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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED JUNE 30, 2022
Shreveport, Louisiana, July 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, July 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 June 30, 2022 of $1.1 million compared to net income of $1.3 million reported for the three months ended June 30, 2021. The Company’s basic and diluted earnings per share were $0.33 and $0.31, respectively, for the three months ended June 30, 2022 compared to basic and diluted earnings per share of $0.40 and $0.37, respectively, for the three months ended June 30, 2021. The Company reported net income of $4.9 million for the year ended June 30, 2022 compared to $5.4 million for the year ended June 30, 2021. The Company’s basic and diluted earnings per share were $1.50 and $1.41, respectively, for the year ended June 30, 2022 compared to $1.66 and $1.57, respectively, for the year ended June 30, 2021. The Company reported the following key achievements during the year ended June 30, 2022: Total deposits increased $25.4 million or 5.0% to $532.0 million at June 30, 2022, compared to $506.6 million at June 30, 2021.Core loans (Non-GAAP Measure), excluding SBA PPP loans and loans held-for-sale for the year ended June 30, 2022 increased $83.1 million, or 26.9% to $391.7 million at June 30, 2022, compared to $308.6 million at June 30, 2021. SBA PPP loans at June 30, 2022 and 2021 totaled $602,000 and $31.9 million, respectively. The pipeline for our commercial loan originations remains strong.Time deposits decreased $28.7 million, or 26.4%, to $80.3 million at June 30, 2022, compared to $109.0 million at June 30, 2021. 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. As of June 30, 2022, Home Federal Bank funded 597 SBA PPP loans totaling approximately $68.8 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 diligently to accomplish what seemed to be an insurmountable task in provid...