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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three and Six Months Ended December 31, 2024
Shreveport, La, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal
About this update from Home Federal Bancorp, Inc. Of Louisiana
[{"type":"text","content":"Shreveport, La, Jan. 30, 2025 (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, 2024, of $1.02 million compared to net income of $1.00 million reported for the three months ended December 31, 2023. The Company’s basic and diluted earnings per share were $0.33 for the three months ended December 31, 2024 and December 31, 2023. The Company reported net income of $2.0 million for the six months ended December 31, 2024, compared to $2.2 million for the six months ended December 31, 2023. The Company’s basic and diluted earnings per share were $0.64 for the six months ended December 31, 2024 compared to $0.73 and $0.72, respectively, for the six months ended December 31, 2023. The Company reported the following highlights during the six months ended December 31, 2024: Nonperforming assets totaled $1.8 million, or 0.30% of total assets at December 31, 2024 compared to $1.9 million, or 0.30% of total assets, at June 30, 2024.There were no advances from the FHLB at December 31, 2024 or June 30, 2024.Other borrowings totaled $4.0 million at December 31, 2024 compared to $7.0 million at June 30, 2024. The increase in net income for the three months ended December 31, 2024, as compared to the same period in 2023 resulted primarily from a decrease of $413,000, or 9.7%, in non-interest expense and an increase of $351,000, or 256.2%, in non-interest income, partially offset by an increase of $383,000, or 195.4%, in provision for income taxes, a decrease of $303,000, or 6.2%, in net interest income, and an increase of $61,000, or 381.3%, in the provision for credit losses. The decrease in net interest income for the three months ended December 31, 2024, as compared to the same period in 2023, was primarily due to a decrease of $422,000, or 5.2%, in total interest income, partially offset by a decrease of $119,000, or 3.7%, in total interest expense. The Company’s average interest rate spread was 2.40% for the three months ended December 31, 2024, compared to 2.45% for the three months ended December 31, 2023. The Company’s net interest margin was 3.12% for the three months ended December 31, 2024, compared to 3.14% for the three months ended December 31, 2023. The decrease in net income for the six mon...