $139,000, or 92.7%, and a decrease in provision for income taxes of $95,000, or 35.1%. The decrease in net interest income for the three months ended March 31, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $1.9 million, or 126.4%, partially offset by an increase in total int...