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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three and Six Months Ended December 31, 2019
Shreveport, Louisiana, Jan. 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, Jan. 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 December 31, 2019 of $588,000 compared to net income of $1.2 million reported for the three months ended December 31, 2018. The Company’s basic and diluted earnings per share were $0.35 and $0.32, respectively, for the three months ended December 31, 2019 compared to basic and diluted earnings per share of $0.66 and $0.62, respectively, for the three months ended December 31, 2018. The Company reported net income of $1.8 million for the six months ended December 31, 2019, compared to $2.4 million for the six months ended December 31, 2018. The Company’s basic and diluted earnings per share were $1.07 and $1.00, respectively, for the six months ended December 31, 2019 compared to $1.34 and $1.25, respectively, for the six months ended December 31, 2018.\n The decrease in net income for the three months ended December 31, 2019 resulted primarily from an $850,000, or 850.0%, increase in provision for loan losses, an increase of $285,000, or 10.5%, in non-interest expense, a decrease of $146,000, or 3.7%, in net interest income, partially offset by an increase of $478,000, or 108.9%, in non-interest income and a $216,000, or 59.5%, decrease in provision for income taxes. The increase in the provision for loan losses for the three months ended December 31, 2019, was primarily due to a $917,000 charge-off during the quarter related to one commercial business loan to one borrower that declared bankruptcy. The decrease in net interest income for the three months ended December 31, 2019 was primarily due to a $312,000, or 29.0%, increase in total interest expense, primarily due to an increase of 32 basis points in the average rate on total interest-bearing deposits, partially offset by an increase of $166,000, or 3.3%, in total interest income. The Company’s average interest rate spread was 3.18% for the three months ended December 31, 2019 compared to 3.58% for the three months ended December 31, 2018. The Company’s net interest margin was 3.52% for the three months ended December 31, 2019 compared to 3.86% for the three months ended December 31, 2018. The decrease in net interest margin on a comparative quarterly basis wa...